TCRAP_Public/100506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, May 6, 2010, Vol. 13, No. 088

                            Headlines



A U S T R A L I A

MUSTANG MARINE: Administrators Sell Business


C H I N A

CHINA MILK: U.S. & European Bondholders Try to Get Back $170 Mil.
YANLORD LAND: Moody's Affirms Corporate Family Rating at 'Ba2'


H O N G  K O N G

DRAGONBACK CAPITAL: Assets Plunge 85% Amid Massive Redemptions
ICEA CAPITAL: Seng and Lo Step Down as Liquidators
ICEA FINANCIAL: Seng and Lo Step Down as Liquidators
ICEA (NOMINEES): Seng and Lo Step Down as Liquidators
KWAN DONG: Creditors' Proofs of Debt Due May 31

LANDLORD LIMITED: Creditors' Meeting Set for May 31
LANEWORTH COMPANY: Members' Meeting Set for June 7
LEHMAN BROTHERS: HKMA Reports Progress on Minibonds Cases
MACRO UNIVERSE: Creditors' Proofs of Debt Due June 1
MANDRA FORESTRY: S&P Raises Corporate Credit Rating to 'CC'

MAPLE MARK: Members' Final Meeting Set for May 31
MEADHAM LIMITED: Ng and Yuen Step Down as Liquidators
NEWS CORPORATION: Members' Final General Meeting Set for May 31
NEWS DATA: Members' Final General Meeting Set for May 31
OCTAGON GREATER: Arboit and Blade Step Down as Liquidators

OKINAWA LIMITED: Creditors' Proofs of Debt Due May 31
ONE CHINA: Members' Final Meeting Set for June 3
ORIENT PROPERTY: Creditors' Annual Meeting Set for May 20
PETS CHINA: Creditors' Meeting Set for June 1
PRAISE LUCK: Members' Final Meeting Set for June 1

RICHCOME INDUSTRIAL: Final Meetings Set for May 14
RIGHT TOP: Creditors' Meeting Set for May 10
SUCCESS PIONEER: Annual Meetings Set for May 11
TECHGLORY INTERNATIONAL: Creditors' Proofs of Debt Due May 14


I N D I A

GEM EDIBLE: ICRA Assigns 'LBB+' Rating on INR7.5MM Term Loan
KHERANI PAPER: ICRA Assigns 'LBB+' Rating on INR44.1MM Term Loans
MATA RANI: Low Net Worth Prompts CRISIL 'B+' Rating
MILTECH INDUSTRIES: Delay in Loan Repayment Cues Junk Ratings
PALAI JYOTI: ICRA Rates INR200 Mil. Fund Based Limit at 'LB+'

PRAMANIK RETAIL: ICRA Assigns 'LB' Rating on INR210M Bank Debts
RAJA BUILDER: CRISIL Rates INR90MM Cash Credit Facilities at 'D'
RAMSHREE CONSTRUCTION: CRISIL Puts 'LBB' Rating on Various Debts
SAFEFLEX INTERNATIONAL: ICRA Rates INR42.5M Term Loan at 'LBB+'
SIMHAPURI ENERGY: ICRA Reaffirms 'LBB+' on INR10.02 Bil. Term Loan

SPECIALITY SILICA: CRISIL Puts 'D' Rating on INR142.5MM Term Loan
VARAD AGRI: ICRA Assigns 'LBB' Rating on INR.6 Mil. Term Loan


I N D O N E S I A

ARPENI PRATAMA: Fitch Sees Likely Rating Downgrade to 'RD'


J A P A N

COMMERCIAL RE: Files for Bankruptcy Protection; Owes JPY15 Bil.
SHINSEI BANK: May Post JPY140 Bil. Net Loss, Cancel Aozora Merger


M A L A Y S I A

HO HUP CONSTRUCTION: Bourse to Suspend Trading of Shares on May 10
HO HUP CONSTRUCTION: Files Suit Over Bukit Jalil Deal


N E W  Z E A L A N D

DAVID REID: Nelson Franchise Faces Liquidation
NATHANS FINANCE: Former Directors Enter Not Guilty Pleas
ST LAURENCE: Investors May Recoup Just 28%, Expert Report Says


P H I L I P P I N E S

INTERCONTINENTAL BROADCASTING: Starts Paying Back Wages to Workers




                         - - - - -


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


MUSTANG MARINE: Administrators Sell Business
--------------------------------------------
The Voluntary Administrators of Mustang Marine have sold the
business to a prominent Gold Coast businessman.  Cliff Sanderson
and Alan Topp of Restructuring Works were appointed Voluntary
Administrators of Mustang on March 19.

Various reports say Bill Barry-Cotter, CEO of Maritimo, acquired
the assets of Mustang Marine.

Administrator Cliff Sanderson said in a statement that "Mustang
had been investing heavily in research and development and was in
the process of launching a number of new boats.  However, the
effects of the global economic crisis weighed heavily on Mustang's
financial performance during 2009 and the business was further
hampered by a fire at a critical supplier earlier this year. As a
result Mustang was unable to fully implement its strategy
resulting in our appointment in March."

The Administrators conducted a short sale process to ensure the
period of Voluntary Administration was as short as possible.

The purchaser plans to reassess Mustang's business strategy and to
then roll out the new range of boats over the next year. Mustang's
manufacturing facility will be relocated but will remain on the
Gold Coast.

Mr. Sanderson said "In the next week or so we will call another
meeting of creditors.  It is likely that a Deed of Company
Arrangement, which is essentially a "financial deal", will be put
forward for creditors' consideration, which will result in all
employees receiving their entitlements in full and there will be
an amount offered to other creditors."

The Mustang brand was founded in Australia in 1974 and it became
Australia's second largest luxury boat manufacturer and retailer.


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


CHINA MILK: U.S. & European Bondholders Try to Get Back $170 Mil.
-----------------------------------------------------------------
U.S. and European bondholders are trying to recoup nearly $170
million owed to them by China Milk Products Group Ltd., The Wall
Street Journal reports.

According to the Journal, one creditor said an informal group of
large bondholders has hired a private investigator to gather more
information about the company and the whereabouts of its chief
executive, Liu Hailong.

U.S. asset manager BlackRock Inc. is among China Milk's biggest
creditors, the Journal says.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2010, Bloomberg News said that China Milk Products is
defaulting on some repayment obligations because it doesn't have
enough money outside China to pay for early redemption of its
bonds.  China Milk said in a Feb. 12 filing with Singapore's stock
exchange that it was exploring different options with a view to
meeting its funding requirements.  The notes are China Milk's $150
million of zero coupon convertible bonds due 2012 and issued in
January 2007, according to Bloomberg.

China Milk now said that as a result of the default, it can't pay
its liabilities as and when they fall due, and its "ability to
operate as a going concern may be in doubt," Bloomberg related.

Bloomberg recalled China Milk said Jan. 5 it had received "valid
put exercise notices" from holders of about $146 million of the
notes and was "awaiting clearance" from China for the remittance
of $170.56 million so it could make the required payments.  The
delay was "administrative and procedural in nature," China Milk
said at the time.

According to Bloomberg, China Milk said the board can't provide
"realistic timelines" to resolve the company's problems due to:

  -- the absence of a chief financial officer;
  -- the inability to meet early redemption obligations;
  -- the adverse impact on its results of the financial
     crisis; and
  -- the melamine scandal that hit China's dairy industry
     in 2008.

The Wall Street Journal reports that China Milk's auditor, Grant
Thornton, released on April 22, an audit of the company's bank
accounts.

Grant Thornton said that between Oct. 30 and Dec. 31, 2009, China
Milk's cash balance dropped by more than $220 million; as of this
Feb. 28, it stood at $56 million, according to the Journal.

China Milk's board has ordered a new, independent audit by KPMG,
the Journal adds, citing Joo Khin Ng, an employee of Stamford Law
Corp. of Singapore, who is handling China Milk's investor
relations.

                          About China Milk

China Milk Products Group Limited --
http://www.chinamilkgroup.com/-- is an investment holding
company.  The Company, through Daqing Yinlou Dairy Co., Ltd.
(Yinlou) is engaged in the production of pedigree bull semen,
dairy cow embryos and raw milk in the People's Republic of China.
As at March 31, 2009, the Company had a total herd size of 21,820,
which includes Holsteins of Canadian, Australian and Chinese
origins.  The wholly owned subsidiaries of the Company are Cattan
Holdings Corp. (Cattan), which is an investment holding company
and Yinlou, which is engaged in dairy farm operations, including
sale of dairy livestock's agricultural produce.


YANLORD LAND: Moody's Affirms Corporate Family Rating at 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has affirmed Yanlord Land Group
Limited's Ba2 corporate family and senior unsecured bond ratings
with a stable outlook following the successful closing of the
company's US$300 million bond issuance.  The bond rating's
provisional status has also been removed.

Yanlord's Ba2 rating reflects its competitive business model which
focuses on high-quality properties that generate good profit
margins.  It also reflects its proven track record of replicating
its business model in second-tier cities and its ability to manage
through down markets.  Moreover, Yanlord's demonstrated access to
debt and capital markets and its history of increase in equity to
fund development operations also supports its rating.

At the same time its rating is constrained by its revenue
concentration in Shanghai and its deluxe products' higher
volatility arising from regulatory measures taken by the
government to cool the property market.  Yanlord's business model
of acquiring good locations has also constrained its land bank
growth, which is small compared with its Ba peers but sufficient
for at least next 5 years of development according to its plan.

Moody's last rating action on Yanlord occurred on 19 April 2010,
when Moody's assigned a first-time Ba2 corporate family rating on
the company and a provisional (P)Ba2 bond rating on its proposed
US$ senior unsecured notes.

Yanlord Land Group Limited is one of the major property developers
in China, targeting mid to high-end large-scale residential
developments in the Yangtze River Delta.  It has a land bank with
gross floor area of around 4.5 million sqm.  It was established in
1993 and was listed on the Singapore Stock Exchange in 2006.


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


DRAGONBACK CAPITAL: Assets Plunge 85% Amid Massive Redemptions
--------------------------------------------------------------
Hong Kong-based hedge fund manager DragonBack Capital has seen its
assets plunging 85% to around $45 million amid continued
redemptions from fund of hedge funds, Reuters reports.

Last year at this time, assets in the fund were at $316 million,
falling to $187 million by year end, DragonBack Asia Chief
Executive Robert Lance told Reuters.

"The AUM gods giveth and they taketh away," Mr. Lance said
referring to assets under management.  "You have to stay
philosophical and practical about these things."

Mr. Lance said investors began pulling their money out in the
first quarter of 2009 and redemptions have been quite consistent
ever since, Reuters relates.

DragonBack had cut its investment team to six members from eight,
to bring it in line with its reduced assets base, Mr. Lance added.

DragonBack Capital is a Hong Kong-based multi-strategy hedge fund.


ICEA CAPITAL: Seng and Lo Step Down as Liquidators
--------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Icea Capital Asia Limited on April 17, 2010.


ICEA FINANCIAL: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Icea Financial Management Limited on April 17, 2010.


ICEA (NOMINEES): Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Icea (Nominees) Limited on April 17, 2010.


KWAN DONG: Creditors' Proofs of Debt Due May 31
-----------------------------------------------
Kwan Dong Tung Pak Tong Medicine Manufacturing Limited, which is
in members' voluntary liquidation, requires its creditors to file
their proofs of debt by May 31, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 19, 2010.

The company's liquidator is:

         Hwang Shih Hwa
         Flat D, 6/F, Marconi Building
         2 Marconi Road
         Kowloon, Hong Kong


LANDLORD LIMITED: Creditors' Meeting Set for May 31
---------------------------------------------------
Creditors of Landlord Limited will hold their meeting on May 31,
2010, at 4:30 p.m., at the Room 505, Mirror Tower, 61 Mody Road,
in Kowloon.

At the meeting, the company's members will be asked to:

   a. nominate Mr. Fong Fu Yin Albert of Premier Services
      Hong Kong Limited as liquidator; and

   b. consider a full statement of the companies affair.


LANEWORTH COMPANY: Members' Meeting Set for June 7
--------------------------------------------------
Members of Laneworth Company Limited will hold their meeting on
June 7, 2010, at 11:00 a.m., at the 27/F Alexandra House, 18
Chater Road, Central, in Hong Kong.

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


LEHMAN BROTHERS: HKMA Reports Progress on Minibonds Cases
---------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,602 Lehman-Brothers-
related complaint cases received has been completed. These
include:

    * 13,074 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,142 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,572 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,783 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,837 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 946 cases; and

    * 832 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 198 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work with respect to Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?612c

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MACRO UNIVERSE: Creditors' Proofs of Debt Due June 1
----------------------------------------------------
Creditors of Macro Universe Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 26, 2010.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


MANDRA FORESTRY: S&P Raises Corporate Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Mandra Forestry Finance Ltd.
to 'CC' from 'D' with a stable outlook.  S&P then withdrew the
rating at the company's request.  At the same time, S&P also
raised the issue rating on Mandra's outstanding issue of
US$195 million 12% guaranteed senior notes to 'BB' from 'D'.

S&P raised the corporate credit rating to reflect its
understanding that a guarantee from Sino-Forest Corp. (BB/Stable/-
-) will help Mandra to service its outstanding senior notes.  The
rating also took into consideration S&P's view of Mandra's highly
vulnerable credit risk profile.  In S&P's opinion, the company is
heavily dependent upon favorable business, financial, and economic
conditions to meet its financial commitments.  The rating did not
take into consideration Sino-Forest's stake in Mandra.

While S&P view Mandra's plantation assets in Anhui as important to
Sino-Forest's growth strategy in China, S&P see a risk that Mandra
will not be able to call on its parent to support its liabilities
other than the outstanding 0.3% of the US$195 million guarantee
senior notes due 2013.

S&P raised the issue rating to 'BB' so that it was equalized to
the issue rating on Sino-Forest's senior unsecured notes.  The
issue rating reflects S&P's expectation that Sino-Forest's
guarantee for Mandra's outstanding senior notes will support
ongoing servicing of the notes.


MAPLE MARK: Members' Final Meeting Set for May 31
-------------------------------------------------
Members of Maple Mark Limited will hold their final meeting on
May 31, 2010, at 10:30 a.m., at the 2nd Floor, Morrison Commercial
Building, 31 Morrison Hill Road, in Hong Kong.

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


MEADHAM LIMITED: Ng and Yuen Step Down as Liquidators
-----------------------------------------------------
Ng Tze Kin and Yuen Shu Tong stepped down as liquidators of
Meadham Limited on April 20, 2010.


NEWS CORPORATION: Members' Final General Meeting Set for May 31
---------------------------------------------------------------
Members of News Corporation (China) Limited will hold their final
general meeting on May 31, 2010, at 11:00 a.m., at the 20/F,
Prince's Building, Central, in Hong Kong.

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


NEWS DATA: Members' Final General Meeting Set for May 31
--------------------------------------------------------
Members of News Data Security Products Limited will hold their
final general meeting on May 31, 2010, at 11:00 a.m., at the 20/F,
Prince's Building, Central, in Hong Kong.

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


OCTAGON GREATER: Arboit and Blade Step Down as Liquidators
----------------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Octagon Greater China Limited on March 20, 2010.


OKINAWA LIMITED: Creditors' Proofs of Debt Due May 31
-----------------------------------------------------
Creditors of Okinawa Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 31,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidators are:

         Susanna Bik-Chu Lung
         Albert Wai-Shing Lo
         2503 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


ONE CHINA: Members' Final Meeting Set for June 3
------------------------------------------------
Members of One China Investments Limited will hold their final
meeting on June 3, 2010, at 11:00 a.m., at Flat B, 16/F., Empire
Land Commercial Centre, 81-85 Lockhart Road, Wanchai, in Hong
Kong.

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


ORIENT PROPERTY: Creditors' Annual Meeting Set for May 20
---------------------------------------------------------
Creditors of Orient Property Group Limited will hold their annual
general meeting on May 20, 2010, at 11:00 a.m., at office of
Ferrier Hodgson Limited, 3A Chater Road, Central, in Hong Kong.

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


PETS CHINA: Creditors' Meeting Set for June 1
---------------------------------------------
Creditors of Pets China Limited will hold their meeting on June 1,
2010, at 11:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244, 245 and 255A of the Companies Ordinance.

The meeting will be held at the Unit 505, 5th Floor, Wing On
House, 71 Des Voeux Road, Central, in Hong Kong.


PRAISE LUCK: Members' Final Meeting Set for June 1
--------------------------------------------------
Members of Praise Luck Limited will hold their final general
meeting on June 1, 2010, at 10:30 a.m., at the 28th Floor, Emperor
Group Centre, 288 Hennessy Road, Wanchai, in Hong Kong.

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


RICHCOME INDUSTRIAL: Final Meetings Set for May 14
--------------------------------------------------
Members and creditors of Richcome Industrial (HongKong) Co.,
Limited will hold their final meetings on May 14, 2010, at 10:30
a.m., and 11:00 a.m., respectively at Room 1103, Hang Seng Mongkok
Building, 677 Nathan Road, Mongkok, in Kowloon.

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


RIGHT TOP: Creditors' Meeting Set for May 10
--------------------------------------------
Creditors of Right Top Technical Service Limited will hold their
meeting on May 10, 2010, at 12:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at the Room 1912, 19/F., West Tower, Shun
Tak Centre, 168 Connaught Road Central, in Hong Kong.


SUCCESS PIONEER: Annual Meetings Set for May 11
-----------------------------------------------
Members and creditors of Success Pioneer Limited will hold their
annual meetings on May 11, 2010, at 3:30 p.m., and 4:00 p.m.,
respectively at the Rooms 1214-1215, 12/F., Tower A, New Mandarin
Plaza, 14 Science Museum Road, Tsimshatsui East, in Kowloon.

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


TECHGLORY INTERNATIONAL: Creditors' Proofs of Debt Due May 14
-------------------------------------------------------------
Creditors of Techglory International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 14, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mat Ng
         c/o John Lees Associates
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


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


GEM EDIBLE: ICRA Assigns 'LBB+' Rating on INR7.5MM Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 7.5 million term loan
and INR50 million long term fund based facilities of Gem Edible
Oils Private Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned 'A4+' rating to the INR180 million
short term non-fund based facility of GEOPL.

The ratings take into account the fragmented/non-standard nature
of the edible oil industry with availability of several grades of
edible oils and the intense competition faced by GEOPL from larger
and well-established players in the branded as well as non-branded
segments.  The ratings also take into account the susceptibility
of GEOPL's margins to raw material price fluctuations, low
operating margins on account of commoditized nature of business
and GEOPL's leveraged capital structure.  The assigned rating also
incorporates the experience of GEOPL's promoter in the edible oil
business and the marketing & operational backing of the group
companies engaged in the similar line of business.  The return
indicators improved sharply in FY09 and GEOPL's working capital
intensity is low leading to average working capital limit
utilization.

                         About Gem Edible

Gem Edible Oils Private Limited was incorporated in the year 2004.
The company deals in refining of sunflower oil.  GEOPL has a
manufacturing facility at Annur, Coimbatore with a total
production capacity of 100 MT per day and a storage capacity of
1,500 MT. The product is marketed in tin packaging of 15 litres
and also in half litres packs, under the brand of "Gem Gold" to
retailers and wholesalers.

GEOPL has recorded a profit after tax (PAT) of INR 9.1 million on
an operating income of INR 783.8 million for the year ending
March 31, 2009.


KHERANI PAPER: ICRA Assigns 'LBB+' Rating on INR44.1MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the Term Loans and Fund
Based facilities of Kherani Paper Mills Private Limited
aggregating to INR44.1 million and INR70.0 million respectively.
The rating carries a stable outlook.  ICRA has also assigned an
'A4+' rating to the Non-Fund Based limits of KPMPL aggregating to
INR30.0 million.

The ratings are constrained by the lack of diversification in the
product portfolio as the company solely manufactures duplex
boards, modest size of operations with low profitability
indicators, high gearing level on account of largely debt funded
capacity expansion undertaken in the recent past and high
competition prevalent in the business from large players as well
as several smaller units.  The ratings are however supported by
healthy plant utilization levels, increase in production levels on
account of capacity expansion carried out in FY 2009, steady
improvement in realization levels on account of healthy demand
indicators and the long track record of the promoter group in the
duplex board industry.  Going forward, ICRA notes that the
contribution margins and the profitability indicators of the
company will remain sensitive to any volatility in the waste paper
prices.

                        About Kherani Paper

Kherani Paper Mills Private Limited was incorporated in the year
1988 for manufacturing of kraft paper.  However, in 1992 the
company was taken over by N.R. Agarwal Group.  After the takeover,
the plant of the company was converted for manufacturing of duplex
board. With modifications and expansions, the installed capacity
of the plant has been gradually increased from 3,600 TPA (Tonnes
Per Annum) to 30,000 TPA over the years.  Operations of KPMPL are
currently being handled by Mr. G.N. Agarwal.  The shareholding of
the company is entirely owned by the promoters and other group
companies.  The operations of Group company, Gayatrishakti Paper &
Boards Ltd. (equity stake  of 32.7%), with 70,000 TPA
manufacturing capacity for duplex boards are also being currently
handled by Mr. G.N. Agarwal.

In FY 2009, the company reported Profit After Tax (PAT) of
INR9.5 million on an operating income of INR521.9 million.  During
9 month period of FY 2010, the company reported Profit Before Tax
(PBT) of INR12.1 million on an operating income of INR427.0
million.


MATA RANI: Low Net Worth Prompts CRISIL 'B+' Rating
---------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Mata Rani Impex Pvt
Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects MRIPL's below-average financial risk profile,
marked by low net worth and weak debt protection measures, and
exposure to risks related to high inventory levels, and
fluctuations in the value of the Indian rupee.  These rating
weaknesses are partially offset by the benefits that MRIPL's
derives from its established marketing network.

Outlook: Stable

CRISIL expects MRIPL's credit risk profile to remain stable over
the medium term, backed by moderate revenue growth.  The outlook
may be revised to 'Positive' if MRIPL receives substantial equity
infusion, or if its working capital management improves
substantially.  Conversely, the outlook may be revised to
'Negative' if MRIPL's large debt-funded capital expenditure
program impacts its debt protection measures substantially, or if
the company's profitability declines due to volatility in the
prices of raw material prices.

                          About Mata Rani

Mata Rani Impex Pvt Ltd, incorporated in 2007 by Mr. Rakesh Kohli,
trades in electro-galvanised iron wire, solar products, and mobile
accessories imported from China.  The company sells these products
through its dealer network in Maharashtra, Delhi, Punjab, and
Haryana.  The company has recently become a registered vendor of
Garware Wall Ropes Ltd, and is expected to supply steel wire
ropes, Gabion wire, and geonets to GWRL.

MRIPL reported a profit after tax (PAT) of INR3 million on net
sales of INR346 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2 million on net sales of
INR286 million for 2007-08.


MILTECH INDUSTRIES: Delay in Loan Repayment Cues Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Miltech Industries Pvt
Ltd's bank facilities.  The ratings reflect delay by MIPL in
servicing its term loan; the delay has been caused by MIPL's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR110.00 Million Cash Credit       D (Assigned)
   INR165.50 Million Term Loan         D (Assigned)
   INR59.50 Million Proposed LT        D (Assigned)
             Bank Loan Facility
   INR55.00 Million Letter of Credit   P5 (Assigned)
   INR10.00 Million Bank Guarantee     P5 (Assigned)

Set up in 1991 by Mr. Pradeep Agarwal, MIPL manufactures plastic-
moulded components for the defence, automobile, white goods,
electronics, and furniture sector.  In addition, the company also
trades in thermo-mechanically treated steel bars, mild steel
beams, channels, and sheets, and charcoal.  MIPL has manufacturing
units in Nagpur and Pune (Maharashtra).

MIPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR642.6 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR22.9 million on net sales
of INR652.5 million for 2007-08.


PALAI JYOTI: ICRA Rates INR200 Mil. Fund Based Limit at 'LB+'
-------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR200 million sanctioned
fund based bank facilities of Palai Jyoti Banquet Private Limited.

The rating is constrained by the absence of any track record of
the company, having started operations only recently in FY10, and
the high level of debt taken for purchase of premises of the
banquet hall.

The company's ability to service its debt obligations would
critically depend on the occupancy levels as well as the
realizations achieved by the company.  The rating takes note of
the strong demand for such banquet halls in the city, especially
during wedding season, the convenient location of the halls and
the current booking status of the halls for FY11.

Palai Jyoti Banquet Private Limited is a 50:50 joint venture
between the promoters of Palai Group and that of Jyoti Caterers.
Palai Group is present in retail of readymade garments and real
estate development and construction business since several years.
Jyoti Caterers have been present in the catering business since
over 50 years offering catering services for pure vegetarian food
across a variety of Indian and Global cuisines.  The two groups
have entered into a JV for renting out of banquet halls for
marriage, partiers, etc. The company was incorporated in Jan 2007.
Premises measuring 25,000 sq ft (built up area) have been
purchased at Kohinoor City, Kurla, Mumbai for opening a banquet
hall.

Recent Results

Since the company has started its operations only recently in
FY10, no audited financial statements have been prepared by the
company yet.


PRAMANIK RETAIL: ICRA Assigns 'LB' Rating on INR210M Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR210 million sanctioned
fund based bank facilities of Pramanik Retail Private Limited.

The rating is constrained by the company's small scale of
operations and weak financial profile characterized by low
operating margins inherent in the business and the significant
increase in the gearing of the company due to the debt funded
expansion plans and investments made by the company.  The overall
debt level of the company has increased significantly on account
of the debt taken for opening a new showroom and a supermarket,
and for investing in real estate through its group company. The
ratings are further constrained by the lack of prior experience of
the promoters in operating a supermarket and the lead time
involved for the supermarket to breakeven.  The ratings take note
of the long standing presence of the promoters in the retail of
readymade garments as well as the strong brand name that Pramanik
possesses.

Pramanik Retail Private Limited is part of the Palai Group which
has been present in retail and real estate business over the past
several years. Starting with a small shop in Matunga, the business
has grown gradually over the years to currently, two showrooms
under the brand name Pramanik, one each at Matunga and at Dadar.
The showroom at Dadar is the newer of the two, having started in
May 2006. While the showroom at Matunga caters to Men's as well as
Women's wear, the one at Dadar caters to only women's wear.  In
April 2010, the company plans to open another retail showroom for
women's wear and a supermarket in Kohinoor City in Kurla, Mumbai.
Since the business of the company is being expanded to include a
supermarket as well, the name of the company has been changed from
Pramanik Clothing Private Limited to PRPL in January 2010.

Recent Results

PRPL achieved an operating income and operating profit of
INR219.4 million and INR27.7 million respectively in 2008-09.


RAJA BUILDER: CRISIL Rates INR90MM Cash Credit Facilities at 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the cash credit facility of
Raja Builder.  The rating reflects Raja Builder's continuously
overdrawn cash credit facility, because of weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR90 Million Cash Credit Facilities   D (Assigned)

Raja Builder is a Mumbai-based partnership firm promoted by Mr
Narendra Bhatia and Mr. Avinash Bhatia. The firm is in the
business of real estate development and primarily undertakes
redevelopment projects in suburban Mumbai. For 2008-09 (refers to
financial year, April 1 to March 31), the firm reported a profit
after tax of INR2 million on net sales of INR113 million.


RAMSHREE CONSTRUCTION: CRISIL Puts 'LBB' Rating on Various Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with stable outlook to the
INR5.6 million Term Loan Facility, INR100.00 million Overdraft
Facility and INR100.00 million Bank Guarantee Facility of Ramshree
Construction Company.

The rating takes into account intensely competitive nature of
industry; RCC's small scale of operations and its high
geographical & client concentration risk.  Moreover the rating
factors in low networth of the firm which limits its ability to
bid for larger projects.  The rating draws comfort from RCC's long
operating track record, significant experience of the promoters in
the industry and moderate net profitability.

Ramshree Construction Company was established as a proprietorship
concern in 1970 by Mr. G K Ram. RCC was converted to a partnership
firm in 1990.  As of now, two sons of Mr G K Ram namely
Shivaprasad G K and Jayaprakash G K are equal partners of the
firm.  RCC is engaged in civil construction activity mainly in and
around Karwar only (District headquarter, Uttara Kannada,
Karnataka).  RCC reported a PAT of INR 14.29 million on operating
income of INR264.88 million in 2008-09, as against corresponding
figures of INR6.00 million and INR71.71 million in 2007-08.  In 9
months 2009-10 (provisional), RCC reported PAT of INR11.15 million
on operating income of INR90.04 million during the same period.


SAFEFLEX INTERNATIONAL: ICRA Rates INR42.5M Term Loan at 'LBB+'
---------------------------------------------------------------
ICRA has assigned a 'LBB+' rating to the INR42.5 million Term
loans and an 'A4+' rating to the INR30 million short term fund
based facilities and INR20 million short term non fund based
facilities of Safeflex International Limited.  The outlook on the
long term rating is stable.

The ratings are constrained by highly competitive nature of FIBC
industry, SIL's small scale of operations, vulnerability of its
profitability to fluctuations in prices of raw materials, moderate
debt coverage indicators and high working capital intensity.
However, ICRA has taken due note of the long track record of the
promoter in the FIBC/polywoven sacks industry, steady demand
prospects for FIBC owing to substitution from other packing
techniques and shift over of production base from high cost
countries, besides increasing revenue share from value added
FIBC's resulting in moderate profitability  levels.

Safeflex International Limited was established in March 2006 by Mr
Jitesh Agrawal in 2006, who has done B. Tech (Textiles) from IIT
Delhi.  Mr. Agarwal has long experience in the polywoven
sacks/FIBC industry.  SIL has a capacity to manufacture 4800 tpa
of FIBC in a 100% export oriented unit in Pithampur (MP) SEZ.  The
company reported a turnover of INR245 million and profit after tax
of INR40 million in 2008-09.


SIMHAPURI ENERGY: ICRA Reaffirms 'LBB+' on INR10.02 Bil. Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR10.02
billion term loan program of Simhapuri Energy Private Limited.

The rating reaffirmation factors in the strengths arising from
being a part of the Madhucon group of companies and the
substantial progress made towards implementation of the 270 MW
imported coal based power plant at Nellore in Andhra Pradesh
(approx 42% of financial progress).

The rating also draws comfort from the long-term offtake
arrangements with PTC India Limited (PTC) for a major portion of
the capacity and the strengths arising from the sponsors' foray
into coal mining activity.

The rating also factors in the achievement of financial closure,
receipt of major approvals/clearances, arrangements made for the
supply of coal to the plant and power transmission arrangements.
The rating is however constrained by the absence of a demonstrated
track record of the main project sponsor, Madhucon Projects
Limited in the development of power projects of such magnitude.
Further, while the project is being implemented through the EPC
route, the fact that the EPC contract has been awarded to MPL
substantially limits the associated benefits given that the risk
of delay in completion and/or failure to meet targeted performance
parameters is retained within the group.

Implementation risks, are besides, amplified by the lack of past
experience of the EPC contractor, MPL, in executing power
projects.  As such, the company's ability to complete the project
within the budgeted cost and timelines would be critical to the
rating.  Moreover, the project is also exposed to technology risks
given the proposed use of imported boiler, turbine, generator
(BTG) equipment from vendors which have a limited track record in
Indian conditions till date.  These apart, the rating also
factors in the funding risk (approx INR 1.25 billion of equity
remains to be contributed) particularly given the Group's
substantial development plans in various sectors spanning roads,
energy, coal mining etc. including a phased expansion of the
Nellore power project.  A major part of the capacity (200 MW) has
been contracted  to PTC through a tolling arrangement providing
for  the supply of coal at PTC's cost and the offtake of power for
a conversion margin; the stability of this arrangement over the
long term would however depend on PTC's ability to source coal at
competitive rates.  The rest of the power generated would largely
be sold on merchant basis with consequent exposure to offtake and
pricing risks. Simhapuri Energy has tied up with its Group company
for the supply of coal to the extent of merchant capacity; given
the Group's limited experience in coal mining, however,
stabilization of coal production would be critical.

                      About Simhapuri Energy

Simhapuri Energy, promoted by the Hyderabad based Madhucon Group,
is setting up a coastal coal based thermal power plant with an
ultimate capacity of 1920 MW, to be developed in four phases near
Krishnapatnam, in Nellore District, Andhra Pradesh.  The Madhucon
Group largely undertakes EPC works across various sectors with MPL
(rated at LA+/A1 by ICRA) as its flagship; the Group also has
several investments in BOT projects.  Simhapuri Energy is
currently implementing Phase I of the project (270 MW) at a total
cost of INR13.37 billion; the scheduled date of commissioning of
the plant is February 2011.  The total project cost of INR13.37
billion is being funded through debt of INR10.02 billion and
equity of INR3.34 billion.  As on March 31, 2010, approx INR5.59
billion has been spent on the project which has been funded by
equity of INR2.09 billion and the balance by debt.


SPECIALITY SILICA: CRISIL Puts 'D' Rating on INR142.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Speciality Silica Pvt Ltd's
bank facilities.  The rating reflects delay in repayment of debt
obligations by SSPL; the delay has been caused by SSPL's weak
liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Facility   D (Assigned)
   INR142.5 Million Term Loan             D (Assigned)

SSPL, which commenced commercial operations in 2008-09, produces
precipitated rubber-grade silica and has capacity of 5400 tonnes
per annum at its facility in Alwar (Rajasthan).  SSPL is promoted
by Mr. Ravi Soni, who has been in the chemicals industry for
around three decades.  SSPL plans to begin manufacturing other
grades of silica used in oral care and food products.

SSPL reported a loss after tax of INR16.1 million on net sales of
INR30.2 million for 2008-09 (refers to financial year, April 1 to
March 31) which was the first year of operation for the company.


VARAD AGRI: ICRA Assigns 'LBB' Rating on INR.6 Mil. Term Loan
-------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR0.6 million term loan,
INR159.4 million fund based and INR40.0 million non-fund based
facilities of Varad Agri Tech Limited.  The outlook on the long-
term rating is Stable.

The assigned rating is constrained by the company's weak financial
profile, as characterized by high gearing and low profit margins
thereby resulting in weak debt coverage indicators.  The rating is
also constrained on account of the company's presence in
commoditized nature of breeder seeds procured from agricultural
universities, which coupled with absence of in-house research
capabilities results in high competition and low operating
profitability .  VATL is also exposed to uncertain agro climatic
conditions as most of the sales are from the state of Andhra
Pradesh.  The assigned rating however favorably factors in the
company's steady growth in the past due to established
relationships with the government agencies, significant experience
and active involvement of the promoters in this line of business
and high growth potential of hybrid seeds in the country.

Recent Results

During the eleven months ending February 2010, VATL reported
provisional operating income of INR943.5 million and an operating
profit margin of 2.6%.

VATL was incorporated in January 1996 and is engaged in the
production and marketing of commercial seeds of mainly groundnut,
bengal gram and soyabean.  The company has a processing plant in
Kapada district of Andhra Pradesh where the processing and
packaging of commercial seeds is done before they are dispatched
to the customers.  The processing plant has capacity of processing
1,200 quintals of groundnut seeds and 400 quintals of seeds of
other crops per shift of 12 hours.  VATL is promoted by Mr. A.
Konda Reddy, Mr. A. Sanjeeva Reddy and Mr. K. Surendra Reddy who
have more than a decade of experience in this line of business.


=================
I N D O N E S I A
=================


ARPENI PRATAMA: Fitch Sees Likely Rating Downgrade to 'RD'
----------------------------------------------------------
Fitch Ratings has said that Arpeni Pratama Ocean Line Tbk's
ratings will be downgraded to 'RD' if its recently missed US$
coupon is not paid before the expiry of the 30-day grace period.

Given its extremely weak liquidity position, Arpeni failed to pay
the US$6 million coupon on the US$ notes due on May 3, 2010; the
company had previously failed to pay a coupon due on 3 December
2009, but avoided a default by rectifying this within the grace
period.

Arpeni's financial profile has deteriorated significantly due to
high accounts receivables, crystallization of significant
derivative liabilities, nearly US$25 million of cash reserves
being pledged as collateral for related-party bank debt
obligations and its weaker operating earnings.  The company had
only around US$12m of unrestricted cash reserves at December 31,
2009.  Fitch understands that Arpeni's cash balances have not
improved materially since year-end.

"The internal cash generation rate at Arpeni does not provide much
comfort regarding its ability to rectify the coupon default within
the grace period," notes Buddhika Piyasena, Director with Fitch's
Corporate Ratings team.  The agency believes that Arpeni will have
to make further provisions for unrecoverable trade receivables
over and above the IDR85 billion made in 2009.  The company is
prioritizing payments to trade suppliers to ensure the continuity
of its business operations.  "At this time, it does not appear
that the company has any back-stop available for the payment of
the coupon if its cash balances do not improve before the grace
period expires on June 2, 2010," adds Mr. Piyasena.

A standstill on principal payments on secured bank debt and other
debt obligations is still in effect, but on an informal basis.
Arpeni intends to raise additional capital before negotiating a
formal long-term plan with its creditors.  The company is making
some progress with finding investors to improve its capital
position and liquidity, though given the complexity of Arpeni's
situation, Fitch expects this process to take some time.

Fitch currently rates Arpeni:

  -- Long-term foreign currency Issuer Default Rating: 'C';

  -- Long-term local currency IDR: 'C';

  -- National Long-term rating: 'C(idn)'; and

  -- Senior unsecured US$ notes due 2013: 'C'; Recovery Rating:
     RR6.


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


COMMERCIAL RE: Files for Bankruptcy Protection; Owes JPY15 Bil.
---------------------------------------------------------------
Commercial RE Co. today, May 6, 2010, filed for bankruptcy
protection with the Tokyo District Court, Nikkei.com reports.  The
real state company has debts totaling JPY15 billion.

The Jasdaq Securities Exchange, which halted Commercial RE share
trading earlier Thursday, said it will delist the company's shares
on June 7, the report says.

Commercial RE Co., Ltd. (JSD:8866)-- is a Japan-based real estate
company that has two business segments.  The Property Management
(PM) segment is engaged in the leasing and management of
warehouses, commercial facilities, office buildings and offices.
Through its subsidiaries, this segment is also involved in the
brokerage, leasing and leasing management of housing, as well as
the leasing of offices and containers.  The Asset Management (AM)
segment is involved in the effective utilization of real estate,
the development, purchase and sale of lease properties, the
development and sale of condominiums for commercial needs and
investment purposes, the purchase and sale of auction items, the
development of logistic facilities, as well as investment advisory
and cash loan businesses.


SHINSEI BANK: May Post JPY140 Bil. Net Loss, Cancel Aozora Merger
-----------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Shinsei
Bank may report a net loss of about JPY140 billion ($1.48 billion)
for the year ended March 31.

The Nikkei reported the bank may also announce plans for a
management overhaul and the termination of merger talks with
Aozora Bank when it releases earnings results on May 14, according
to Bloomberg.

Bloomberg relates the Nikkei said the lender may name Isuzu Motors
Ltd. director Shigeki Toma as president to replace Masamoto
Yashiro.

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.


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


HO HUP CONSTRUCTION: Bourse to Suspend Trading of Shares on May 10
------------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Ho Hup
Construction Co. Bhd's securities on May 10, 2010, due to the
company's failure to submit its annual audited financial
statements for the financial year ended December 31, 2009, within
the stipulated timeframe.

In the event that the Company does not submit the financial
statements on or before the suspension deadline, the trading in Ho
Hup's shares will be suspended with effect from 9:00 a.m., Monday,
May 10, 2010, until further notice.

The company said the management and board of directors are working
closely with the Company's Auditors to finalize the financial
statements and to resolve the final technical queries and
administrative points raised by Messrs. Ernst and Young.

The expected earliest date of issuance of the financial statements
is on May 7, 2010.

                      About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


HO HUP CONSTRUCTION: Files Suit Over Bukit Jalil Deal
-----------------------------------------------------
Ho Hup Construction Company Berhad has filed suit in the Kuala
Lumpur High Court in respect over the Joint Development Agreement
between Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd.

Ho Hup said the agreement relates to the 60 acres freehold land in
Bukit Jalil, held by BJDSB as registered owner.

The company asks the Kuala Lumpur High Court to declare the
agreement, the Power of Attorney and the Endorsement and
Undertaking by the Company executed pursuant to the JDA void.

The company also sought a court order:

   * that Pioneer Haven to account for all benefit of any form
     received or accrued by reason of or otherwise arising from
     the agreement, the Power of Attorney or the Endorsement and
     Undertaking.

   * that Pioneer Haven does pay or otherwise deliver to BJDSB all
     said benefits with 14 days of the Order.

   * that the Registrar of Land Titles be ordered to expunge
     and/or remove the Caveat (lodged on or about 18 March 2010
     under Private Caveat Presentation no.4393/2010) entered by
     Pioneer Haven on the Land.

                     About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


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


DAVID REID: Nelson Franchise Faces Liquidation
----------------------------------------------
Bill Moore at The Nelson Mail reports that the Inland Revenue
Department has filed wind up application against David Reid Homes
franchise in Nelson.

According to the report, co-owner Wayne Vollmer said Wednesday he
had been advised of the liquidation application, advertised in
Nelson Mail, but had yet to see it.

"We've been negotiating with them, but they're not prepared to
negotiate," the report quoted Mr. Vollmer as saying.

Mr. Vollmer said Monday the David Reid Homes side of his business
had been struggling, and the relationship with the parent company
was being reviewed.

The design-and-build business has five staff, down from the 21 it
employed when it changed hands.  Mr. Vollmer said the company had
just completed three David Reid Homes, with one more under
contract.

The Troubled Company Reporter-Asia Pacific reported on Feb. 11,
2009, that Wellington's David Reid Homes franchise went into
voluntary liquidation, leaving subcontractors thousands of
dollars out of pocket and 10 homes half-built.

Parent company David Reid Homes has promised clients their houses
will be finished by the Kapiti franchisee, including two in
Wairarapa.

David Reid Homes general manager Ben Allan said despite the
failure of three other David Reid franchisees in Palmerston North,
Pukekohe and Marlborough, he was confident that other franchises
were "robust."

David Reid Homes ?- http://www.davidreidhomes.co.nz/? is a home
builder.  The company has 23 franchises around New Zealand.


NATHANS FINANCE: Former Directors Enter Not Guilty Pleas
--------------------------------------------------------
Four former directors of Nathans Finance Ltd. have entered "not
guilty" pleas to a raft of criminal charges relating to the
collapse of the company, according to stuff.co.nz.

The accused, former directors Mervyn Doolan, John Hotchin, Roger
Moses and Donald Young, made a brief appearance at a criminal call
over hearing at the High Court at Auckland on Wednesday before
Justice Pamela Andrews.

The four were remanded at large by Justice Andrews and excused
from appearing at future court dates until their high court trial
begins on March 14 next year.

As reported in the Troubled Company Reporter-Asia Pacific on
December 29, 2008, the Securities Commission laid charges against
Nathans Finance's directors for allegedly making false statements
in company prospectuses.

The Securities Commission laid criminal charges and issued civil
proceedings against Nathans Finance directors John Hotchin, Donald
Young and Kenneth Moses.  Criminal charges and civil proceedings
have also been filed against Nathans Finance director Mervyn
Doolan.

These proceedings follow extensive investigations by the
Commission since Nathans Finance went into receivership on
August 20, 2007, owing approximately NZ$174 million to some 7,000
investors.  According to the receivers less than 10% of that is
likely to be recovered.

The Commission alleges that the directors made untrue statements
in the registered prospectus and investment statement of Nathans
Finance NZ Limited (in receivership) dated December 13, 2006.
These statements concern lending to related parties (including
Nathans' parent company VTL Group), that Nathans had no bad debts,
that it had adequate liquidity, that its lending was diversified,
that it made loans and managed them in accordance with robust
policies and processes, and that all material matters had been
disclosed in the prospectus.

The Commission also alleges that the directors made further untrue
statements when they signed a prospectus extension certificate on
March 30, 2007.  These stated that the company's financial
position had not materially and adversely changed since its last
balance date, and that the 13 December 2006 prospectus was not
false or misleading.

In addition, the Commission alleges that letters sent to members
of the public advertising Nathans Finance debenture stock
contained untrue statements about some of the matters referred to
above.  These claims do not apply to Mr. Hotchin who had resigned
his directorship by the time the advertisements were sent out.

The criminal charges are laid under section 58 of the Securities
Act and carry a maximum penalty of five years imprisonment or
fines of up to NZ$300,000.

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on Aug. 20, 2007.  Nathans is a wholly owned subsidiary
of VTL Group Limited, which also went into receivership in
November 2008.  VTL Group Limited owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


ST LAURENCE: Investors May Recoup Just 28%, Expert Report Says
--------------------------------------------------------------
Investors in St. Laurence Limited might get as little as 28c for
every dollar they are owed, The New Zealand Herald says, citing a
report by accountancy firm McGrath Nicol.

The New Zealand Herald reports that McGrath Nicol was commissioned
by St Laurence to study the state of the business.  The report,
which has not been made available to investors, was completed
before receivers were called in last week, the Herald relates.

According to the Herald, the mid-point payout for debenture and
capital note holders was put at 34c and the high point at 40c.
Investors are owed $245 million.

The Herald says forecasts were made under a receivership scenario.
The accountants said the estimates did not take into account the
receivers' costs.

The McGrath Nicol report examined the value of St Laurence's
interest in the NZX-listed National Property Trust and NZDX-listed
Irongate Property.

According to the report, St Laurence holds 15.9% of National, a
stake valued at NZ$22.2 million.  It also owns 34.3% of Irongate,
a stake valued at NZ$29.2 million.

McGrath Nicol said the two other St Laurence investments were in
Direct Property Investment (No. 9) and Direct Property Investment
(No 6)/Princes Wharf Hotel.

The New Zealand Herald states that McGrath Nicol, however, raised
concerns about Irongate's future, saying it faced liquidity
issues.

"Irongate has $80 million of bonds on issue of which $30 million
are due for repayment in June and the remaining $50 million to be
repaid in May 2011. The bonds are listed on the NZDX," the Herald
cited the report as saying.

"We understand Irongate's management is currently working through
strategies to bridge the funding gap. These include additional
bank funding, property sales, rights issues and an asset-for-
equity swap with St Laurence," McGrath Nicol said.

"The realisable value of St Laurence's investment in Irongate is
highly dependent on the ability for Irongate to meet its bond
repayment obligations," it said, raising valuation issues on St
Laurence's stake in Irongate if a receiver was appointed.

The New Zealand Herald says the report traced St Laurence's
troubles to 2006 when the finance collapses began.  The December
2008 recapitalization plan hit trouble when the property market
downturn proved worse than expected.

                           About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.


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


INTERCONTINENTAL BROADCASTING: Starts Paying Back Wages to Workers
------------------------------------------------------------------
Jeremiah F. de Guzman at the Manila Standard Today reports that
Intercontinental Broadcasting Corp. has started paying the back
wages and benefits of employees after the Romero group advanced
the cash component of its joint venture deal with the cash-
strapped TV network.

Manila Standard relates IBC president Jose Javier said the
broadcasting company's deal with R-II Builders Inc. and Primestate
Ventures Inc. was pushing through as the two firms advanced PHP30
million to the network.

According to the report, IBC signed a joint venture agreement with
R-II Builders and Primestate on March 24 to develop a commercial
and residential complex in a four-hectare property owned by the
television network in Quezon City.

The report relates Mr. Javier said IBC received PHP30 million on
signing of the contract and would get PHP18.5 million on June 15
and PHP30 million on Dec. 15 under the deal.

The management of IBC committed to earmark the amounts to settle
unpaid wage and non-wage benefits due to IBC employees, according
to Manila Standard.

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Intercontinental Broadcasting Corp., a
sequestered radio-television network whose flagship station is
IBC-13 in Metro Manila, filed a petition for rehabilitation in a
bid to beef up its position in the industry under a new
management.

The network made a filing before the Quezon City Regional Court
Branch 93 to ensure continued operations and focus the government-
controlled firm's goals in achieving its rightful place in the
radio-television broadcast sector in the shortest possible time.

                             About IBC

Intercontinental Broadcasting Corporation is a Philippine VHF
television network of the Government Communications Group headed
by the Press Secretary.  Its studios are located at Broadcast
City, Capitol Hills, Diliman, Quezon City and its transmitter is
located at the Coca Cola plant in San Francisco Del Monte, Quezon
City.

IBC has been serving Filipino audiences for the last 34 years
through IBC-TV13 along with IBC-TV6 in Baguio City and the
Mountain Province, IBC-TV13 in Laoag City, IBC-TV12 in Iloilo,
IBC-TV13 in Cebu City, IBC-TV13 in Davao City and IBC-TV10 in
Cagayan de Oro City.  The network also operates radio stations
dyBQ in Iloilo, dyJJ in Roxas City and dyRG in Kalibo.


                         *********

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 C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***