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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 30, 2011, Vol. 14, No. 259

                            Headlines



A U S T R A L I A

METAL STORM: Proposes to Issue 18.5 Million Ordinary Shares
METAL STORM: Completes Non-Renounceable Pro Rata Rights Issue
METAL STORM: Andrew Doyle Increases Investment to $200,000
METAL STORM: Shareholders OK Issue of Securities to ASOF


C H I N A

CHINA EDUCATION: Receives Delisting Notice From NYSE


H O N G  K O N G

ABAXS LIMITED: Hou and Chung Appointed as Liquidators
CANTON PROPERTY: Court Enters Wind-Up Order
CHESCON LIMITED: Court to Hear Wind-Up Petition on Jan. 18
CHINA PRINTING: Court Enters Wind-Up Order
COMPACT CONSTRUCTION: Creditors' Proofs of Debt Due Jan. 12

DAYS INTERNATIONAL: Court Enters Wind-Up Order
DAYS IMPEX: Court Enters Wind-Up Order
DPC TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 15
ELITE TEAM: Court to Hear Wind-Up Petition on Feb. 8
GRACELAND INDUSTRIAL: Creditors Get 8.796% Recovery on Claims

SUN FOREST: Placed Under Voluntary Wind-Up Proceedings
STYRON ASIA: Placed Under Voluntary Wind-Up Proceedings
TOPTIME HOLDINGS: Members' Final Meeting Set for Jan. 31
TOTE FAR: Iain Ferguson and Corkhill Step Down as Liquidators
UNIQUE CONCEPT: Creditors' Proofs of Debt Due Jan. 31

WATT & LO: Members' Final Meeting Set for Jan. 26
WATT (NOMINEES): Members' Final Meeting Set for Jan. 26


I N D I A

AEROBOK SHOE: ICRA Assigns '[ICRA]BB' Rating to INR17cr Bank Loan
AIR INDIA: Gets Show Cause Notice Over Expat Mishap Report
ALVI TECH: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Bank Loan
COROMANDEL AGRO: ICRA Reaffirm '[ICRA]BB+' Long Term Loan Rating
E I TECHNOLOGIES: ICRA Rates INR10.5cr Bank Loan at '[ICRA] BB+'

GANESH HOUSING: ICRA Cuts Rating on INR150cr Loan to '[ICRA]BB+'
GOWTHAMI SOLVENT: ICRA Revises Rating on INR25.44cr Loan to 'BB'
KESAR COTTON: ICRA Assigns '[ICRA]B' Rating to INR7cr Cash Credit
P.C. PATEL: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
PSP FARMS: ICRA Cuts Rating on INR7.43cr Loan to '[ICRA]D'

SHIVRAM SYNTHETICS: ICRA Rates INR7cr LT Loan at '[ICRA]B+'
SAH POLYMERS: ICRA Assigns '[ICRA]BB+' Rating to INR11cr LT Loan
SRINIVASA ENTERPRISES: ICRA Rates INR11.5cr Loan at ' ICRA]BB'
SRI SANTHALAKSHMI: ICRA Places [ICRA]B+ Rating on INR0.15cr Loan
V PONNUSAMY: ICRA Cuts Rating on INR5.34cr Loan to '[ICRA]D'


J A P A N

ORSO ABS: S&P Cuts 2 Beneficiary Interest Classes Ratings to 'CC'
ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests
TAKEFUJI CORP: Names J Trust as New Sponsor to Replace A&P


N E W  Z E A L A N D

AMI INSURANCE: Purchase Won't Lessen Competition, IAG Says
STRATOS TELEVISION: Closes Door After Four Years


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


METAL STORM: Proposes to Issue 18.5 Million Ordinary Shares
-----------------------------------------------------------
In separate filings with the U.S. Securities and Exchange
Commission, Metal Storm Limited disclosed that it proposes to
issue 8,500,000 ordinary shares and another 10,000,000 ordinary
shares pursuant to agency agreements.

The Company relies on case 1 in section 708A (5) of the
Corporations Act 2001 (Act) in respect of the issue of the
Shares.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


METAL STORM: Completes Non-Renounceable Pro Rata Rights Issue
-------------------------------------------------------------
Metal Storm Limited announced the results of the 1 for 1 non-
renounceable rights issue announced on Oct. 17 and 25, 2011.

Metal Storm received applications under the Entitlement Offer
totaling approximately A$1.53 million which comprises A$1.28
million in entitlement acceptances and A$0.25 million in
applications for additional shares.  The Board would like to
thank all Shareholders who participated in the Entitlement Offer
for their continued support.

All shareholders who submitted valid applications for their
entitlements and for additional shares will receive 100% of their
applications.

As a result of the Entitlement Offer, a total of 509,732,257 new
shares will be issued by Metal Storm, increasing the total number
of fully paid ordinary shares on issue to 2,782,477,835.

As previously announced, the Directors reserve the right to place
the shortfall of 1,744,513,321 ordinary shares under the
Entitlement Offer within 3 months of the closing date of the
Entitlement Offer.

In accordance with the timetable for the Entitlement Offer, it is
currently anticipated that:

   * the issue of all shares under the Entitlement Offer will
     occur on Nov. 29, 2011;

   * normal trading of the new shares will commence on Nov. 30,
     2011; and

   * holding statements for new shares will be dispatched by
     Nov. 30, 2011.

Shareholders who applied for shares under the Entitlement Offer
and want to trade these shares before receiving their holding
statements should confirm their allocation before doing so.

The Company, as previously announced, continues to seek further
funding to meet its medium term capital requirements and may seek
shareholder approval for further capital restructuring in due
course.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


METAL STORM: Andrew Doyle Increases Investment to $200,000
----------------------------------------------------------
Metal Storm Limited, on Oct, 17, 2011, announced it had agreed to
issue two types of convertible notes to investors to raise
$1 million.  One of those investors was Mr. Andrew Doyle, who
agreed to subscribe for $100,000 of the second type of
convertible notes described on page three of that announcement.

The Company is pleased to announce that Mr. Doyle has agreed to
increase the amount of his investment to $200,000.  The Company
will now issue Mr. Doyle with convertible securities instead of
convertible notes, with the key difference being the securities
do not impose a debt obligation on the Company; that is, they are
not repayable in cash under any circumstances.

The convertible securities have a 5-year term and convert to
shares at a conversion price that is the lower of:

      (a) $0.0025;

      (b) the average of the five lowest daily VWAPs of Shares
          in the 20 Business Days immediately prior to the date
          the conversion notice is given, multiplied by 90% and
          rounded down to four decimal places; or

      (c) 90% of the closing bid price for Shares on the date
          immediately prior to the date the conversion notice is
          given, rounded down to four decimal places.

Mr. Doyle remains the largest individual shareholder of the
Company and the second largest interest bearing convertible note
holder.  He participated in the recent Rights Issue and he has
advised the Company he is supportive of the Company, its focus
and strategic direction.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


METAL STORM: Shareholders OK Issue of Securities to ASOF
--------------------------------------------------------
At a Dec. 8, 2011 general meeting, shareholders of Metal Storm
Limited approved:

   (a) the issue of convertible securities and Shares to ASOF;

   (b) the previous issue of Commencement Fee of 116,666,667
       shares to ASOF;

   (c) the previous issue of 13,000,000 shares to Andrew Doyle;
       and

   (d) the issue of up to 500,000,000 shares to Dutchess under
       the Line Agreement.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


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C H I N A
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CHINA EDUCATION: Receives Delisting Notice From NYSE
----------------------------------------------------
China Education Alliance, Inc. disclosed on Dec. 21, 2011, that
NYSE Regulation, Inc. delivered a notice to the company
confirming that the exchange will suspend trading of the
company's common stock on the NYSE prior to the opening of
business on Thursday, Dec. 29, 2011 and that the exchange intends
to delist the company's common stock.  The Company expects to
commence trading on the over-the-counter (OTC) market that same
day under a symbol yet to be determined.

Mr. Yu Xiqun, CEO of China Education Alliance commented: "We are
very disappointed with the NYSE's decision to suspend trading and
delist our shares.  Since the onset of the unfounded allegations
a year ago, we have at all times kept our doors open to all
shareholders who have wanted to research our business in China
and have made ourselves available to help investors correctly
understand our business.  We have held two Annual General
Meetings to discuss the future development goals and strategic
plans of the Company.  We have refused to be intimidated by
rumors, none of which have proved true in more than one year.
Our business performance has been recovering and our future
prospects remains strong.

"As of Sept. 30, 2011, we achieved USD26.3 million in revenue and
US$18.4 million of profit.  We strongly believe our stock price
and market value do not correctly reflect the performance and
future prospects of our Company.

This is a time of rapid evolution in the Chinese education sector
with many opportunities. We will continue to focus on our
business operations and further expansion plans."

                       About China Education

China Education Alliance, Inc. --
http://www.chinaeducationalliance.com/-- is a fast-growing,
leading, China-based company offering high-quality education
resources and services to students ages 6 to 18 and adults
(university students and professionals) ages 18 and over.


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


ABAXS LIMITED: Hou and Chung Appointed as Liquidators
-----------------------------------------------------
Hou Chung Man and Alan Chung Wah Tang on Dec. 1, 2011, were
appointed as liquidators of Abaxs Limited.

The liquidators may be reached at:

         Hou Chung Man
         Alan Chung Wah Tang
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


CANTON PROPERTY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Dec. 8, 2011, to
wind up the operations of Canton Property Investment Limited.

The official receiver is Teresa S W Wong.


CHESCON LIMITED: Court to Hear Wind-Up Petition on Jan. 18
----------------------------------------------------------
A petition to wind up the operations of Chescon Limited will be
heard before the High Court of Hong Kong on Jan. 18, 2012, at
9:30 a.m.

The Petitioner's solicitor is:

          William Liu
          Department of Justice
          2nd Floor, High Block
          Quennsway Government Offices
          66 Queensway, Hong Kong


CHINA PRINTING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Dec. 14, 2011, to
wind up the operations of China Printing Sources Limited.

The official receiver is Teresa S W Wong.


COMPACT CONSTRUCTION: Creditors' Proofs of Debt Due Jan. 12
-----------------------------------------------------------
Creditors of Compact Construction Engineering Company Limited,
which is in liquidation, are required to file their proofs of
debt by Jan. 12, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Leung King Wai William
          Unit 1, 11th Floor
          Beautiful Group Tower
          Central, Hong Kong


DAYS INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2011, to
wind up the operations of Days International Limited.

The official receiver is Teresa S W Wong.


DAYS IMPEX: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2011, to
wind up the operations of Days Impex Limited.

The official receiver is Teresa S W Wong.


DPC TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 15
---------------------------------------------------------
A petition to wind up the operations of DPC Technology Limited
will be heard before the High Court of Hong Kong on Feb. 15,
2012, at 9:30 a.m.

Environment Systems Product Holdings Inc. filed the petition
against the company on Dec. 12, 2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


ELITE TEAM: Court to Hear Wind-Up Petition on Feb. 8
----------------------------------------------------
A petition to wind up the operations of Elite Team International
Investment Limited will be heard before the High Court of Hong
Kong on Feb. 8, 2012, at 9:30 a.m.

Lin Sau Mau filed the petition against the company on Dec. 5,
2011.


GRACELAND INDUSTRIAL: Creditors Get 8.796% Recovery on Claims
-----------------------------------------------------------
Graceland Industrial Limited, declared the first and final
dividend to its creditors on or after Dec. 23, 2011.

The company paid 8.796% for ordinary claims.

The official receiver is Teresa S W Wong.


SUN FOREST: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 6, 2011,
creditors of Sun Forest Holdings Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Leung Ka Lok
         Unit 1208, 12th Floor
         Shui On Centre
         6-8 Harbour Road
         Wan Chai, Hong Kong


STYRON ASIA: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011,
creditors of Styron Asia Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Patrick Cowley
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


TOPTIME HOLDINGS: Members' Final Meeting Set for Jan. 31
--------------------------------------------------------
Members of Toptime Holdings Limited will hold their final general
meeting on Jan. 31, 2012, at 11:00 a.m., at Suite 2202, 22nd
Floor, Chinachem Tower, at Nos. 34-37 Connaught Road Central, in
Hong Kong.

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


TOTE FAR: Iain Ferguson and Corkhill Step Down as Liquidators
-------------------------------------------------------------
Iain Ferguson Bruce and Thomas Andrew Corkhill stepped down as
liquidators of Tote Far East Limited on Dec. 15, 2011.


UNIQUE CONCEPT: Creditors' Proofs of Debt Due Jan. 31
-----------------------------------------------------
Creditors of Unique Concept Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 15, 2011.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit D, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point
         Hong Kong


WATT & LO: Members' Final Meeting Set for Jan. 26
-------------------------------------------------
Members of Watt & Lo (Nominees) Limited will hold their final
meeting on Jan. 26, 2012, at 11:00 a.m., at Room 1903, New World
Tower, 18 Queen's Road Central, in Hong Kong.

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


WATT (NOMINEES): Members' Final Meeting Set for Jan. 26
-------------------------------------------------------
Members of Watt (Nominees) Limited will hold their final meeting
on Jan. 26, 2012, at 11:00 a.m., at Room 1903, New Word Tower, at
18 Queen's Road Central, in Hong Kong.

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


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I N D I A
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AEROBOK SHOE: ICRA Assigns '[ICRA]BB' Rating to INR17cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR17.0
crore Fund Based bank limits of Aerobok Shoe Private Limited.
The long term rating has been assigned a "stable" outlook. ICRA
has also assigned an '[ICRA]A4' rating to the INR5.0 crore Non-
Fund Based bank limits of ASPL.

The ratings draw comfort from ASPL's long track record in the
footwear business, its experienced management team and its
established position in the Indian Footwear industry supported by
a strong distribution network. The ratings are, however,
constrained by ASPL's modest scale of operations, its weak
financial profile and stiff competition prevalent in the Indian
footwear industry from a large number of competitors as well as
substitutable products. The ratings are also tempered by the
vulnerability of its profits to fluctuations in raw material
prices and the inability to pass-on the same to the end
customers; and the high working capital intensity resulting in
its moderate liquidity position.  Going forward, ASPL's ability
to increase its scale of operations while improving its
profitability and capital structure will be amongst the key
rating sensitivity factors.

                        About Aerobok Shoes

Aerobok Shoes Private Limited was set up in the year 1994 and is
one of the leading players in the Indian Footwear Industry. The
company is as private limited company, closely held by the
promoters of the group. The directors in the company include Mr.
Davinder Kumar Gupta, Mr. Anil Kumar Gupta and Mr. Avichal Gupta.
The company's product portfolio includes Hawai rubber slippers,
lightweight slippers (EVA and PU) and sports shoes and it is
amongst the key player in the organized slippers segment with
established presence pan India. Its products are established in
almost all the customer segments and some of its product brands
include Aqualite, Aircare, Gurukul, Casuals, Monsoon and Mazza.
Amongst these, its brands like Aqualite, Real-PU and Aircare are
very well established and compete with the other established
brands from competitors. ASPL has its own manufacturing
facilities for production of light-weight EVA and PU slippers,
Hawaii chappals and sports shoes in Bahadurgarh, Haryana.

Recent Results:

In FY10, the company reported a net profit of INR0.29 crore on a
turnover of INR27.91 crore. Further, in FY11, ASPL reported a
profit after tax (PAT) of INR0.75 crore on a turnover of
INR41.04 crore.


AIR INDIA: Gets Show Cause Notice Over Expat Mishap Report
----------------------------------------------------------
The Times of India reports that the Directorate General of Civil
Aviation (DGCA) has issued a show cause notice to Air India Ltd
for making a wrong claim that one its foreign pilots had not been
involved in any mishap seeking to extend his service.

According to the report, the regulator found that the pilot had
been involved with a mishap while operating an AI flight in
Frankfurt, a fact not disclosed by the airline while seeking
extension.  It has now decided to suspend the pilot's foreign air
crew temporary authorization that allows him to serve in India
besides seeking an explanation from the airline, the report says.

The Times of India relates that AI had requested for extension of
FATA for the expat pilot beyond July 31, 2011.  "The general
manager (operations) sent a no-incident-no-accident report for
the pilot. On the basis of that report the FATA was extended till
December 4. During an inquiry, we found that the pilot was
involved in a mishap in Frankfurt last year. The plane did not
stop in time to align with the aerobridge and there was a
collision with the aerobridge. The pilot's FATA is being
cancelled and an explanation has been sought from AI," the report
quotes a senior official as saying.

Admitting the error, the report notes, an AI spokesperson said
that seeking a no-mishap certificate for extending FATA was a new
requirement imposed by the DGCA. "We were seeking extension of
FATA for 50 of our pilots. Since we were pressed for time and the
condition of giving a no-mishap letter was a new one, we gave the
same for all our pilots. Later we ourselves found that one of the
pilots was involved in a mishap and we informed the DGCA," the
spokesperson, as cited by TOI, said.

The airline added that a warning letter has been issued to the
junior officer who has to go through records of pilots before
giving any letter like a no-mishap certificate for them. The
pilot has been asked to undergo corrective training, the report
relays. While AI may claim that this was a genuine oversight, the
fact is that aviation authorities are not leaving anything to
chance when it comes to checking the background of pilots ever
since last November's chance discovery of fake pilots, adds TOI.

                          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.


ALVI TECH: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Bank Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR6.00 Crore fund
based bank facilities and '[ICRA]A4' rating to INR3.50 Crore non
fund based bank limits of Alvi Tech Services Private limited.
ICRA has also assigned [ICRA]BB-/[ICRA]A4 ratings to INR0.50
Crore untied limits of ATSPL.  The outlook on long term rating is
'Stable'.

The ratings are constrained by ATSPL's modest scale of operations
and weak financial profile characterized by low profitability and
stretched liquidity as reflected in high fund based utilization
levels. ICRA also takes into account the susceptibility of
revenues to the uncertainties involved in the bidding process in
the tender based business given the highly competitive and
fragmented industry segment in which it operates. The rating
however considers ATSPL's established client base and experienced
management with the reasonable track record in engineering
business.

                        About Alvi Tech

ATSPL was incorporated in the year 2006 as a private limited
company. ATSPL is engaged in the business of engineering,
erection, commissioning and construction of electrical and
instrumentation components of offshore projects in the oil and
Gas fields. It also undertakes system integration in the field of
fire and gas detection, process automation, power generation and
power management system on turnkey basis in addition to
maintenance of mechanical, electrical and instrumentation
systems. The company has its works unit in MIDC, Dombivli and
administrative office at Kalyan.

Recent Results:

ATSPL recorded a net profit of INR0.24 Crore on an operating
income of INR13.50 Crore for the year ending March 31, 2011.


COROMANDEL AGRO: ICRA Reaffirm '[ICRA]BB+' Long Term Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to INR9.90 crore long
term fund based bank lines of Coromandel Agro Products and Oil
Limited.  ICRA has also reaffirmed the '[ICRA]A4+' rating to
INR0.1 crore non-fund based short term bank lines of the company.
The outlook on long term is stable.

The ratings reaffirmation factors in the intense competition in
the edible oil industry and reduction in export duty on RBD palm
oil (refined, bleached and deodorized palm oil) in Indonesia from
15% to 8% which would lower realizations on cotton oil since palm
oil is a cheaper substitute. The ratings also factor in the
modest margins and return indicators and exposure to fluctuations
in availability of cotton seed, which limits earning visibility.

The ratings however, draw comfort from the strong revenue growth,
improvement in operating margins led by higher realizations and
better cotton seed availability due to record cotton production
in FY11. The ratings also take into account doubling of capacity
from 20 MT/day to 40 MT/day for delinted seeds which would
provide additional revenues in the offseason, more than 3 decade
experience of the promoters and a diversified product portfolio
which include linters, hulls, deoiled cake and cotton seed oil.

                      About Coromandel Agro

Coromandel Agro Products and Oils Limited is engaged in the
processing of cotton oilseeds. Incorporated in 1976, the company
is a part of the Maddi Lakshmaiah group (ML Group) which has
interests in tobacco processing and real estate leasing. The key
products manufactured include cotton seed oil, de-oiled cakes,
hulls, linters, soap stock, acid oil and sludge oil. The company
has its manufacturing facility in Chirala in Andhra Pradesh which
has a cottonseed processing capacity of 400 MT/day, a solvent
extraction plant with a processing capacity of 225 MT/day and
refinery plant with processing capacity of 50 MT/day.

For the financial year 2010-11 CAPOL reported net profits of
INR3.36 crore. Recent Results CAPOL recorded INR34.03 crore sales
in first half of FY12 with an OBIDTA of INR1.85 crore at
operating margin of 5.4%.


E I TECHNOLOGIES: ICRA Rates INR10.5cr Bank Loan at '[ICRA] BB+'
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA] BB+' to
INR10.50 crore fund based bank facilities and '[ICRA] A4+' to the
Rs 0.75 crore short term bank facilities of E I Technologies
Private Limited.  The outlook on the long term rating is Stable.

The ratings draw comfort from EIT's diversified services profile
with expertise in water resource management and highway
engineering, strong financial profile as reflected in healthy
debt coverage ratios - Debt /OPBITDA - of 0.14 times in FY2010-11
and low gearing of 0.14 times as on March 31, 2011. The gearing
is however expected to increase on account of large debt funded
capital expenditure being incurred for setting up 1 megawatt (MW)
solar power project. We draw comfort from the debt free
consultancy business with stable revenues and healthy operating
margin of 32% in FY2010-11 that can be utilised for timely debt
servicing. The rating also draws comfort from the low execution
risks of the solar power project as the project is in advanced
stages and commissioning is scheduled for Dec 31, 2011.

The ratings are however constrained by the company's modest scale
of operations with turnover of INR12.7 crore in FY2010-11 which
limits its capacity to bid for and execute large projects.
Moreover, EIT is exposed to customer concentration risk as the
top two clients account for more than half of its turnover. This
risk is reflected in the current order book of the company as
well. The rating also reflects the fact that any delay in
receivables from Gujarat Urja Vikas Nigam Limited might strain
the debt servicing capacity of the company

                        About EI Technologies

EI Technologies Private Limited was set up in Sep 2008 to deliver
technology enabled business solutions in Civil, Electrical,
Design & Telecom infrastructure projects. The key areas of
operations are Water Resource Management, Highway Engineering and
Project Management Consultancy. The company has recently been
appointed as design detailed engineering and Project Management
Consultants for the development of the infrastructural facilities
for the 500 MW solar park being set up by the Gujarat Power
Corporation Limited in Charanka Village. As part of the Phase-I
of the project comprising 250MW EIT is setting up a 1MW solar
power plant at a cost of around INR 13.5crore financed by debt
equity in the ratio 1.7:1; Term loan of INR 8.50 crore has been
tied up with State Bank of India. The land was bought from the
government at a cost of INR 60 lacs; civil work has been
completed, solar panels have been imported from Solar Frontier,
Japan and available at the site. EIT has appointed AEG Power
Solutions as EPC contractor for setting up the plant and to
undertake O&M. Panel installation and commissioning is under
process and the power generation of the entire Phase-I will start
from Dec. 31, 2011.

EIT has entered into a 25 years Power Purchase Agreement (PPA)
with GUVNL with feed in tariff of INR15 per unit for first 12
years and at INR5 per unit thereafter. Power evacuation is
planned and will be executed by Gujarat Energy Transmission
Corporation Limited.


GANESH HOUSING: ICRA Cuts Rating on INR150cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR150 Crores fund-
based limits of Ganesh Housing Corporation Ltd. from LBBB to
'[ICRA]BB+'.  The outlook on the long-term rating is negative.

The rating action takes into account GHCL's debt-funded
acquisition of land for its township project which has translated
into high debt repayment burden on the company relative to its
cash accruals in the past. Though GHCL plans to fund its debt
obligations through the customer advances from its future
residential projects, most of these projects have recently been
launched and are mostly unsold as on date. Moreover, ICRA factors
in the fact that the company has to write down SEZ land sales of
INR160 Crores which was made to Abir Investments in FY2009.
Though GHCL plans to write down this land sale in a phase-wise
manner against profits from other projects/sale of land, ICRA
expects the company's profits and accruals to remain subdued in
the short to medium term on account of the same. Nevertheless,
rating derives comfort from the company's low cost land bank and
its established presence in the Ahmedabad real estate market.
Moreover, ICRA also favorably factors in low debt requirements
for the company's residential projects which are funded solely
through customer advances/internal accruals. ICRA however notes
that the company's township project is in early stages which
expose it to cost overruns; such overruns if funded by debt can
further deteriorate the capital structure in the company. Going
forward, ability of the company to generate enough cash accruals
from its projects/land sales for meeting its debt obligations
while maintaining profitability will remain the key rating
sensitivity.

                       About Ganesh Housing

Ganesh Housing Corporation Limited is a public limited company
engaged in construction of residential projects in and around
Ahmedabad. GHCL was incorporated in 1991and is promoted by Mr.
Shekhar Patel and his family.

In FY2011, GHCL has posted a turnover of INR 167.4 Crores and a
profit after tax of INR59.8 Crores on a consolidated basis.


GOWTHAMI SOLVENT: ICRA Revises Rating on INR25.44cr Loan to 'BB'
----------------------------------------------------------------
ICRA has revised the long-term rating from '[ICRA]BB' to
'[ICRA]BB-' to the INR25.44 crore term loan facilities, INR21.00
crore fund based bank facilities and INR5.78 crore of proposed
limits of The Gowthami Solvent Oils Limited.  The outlook on the
long term rating is stable. ICRA has also reaffirmed the short-
term rating of '[ICRA]A4' to the INR2.10 crore non-fund based
bank facilities of TGSOL.

The revision in ratings consider the anticipated pressure on
margins and capital structure during the current fiscal given the
challenging demand scenario in spinning industry and maturing
large debt repayment obligations. The rating considers the
increased focus towards spinning division which is currently in a
downward trend and the intense competition in a fragmented
spinning industry which restricts pricing flexibility and
bargaining power. The ratings also reflect the company's
relatively small scale of operations in the rice bran solvent
extraction and spinning operations, fragmented nature of the
domestic edible oil industry with availability of several grades
of edible oils, intense competition from larger and well-
established players in the branded segment, threat from cheaper
substitutes (particularly palm oil), limited market presence and
exposure to cyclicality of feedstock leading to constraints in
passing on cost variations to its customers resulting in
volatility in profit margins. The ratings also factor in the weak
profitability in the oil processing business, stretched financial
profile characterized by high gearing and low coverage
indicators. Nevertheless, the prospects of rice bran oil (RBO) is
favorable owing to its significant health benefits, competitive
pricing as compared to other edible oils such as soyabean and
sunflower.

                       About Gowthami Solvent

The Gowthami Solvent Oils Limited was incorporated in 1974 by the
Gowthami Group of Companies as a solvent extractor of sunflower
and rice bran oil (RBO) with a capacity of 400 tons per day
(tpd). The company also has a crude oil refinery for further
value addition with a refining capacity of 60 tpd. The company
also has a 2.75 MW co-generation biomass power plant and 43,200
spindle cotton spinning facility. The facilities of TGSOL are
located in Tanuku (Andhra Pradesh).

Recent Results

TGSOL reported net profit of INR9.8 crore on operating income of
INR157.0 crore during 2010-11 against net profit of INR7.7 crore
on operating income of INR127.4 crore during 2009-10.


KESAR COTTON: ICRA Assigns '[ICRA]B' Rating to INR7cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR7.00 crore fund based
cash credit facilities and INR0.66 crore term loan facilities of
Kesar Cotton Private Limited.

The assigned rating is constrained by KCPL's relatively small
scale of operations with weak financial profile as reflected by
low profitability, highly leveraged capital structure on account
of working capital intensive ginning industry and consequently
weak debt protection indicators. The rating also takes into
account the low value addition, absence of refining facilities
and intense competition on account of fragmented cotton industry
which exerts further pressure on profitability. The rating
further incorporates the vulnerability of profitability to
fluctuations in raw material prices given the high inventory
levels maintained by the company.

The rating, however, favorably considers the long experience of
the promoters in the cotton ginning and pressing business,
favorable location of the firm giving it easy access to high
quality raw cotton as well as positive outlook for cotton and
cotton seed demand.

                        About Kesar Cotton

Kesar Cotton Private Limited was incorporated in 2007 by
Mr. Rajesh K Mehta and Mr. Yogesh K Mehta, and four other family
members as shareholders. It had set up a unit for cotton ginning,
pressing and cottonseeds crushing at Kuber Baugh Road, Mahuva
with 18 ginning machines and 1 pressing machine for producing FP
(fully pressed) bales and 3 expellers for cottonseeds crushing
(started operation from Sept. 2010) with the annual capacity of
3640 MT of S-6 cotton bales and 468 MT of cottonseed oil
respectively. Recent Results For the year ended March 31, 2011,
the company reported an operating income of INR22.76 crore and
profit after tax of
INR0.06 crore.


P.C. PATEL: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
---------------------------------------------------------
The rating of '[ICRA]BB+' has been reaffirmed for the INR10.00
crore1 (enhanced from INR6.00 crore) cash credit facilities of
P.C.Patel & Co.  The outlook on the long term rating is stable.
The rating of '[ICRA]A4+' has been reaffirmed for the INR16.00
crore short term non fund based bank guarantee limits of PCP.

The ratings continue to remain constrained on account of moderate
revenue visibility in the medium to long term with lower order
book position as no new contracts have been won by the firm
during the last one year; single mineral concentration in lignite
mining in the states of Rajasthan and Gujarat and elevated
gearing levels on account of significant capital expenditure
during last few years for purchasing equipments for executing the
contracts. The ratings also factor in the expected decline in
revenues in FY 2012 on account of slow progress in execution of
works on one of its major contracts; vulnerability of
profitability to diesel price variation in case of diesel usage
being higher than the allowed levels, regulatory risks associated
with mining operations and presence of LD (Liquidated Damage)
clauses in all contracts making it critical to achieve the
monthly mining quantities. The ratings are further constrained by
the partnership nature of the firm whereby any substantial
capital withdrawals from the capital account can adversely affect
the capital structure.

The ratings however reflect the established position of the firm
with more than 20 years of experience in overburden removal and
lignite mining services, moderate entry barriers for new players
on account of stringent technical and financial qualification
criteria and moderate outlook for the coal/lignite mining sector
due to the significant capacity additions proposed for thermal
based power generation which translates into favorable business
potential for mining service providers. The ratings also take
into account moderate financial profile characterized by healthy
growth in revenues, healthy profitability margins and debt
service indicators and moderate order book size consisting of
contracts from reputed clientele.

                        About P.C. Patel

P.C. Patel & Co. is a partnership concern established in the year
1994 and is engaged in overburden removal and lignite excavation
contract works. The firm was established by five partners namely
Mr. Prabhulal Mulji Dholu, Mr. Chhaganlal Mulji Dholu, Mr. Mulji
Kanji Dholu, Mr. Manji Kanji Dholu and Mr. Kantilal Harji Patel.
It is an 'AA' class government registered contractor and has been
working as supplier of contract mining services to its clients in
infrastructure sector in India.

Recent Results For the year ended March 31, 2011, the firm
reported an operating income of INR179.79 crore and profit after
tax of INR 18.93 crore as against INR83.79 crore of operating
income and INR6.73 crore of profit after tax for the financial
year 2009-10. During H1 FY 2012 (provisional results), PCP
reported an operating income of INR55.33 Cr. and profit before
tax of INR6.09 Cr.


PSP FARMS: ICRA Cuts Rating on INR7.43cr Loan to '[ICRA]D'
----------------------------------------------------------
ICRA has revised the long term outstanding on INR7.43 crore term
loan facilities and INR3.88 crore long term fund based facilities
of PSP Farms Private Limited from '[ICRA]B+' to '[ICRA]D'.

The rating downgrade reflects delays in debt servicing by PFPL
due to tight liquidity conditions. The Company's financial
profile is characterized by stretched capitalization and coverage
indicators and tight liquidity conditions. The poultry business
is characterized by risks associated with disease outbreaks,
timeliness of which cannot be predicted and low entry barriers.
ICRA also takes note of the significant experience of the
promoter in Poultry business, strong supply chain of the company
with in house feed manufacturing facility and the locational
advantage of being in Namakkal (Tamil Nadu), a major market for
poultry products in the country.

                          About PSP Farms

PSP Farms Private Limited is in the business of layer commercial
eggs and chicks for the Indian markets. The company has
production and marketing units in Namakkal, Tamilnadu. The
company has also installed two windmills of 250 KW each in
Pazhavoor in Tamilnadu. It is part of the Selvam group of
companies promoted by Dr. P. Selvaraj. Commencing as a trading
company, under the name of Selvam Trading Company in Namakkal,
Tamil Nadu, the group was involved in supplying poultry feeds,
medicine, vaccines to the poultry units in and around Namakkal
apart from providing consultancy services to farmers and poultry
units. Dr. S. Babu, son of Dr. Selvaraj is the managing director
of the company. Apart from PFPL the other major company of the
group is Selvam Broilers Private Limited which is involved in
trading of layer chicks and eggs. There are also four shell
companies with no operations. The current shareholders of PFPL
are the family members of the promoter and group companies. The
promoter Dr. P. Selvaraj has significant experience in the
poultry business and is the chairman of National Egg Coordination
Committee (NECC), Namakkal zone and vice chairman of Broiler
coordination Committee, Palladam.

Recent Results:

In fiscal 2010-11, the Company reported profit after tax (PAT) of
INR0.1 crore on an operating income (OI) of INR38.7 crore
compared to PAT of INR0.4 crore on an OI of INR33.5 crore in
2009-10.


SHIVRAM SYNTHETICS: ICRA Rates INR7cr LT Loan at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR7
crore fund based limits of Shivram Synthetics Pvt. Ltd.

The assigned rating takes into account the modest scale of
operations of Shivram Synthetics Private Limited (SSPL); intense
competition within the fragmented synthetic fabrics industry and
high gearing levels of 2.44 times due to debt funded capital
expenditure. The rating is also constrained by the company's
modest debt coverage indicators because of high interest expense
and substantial repayment of loans in the next 3 years.
The rating, however, draws comfort from the long track record and
extensive experience (of more than a decade) of the promoters in
the textile industry; and favourable location of the weaving
facilities, which provides easy accessibility to raw materials
and processing houses. The rating also factors in the reputed
customer base of the company, which lowers the receivable risk
for its contractual work.

In ICRA's view, the key rating sensitivities are improvement in
the scale of operation and in the capital structure of the
company.

                      About Shivram Synthetics

SSPL is a Bhilwara based textile company which was incorporated
on 12th August, 2008 under companies Act, 1956. The company's
main objective is to manufacture and trade in synthetic fabrics.
SSPL is promoted by Mr. Navneet Mehta and Mr. Manoj Chandak who
have business background and were engaged in the business of
synthetic fabrics for more than a decade. SSPL is mainly engaged
in manufacturing of grey and finished fabric for suitings at its
unit in Bhilwara on job-work basis for its clients as well as for
direct sales to the market under its brand name "Shivram". At
present, SSPL has 48 Sulzer looms (17 double width and 31 single
width) supported with 65 beam pipes and is able to produce
-260,000 meters/month.

Recent Results:

SSPL reported net profit of INR0.23 crores on total revenues of
INR15.24 crores in FY 11 as against net loss of INR 0.04 crores
on total revenues of INR10.48 crores in FY10.


SAH POLYMERS: ICRA Assigns '[ICRA]BB+' Rating to INR11cr LT Loan
----------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR11 crore
long-term fund-based facilities of Sah Polymers Limited; the
outlook on the rating is Stable.

The rating factors in the small scale of operations with a modest
production capacity leading to low economies of scale, although
the expansion project will lead to an increase in the scale of
operations; the highly competitive industry structure with low
entry barriers and limited product differentiation; vulnerability
of profitability to fluctuations in polymer prices; weak
bargaining power with customers and suppliers; high customer and
supplier concentration risks; and the working capital intensive
nature of the business leading to a weak liquidity position, as
reflected by the high utilisation of working capital limits. The
rating also considers the established track record of the
promoters in the poly-woven sacks industry; favorable demand
prospects for the company's products from the cement and
fertiliser sectors; proximity of the manufacturing unit to
customers in the cement, textile and fertiliser industries in
Rajasthan; and the healthy capital structure and debt coverage
indicators. ICRA notes that the debt-funded expansion project and
higher working capital borrowings will lead to an increase in
gearing in the near-to-medium term, thereby impacting coverage
indicators. The ability of the company to protect its margins
while achieving satisfactory capacity utilisation levels for its
expanded capacity, thereby maintaining its return indicators will
be the key rating sensitivities going forward.

                         About Sah Polymers

Sah Polymers Limited is engaged in the manufacture of high
density polyethylene (HDPE) / polypropylene (PP) woven fabrics
and sacks. It is a public limited company, incorporated in April
1992 as Peacock Continental Limited, and has its manufacturing
facility with a capacity of 2280 metric tonnes per annum (MTPA)
in Udaipur, Rajasthan. The unit was taken over by the Managing
Director, Mr. Hakim S. Tidiwala, in 1998 and renamed as SPL. Sat
Industries Limited and Sat Invest Private Limited have acquired
89% of the company's shareholding, although it does not have
management representation. HDPE/PP bags are used for packing and
transport of products in the cement, textiles, soapstone,
fertilisers, food grains, chemicals and salt industries. It uses
polymers such as HDPE and PP, which are primarily sourced
domestically. The company is now in the process of expanding its
capacity to 6060 MTPA at its existing location; the commercial
operations for the expanded capacity are expected to begin by
Jan-Feb 2012.

In H1 2011-12, the company reported net profit of INR0.44 crore
on an operating income of INR13.21 crore compared to net profit
of INR0.98 crore on operating income of INR24.88 crore in 2010-
11.


SRINIVASA ENTERPRISES: ICRA Rates INR11.5cr Loan at ' ICRA]BB'
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' and short term
rating of '[ICRA]A4' for INR11.50 crore bank limits of Srinivasa
Enterprises.  The long term rating carries a stable outlook.

The assigned ratings are constrained by small scale of operations
and highly competitive nature of the civil construction industry
restricting the operating margins; vulnerability of the operating
margins to raw material price variations; and high geographic
concentration risk with 100% of orders emanating from Karnataka.
The ratings are further constrained by risks inherent in the
partnership constitution of the firm such as limited ability to
raise capital and risk of dissolution on death/insolvency of
partners. However, the ratings factor in the experienced
management; strong growth in operating income albeit on a small
base; and good visibility for revenue in the near term as
reflected by order book position of 1.68 times of FY2011
operating income.

Founded in 2001 as a partnership firm by Mr. N. Rambabu & Mr. B.
Jeevan Kishore, the firm is executing civil construction works
for public sector entities in the Karnataka state. SE is managed
by partners supported by qualified and experienced team of more
than 35 employees, and has three project offices in Andhra
Pradesh & Karnataka states. The firm has an unexecuted order book
of INR38.88 crore in construction works as on Sept. 30, 2011.

Recent Results:

For FY2011, the company reported a turnover of INR23.2 crore and
a PAT of INR0.8 crore.


SRI SANTHALAKSHMI: ICRA Places [ICRA]B+ Rating on INR0.15cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR0.15
crore term loan facilities, INR12.00 crore fund based facilities
and INR2.60 crore unallocated facilities of Sri Santhalakshmi
Mills Private Limited. ICRA has also assigned a short-term rating
of '[ICRA]A4' to the  INR1.25 crore fund based bank facilities
and INR3.00 crore sublimit facilities of the Company.

The assigned ratings considers the experience of the promoters in
textile industry and well-integrated nature of operations at
group level spanning from ginning to weaving lending stability to
volumes and revenues. The ratings also factor in the Company's
financial profile characterized by thin profit margins, high
working capital intensity, stretched gearing, and weak coverage
indicators. The ratings also consider the volatile movement in
cotton prices, expected pressure on margins in the short to
medium term owing to tumultuous operating environment and the
fragmented nature of industry which restricts pricing
flexibility. While the company's revenue growth during the
current fiscal is expected to be healthy, the margins are
expected to remain lower owing to pricing pressure.

                       About Sri Santhalakshmi

Sri Santhalakshmi Mills Private Limited, was incorporated in 1989
in Pollachi, Tamil Nadu. The Company is engaged in the operations
of ginning and pressing of extra long staple and hybrid cotton
varieties, and in trading business of lint. The Company has 32
ginning machineries with a capacity to produce 60,000 bales per
annum. The Company is part of the Santhalakshmi Mills (SLM)
group, promoted by Mr. Appuswamy and Mr. Lakshmanan and the group
has integrated operations from ginning to weaving. Sri
Santhalakshmi Mills Private Limited holds 50.0% of ownership on
one of its group company M/s. Ace Tex (manufacturer of fine and
super fine counts) which is likely to be merged with SSMPL in the
short to medium term.

Recent Results

For the first half year ended September 2011, the company has
reported a profit before tax of INR0.8 crore on an operating
income of INR31.5 crore.


V PONNUSAMY: ICRA Cuts Rating on INR5.34cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long term outstanding on INR5.34 crore term
loan facilities of V Ponnusamy Educational and Charitable Trust
from '[ICRA]B+' to '[ICRA]D'.

The rating downgrade reflects delays in debt servicing by VP
Trust due to tight liquidity conditions. The trust has moderate
scale of operations attributed to lower enrolments, especially in
the technical institutes given the history of weak placement
offers. ICRA also take note of high competition in the education
sector which is likely to exert pressure on enrollment and
attracting and retaining experienced faculty. The Trust's capital
structure is characterized by high gearing and is likely to be
constrained in near to medium term due to debt funded capital
expenditure being undertaken by it. The debt is guaranteed by the
group's poultry businesses, Selvam Broilers P Limited and PSP
Farms P Limited, which have relatively weak financial metrics.
ICRA however takes note of the Trust run Institutes' affiliations
with prestigious universities and the stable cash flows with
regular fee based income.

V. Ponnusamy Educational and Charitable Trust was established in
1999 in Namakkal, Tamilnadu by Dr. P. Selvaraj who is the
promoter of "The Selvam Group". The trust was established to set
up and run educational institutions in the state of Tamilnadu.
The trust commenced its operations with a higher secondary school
and expanded its portfolio to add several institutes. At present
the trust runs the following eight institutes - Selvam Arts and
Science College, Selvam Higher Secondary School, Selvam
Matriculation School, Shree Amirtha College of Education, Selvam
Teacher Training Institute, Selvam College of Physical Education,
Sri Amirtha Teacher Training Institute and The Selvam College of
Technology.

The managing trustee is Dr. Selvaraj and the family members are
part of the Board. The Trustees are also directors in Selvam
group of companies. The group promoted by Dr. P. Selvaraj,
commenced as a trading company, under the name of Selvam Trading
Company in Namakkal, Tamil Nadu. The group was involved in
supplying poultry feeds, medicine and vaccines to the poultry
units in and around Namakkal apart from providing consultancy
services to farmers and poultry units. The flagship company of
the group is Selvam Broilers Private Limited (SBPL). Apart from
SBPL the other major company of the group is PSP Farms Private
limited. There are also four shell companies with no operations.

Recent Results:

In fiscal 2010-11, the Company reported profit after tax (PAT) of
INR3.4 crore on an operating income (OI) of INR17.4 crore
compared to PAT of INR3.2 crore on an OI of INR14.7 crore in
2009-10.


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


ORSO ABS: S&P Cuts 2 Beneficiary Interest Classes Ratings to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its ratings on the class D and E beneficiary
interests issued under the ORSO ABS Funding Trust1-SFFC
transaction, and then withdrew these ratings. Classes A to C have
already been redeemed.

"The backup servicer has progressed with the liquidation of
collateral properties and collection operations in line with its
business plan, and most of the collateral properties have been
sold. Meanwhile, the backup servicer sold loan receivables --
mainly loans secured by already-liquidated collateral properties
-- to maximize the collection amount. As a result, the amount of
underlying real estate-backed loan receivables in the transaction
has decreased. Furthermore, the backup servicer has sold most of
the collateral properties that secure the remaining real estate-
backed loan receivables. As such, Standard & Poor's considers
that the amount to be collected in the future will be limited,
and thus the full repayment of classes D and E is highly
unlikely. We have lowered the ratings on classes D and E
accordingly.

After the downgrade, we withdrew the ratings on classes D and E
due to a request from a related party," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Ratings Lowered
ORSO ABS Funding Trust1-SFFC
JPY30 billion beneficiary interests
due September 2012

                                                        Coupon
Class         To        From       Initial issue amt    type
D             CC (sf)   CCC- (sf)   JPY2.8 bil.       Floating
E-Deferral*   CC (sf)   CCC- (sf)   JPY3.6 bil.       Floating

Ratings Withdrawn
ORSO ABS Funding Trust1-SFFC
JPY30 billion beneficiary interests
due September 2012

Class         Rating    Initial issue amount   Coupon type
D             CC (sf)   JPY2.8 bil.              Floating
E-Deferral*   CC (sf)   JPY3.6 bil.              Floating

*Conditional deferred dividends
The transaction's issue date was Sept. 21, 2007.


ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests
----------------------------------------------------------------
Moody's Japan K.K. has withdrawn the C (sf) ratings on the Class
D and E Beneficial Interests issued by Orso ABS Funding Trust 1
- SFFC for business reasons.

Deal Name: Orso ABS Funding Trust 1 -- SFFC

JPY2.8 billion Class D Beneficial Interests, Withdrawn the C
(sf); previously on 30 June 2010, downgraded to C (sf) from Caa2
(sf).

JPY3.6 billion Class E Beneficial Interests, Withdrawn the C
(sf); previously on 30 June 2010, downgraded to C (sf) from Caa3
(sf).

Class: Class D Beneficial Interests / Class E Beneficial
Interests

Issue Amount: JPY2.8 billion/JPY3.6 billion

Dividend: Floating

Entrustment Date: 21 September 2007

Final Maturity Date: 25 September 2012

Underlying Asset: Real estate-backed loan receivables

Initial Servicer: SFCG Co., Ltd.

Originator: SF Fudosan Credit Co., Limited (Currently, the
Originator is Real Estate Credit Ltd.)

Rating Rationale

Moody's Japan K.K. has withdrawn the credit ratings for its own
business reasons.

The Class A through C Beneficial Interests issued by Orso ABS
Funding Trust 1 -- SFFC were fully redeemed.


TAKEFUJI CORP: Names J Trust as New Sponsor to Replace A&P
----------------------------------------------------------
The Mainichi Daily News reports that the administrator of
Takefuji Corp. said Wednesday he has selected J Trust Co.,
another Japanese lender, as Takefuji's turnaround sponsor to
replace A&P Financial Co. of South Korea.

The Mainichi Daily relates that lawyer Eiichi Obata said the
South Korean consumer loan company has withdrawn its earlier plan
to support Takefuji.

According to the report, J Trust will acquire Takefuji for
JPY25.2 billion next March 1, after Takefuji hives off a division
bearing responsibility for repaying creditors.  J Trust's
subsidiary Lopro Corp. will take over Takefuji's lending
operations, the report says.

J Trust President Nobuyoshi Fujisawa will provide 7 billion yen
in loan for the acquisition as no bank financing for the deal has
yet been fixed, The Mainichi Daily reports.

The report says A&P had offered to acquire Takefuji on Dec. 1
under a Takefuji rehabilitation plan approved by the Tokyo
District Court.

But it has become difficult for A&P to raise funds for the
acquisition as the company is now expected to face administrative
punishment for charging interest rates exceeding a legal limit on
loans in South Korea, the report relays.

J Trust and A&P were among companies that made bids in late March
to sponsor Takefuji's turnaround, the report adds.

                          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.


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


AMI INSURANCE: Purchase Won't Lessen Competition, IAG Says
----------------------------------------------------------
Fairfax NZ News reports that Insurance Australia Group (IAG)
predicts banks will be competitors in domestic insurance in the
future, as part of its arguments for being allowed to buy
Canterbury insurer AMI Insurance.

According to the news agency, IAG New Zealand is seeking
clearance from competition watchdog the Commerce Commission to
buy AMI for NZ$380 million, though it is not acquiring AMI's
NZ$1.8 billion in earthquake claims.

Fairfax NZ relates that the main test the commission applies is
whether the deal will substantially lessen competition.

The report discloses that IAG NZ, a subsidiary of the IAG Group,
is already the largest general insurer in New Zealand with 31% of
the general insurance market.  The addition of AMI, which has
almost 500,000 customers with 1.2 million policies, would boost
IAG NZ to 40% of the market, the report notes.

Where AMI and IAG overlap and compete is mainly in the home,
contents and vehicle insurance market, Fairfax NZ relays.

According to the report, IAG NZ said while it would have a higher
market share the market would remain competitive.

"There are a number of credible competitors, including well-
established general insurers with significant financial resources
and capabilities as well as an active competitive fringe," IAG's
application to the commission said, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from IAG to purchase 100% of a reconfigured AMI company
with a separate Government-owned company being established to
steadily resolve all AMI earthquake claims existing at the time
of purchase.  IAG said in a separate statement that it had
entered into an agreement to purchase the AMI Insurance business
for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on Sept.
4, 2010, and Feb. 22, 2011. AMI subsequently reported a NZ$705
million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


STRATOS TELEVISION: Closes Door After Four Years
------------------------------------------------
The National Business Review reports that free-to-air broadcaster
Stratos Television is closing down after four years of public
service broadcasting.

NBR relates that the channel, which provided a "different window
on the world" through the likes of Al Jazeera news in English, is
no longer financially viable.

"We simply have not had the support we were seeking - despite a
growing audience of more than one million and reaching the stage
where AC Nielsen were able to include us in the TARPS audience
ratings," NBR quotes co-founder and CEO Jim Blackman as saying.

"It is hugely disappointing because New Zealand is a country
where 25% of the population are new New Zealanders and providing
a window to the world helps develop understanding in our
communities."

According to NBR, Mr. Blackman said Stratos could also have
filled the gap the proposed closure of TVNZ7 will create.

The broadcaster had international partnerships with the likes of
DW-TV, France 24, Euro News in Europe, Voice of America,
Bloomberg, Australia Network and CCTV, CQTV, NHK and YTN in Asia,
NBR adds.


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


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

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


AUSTRALIA

ADAMUS RESOURCES          ADU          200.07         -1.29
APN EUROPEAN PRO          AEZ          563.10        -79.26
AUSTAR UNITED             AUN          734.96       -173.09
AUSTRALIAN ZI-PP          AZCCA         77.74         -2.57
AUSTRALIAN ZIRC           AZC           77.74         -2.57
AUTRON CORP LTD           AAT           32.50        -13.46
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           39.20        -31.86
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
CONTEL CORP LTD           CTEL          59.32        -45.72
DONGXIN ELECTR-A          600691        14.82        -23.94
GUANGDONG ORIE-A          600988        15.71         -3.91
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       240.40        -64.41
HUASU HOLDINGS-A          509           94.81        -12.27
HUNAN ANPLAS CO           156           45.35        -32.70
JILIN PHARMACE-A          545           34.73         -7.31
JINCHENG PAPER-A          820          198.46       -130.71
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           256.62        -28.92
SHENZ INTL ENT-B          200056       256.62        -28.92
SHENZHEN DAWNC-A          863           26.83       -165.43
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       201.92       -115.27
TAIYUAN TIANLO-A          600234        67.43        -22.23
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
WUHAN BOILER-B            200770       317.76       -162.36
WUHAN GUOYAO-A            600421        11.22        -28.07
WUHAN LINUO SOLA          600885       106.01         -9.03
XIAMEN OVERSEA-A          600870       257.06       -137.85
XIAN HONGSHENG-A          600817        15.98       -296.67
YANBIAN SHIXIA-A          600462       204.56        -22.61
YANTAI YUANCHE-A          600766        63.90         -6.36
YIBIN PAPER IN-A          600793       144.18         -2.37
YUEYANG HENGLI-A          622           37.67        -21.61


HONG KONG
                                         0.00          0.00
BEP INTL HLDGS L          2326          10.32         -1.83
BUILDMORE INTL            108           16.57        -57.57
CHINA COMMUNICAT          8206          11.52        -27.35
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
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          24.87        -16.51
PALADIN LTD               495          158.18        -11.60
PCCW LTD                  8          6,248.35        -31.61
PROVIEW INTL HLD          334          314.87       -294.85
REORIENT GROUP            376           15.67        -14.24
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           68.05        -67.58


INDONESIA

ARPENI PRATAMA            APOL         613.56       -124.15
ASIA PACIFIC              POLY         429.86       -844.66
ERATEX DJAJA              ERTX          11.52        -21.74
HANSON INTERNATI          MYRX          33.41         -7.32
HANSON INT-PREF           MYRXP         33.41         -7.32
JAKARTA KYOEI ST          JKSW          30.64        -43.02
MITRA INTERNATIO          MIRA       1,070.80       -443.66
MITRA RAJASA-RTS          MIRA-R2    1,070.80       -443.66
MULIA INDUSTRIND          MLIA         493.52        -46.89
PANASIA FILAMENT          PAFI          34.26        -18.96
PANCA WIRATAMA            PWSI          30.18        -37.45
TOKO GUNUNG AGUN          TKGA          13.76         -0.87
UNITEX TBK                UNTX          17.85        -17.89


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           11.31         -0.41
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          22.23        -15.85
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          78.28         -4.14
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
PREMIER SYNTHET           PRS           12.55         -8.26
QUADRANT TELEVEN          QDTV         188.57       -116.81
QUINTEGRA SOLUTI          QSL           24.66        -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 KRISHNA             SHKP          19.89         -0.71
SHREE RAMA MULTI          SRMT          62.15        -42.08
SIDDHARTHA TUBES          SDT           76.98        -12.45
SOUTHERN PETROCH          SPET         407.16       -200.86
SQL STAR INTL             SQL           10.58         -3.28
STERLING HOL RES          SLHR          66.77         -2.85
STI INDIA LTD             STIB          35.39         -0.54
STORE ONE RETAIL          SORI          15.48        -59.09
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          24.23        -12.34
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

CROWD GATE CO             2140          11.63         -4.29
DDS INC                   3782          18.69         -0.08
FUJITSU COMP LTD          6719         398.22         -2.90
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
MISONOZA THEATRI          9664          71.18         -4.66
NEXT JAPAN HOLDI          2409         177.68         -5.08
NIS GROUP CO LTD          NISZ         477.70        -75.44
NIS GROUP CO LTD          8571         477.70        -75.44
PROMISE CO LTD            8574      11,162.39       -661.54
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 ENGINEERIN          6440         880.70        -22.42
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
VTI VINTAGE BHD           VTI           20.92         -3.48


PHILIPPINES

CYBER BAY CORP            CYBR          13.99        -95.62
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
SYNERGY GRID & D          SGP          236.14        -17.93
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          91.74        -10.10
LINDETEVES-JACOB          LJ            22.43         -6.01
NEW LAKESIDE              NLH           19.34         -5.25
SUNMOON FOOD COM          SMOON         19.85        -13.04
TT INTERNATIONAL          TTI          233.01        -78.01


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/F       38.87        -46.47
K-TECH CONSTRUCT          KTECH         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 CO          2341          41.94         -1.02
BEHAVIOR TECH-EC          2341O         41.94         -1.02
CHIEN TAI CEMENT          1107         195.99        -57.35
HELIX TECH-EC             2479T         23.39        -24.12
HELIX TECH-EC IS          2479U         23.39        -24.12
HELIX TECHNOL-EC          2479S         23.39        -24.12
TAIWAN KOL-E CRT          1606U        507.21       -147.14
TAIWAN KOLIN-EN           1606V        507.21       -147.14
TAIWAN KOLIN-ENT          1606W        507.21       -147.14
VERTEX PREC-ENTL          5318T         42.24         -5.08
VERTEX PRECISION          5318          42.24         -5.08


                             *********

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

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

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


                            *********


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

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

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

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

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





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