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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, December 2, 2011, Vol. 14, No. 239

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Judge OKs Plan; PwC Has Until Today to Appeal
DURRI ABORIGINAL: In Special Administration on Management Issue
FUELBANC AUSTRALIA: Former Director Gets 2-Year Jail Sentence
NCIG HOLDINGS: Moody's Assigns 'Ba2' Rating to US$250MM Notes


C H I N A

CHINA TEL GROUP: Sues Chinacomm, et al., Over Breach of Pacts
FRANSHION PROPERTIES: S&P Lowers Corp. Credit Rating to 'BB+'
PARKSON RETAIL: Moody's Says 'Ba1' CFR Unaffected by Acquisition
SHENGDATECH INC: Wants More Time to Recover and Safeguard Assets
SPG LAND: Moody's Cuts Corp Family Rating to B1; Outlook Negative

* CHINA: Solar Firms May Drop to 15 Due to Supply Glut


H O N G  K O N G

ASIA LEGEND: Court to Hear Wind-Up Petition on Jan. 4
CHAODA MODERN: Moody's Cuts Corp. Family Rating to B3
GRAND FORCE: Court to Hear Wind-Up Petition on Jan. 11
JING JIN: Court to Hear Wind-Up Petition on Jan. 11
LUEN FAI: Members' and Creditors' to Meet on Dec. 9

LUCKY EVER: Creditors' Proofs of Debt Due Dec. 9
NEW PING: Court to Hear Wind-Up Petition on Dec. 28
POWERLONG REAL ESTATE: Moody's Cuts CFR to 'B1', Outlook Negative
VITELIC (HK): Creditors Get 36.1% Recovery on Claims


I N D I A

AIR INDIA: Drops Plan to Purchase 17 Dreamliners Plane
AIR INDIA: To Implement Financial Structuring Plan
ASIAN PEROXIDES: ICRA Reaffirms '[ICRA]BB-' Cash Credit Rating
BAIT AL TAMUR: ICRA Reaffirms 'BB+' Rating to INR16cr Bank Loan
BALAJISWAMY PREMIUM: Debt Servicing Delays Cues ICRA Junk Rating

CORE JEWELLERY: ICRA Revises Rating on INR28cr Loan to [ICRA]BB-
GOLDEN TERRY: ICRA Assigns '[ICRA]BB-' Rating to INR7.65cr Loan
HOTEL RAJ: ICRA Reaffirms '[ICRA]BB' Rating on INR3.3cr Term Loan
J. K. SONS: ICRA Assigns '[ICRA]BB' Rating to INR3.65cr Term Loan
KHYATI FOODS: ICRA Assigns '[ICRA]B-' Rating to IN11.26cr Loan

KINGFISHER AIRLINES: India Assesses Ability to Maintain Services
LAKSHMI BALAJI: ICRA Assigns [ICRA]D rating to INR15cr Bank Loan
OM SHREE: ICRA Assigns '[ICRA]BB+' rating to IN1.75cr Bank Loans
RAIN II CARBON: S&P Withdraws 'B+' Corp. Credit Ratings
ROYAL TOUCH: ICRA Assigns '[ICRA]BB+' Rating to INR17.47cr Loan

SLN TECHNOLOGIES: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
YASH PAPERS: ICRA Reaffirms '[ICRA]D' Rating on INR77.39cr Loan


J A P A N

OLYMPUS CORP: Ex-CEO Woodford Steps Down From Board
TITAN JAPAN: S&P Affirms 'CCC-' Rating on Class D Bonds
TAKEFUJI CORP: May Delay Split Until End of December


M A L A Y S I A

BANENG HOLDINGS: Posts MYR6.45MM Net Loss in Qtr Ended Sept. 30
HAISAN RESOURCES: Posts MYR1.49MM Net Income in Sept. 30 Quarter
HOVID BERHAD: Swings to MYR811,000 Net Income in September 30 Qtr
VASTALUX ENERGY: Posts MYR52,436 Net Loss in Qtr Ended Sept. 30


N E W  Z E A L A N D

EQUITABLE MORTGAGES: Depositors Has Until Year End to Make Claim
FRANCHISEE CUNNINGHAM: Placed in Receivership


T A I W A N

POWERCHIP SEMICON: Lenders OK One Year NT$18.54BB Debt Rollover


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
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CENTRO PROPERTIES: Judge OKs Plan; PwC Has Until Today to Appeal
----------------------------------------------------------------
Bloomberg News reports that Centro Properties Group, whose
shareholders and debt holders agreed to a plan to wipe out
AUD2.9 billion of debt last week, won court approval for the
proposal, avoiding receivership.

Bloomberg relates that New South Wales Supreme Court Justice Ian
Barrett yesterday approved the plan.  He ordered Centro to hold
off filing documents with the Australian Securities & Investment
Commission until 11 a.m. today, Dec. 2, in Sydney to give
PricewaterhouseCoopers LLP, which objected to the proposal, time
to consider an appeal.

"Upsetting of any or one element could be fatal to the whole
plan," Mr. Barrett said in delivering his ruling in New South
Wales Supreme Court Thursday, Bloomberg reports.

According to Bloomberg, Centro has AUD2.9 billion of debt
maturing Dec. 15, and failure to win approval for the
reorganization plan would likely have pushed the company into
receivership, Centro Properties Group Chairman Paul Cooper told
security holders on Nov. 22.  Current shareholders wouldn't have
received any payments, he said.

PricewaterhouseCoopers LLP said the company improperly
transferred AUD100 million with almost half benefiting
shareholders at the expense of creditors, says Bloomberg.

Bloomberg reports that Centro's lawyer Fabian Gleeson told the
judge that once the plan is filed with ASIC, it goes into effect.

Mr. Gleeson, as cited by Bloomberg, said Centro must file the
papers with ASIC before noon today to meet a Dec. 14 deadline to
complete the reorganization and erase the debt before it's due.

"If this scheme falls over because of an impediment put in place
at the last minute, people may lose the AUD100 million,"
Bloomberg quotes Mr. Gleeson as saying.  "If we can't repay the
debt on
Dec. 15, we would have to put the company into administration."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2011, Bloomberg News related that Centro Properties
Group on Nov. 22 averted liquidation as investors approved a plan
to
cancel debt and pool assets into a new real estate trust.
Bloomberg said the vote resolves a four-year battle to stave off
bankruptcy after a $9 billion U.S. buying spree between 2006 and
2007 backfired as the subprime mortgage crisis triggered the
worst recession since the great depression.  Approval allows
Centro to erase AUD2.9 billion of debt maturing on Dec. 15 and
gives lenders equity stakes in a new trust to be called Centro
Retail Australia, according to Bloomberg.

                       About Centro Properties

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


DURRI ABORIGINAL: In Special Administration on Management Issue
---------------------------------------------------------------
ABC News reports that Durri Aboriginal Medical Service has been
placed under special administration due to management issues.

The Registrar of Indigenous Corporations said a key reason for
the move is the company's accounting systems, according to ABC
News.

The report notes that Registrar Anthony Bevan said that the
administration comes after a check-up earlier this year.

"That examination revealed some concerns around corporate
governance at the corporation and particularly around the
financial management practices of the corporation. . . . Some
concerns also about the effectiveness of the board's controls in
relation to the financial management of the corporation and the
chief executive officer's reporting arrangements," ABC News
quoted Mr. Bevan as saying.

Durri Aboriginal Medical Service is a New South Wales mid-north
coast Aboriginal corporation.  Durri has three medical centres at
Kempsey, Nambucca Heads, and Bowraville.


FUELBANC AUSTRALIA: Former Director Gets 2-Year Jail Sentence
-------------------------------------------------------------
The Australian Securities and Investments Commission said that
the former director of Fuelbanc Australia Ltd has been sentenced
to two years imprisonment wholly suspended with a recognisance to
be of good behaviour following an ASIC investigation.

Stephen McDougall, 48, of Emerald, Queensland, appeared in the
County Court of Victoria and was sentenced on Nov. 30, 2011,
after pleading guilty to seven charges of dishonestly using his
position as a director of Fuelbanc Australia Ltd to gain a
financial advantage from investors in the Fuelbanc Scheme.

Fuelbanc collapsed in August 2006, owing 510 investors more than
AUD1,499,900.

The charges against Mr. McDougall specifically concerned eight
investors who became members of the Fuelbanc Scheme towards the
end of its operation (post June 1, 2006) and paid a total of
$158,730 to join.

The Court heard that the eight individuals did not receive their
full entitlements.  Instead, their money was used to meet the
growing list of member plans at a time when it was obvious that
the scheme was no longer viable.

The Court also made compensation orders in favor of the eight
investors in the sum of $158,730.

As a result of the conviction, Mr. McDougall is also
automatically disqualified from managing corporations for five
years.

ASIC's action against Mr. McDougall is consistent with its focus
on ensuring individuals who fail to act responsibly and honestly
on behalf of investors are to be held accountable.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

                          About Fuelbanc

The Fuelbanc petrol scheme operated between January and
July 2006.  Membership of 'Ebanc' was a prerequisite to joining
the Fuelbanc scheme.  The Ebanc system was based on bartering and
facilitates the indirect exchange of goods and services among
members. It is through the association with Ebanc that members
gained access to the so-called benefits of the Fuelbanc scheme.
While cheaper petrol was not offered, the Fuelbanc scheme did
offer another way to pay for petrol.

Consumers were offered a chance to turn their barter units, known
as trade dollars, into petrol. The scheme offered the member, in
exchange for cash and trade dollars, a debit card, or 'fuel
card', on which a weekly deposit was made. The fuel card provided
a mechanism by which the member could pay for petrol (at any
petrol station outlet) to the weekly debited amount.

The member could choose the length of the period for which they
chose to invest their cash and trade dollars - either 10, 26 or
52 weeks. However, the full amount for the 10, 26 or 52-week
period had to be invested on joining the scheme.

In the case of the 26 and 52-week periods, the invested amount
comprised of 50 per cent cash and 50 per cent trade dollars.

Following Federal Court action taken by ASIC, a number of
companies, including Fuelbanc and the Fuelbanc Scheme were
ordered to be wound up on June 29, 2007.  The Court also
permanently restrained Mr. McDougall from carrying on a financial
services business, as well as other conditions.  Mr. McDougall
was made a bankrupt in March 2007.

Mr. George Georges -- george.georges@fh.com.au -- of Ferrier
Hodgson is the liquidator of Fuelbanc.


NCIG HOLDINGS: Moody's Assigns 'Ba2' Rating to US$250MM Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
the US$250 million of unsecured notes, known as "A Class Hunter
Infrastructure Term Redeemable Securities (HITRS)", issued by
NCIG Holdings Pty Limited.  The rating outlook is stable.

Ratings Rationale

The definitive rating confirms the provisional ratings assigned
in August, 2011.

The notes rated are:

US$250 million due 2031 (fixed rate coupon of 12.5% p.a.)

The notes issued by NCIGH will rank equally with all other
outstanding and future unsecured and unsubordinated obligations
of the issuer (subject to the Hunter Infrastructure Intercreditor
Deed). The Notes will be serviced from payments by Newcastle Coal
Infrastructure Group (NCIG) under the HoldCo loan agreement. The
Notes are subordinated to NCIG's senior debt facilities and
certain other financings (as reflected in the Security Trust and
Intercreditor Deed).

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.

The NCIG group is comprised of NCIG Holdings Pty Ltd (NCIGH)
formed in 2008, and its wholly owned subsidiary Newcastle Coal
Infrastructure Group Pty Ltd (NCIG). NCIG was formed in 2004 by
four (now six) coal producers in the NSW coalfields to alleviate
coal export infrastructure shortages in the Hunter Valley Coal
Chain.

The group operates a coal export terminal in the Port of
Newcastle, in NSW, Australia and has a 35 year lease (with an
option to extend for a further 10 years) on the 136-hectare site
on Kooragang Island. The first stage of the coal export terminal
was completed in June 2010 and has a nominal capacity to load
30mtpa. Construction of the second stage of the project to
increase capacity to 53mtpa commenced in August 2010 and the
group is undertaking a third stage of construction to increase
total export capacity to 66Mtpa.


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C H I N A
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CHINA TEL GROUP: Sues Chinacomm, et al., Over Breach of Pacts
-------------------------------------------------------------
U.S.-based VelaTel Global Communications, formerly known as China
Tel Group, Inc., along with Trussnet Capital Partners (HK) Ltd.,
commenced litigation against Chinacomm Limited, Thrive Century
International Limited, Newtop Holdings Limited, Smart Channel
Development Limited, Mong Sin, Qiu Ping, Yuan Yi, CECT Chinacomm
Communications Co. Ltd. and CECT Chinacomm Shanghai Co. Ltd. in
The High Court of the Hong Kong Special Administrative Region,
Court of First Instance, Action No. 1978 of 2011.

The Litigation arises out of the breach of numerous agreements
between the Plaintiffs and some of the Defendants, including, but
not limited to, Framework Agreements and Subscription and
Shareholders' Agreements, related to a joint venture between the
parties to those agreements for the deployment of a 3.5GHz
wireless broadband telecommunications network in 29 cities in the
People's Republic of China.  It addition, the Litigation arises
out of what the Plaintiffs allege to be deceitful representations
by certain of the Defendants in connection with the issuance of
licenses by applicable regulatory agencies in the PRC for the
operation of the Chinacomm Network.  Finally, the Litigation
involves the unauthorized removal of the signature of Colin Tay
Yong Lee as an authorized signatory to a joint bank account
Chinacomm Limited has with Standard Chartered Bank (HK) Limited,
one of three Standard Chartered Bank (HK) Limited bank accounts
in the name of Chinacomm Limited and into which the Plaintiffs
deposited $4,749,599.

The Litigation seeks injunctive relief, damages, including, but
not limited to, loss of profits, restitution, reinstatement of
any funds taken from the Standard Accounts, an accounting of any
funds taken from the Standard Accounts, court costs, and further
and other relief as the Court may deem appropriate.

On Nov. 18, 2011, the High Court issued an ex parte order
granting the Plaintiffs' application for injunctive relief,
ordering that Chinacomm Limited, Thrive Century International
Limited, Newtop Holdings Limited, Qiu Ping and Yuan Yi be
restrained until further order of the High Court from:

   (i) dealing in the Standard Accounts;

  (ii) incurring any liability, creating charges, mortgages,
       encumbrances or liens to the detriment of Chinacomm
       Limited;

(iii) transferring or changing the existing shareholdings or
       proceeding with deregistration or dissolution of Chinacomm
       Limited; and

  (iv) disposing of any fixed or current assets of Chinacomm
       Limited.

In addition, the High Court ordered Qiu Ping, the president of
CECT Chinacomm Communications Co. Ltd. and CECT Chinacomm
Shanghai Co. Ltd., and Yuan Yi, the Chairman of the Board of
these two companies, from disposing of or otherwise dealing with
these companies' assets locally or worldwide for purposes of the
orders in the amount of $4,749,599.  Also, the High Court ordered
Chinacomm Limited, Qiu Ping and Yuan Yi to disclose all relevant
information related to the Standard Accounts within 7 days of the
aforementioned orders.  The Injunction Order was to remain in
effect until Nov. 25, 2011.

On Nov. 25, 2011, the Injunction Order was continued by the High
Court until further order of the High Court.  The deadline for
disclosure by Chinacomm Limited, Qiu Ping and Yuan Yi of the
whereabouts of money in the Standard Accounts was extended 7 days
to Dec. 2, 2011.

The Plaintiffs intend to aggressively prosecute the Litigation,
including the possibility of filing ancillary or supplemental
litigation proceedings in the PRC.  The Company does not intend
to file additional Reports on Form 8-K regarding the Litigation,
unless there are developments in the Litigation that the Company
considers material; for example, the final outcome of the
Litigation.  The Company will report on developments in the
Litigation and any ancillary or supplemental litigation in the
PRC in its Annual Reports on Form 10-K and in its Quarterly
Reports on Form 10-Q.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and
deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with
and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband
system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred
accumulated losses of approximately $242.36 million.  The Company
expects to continue to incur net losses for the foreseeable
future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of $56,041,182 for the year ended Dec. 31, 2009, cumulative
losses of $165,361,145 since inception, a negative working
capital of $68,760,057, and a stockholders' deficit of
$63,213,793.

The Company reported a net loss of $66,623,130 on $955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss of $56,065,029 on $657,876 of revenue during the prior year.

The Company also reported a net loss of $17.97 million on
$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of $38.22 million on $729,701 of revenue
for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57
million in total assets, $22.22 million in total liabilities and
a $10.64 million total stockholders' deficit.


FRANSHION PROPERTIES: S&P Lowers Corp. Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based real estate developer
Franshion Properties (China) Ltd. to 'BB+' from 'BBB-'. "The
outlook is stable. At the same time, we lowered the issue rating
on the company's senior unsecured notes to 'BB' from 'BB+'. We
also lowered our Greater China credit scale ratings on Franshion
to 'cnBBB+' from 'cnA-' and on the company's senior unsecured
notes to 'cnBBB' from 'cnBBB+'. We removed all the ratings from
CreditWatch, where they were placed with negative implications on
Nov. 2, 2011," S&P said.

"We lowered the rating on Franshion because we believe the
ability of the company's parent, Sinochem Hong Kong (Group) Co.
Ltd. (Sinochem HK; BBB/Stable/--; cnA/--), to support the
subsidiary has reduced," said Standard & Poor's credit analyst
Frank Lu. "The reduced capacity was reflected in our lowering the
long-term issuer credit rating on Sinochem HK to 'BBB' from
'BBB+' and the company's stand-alone credit profile (SACP) to
'bb' from 'bb+'
on Nov. 1, 2011. Franshion's SACP remains 'bb+'," S&P said.

"In our view, Franshion's property business is strategically
important, but not a core business, of Sinochem HK. We expect
Franshion to remain a significant profit contributor to its
parent in the next two to three years," S&P said.

"We have factored in our expectation of extraordinary government
support into the issuer credit rating (ICR) on Sinochem HK. In
the absence of such expectation, the ICR on Sinochem HK would
have been equivalent to its SACP; i.e. 'BB', which in turn would
have constrained the ICR on Franshion to 'BB'," S&P said.

"We expect Sinochem HK to receive potential extraordinary
government support. We believe that some of this potential
support would flow down to Franshion. We have therefore factored
in a notch of extraordinary government support into the 'BB+' ICR
on Franshion," said Mr. Lu. "We consider such potential support
of not more than one notch to reflect our view that Franshion has
a limited link with, and low importance to, the Chinese
government, and Sinochem HK may divest its 63% holding in
Franshion in times of stress."

"The rating on Franshion mostly reflects our methodology for
rating parents and subsidiaries, but also takes into
consideration our methodology for rating government-related
entities," S&P said.

Franshion's SACP reflects the company's high project
concentration, limited geographic diversification, substantial
capital spending needs, and volatile financial performances. The
company's recurring income from property leasing and hotel
operations, the high quality of its leasing and development
assets, and good execution record temper these weaknesses.

"The stable outlook reflects our expectation that Franshion's
satisfactory property sales and recurring rental income will
provide adequate cash flow coverage and partly mitigate the
company's weakening capital structure," said Mr. Lu. "Franshion's
good financial flexibility also underpins the stable outlook."

"Sinochem HK's SACP constrains the potential upside to the rating
on Franshion. We may raise the rating if we raise Sinochem HK's
SACP," S&P said.

"We may raise Franshion's SACP if the company materially improves
its scale and project and geographic diversification, and also
improves its capital structure, such that its debt-to-EBITDA
ratio falls to less than 3x. Nevertheless, if we raise the SACP,
we are unlikely to upgrade Franshion because the rating on the
company is constrained by Sinochem HK's SACP," S&P said.

"We may lower the rating on Franshion if we lower Sinochem HK's
SACP. Otherwise, the rating downside on Franshion is limited. We
are unlikely to downgrade Franshion if we lower the company's
SACP by one notch to 'bb'. This is because we expect the company
to continue to partially benefit from the government support that
Sinochem HK will receive," S&P said.


PARKSON RETAIL: Moody's Says 'Ba1' CFR Unaffected by Acquisition
----------------------------------------------------------------
Moody's Investors Service sees no immediate rating impact on
Parkson Retail Group Limited's Ba1 corporate family rating as a
result of its acquisition of a retail property in Tianjin.

The ratings outlook is stable.

Parkson announced Nov 28 that it was the successful bidder for
the land-use right and building-ownership right of a 5-storey
Tianjin retail property with an acquisition price of RMB704.6
million. With total gross floor area of about 45,022 sqm., the
purchase price translates to around RMB15,650 per sqm.

"This acquisition is in line with Parkson's growth strategy to
increase its number of department stores in China," says Ken
Chan, a Moody's Vice President/Senior Analyst, adding, "Parkson,
with estimated current cash on hand of over RMB5.0 billion, has
enough liquidity to internally fund this acquisition."

Parkson has already established its presence, operating another
department store in Tianjin. The company will renovate this
retail property into a Parkson Department Store with its grand
opening expected to be in 1H2013.

On the other hand, Parkson refinanced its US$200 million notes
with a US$150 million 2-year syndicated loan in November 2011.

Parkson Retail Group Limited is one of the largest national
retailers in China, operating 43 self-owned and 6 managed stores
in 31 cities. It targets the middle- and middle-upper end of the
Chinese retail market, and most of its revenues come from
concessionaire sales (90.2% - as of Sept 2011) and direct sales
(9.8%). It is 51.5% held by Parkson Holdings Berhad, an affiliate
of Malaysia's Lion Group.


SHENGDATECH INC: Wants More Time to Recover and Safeguard Assets
----------------------------------------------------------------
Shengdatech, Inc., asks the U.S. Bankruptcy Court for the
District of Nevada to extend its exclusive periods to file and
solicit acceptances for the proposed Chapter 11 Plan until March
19, 2012, and June 14, 2012, respectively.

The Debtor relates that its needs more time to investigate
fraudulent actions of its prior management and to locate and
secure its assets and the assets of its subsidiaries.  The Debtor
has worked with the Official Committee of Unsecured Creditors to
develop a strategy to recover and safeguard its assets.  The
strategy needs to play out over the coming months in order for
the Debtor to be in a position to propose a plan of
reorganization.

The Debtor set a Dec. 14, 2011, hearing at 10:00 a.m., on the
requested exclusivity extensions.

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTec's official
committee of unsecured creditors.


SPG LAND: Moody's Cuts Corp Family Rating to B1; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded SPG Land (Holdings)
Limited's corporate family rating to B1 from Ba3.  At the same
time, Moody's has downgraded SPG Land's senior unsecured rating
to B2 from B1.  The ratings outlook is negative.

This concludes the rating review initiated on Sept. 1, 2011.

"The ratings downgrade reflects SPG Land's slow progress in
improving its contract sales, which were below RMB3 billion at
end-October and less than 50% of its annual target of RMB7
billion," says Kaven Tsang, a Moody's AVP/Analyst.

"A material improvement in sales in the next 6-12 months will be
challenging, given that most of SPG Land's projects are located
in cities in the Yangtze River Delta where restrictions on home
purchases are in place," adds Tsang, also Moody's lead analyst
for SPG Land.

Moody's expects SPG Land's weak sales could, in turn, affect its
fund-raising flexibility as its weaker EBITDA would lead to lower
EBITDA/interest coverage, potentially triggering the debt
incurrence covenant in its bond agreement.

Moody's expects SPG Land's EBITDA interest coverage will stay at
around 2-2.5x and adjusted debt/capitalization at approximately
60% in the next 12-18 months. This credit profile positions SPG
Land at the B1 rating level.

SPG Land's B1 corporate family rating continues to reflect its
(1) well-located land bank -- mainly in the affluent and fast-
growing Yangtze River Delta region, and which would benefit its
long-term development; and (2) track record in developing large-
scale housing and high-end integrated projects.

SPG's negative ratings outlook continues to reflect Moody's
concern that the weakened financial profile will constrain SPG
Land's ability to raise new funding to support its operation. SPG
Land will rely on its cash holding -- around RMB2.5 billion at
end September -- to manage its operations

SPG Land's ratings could be further downgraded if the SPG Land
(1) experiences a decline in sales which in turn weakens EBITDA
interest coverage to below 2x or pushes adjusted
debt/capitalization above 60-65% on a consistent basis; or (2)
engages in further land acquisitions which will either increase
its debt leverage or reduce its liquidity position with its cash
holding falling below RMB1.5 billion.

A near-term upgrade is unlikely, given the negative outlook.
However, the outlook could change to stable if (1) SPG Land
achieves its sales plan in the next 12 months, and (2) its
adjusted debt/capitalization ratio falls below 50-55% and EBITDA
interest coverage rises above 3x.

The principal methodology used in rating SPG Land (Holdings)
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

SPG Land (Holdings) Limited is a Chinese property company
focusing on large-scale residential and integrated property
development in the Yangtze River Delta. The company has a land
bank of 6.3 million sqm in gross floor area (GFA) in nine cities
in China. Around 70% of the land bank are in cities along the
Yangtze River, such as Shanghai, Suzhou, Wuxi, Changshu, and
Huangshan.


* CHINA: Solar Firms May Drop to 15 Due to Supply Glut
------------------------------------------------------
Bloomberg News reports that a research group at China's top
economic planning agency said that the country's solar-panel
supply glut is consolidating the industry and will likely slash
the number of domestic manufacturers to 15 within half a decade.

Some producers have cut factory capacity or closed plants because
of the surplus, Li Junfeng, deputy director general of the
Beijing-based Energy Research Institute at the National
Development and Reform Commission, told Bloomberg in an
interview.

"There'll be no more than 15 large manufactures left in five
years," Mr. Li told Bloomberg by phone, without identifying them.
There were 330 panel makers in China in 2008, according to the
Chinese Renewable Energy Society, which said it stopped counting
as it couldn't keep up with the "multifold" increase since then,
report Bloomberg.

According to Bloomberg, the manufacturing explosion in China in
the last decade is crashing prices for the devices that turn
sunlight into power, shrinking margins for rivals such as
Germany's Q-Cells SE (QCE) and crimping profit even for Chinese
producers.

Bloomberg relates that Jiangsu-based Suntech Power Holdings Co.
is forecast to report its first loss in at least six years in
2011.

The spot price for photovoltaic panels has plunged about 40% this
year, according to Bloomberg New Energy Finance, as producers led
by China increased output.  The 10 largest makers of traditional
panels that use silicon including Suntech, China's LDK Solar Co.
and Canadian Solar Inc., together doubled capacity last year,
Bloomberg relates citing New Energy Finance figures.

Industry consolidation is "necessary and inevitable" to eliminate
excess capacity, Mr. Li told Bloomberg in the Nov. 24 interview.
He said it would be unrealistic for China's government to direct
the consolidation, saying it would be best left to the market,
adds Bloomberg.


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


ASIA LEGEND: Court to Hear Wind-Up Petition on Jan. 4
-----------------------------------------------------
A petition to wind up the operations of Asia Legend (Hong Kong)
Holdings Limited will be heard before the High Court of Hong Kong
on Jan. 4, 2012, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Oct. 27, 2011.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


CHAODA MODERN: Moody's Cuts Corp. Family Rating to B3
-----------------------------------------------------
Moody's Investors Service has downgraded Chaoda Modern
Agriculture (Holdings) Ltd's corporate family rating to B3 from
Ba3.

At the same time, Moody's has placed the rating on review for
further possible downgrade.

Ratings Rationale

"The downgrade reflects the continuous delay in the announcement
of Chaoda's June 2011 audited results and its ongoing share-
trading suspension. Both factors add material uncertainties to
its financial position," says Ken Chan, a Moody's Vice President
and Senior Analyst.

"Moreover, various unresolved external allegations further lift
the overall risk profile of the company and materially pressure
its rating," adds Chan.

The ongoing share trading suspension and the delay in financial
reporting could result in the accelerated repayment of its US$200
million convertible bonds, which will further weigh on its
liquidity.

Although the recent sale of its 8.2% stake in Asian Citrus for
net proceeds of around HKD461 million partially mitigates the
early repayment risk, Moody's expects the company will still need
to rely on the repatriation of onshore cash to meet the potential
repayment amount.

While Chaoda reported cash holdings of RMB3.9 billion as of
December 2010, its current available liquidity is still subject
to the pending announcement of its audited final results. As a
result, the company is unlikely to have access to external
capital markets.

Moreover, proceedings of the Hong Kong Market Misconduct Tribunal
(MMT) with regard to the company's CEO and CFO, currently
scheduled in January and February 2012, continue to cast
uncertainty over effect of the rulings on its future operations.

In its review, Moody's will focus on: (a) the availability and
quality of its financial information; (b) the liquidity available
to meet the potential early repayment of the convertible bonds;
(c) the timing of resuming share trading on the Hong Kong Stock
Exchange; (d) how Chaoda addresses the allegations over the
credibility of its business operations and financial accounts;
(e) the conclusion of the proceedings of Hong Kong MMT, and (f)
the operational and financial impact from these various events.

Chaoda Modern Agriculture (Holdings) Ltd's ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk.

Moody's compared these attributes against other issuers both
within and outside Chaoda Modern Agriculture (Holdings) Ltd's
core industry and believes Chaoda Modern Agriculture (Holdings)
Ltd's ratings are comparable to those of other issuers with
similar credit risk.

Chaoda Modern Agriculture (Holdings) Limited, headquartered in
Hong Kong and listed on the Hong Kong Stock Exchange, is
principally engaged in the cultivation and sale of agricultural
produce in China, mainly vegetables. The company is ultimately
20% owned by the Chairman and CEO, Kwok Ho.


GRAND FORCE: Court to Hear Wind-Up Petition on Jan. 11
------------------------------------------------------
A petition to wind up the operations of Grand Force Investment
Limited will be heard before the High Court of Hong Kong on
Jan. 11, 2012, at 9:30 a.m.

Savills (Hong Kong) Limited filed the petition against the
company on Nov. 2, 2011.

The Petitioner's solicitors are:

          Messrs. C.C. Lee & Co
          6th Floor, On Lok Yuen Building
          No. 25 Des Voeux Road
          Central, Hong Kong


JING JIN: Court to Hear Wind-Up Petition on Jan. 11
---------------------------------------------------
A petition to wind up the operations of Jing Jin Travelling Bags
Manufacturing Limited will be heard before the High Court of Hong
Kong on Jan. 11, 2012, at 9:30 a.m.

Scholfields H.K. (1981) Limited filed the petition against the
company on Nov. 3, 2011.

The Petitioner's solicitors are:

          Hogan Lovells
          11/F One Pacific Place
          88 Queensway, Hong Kong


LUEN FAI: Members' and Creditors' to Meet on Dec. 9
---------------------------------------------------
Members and creditors of Luen Fai Piecegoods & Cloths Company
Limited will hold their first meetings on Dec. 9, 2011, at
3:30 p.m., at Rooms 1909-10, Nan Fung Tower, at 173 Des Voeux
Road Central, in Hong Kong.

At the meeting, Lau Siu Hung, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


LUCKY EVER: Creditors' Proofs of Debt Due Dec. 9
------------------------------------------------
Creditors of Lucky Ever Limited, which is in 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 liquidator is:

         Fok Hei Yu
         c/o FTI Consulting (Hong Kong) Limited
         Level 22 The Center
         99 Queen's Road
         Central, Hong Kong


NEW PING: Court to Hear Wind-Up Petition on Dec. 28
---------------------------------------------------
A petition to wind up the operations of New Ping Shek Development
Limited will be heard before the High Court of Hong Kong on
Dec. 28, 2011, at 9:30 a.m.

Ng Ping Man filed the petition against the company on Oct. 24,
2011.


POWERLONG REAL ESTATE: Moody's Cuts CFR to 'B1', Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Powerlong Real Estate
Holdings Limited's corporate family rating to B1 from Ba3 and its
senior unsecured debt rating to B2 from B1.  The ratings outlook
is negative.

Ratings Rationale

"The downgrades reflect Powerlong's lower-than-expected contract
sales which in turn could weaken its interest coverage to
EBITDA/interest below 3x," says Jiming Zou, a Moody's Analyst.

Powerlong recorded contract sales of RMB4.6 billion from January
to October this year, significantly lagging its target of about
RMB10 billion, due to slowing demand across various regions. A
material improvement in the near term appears difficult, given
the tight regulatory measures.

"In addition, the rating downgrade also takes into consideration
that Powerlong's liquidity vulnerability has increased by its
major shareholder pledging his shares to fulfill a collateral top
up covenant in the borrowing from China Life Insurance Company
Limited. The pledge of substantial shares could increase the risk
of not complying with the change in control clause under the
US$200 million senior unsecured notes," Mr. Zou adds.

China Life Insurance holds HK$1 billion notes of Powerlong, for
which the latter's major shareholder, who owns a 66.36% stake,
have pledged about 30% of their shareholding as security.

"Furthermore, Powerlong's ability to borrow additional funds to
support its operations will weaken as it is restricted by the
financial covenants in the syndicated loan and the fact that the
major shareholders have pledged a substantial shareholding to
China life Insurance," adds Mr. Zou.

The negative outlook reflects Powerlong's weak liquidity due to
tepid sales, a challenging environment, the restricted ability to
access to borrowing, and the vulnerability in compliance with the
change of control clause of the bonds.

A rating upgrade is unlikely at this stage, given the negative
outlook.

However, the outlook could return to stable if Powerlong can: (1)
substantially achieve its sales targets; (2) stabilize the debt
funding base especially the private placed HKD 1 billion loan and
improvement to its security arrangements; (3) expand its
financial covenants so that it can borrow funds at its own
discretion; and (4) maintain a sound liquidity position and
minimum cash balance of RMB$1.5 billion-RMB$ 2 billion.

Its ratings could be pressured downwards if: (1) sales continue
to fall materially below expectations; (2) it makes aggressive
land acquisitions; (3) liquidity deteriorates further due to
weaker contract sales or the lack of headroom in financial
covenants; or (4) the risk of accelerated repayment of senior
notes increases due to non-compliance with the change of control.

The key credit metrics that Moody's would consider for a rating
downgrade include EBITDA/interest falling below 2.5x-3.0x for a
prolonged period.

The principal methodology used in rating Powerlong Real Estate
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
It has a development land bank of around 9.1 million sqm in gross
floor area (GFA) in nine provinces, and has eight completed
investment properties.

The company listed on the Hong Kong Stock Exchange in October
2009. The Hoi family, which is the founder of Powerlong, has an
aggregate stake of 66.36% in the company.


VITELIC (HK): Creditors Get 36.1% Recovery on Claims
----------------------------------------------------
Vitelic (Hong Kong) Limited, which is in compulsory liquidation,
will declare the second and final dividend to its creditors on or
after Dec. 16, 2011.

The company will pay 36.1% for ordinary claims.

The company's liquidators are:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         6/F, Sunning Plaza
         10 Hysan Avenue
         Causeway Bay, Hong Kong


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


AIR INDIA: Drops Plan to Purchase 17 Dreamliners Plane
------------------------------------------------------
India Today reports that Air India Ltd. at a board meeting on
Tuesday decided to drop its plans for the outright purchase of
14 of the 27 Boeing 787 Dreamliners it had ordered and exercise
the sale-and-leaseback option.  The move comes a day after the
airline's bankers approved its debt restructuring plan, the
report says.

India Today says the aircraft will join Air India's (AI) fleet by
2014.

"This will help us to use the asset continuously without owning
it. The Board has approved the issuing of request for proposal
(RFP) for the B-787 planes under leaseback mechanism. This will,
however, be finally cleared by the government," the report quotes
an AI spokesperson as saying.

According to the report, the Dreamliners are being inducted as
part of the airline's turnaround plan and a financial
restructuring package on which the airline banks to turn around
its fortunes.  The AI board also decided to lease out excess
capacity of two Boeing 747-400 planes and some 777-200 LR (long
range) aircraft, the report notes.

India Today relates that the airline's top brass also reviewed
the decision of the consortium of 13 banks, led by State Bank of
India (SBI), to approve the debt restructuring programme, subject
to certain clarifications from the Reserve Bank of India (RBI),
which had last week given a nod to it.

The carrier's board is also planning to stop serving food to
passenger on flights of under 90 minutes. This could help the
airline save about Rs.20 crore a year, India Today adds.

As reported in the TCR-AP on Nov 30, 2011, Dow Jones Newswires
said that a consortium of 26 lenders to Air India Ltd. approved a
plan to restructure INR180 billion (US$3.45 billion) debt for the
loss-making carrier.  According to Dow Jones, the turnaround plan
includes converting some loans into equity, restructuring some at
lower interest rates and elongating the repayment tenure for the
rest.  It was prepared by the state-run carrier in consultation
with the government and its consultant SBI Capital Markets Ltd.
and recently got approval from the country's central bank.  In
addition, said Dow Jones, the government has agreed that over the
next 10 years, it will put INR67.50 billion as equity into the
carrier.  It will also cover Air India's losses worth INR45
billion and back aircraft purchase loans worth INR170 billion to
INR180 billion.

                          About Air India

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

                          *     *     *

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


AIR INDIA: To Implement Financial Structuring Plan
--------------------------------------------------
The Economic Times reports that Air India Ltd said it is
implementing a financial restructuring plan that will cut its
loan interest payments by nearly $200 million a year.

"The company is in the process of implementing the financial
restructuring plan, which would provide a saving of 10 billion
rupees ($192 million) a year in interest costs," the report cited
AI in a statement.

The Economic Times relates that Air India also said that it plans
to sell and lease out excess aircraft after taking delivery of
new Boeing 787 Dreamliners into its fleet, with the aim of
lowering debt that has ballooned to $9 billion.

"Excess capacity" of two 747-400 aircraft would also be leased
out as well as some 777-200 LR aircraft after it takes delivery
of the Dreamliners, the company added, as cited by The Economic
Times.

Air India made an estimated net loss of INR69.94 billion rupees
in the fiscal year ended March 2011, the report discloses.

As reported in the TCR-AP on Nov 30, 2011, Dow Jones Newswires
said that a consortium of 26 lenders to Air India Ltd. approved a
plan to restructure INR180 billion (US$3.45 billion) debt for the
loss-making carrier.  According to Dow Jones, the turnaround plan
includes converting some loans into equity, restructuring some at
lower interest rates and elongating the repayment tenure for the
rest.  It was prepared by the state-run carrier in consultation
with the government and its consultant SBI Capital Markets Ltd.
and recently got approval from the country's central bank.  In
addition, said Dow Jones, the government has agreed that over the
next 10 years, it will put INR67.50 billion as equity into the
carrier.  It will also cover Air India's losses worth INR45
billion and back aircraft purchase loans worth INR170 billion to
INR180 billion.

                          About Air India

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

                          *     *     *

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


ASIAN PEROXIDES: ICRA Reaffirms '[ICRA]BB-' Cash Credit Rating
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR15.5 crore
cash credit facilities (enhanced from INR12.0 crore) of Asian
Peroxides Limited.  ICRA has also assigned '[ICRA]BB-' to the
INR17.0 crore term loans of APL. The outlook on the above rating
is Stable. ICRA has also reaffirmed '[ICRA]A4' rating to the
INR5.5 crore short-term, non-fund-based facilities of APL.

The ratings factor in the volatility in hydrogen peroxide (HPO)
prices due to the cyclical nature of the industry; the relatively
small capacity by global standards and dependence on high cost
feedstock leading to a moderate cost structure. The ratings
further factor in the vulnerability of profitability to possible
decline in import duty levels. The company has a past history of
losses and debt restructuring, and the limited financial
flexibility might constrain the company, which is looking at a
debt-funded Brownfield project in Gwalior. The ratings, however,
favorably factor in the long track record of operations of the
company and the market position of the company, amongst the top
three players in the domestic hydrogen peroxide market; the
favorable demand outlook for hydrogen peroxide with growth
anticipated in the end-user industries such as paper and textile.
The ability of the company to successfully commission the Gwalior
project within the scheduled time and conversion of feedstock
from naphtha to R-LNG for the Sullurpet plants will be key rating
sensitivities going forward.

                        About Asian Peroxides

Asian Peroxides Limited is the third largest HPO player in India.
It was incorporated in 1986 by NRI promoter and Managing Director
Mr. Shiv K. Dewan, as a 100% export-oriented unit (EOU) in
technical and financial collaboration with Peroxygen Technologies
Limited, UK. Having commenced operations with an installed
capacity of 5,000 metric tonnes per annum (MTPA) at Sullurpet
(Andhra Pradesh), 80 kms north of Chennai, it has gradually
expanded its capacity to 18,000 MTPA (100% w/w basis) now. APL
debonded its EOU status in two stages in 1995 and 2005 and
currently caters to the domestic demand of HPO, largely to the
paper and textile industries for bleaching applications. The
Company is looking to expand its capacity to 38,000 MTPA with the
commissioning of the Gwalior plant, and further to 45,000 MTPA by
debottlenecking the Sullurpet plant. The Company procures its
feedstock (naphtha) and fuel (furnace oil) from Indian Oil
Corporation Limited (IOCL), while the solvents are imported. The
entire shareholding of the Company is held by the promoters and
their associates.

In FY2011, the company reported operating income of INR67.2 crore
and net after-tax profit of INR0.5 crore.


BAIT AL TAMUR: ICRA Reaffirms 'BB+' Rating to INR16cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB+' to the INR16.00
Crore (enhanced from INR12.00 Crore) fund based bank facilities
of Bait Al Tamur.  ICRA has also reaffirmed the rating of
'[ICRA]A4+' to the INR5.00 Crore non fund-based bank facilities
of Bait Al Tamur. The long-term rating has been assigned a
'Stable' outlook.

The rating reaffirmation continues to take into account BAT's
modest size of operations with limited value addition, its
presence in a business which has high competitive pressures from
unorganised players and stretched liquidity profile as reflected
by high working capital intensity. The rating however, favourably
factors in the promoters' experience in the business and long
standing relationships with its diversified customer base. ICRA
also takes into account BAT's improved operating income and
profitability in FY 2011.

                        About Bait Al Tamur

M/s Bait Al Tamur (BAT) was incorporated in 1997 as a
proprietorship concern by Mr. Narendra Jamnadas Ashar. The firm
is engaged in the business of importing and reselling wet dates.
It imports the products and sells them in the domestic market.
The firm has its office and warehouse in Navi Mumbai.
BAT has a group concern 'Chitravasu Cold Storage Pvt. Ltd.' which
is engaged in providing cold storage facilities for traders in
dates, spices and dry fruits in Navi Mumbai.

Recent Results:

BAT recorded a net profit of INR3.82 Crore on an operating income
of INR75.98 Crore for the year ending March 31, 2011


BALAJISWAMY PREMIUM: Debt Servicing Delays Cues ICRA Junk Rating
----------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating on long term scale to the
INR10 crore term loan and INR18 crore fund based limits of
Balajiswamy Premium Steels Private Limited. ICRA has also
assigned '[ICRA]D' rating on short term scale to INR5 crore non-
fund based limits of BPSPL.

The rating factors in delays witnessed in debt servicing by the
company, following the iron ore mining restrictions in Bellary,
in the state of Karnataka, which has adversely impacted its
operations. Company has not been able to source ore at
remunerative rates to run its sponge iron plants. Coal trading
activity performed under the company also has been impacted due
to low coal demand in the region in the wake of iron-ore
unavailability.

Going forward, normalization of operation and timely debt
servicing will remain key rating parameters.

                      About Balajiswamy Premium

Balajiswamy Premium Steels Private Limited was incorporated on
Aug. 9, 2004, and it has sponge iron plant with installed
capacity of 100 tpd in Bellary. The plant is located on 5.5 acres
of land acquired by promoter Mr. T. Srinivasa Rao. The plant was
set-up with total project cost of INR14 crore. In the past the
unit has worked at high capacity utilization (in excess of 80%)
but recent iron ore related issues in bellary has forced the
utilization level to fall below 30%. Company is currently
undergoing expansion by adding one more kiln. The enhanced
capacity will be 175 tpd.

BPSPL reported a loss of INR1.57 crore on net sales of INR61.5
crore in FY2011, against a profit of INR1.98 crore and net sales
of INR58.09 crore, in the previous year.


CORE JEWELLERY: ICRA Revises Rating on INR28cr Loan to [ICRA]BB-
----------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR28
crore (enhanced from INR21 crore) long term fund based facilities
of Core Jewellery Private Limited from 'LBB' to '[ICRA]BB-'.  The
outlook on the long term rating is stable.

The rating revision considers CJPL's stretched liquidity profile
on account of delays in collections from the customers as well as
deterioration in profitability and coverage indicators. The
ratings also take into account the susceptibility of CJPL's
margins to foreign exchange fluctuations and volatility in gold
prices. The rating, however, favorably factors in the experience
of the promoters in the gems & jewellery business and CJPL's
comfortable capital structure at present.

                        About Core Jewellery

Promoted by Mr. Bhansali, Core Jewellery Pvt Ltd is a private
limited company, which commenced operations in 1998, is mainly
engaged in the manufacture and export of gold jewellery. The firm
has a registered office in Mumbai and a manufacturing facility at
Seepz, Mumbai.

Recent Results:

CJPL recorded a net profit of INR2.23 Crore on an operating
income of INR50.18 Crore for the year ended March 31, 2011 and
net profit of INR0.04 Crore on an operating income of INR35.28
Crore for the year ending March 31, 2010.


GOLDEN TERRY: ICRA Assigns '[ICRA]BB-' Rating to INR7.65cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR7.65 crore long term
loan and INR6.13 crore (unallocated amount of INR1.63 crore) fund
based limits of Golden Terry Towel Private Limited.  The outlook
on the long term rating is stable. ICRA has also assigned
'[ICRA]A4' to INR15.50 crore fund based limits and INR0.30 crore
non-fund based limits.

The assigned ratings favorably take into account the integrated
operations from weaving to finishing of terry towels which
results in operational efficiencies and timely servicing to
clients and promoters track record in the textile business. The
ratings are however constrained by weak demand outlook in
developed countries like USA and Europe, limited pricing power
which is reflected in lower operating profit margin during 2010-
11 when cotton yarn prices increased substantially and
vulnerability to foreign exchange rate movements. The company is
also dependent on single product for its revenues and export
incentives for its profitability. Going forward, improvement in
profitability and volume growth would be the key rating
sensitivity.

                       About Golden Terry

Golden Terry Towel Private Limited was incorporated in 1997 and
is promoted by Chugh Family. GTTPL commenced commercial
production in 1997-98 by importing 42 second hand terry towel
looms. The company's product profile is limited to terry towels
and bath robes. GTTPL has a manufacturing unit in Panipat
district of Haryana with in-house facilities for dyeing (yarn and
fabric), weaving and finishing of terry towels. The company has
54 dobby looms and 16 jacquard looms capable of manufacturing 15
tons of towel fabric per day. GTTPL is a part of Golden group in
Panipat having presence in manufacturing textile products like,
carpets, blankets, towel etc.


HOTEL RAJ: ICRA Reaffirms '[ICRA]BB' Rating on INR3.3cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to INR3.3
crore term loan facilities and INR4.0 crore long term fund based
facilities of Hotel Raj Park Private Limited. The outlook on the
long-term rating is stable.

The ratings consider the locational advantage enjoyed by the
hotel which is reflected in steady occupancies and Average Room
Rates (ARRs) and healthy financial profile of the Company
characterized by high operating profitability, moderate gearing
and adequate coverage indicators. The ratings also consider the
Company's small scale of operations and concentration on single
property in Chennai. The rating also takes into account the
competition from new and existing properties in the vicinity of
the hotel and the company's aggressive capital expenditure plans
over the medium to long term. The funding for these projects have
not yet been finalized and is a key rating sensitivity factor. In
the event that the project is largely debt funded, impact of the
same on the company's capital structure could be detrimental.

                       About Hotel Raj

Hotel Raj Park Private Limited operates a single 120 room four-
star hotel-Hotel Raj Park located in Alwarpet, Chennai. The
construction of the property started in 1999 and the hotel
commenced operations in 2001 with 87 rooms. Initially HRPPL had a
marketing tie up under the Ramada brand of the global hotel
franchisor - Wyndham Worldwide and the property was named Hotel
Ramada Raj Park. The room inventory was subsequently raised to
120 in 2008 and the tie up with Ramada brand was terminated,
renaming the hotel as Hotel Raj Park. The hotel has six
conference/banquet halls, two restaurants, one restro-bar and an
independent bar. It also has a rooftop swimming pool and health
club. The Company also has windmill facilities of 800KW capacity.
The current shareholders of the company comprise of Mr. P.
Devarajan - the promoter and his family. The promoter has
experience in the construction business and before entering the
hospitality business was running a construction firm called Raj
Builders. Apart from HRPPL, the promoter has interests in several
real estate and hospitality ventures along with his family
members.


J. K. SONS: ICRA Assigns '[ICRA]BB' Rating to INR3.65cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR3.65 crore term
loan and INR5.50 crore fund based bank facilities of J. K. Sons
Engineers Pvt Ltd.  The outlook on the long term rating is
stable. ICRA has also assigned an '[ICRA]A4' rating to the
INR0.50 crore fund based and INR1.11 crore non fund based bank
facilities of JKPL.

The ratings take into consideration the experience of JKPL's
promoters in the packaging material industry and the presence of
price variation (PV) clauses in a majority of contracts with
customers, enabling JKPL to pass on raw material price volatility
to customers to a certain extent. ICRA has also noted the
favorable demand outlook for JKPL's product, primarily driven by
the expected growth in the cement sector. The ratings are however
constrained by the weak financial profile of JKPL characterized
by low profit margins, nominal cash accruals and depressed debt
coverage indicators. The ratings also factor in the competitive
nature of the industry and high customer and sector concentration
risks of JKPL. ICRA also notes that JKPL's size of operations is
relatively small, which deprives it from the benefits of
economies of scale and also results in its weak bargaining power
against both suppliers and customers.

                        About J. K. Sons

JKPL was established in year 2002 by the Agarwal family based in
Bilaspur and is currently engaged in the manufacturing of poly
woven sacks and fabrics. Prior to that, since 1988, the promoters
were running a rice mill under the name of Abro Foods Pvt Ltd.
During 1999-2000, the promoters exited the rice business and
started trading in mining tools and subsequently the name of the
company was changed to J. K. Sons Engineers Private Limited. In
October 2008, the company exited the trading business and entered
the business of manufacturing poly woven sacks/bags with an
installed capacity of 4000 MTPA. Recent Results The company
reported a net profit of INR0.33 crore in FY 11 on an operating
income of INR30.20 crore, as compared to a net profit of
INR0.28 crore on an operating income of INR26.02 crore during
FY 10.


KHYATI FOODS: ICRA Assigns '[ICRA]B-' Rating to IN11.26cr Loan
--------------------------------------------------------------
ICRA has assigned a '[ICRA]B-' rating to the INR11.26 crore fund
based bank facilities (Details in Annexure I) of Khyati Foods Pvt
Ltd.

The rating is constrained by the firm's highly leveraged capital
structure and weak coverage indicators arising out of high debt
requirements for the company. Further, competitive nature of the
industry has kept the profitability metrics and cash accruals at
modest levels in the past. While assigning the rating, ICRA also
factors in the tedious conversion process to organic crops and
the ability of the farmers to sell their produce in the open
market, which increases the risks for the company. The rating
however, favorably factors in the long standing experience of
promoters in the industry and company's steady growth in its
operations in the past.

                       About Khyati Foods

Khyati Foods Pvt. Ltd. is engaged in primarily in the exports of
organic agri-produce (mainly soyabean and cotton products). The
company procures the organically grown crops from farmers on a
contractual basis. These crops are then processed (KFPL has a
soya processing unit with installed capacity of 36000 MTPA and
cotton ginning unit with installed capacity of 24000 bales per
annum) and exported to European and American regions. KFPL
currently has a base of 4400 farmers in Madhya Pradesh and
Maharashtra. KFPL is promoted by Agrawal family.


KINGFISHER AIRLINES: India Assesses Ability to Maintain Services
----------------------------------------------------------------
Dow Jones' DBR Small Cap reports that India's aviation regulator
is assessing Kingfisher Airlines Ltd.'s ability to maintain
services as a cash crunch forces the carrier to ground planes, a
senior government official 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.


LAKSHMI BALAJI: ICRA Assigns [ICRA]D rating to INR15cr Bank Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating on long term scale to the
INR15 crore fund based limits of Lakshmi Balaji Prime Energy Pvt.
Ltd.

The rating factors in delays witnessed in debt servicing by the
company, following the iron ore mining restrictions in Bellary,
in the state of Karnataka, which has adversely impacted its
operations. The core business activity of the company, i.e. coal
trading has been impacted due to the mining ban as most of the
steel units in the region are working at very low capacity.

Going forward, normalization of operation and timely debt
servicing will remain key rating parameters.

                         About Lakshmi Balaji

LBPEPL was incorporated in 2007-08 with objective of coal
trading. The business plan was to supply coal to several
industrial units (mainly sponge iron units) in and around
Bellary. Coal blending, Coal bracketing and setting up of power
plant from waste heat gases & rice husk are other plans to be
implemented going forward. Company has tie-up with Coastal
Energy, Chennai for off take of coal. It also sources coal from
Bhatia International Ltd. However, recent iron ore issues has
resulted in low demand of coal and consequently trading volume
has declined significantly.

LBPEPL reported a profit of INR0.04 crore on net sales of INR62.8
crore in FY2011, against a profit of INR0.13 crore and net sales
of INR27.70 crore, in the previous year.


OM SHREE: ICRA Assigns '[ICRA]BB+' rating to IN1.75cr Bank Loans
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR1.75 crore
fund-based bank facilities of Om Shree International Private
Limited.  The outlook on the long-term rating is "stable'. ICRA
has also assigned an '[ICRA]A4+' rating to the INR4.75 crore
short-term fund-based bank facilities of OSIPL2.

The ratings take into account the experienced promoters and
established brand of the company, among agricultural commodity
exporters from India; procurement policy of 100% order backed
purchases and forex policy of buying 100% forward cover for
receivables that help in protecting the margins of the company to
an extent; low working capital intensity of operations, as the
company maintains a low inventory and healthy return on capital
employed due to the low capital intensity in the company's
business.

However, the ratings are constrained by the small size of OSIPL's
current operations; weak financial profile characterized by thin
margins and increasing gearing levels; counterparty credit risks
in the absence of letter of credit or guarantee by governmental
agencies, although there have been no instances of default by any
of the customers of OSIPL during last three years; a moderately
high customer concentration risk, with the top 10 customers
contributing more than 48% to the total sales in 2010-11;
significant dependence on Government of India's (GOI) export
policies and incentives, which exposes it to substantial
regulatory risks; OSIPL's exposure to adverse agro-climatic
condition which may affect availability and quality of
agricultural products being exported by the company.

                          About Om Shree

OSIPL was formed as a partnership firm in 1997 for export of
spices and textile dyes by Mr. Kirat Turakhia and Mrs. Priti
Turakhia. The company was converted into a private limited
company in June 2011. Currently the company is involved in
exports of green coffee seeds, spices, cashew, oilseeds, dry
fruits, sesame seeds, various maize derivatives and other
agricultural products to the USA and a number of counties in the
Middle East and Africa.

Recent Results:

In 2010-11, OSIPL reported a profit after tax (PAT) of INR2.15
crore on an operating income of INR119.94 crore as compared to a
PAT of INR1.22 crore on an operating income of INR92.80 crore in
2009-10.


RAIN II CARBON: S&P Withdraws 'B+' Corp. Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'B+' long-
term corporate credit rating on India-based calcined petroleum
coke producer Rain CII Carbon (Vizag) Ltd. at the company's
request. The outlook was stable at the time of the
withdrawal. "We also withdrew the 'B+' issue rating on the
company's senior secured bank loan," S&P said.

"RCCVL has $64 million of bank loans maturing in 2013. We believe
that the company will refinance a part of the loan maturity and
use internal accruals to meet the rest of the debt maturity," S&P
said.


ROYAL TOUCH: ICRA Assigns '[ICRA]BB+' Rating to INR17.47cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR17.47 crore
term loan and INR25.00 crore fund based bank facility of Royal
Touch Fablon Private Limited.  ICRA has also assigned an
'[ICRA]A4+' rating to the INR6.50 crore short term non fund based
bank facilities of RTFPL.

The ratings take into consideration the experience of the
promoters in the manufacturing of bulk packing materials, RTFPL's
diversified client profile, with top 10 clients contributing to
less than 50% of the company's turnover in the last few years and
the company's demonstrated ability to significantly scale up
operations. RTFPL's increased manufacturing capacity in
Chhattisgarh is expected to diversify its client base and reduce
the regional concentration of sales to an extent. The ratings,
however, are constrained by the highly fragmented nature of the
industry leading to high competition, low profitability and
depressed coverage indicators, vulnerability of profits and cash
flows to the volatility in raw material prices and high working
capital intensity of RTFPL's operations that adversely impacts
liquidity. The Indian poly woven sacks industry is characterized
by a large number of manufacturing units and low entry barriers.
ICRA also notes that the prospect for the industry is influenced
by regulations governing the use of bags across various
industries.

                        About Royal Touch

RTFPL was incorporated in 1999 by the Kolkata based Kandoi
family. The company is primarily engaged in the manufacturing of
bulk packing materials made of polypropylene (PP). RTFPL's
manufacturing plants are situated in State of West Bengal and
Chhattisgarh. As on March 31, 2011, RTFPL had an installed
capacity of 12,300 metric tonne per annum.

Recent Results:

The company reported a net profit of INR3.34 crore in FY11 on an
operating income of INR143.61 crore, as compared to a net profit
of INR0.22 crore on an operating income of INR102.63 crore during
FY10.


SLN TECHNOLOGIES: ICRA Assigns '[ICRA]B' Rating to INR4cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.00 crore fund
based facilities and the INR3.0 crore proposed term loan
facilities of SLN Technologies Private Limited.  ICRA has also
assigned '[ICRA]A4' rating to the INR5.0 crore non -fund based
facilities of SLNTPL.

The assigned ratings take into account the Company's modest scale
of operations limiting financial flexibility, volatility
exhibited by the Company's revenues and margins in the past owing
to project specific requirements of some of its customers and
highly working capital intensive operations resulting in
stretched liquidity position. The ratings are however supported
by strong promoter background with over 25 years of experience in
the industry and the Company's portfolio of executed orders
enhancing business prospects for the Company. Favorable outlook
on aerospace and defence verticals from which the Company derives
significant share of its revenues is expected to support revenue
growth going forward.

The ratings also take into account stretched financial profile of
the Company with low cash accruals, high gearing and modest
coverage indicators. The Company's planned capital expenditure is
likely to adversely impact the debt coverage metrics in the near
to medium term.

                    About SLN Technologies

Incorporated in 1995, SLN Technologies Private Limited is
primarily engaged in designing and manufacturing of electronic
products with specific applications in the areas of defence,
nuclear and aerospace. Apart from this, the Company is also into
supply of manufacturing equipments, providing installation,
maintenance and support services for printed circuit board (PCB)
manufacturing machines and electronic manufacturing services
industry in the domestic market. The Company, promoted by Mr. D R
Subramanyam and Mr. M Anil Kumar - engineering graduates with
over 25 years of industry experience, was initially engaged in
providing maintenance and repair services to the domestic printed
circuit manufacturing industry. However, with a view to diversify
the business stream, the Company commenced manufacturing of
electronic products for automotive industry and later for defence
and aerospace sector.

Recent results:

During 2010-11, the Company reported net profit of INR0.6 crore
on operating income of INR10.0 crore against net loss of INR1.1
crore on operating income of INR4.7 crore.


YASH PAPERS: ICRA Reaffirms '[ICRA]D' Rating on INR77.39cr Loan
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]D' rating assigned to the INR77.39
crore term loans, INR17 crores fund based limits and INR0.51
crore proposed limits of Yash Papers Limited.  ICRA has also
reaffirmed '[ICRA]D') rating assigned to the INR4 crores non-fund
based limits of YPL.

The rating takes into account the stretched liquidity position of
the company, levered capital structure (gearing of 2.27 times as
on March 2011), weak debt coverage indicators (Debt service
coverage ratio of less than 1 time as on March 2011) and
continued delays in debt servicing following the inadequate cash
accruals of the company arising out of low capacity utilization
and inadequate contribution to profits from its poster paper
unit. While the company's operating profitability has improved
during 2010-11 on account of improved volumes and realizations,
cash accruals during this period continues to remain below
satisfactory levels due to high depreciation and interest burden.
Nevertheless, the rating continues to derive comfort from the
long operating history of the company and fully integrated scale
of operations. Going forward, ICRA expects the company's debt
servicing capability to remain inadequate with current debt
profile and any improvement in credit profile of the company will
remain contingent on achieving high capacity utilization of the
poster paper plant and keeping the cost structure under control.

                       About Yash Papers

Yash Papers Limited has been in existence for over 25 years and
has been engaged in the paper manufacturing business since 1983.
The main products of the company include low-grammage kraft paper
and Machine Glazed (MG) Poster Paper. The paper manufactured is
used in numerous industries such as layer between Glass and
Plywood sheets, wrapping of tobacco products & clothes,
Lamination etc. YPL has an installed capacity of 39100 MTPA.

In FY 2010-11, YPL reported PAT of INR3.05 crores on an operating
income of INR104.56 crores as compared to PAT of INR0.08 crore on
an operating income of INR85.21 crore in FY 2009-10. In Q1 FY
2011-12, YPL has reported net sales and PAT of INR28.17 crores
and INR0.05 crore respectively.


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


OLYMPUS CORP: Ex-CEO Woodford Steps Down From Board
---------------------------------------------------
Bloomberg News reports that Michael C. Woodford, the former
president and chief executive officer of Olympus Corp., resigned
from the company's board and urged a shareholder meeting to allow
stock owners to choose new management.

Mr. Woodford, who was fired after questioning $1.4 billion in
takeover costs now at the center of criminal investigations, said
in an e-mailed statement it was "inappropriate" for current
management to decide on new board members, according to
Bloomberg.

Bloomberg relates that Mr. Woodford met with the Federal Bureau
of Investigation, the Department of Justice, and the Securities
and Exchange Commission in the U.S. this week, following meetings
with Japanese officials last week, to discuss payments made in
the purchase of Gyrus Group Plc and writedowns of stakes in three
other takeovers.

"It's completely inappropriate for the current management team,
who are tainted by its past mistakes, to make choices about the
identity of new board members," Bloomberg quotes Mr. Woodford as
saying in a statement. "I intend to liaise with all interested
stakeholders with a view to formulating a proposal for the
constitution of a new board."

                      Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


TITAN JAPAN: S&P Affirms 'CCC-' Rating on Class D Bonds
-------------------------------------------------------
Standard & Poor's Ratings Services placed its rating on the class
A floating-rate bonds issued under the Titan Japan, Series 1 GK
transaction on CreditWatch with negative implications, and
affirmed its ratings on the class B to D bonds issued under the
same transaction. "On Oct. 22, 2010, we withdrew our rating on
the interest-only (IO) class X bonds in accordance with our
criteria for rating IO securities," S&P said.

"Only four loans remain of the six loans that backed the
transaction when the bonds were issued in December 2007. We
placed our rating on class A on CreditWatch negative because we
believe the collection of two of the remaining loans (effectively
one loan because the two loans are in cross-collateral and cross-
default; the two loans, which originally represented about 64% of
the
total initial issuance amount of the bonds, defaulted at their
maturity in November 2010) is now less likely to be completed by
the transaction's legal final maturity date. We base this on the
status of the sales of the related collateral properties, which
the servicer is undertaking. We intend to review our rating on
class A after considering factors such as the progress of the
sales of the properties in question," S&P said.

"We have affirmed our ratings on classes B to D. Nevertheless, we
might review our ratings on classes B and C if we consider that
we need to lower our assumptions with respect to the likely
collection amount from the properties backing the transaction's
remaining loans," S&P said.

Titan is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The bonds were originally secured by six
nonrecourse loans extended to six obligors. The nonrecourse loans
were initially backed by 43 real estate properties or real estate
beneficial interests. The transaction was arranged by Credit
Suisse Securities (Japan) Ltd., and Premier Asset Management Co.
acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
November 2012 for the class A bonds, and the full payment of
interest and ultimate repayment of principal by the legal
maturity date for the class B to D bonds," S&P related.

Rating Placed On Creditwatch Negative
Titan Japan, Series 1 GK
JPY125.8 billion floating-rate bonds due Nov. 2012
Class     To                     From      Initial issue amount
A         BBB (sf)/Watch Neg     BBB (sf)  JPY90.2 bil.

Ratings Affirmed
Class         Rating            Initial notional principal
B             B- (sf)           JPY12.1 billion
C             CCC (sf)          JPY11.8 billion
D             CCC- (sf)         JPY11.7 billion


TAKEFUJI CORP: May Delay Split Until End of December
----------------------------------------------------
Bloomberg News reports that Takefuji Corp. said it may delay a
split of the company into two entities until the end of next
month.

Bloomberg relates that the company said the timing will be
decided by Eiichi Obata, the attorney overseeing the turnaround
process.  Japan's Nikkei newspaper had reported that the company
might split as early as the beginning of next month, according to
Bloomberg.

The report notes that South Korean consumer loan company A&P
Financial Co. is in the process of buying Takefuji.  A&P
Financial was selected as a preferred bidder for the Japanese
company on April 11, among rival bids from J Trust Co., a
Japanese financial-services firm, TPG Capital and two others.

The plan for Takefuji, crafted by lawyers including Mr. Obata,
entails splitting the company into two entities, one responsible
for repaying creditors and another as a viable consumer lending
business, the report relates.

                          About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.

Takefuji filed a bankruptcy petition with the Tokyo District
Court on Sept. 28, 2010, with debts of JPY433.6 billion.
Bloomberg News has said the company has become the biggest
casualty of Japan's four-year crackdown on coercive lending
practices by consumer finance companies.  The lender is seeking
to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2011, Bankruptcy Law360 said that Tokyo court confirmed
the company's reorganization plan after most creditors voted in
support of the plan, which will repay 20% of its total debt of
JPY1.5 trillion ($19.8 billion).

Law360 related that 100% of secured creditors voted in favor of
the plan, while 85.43% of unsecured creditors voted for it.
According to the company, it will begin making repayments under
the plan in mid-December.


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


BANENG HOLDINGS: Posts MYR6.45MM Net Loss in Qtr Ended Sept. 30
---------------------------------------------------------------
Baneng Holdings Bhd reported a net loss of MYR6.45 million on
MYR33.68 million of revenue for the three months ended Sept. 30,
2011, compared with a net loss of MYR26.78 million on
MYR38.18 million of revenue for the same period in 2010.

The company's balance sheet as of Sept. 30, 2011, showed
MYR116.04 million in total assets and MYR174.56 million in total
liabilities, resulting in a stockholders' deficit of MYR58.57
million.

The company's balance sheet as of Sept. 30, 2011, also showed
strained liquidity with MYR55.38 million in total current assets
available to pay MYR174.56 million in total current liabilities.

A full-text copy of the company's unaudited annual report is
available for free at http://ResearchArchives.com/t/s?775c

                        About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments
and provision of agency services; Seri Azhimu Jaya Garments &
Textiles (B) Sdn. Bhd., which is engaged in the manufacturing of
apparels, textiles and garments; Herizen Investment Pte Ltd, and
Baneng Lesotho (Proprietary) Ltd.

Baneng Holdings Bhd is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.


HAISAN RESOURCES: Posts MYR1.49MM Net Income in Sept. 30 Quarter
----------------------------------------------------------------
Haisan Resources Berhad posted net income of MYR1.49 million on
MYR15.56 million of revenue in the quarter ended Sept. 30, 2011,
compared with a net loss of MYR3.97 million on MYR21.78 million
of revenue in the same period in 2010.

The Company's balance sheet as of Sept. 30, 2011, showed
MYR147.37 million in total assets and MYR158.65 million in total
Liabilities, resulting in a MYR11.28 million total stockholders'
deficit.

The Company's balance sheet as of Sept. 30, 2011, showed strained
liquidity with MYR29.81 million in total current assets available
to pay MYR152.08 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?775b

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the
investment holding and provision of management services to
subsidiaries.  The Company operates in three business segments.
Its engineering segment is engaged in the refrigeration, civil,
mechanical, electrical, general engineering works and
construction, trading of refrigerating equipment, spare parts,
hot dip metal galvanizing and electroplating. The temperature
controlled logistics/warehousing segment is engaged in the
temperature-controlled logistics services, handling, value added
processing, refrigerated transportation and distribution
services, leasing of cold rooms, bonded and general warehousing
services. Its ice manufacturing segment is engaged in the
manufacturing and marketing of tube ice.  The Company's other
segment is engaged in the investment holding, provision of
information technology maintenance and support services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


HOVID BERHAD: Swings to MYR811,000 Net Income in September 30 Qtr
-----------------------------------------------------------------
Hovid Bhd disclosed with the Bursa Malaysia Securities its
unaudited financial results for first quarter ended Sept. 30,
2011.

The Company reported net income of MYR811,000 on MYR37.08 million
of revenues in the three months ended Sept. 30, 2011, compared
with a net loss of MYR5.16 million on MYR42.42 million of
revenues in the same quarter of 2010.

At Sept. 30, 2011, the Company's consolidated balance sheet
showed MYR206.53 million in total assets, MYR100.63 million in
total liabilities, and MYR105.90 million in stockholders' equity.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?775d

                          About Hovid Berhad

Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a
Malaysia based company.  The Company is engaged in the business
of manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.

Hovid Berhad has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.

Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements.  Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme.  The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme.  The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.


VASTALUX ENERGY: Posts MYR52,436 Net Loss in Qtr Ended Sept. 30
---------------------------------------------------------------
Vastalux Energy Berhad disclosed with the Bursa Stock Exchange
its unaudited financial results for second quarter ended Sept.
30,
2011.

The Company posted a net loss of MYR52,436 million on MYR154,798
of revenues in the quarter ended Sept. 30, 2011, compared with a
net loss of MYR2.66 million on MYR2.43 million of revenue in the
same quarter of 2010.

At Sept. 30, 2011, the Company's consolidated balance sheet
showed MYR272.01 million in total assets, MYR223.27 million in
total liabilities, and MYR48.74 million in total stockholders'
equity.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?775e

Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company.  The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication
works and charter of marine vessel.  Its indirect subsidiaries
are Vastalux Fabricators Sdn. Bhd., which is engaged in workshop
and fabrications job; Vastalux Onshore Services Sdn. Bhd., which
is engaged in onshore construction of oil and gas plant; Vastalux
Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in
the provision of top side major maintenance works; Vastalux
Offshore Services Sdn. Bhd., which is engaged in hook-up and
commissioning works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn.
Bhd, which is engaged in under water inspection for structural
integrity; PT Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-
Anpha Company Limited.

Vastalux Energy Berhad has been considered a PN17 Company
pursuant to Paragraph 2.1(e) of PN17.

The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended Dec. 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB
as at Sept. 30, 2010.

On Feb. 23, 2011, the Company announced that pursuant to the
Winding-Up of Vastalux Sdn. Bhd., the Company had triggered
additional criteria under Paragraph 2.1 (c) of the PN 17 of the
Main Market Listing Requirements.


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


EQUITABLE MORTGAGES: Depositors Has Until Year End to Make Claim
----------------------------------------------------------------
Newswire reports that depositors of Equitable Mortgages have
until the end of the year to make a claim for repayment under the
Retail Deposit Guarantee Scheme.

The Treasury's Director, Commercial Transactions, Brian
McCulloch, said that so far the Crown has paid more than NZ$170
million to more than 3,700 Equitable Mortgages depositors,
representing about 97% of eligible depositors and amounts owing,
according to Newswire.

"The Scheme provided for a deadline on claims in order to limit
ongoing liabilities to taxpayers.  Public notices are being
published in newspapers and reminder letters are being sent to
the last known addresses of depositors who haven't already lodged
a claim," the report quoted Dr. McCulloch as saying.

Dr. McCulloch said that claims from Equitable Mortgages
depositors made after Dec. 31, 2011 would not be considered for
repayment and would instead be referred to the Equitable
Mortgages receiver.

Anyone who needs a claim form can contact the Treasury's
Equitable Mortgages helpline.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages have called in receivers for
the company.  According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits.  As at June 24, 2011, the Treasury had
repaid 78% of those investors, NBR disclosed.   Deloitte's Rod
Pardington and David Levin were initially appointed Equitable
Mortgages' receivers but were replaced by Messrs. Graham and
Gibson on Dec. 17, 2010.

The receivers can be reached at:

         Grant Graham
         Brendon Gibson
         KORDAMENTHA PTY LTD
         333 Collins Street
         Level 24
         Melbourne, VIC 3000
         Australia
         Tel: 61 3 8623 3333
         Fax: 61 3 8623 3399
         E-mail: ggraham@kordamentha.com
                 bgibson@kordamentha.com

Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.


FRANCHISEE CUNNINGHAM: Placed in Receivership
---------------------------------------------
Alex Fensome at The Southland Times reports that Franchisee
Cunningham Building and Construction went into receivership,
leaving several houses unfinished throughout the province.

CBC owner Kelvin O'Connell has denied that there was something
wrong with the company before it collapsed, according to The
Southland Times.

The Southland Times notes that Thwaites Aluminium -- a windows
and doors supplier -- repossessed some of their equipment from
unfinished houses saying that they have not been paid by CBC.

Company Manager Alvin Thwaites said his business had been
disrupted and he had had to take steps to protect it, the report
relates.

Cunningham Building and Construction is a Southland Signature
Homes franchise.


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


POWERCHIP SEMICON: Lenders OK One Year NT$18.54BB Debt Rollover
---------------------------------------------------------------
Central News Agency reports that Powerchip Technology Corp. said
Wednesday it has accepted the conditions required by bank
creditors to roll over its massive loan, helping the company to
weather its current financial difficulties.

According to the news agency, the company's 40 bank creditors
said Powerchip will be granted a one-year rollover on a
NT$18.54 billion (US$609 million) loan that will mature in
mid-December.  The company must repay 10% of the principal of the
loan starting from March 2012 and the repayment must be finished
in nine months, CNA relates.

In addition, CNA says, Powerchip is required to use its
production equipment as collateral for the 10 percent of the
principle the company will repay, the creditors said.

Powerchip is shouldering a total of about NT$48 billion in five
tranches in different maturities.

The news agency notes that with the company's losses on the rise
due to falling prices of dynamic random access memory (DRAM)
chips, Powerchip has come under rising financial stress.

The company is also planning to dispose of its 12-inch wafer
plant to lower its debt level, but said the disposal will not
impact the company's production, the report relays.

In the first nine months of this year, Powerchip posted a net
loss of NT$13.26 billion, compared with NT$12.21 billion in net
profit a year earlier, CNA discloses.

Powerchip and its creditors are scheduled to sign the loan
rollover pact in January 2012, the report adds.

                   About Powerchip Semiconductor

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. engages
in the research, development, manufacture and sale of integrated
circuits (ICs).  The Company offers dynamic random access memory
(DRAM) products, including synchronous dynamic random access
memory (SDRAM) products, double-data rate (DDR) DRAM products,
DDR2 DRAM products, Data Flash products, as well as wafer foundry
services.  The Company's products are applied in work stations,
personal computers, notebook computers, printers, televisions,
personal digital assistants (PDAs), mobile phones, digital
cameras and digital televisions.


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