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                     A S I A   P A C I F I C

           Monday, May 10, 2010, Vol. 13, No. 090

                            Headlines



C H I N A

AGILE PROPERTY: To Buy Back US$400 Million 9% Senior Notes
COUNTRY GARDEN: Contracted Sales Surge 180% to RMB3-Bil. in April


H O N G  K O N G

AUTRON MAURITIUS: Court Enters Wind-Up Order
CSS WORLDWIDE: Court Enters Wind-Up Order
DICKSON CONSTRUCTION: Robert Armor Morris Steps Down as Liquidator
ETERNITY DESIGN: Court Enters Wind-Up Order
FORMAX INDUSTRIAL: Lau and Yuen Appointed as Liquidators

FORTIS INVESTMENT: Commences Wind-Up Proceedings
FORTUNE MIND: Lau and Yuen Appointed as Liquidators
GOOD SUCCESS: Creditors' Proofs of Debt Due May 24
HIGH CARGO: Court to Hear Wind-Up Petition on June 23
HK JIN: Wong and Tsui Step Down as Liquidators

HIP SHING: Nedderman and Yan Appointed as Liquidators
IMAGE PRODUCTION: Creditors and Contributories to Meet on May 27
KEEP CLEAN: Court to Hear Wind-Up Petition on June 2
KING WING: Li and Tsang Appointed as Liquidators
LEADSON GARMENT: Li and Tsang Appointed as Liquidators

MAN WAH: Court Enters Wind-Up Order
MOKKERHATIN ENGINEERING: Court to Hear Wind-Up Petition on June 9
ROSEJAY COMPANY: Members' Meeting Set for June 7
TITWORTH COMPANY: Members' Meeting Set for June 7
TRADE VENTURE: Court to Hear Wind-Up Petition on May 19

UNIVERSAL SHEEN: Creditors Get 100% Recovery on Claims
YIP WO: Court to Hear Wind-Up Petition on June 9


I N D I A

AIR INDIA: AI Express Cabin Crews Threaten Indefinite Strike
AIR INDIA: Taps Simat Helliesen as Foreign Consultant
AKC STEEL: CRISIL Reaffirms 'BB+' Rating on INR100MM Bank Debts
AKRUTI JAY: CARE Assigns 'CARE BB' Rating on INR50cr LT Loan
BEEKAY STEEL: CRISIL Reaffirms 'BB+' Ratings on INR210M Term Loan

EASTERN ALLOYS: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
GOA ISPAT: CRISIL Assigns 'BB-' Rating on INR21.40MM Term Loan
MRG PROMOTERS: CRISIL Rates INR350MM Proposed LT Loan at 'BB'
PACIFICA CHENNAI: CRISIL Reaffirms 'B+' Rating On INR790MM Loan
RENFRO INDIA: Accumulated Losses Cue CRISIL 'B+' Ratings

SHARMANJI YARNS: Fitch Assigns 'BB' National Long-Term Rating
SARJU IMPEX: Fitch Assigns National Long-Term Rating at 'B'
VARUN INDUSTRIES: CARE Assigns 'CARE BB+' Rating on INR415cr Loan


I N D O N E S I A

ARPENI PRATAMA: S&P Downgrades Corporate Credit Rating to 'SD'


J A P A N

KANAGAWA CLINIC: Files For Bankruptcy in Tokyo District Court
TOSHIBA CORP: Posts JPY19.7-Bil. Net Loss in FY2009


N E W  Z E A L A N D

CRAFAR FARMS: OIO Investigates Four Crafar Farms Purchases
CRAFAR FARMS: Owner in Talks With Overseas Buyer
SOUTH CANTERBURY: S&P Retains CreditWatch Negative on Ratings
STRATEGIC FINANCE: Receivers to Run Sale Process on Loan Book
STRATEGIC FINANCE: Regulator Appoints Corporate Forensic Examiner


T A I W A N

ASUSTEK COMPUTER: Sees Q2 Shipments of Notebook PC Rise by 10%
AU OPTRONICS: Reports April 2010 Consolidated Revenue




                         - - - - -


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


AGILE PROPERTY: To Buy Back US$400 Million 9% Senior Notes
----------------------------------------------------------
Lorraine Luk at Dow Jones Newswires reports that Agile Property
Holdings Ltd. will buy back the entire US$400 million worth of
outstanding 9% senior notes due 2013 on June 7.

According to Dow Jones, the company said it will buy back the
notes at a price equal to 100% of the principal amount of the
notes plus the applicable premium and the accrued and unpaid
interest.

Agile said it will finance the buyback with proceeds from the
issuance of 8.875% senior notes due 2017 and internal resources.

                        About Agile Property

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high end segment.  It
has a land bank with around 28.4 million sqm of gross floor
area.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 29, 2009, Moody's Investors Service assigned a "Ba3" rating
to Agile Property Holdings Limited's proposed US$ senior unsecured
notes.  At the same time, Moody's has affirmed Agile's Ba3
corporate family rating.  The ratings outlook is positive.


COUNTRY GARDEN: Contracted Sales Surge 180% to RMB3-Bil. in April
-----------------------------------------------------------------
Country Garden Holdings Co Ltd said its contracted sales surged
180% year-on-year to RMB3 billion in April, according to China
Knowledge.

The report relates the developer said in a statement filed with
the Hong Kong Stock Exchange that the April contracted sales were
20% more than the RMB2.5 billion it recorded in March.

China Knowledge says Country Garden sold 550,000 square meters of
properties in April this year, 129% more than in the same month of
2009.

Country Garden Holdings Company Limited (HKG:2007) is an
integrated property developer in the People's Republic of China.
The Company's business comprises construction, fitting, project
development, property management, as well as hotel development and
management.  Country Garden offers various products include large-
scale residential projects, such as townhouses, apartment
buildings, as well as car-parks and retail shops.  The Company
also develops and manages hotels.  It also develops hotels, which
are independent of property developments. As of December 31, 2008,
Country Garden had operations in selected locations beyond
Guangdong Province, including Hunan Province, Jiangsu Province,
Hubei Province, Liaoning Province, Anhui Province, Heilongjiang
Province, Inner Mongolia Autonomous Region and Chongqing
Municipality.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2010, Standard & Poor's Ratings Services said that it
had affirmed its 'BB' long-term corporate credit rating on China-
based property developer Country Garden Holdings Co. Ltd.  The
outlook was revised to negative from stable.  At the same time,
Standard & Poor's assigned an issue credit rating of 'BB-' to the
proposed seven-year fixed-rate senior unsecured notes issued by
Country Garden that will be used to conduct the repurchasing.  The
final rating on the notes is subject to finalization of
documentation.


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


AUTRON MAURITIUS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on April 21, 2010, to
wind up the operations of Autron Mauritius Corporation.

The Official Receiver is E T O'Connell.


CSS WORLDWIDE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on April 21, 2010, to
wind up the operations of CSS Worldwide Limited.

The Official Receiver is E T O'Connell.


DICKSON CONSTRUCTION: Robert Armor Morris Steps Down as Liquidator
------------------------------------------------------------------
Robert Armor Morris stepped down as liquidator of Dickson
Construction (Maintenance) Limited on April 19, 2010.


ETERNITY DESIGN: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on April 21, 2010, to
wind up the operations of Eternity Design & Decoration Co Limited.

The Official Receiver is E T O'Connell.


FORMAX INDUSTRIAL: Lau and Yuen Appointed as Liquidators
--------------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank of Messrs. KLC
Kennic Lui & Co. on March 26, 2010, were appointed as liquidators
of Formax Industrial (Hong Kong) Limited.

The liquidators may be reached at:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aquilar Street
         Central, Hong Kong


FORTIS INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Fortis Investment Management Limited, on April 26,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Ng Kit Ying Zelinda
         Michel Bots
         31/F., The Center
         99 Queen's Road
         Central, Hong Kong

FORTUNE MIND: Lau and Yuen Appointed as Liquidators
---------------------------------------------------
Mrs. Lau Wu Kwai King Lauren and Mr Yuen Tsz said in notice dated
April 30, 2010, they have been appointed by the High Court of Hong
Kong as liquidators of Fortune Mind Transportation Co. Limited.

The liquidators may be reached at:

          Mrs Lau Wu Kwai King Lauren
          Mr Yuen Tsz
          5/F, Ho Lee Commercial Bldg
          38-44 D'Aguilar Street
          Central, Hong Kong


GOOD SUCCESS: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
Creditors of Good Success Catering Group Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by May 24, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Briscoe
          Nicholas Timothy
          Cornforth Hill
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


HIGH CARGO: Court to Hear Wind-Up Petition on June 23
-----------------------------------------------------
A petition to wind up the operations of High Cargo Logistics
Warehouse Limited will be heard before the High Court of Hong Kong
on June 23, 2010, at 9:30 a.m.

Ma Yu Hou filed the petition against the company on April 19,
2010.


HK JIN: Wong and Tsui Step Down as Liquidators
----------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice stepped down as liquidators
of Hong Kong Jin Sheng Industrial Group Limited on March 23, 2010.


HIP SHING: Nedderman and Yan Appointed as Liquidators
-----------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated April 30,
2010, they have been appointed by the High Court of Hong Kong as
liquidators of Hip Shing Materials Limited.  The High Court
entered an order on November 16, 2005, to wind up the operations
of Hip Shing Material Limited.

The liquidators may be reached at:

          Anthony Nedderman
          Yan Miu Ping
          c/o Messrs. Tony Nedderman & Co. Ltd
          11/F., China Hong Kong Tower
          8 Hennessy Road
          Hong Kong


IMAGE PRODUCTION: Creditors and Contributories to Meet on May 27
----------------------------------------------------------------
Creditors and contributories of Image Production Limited will hold
their first meetings on May 27, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at 60th Floor, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

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


KEEP CLEAN: Court to Hear Wind-Up Petition on June 2
----------------------------------------------------
A petition to wind up the operations of Keep Clean Washing Limited
will be heard before the High Court of Hong Kong on June 2, 2010,
at 9:30 a.m.

Siu Yin Tung filed the petition against the company on March 31,
2010.


KING WING: Li and Tsang Appointed as Liquidators
------------------------------------------------
Li Man Wai and Tsang Lai Fun said in notice dated April 30, 2010,
they have been appointed by the High Court of Hong Kong as
liquidators of King Wing (Hong Kong) Investment Limited.  The High
Court entered an order on December 30, 2008, to wind up the
operations of King Wing (Hong Kong) Investment Limited.

The liquidators may be reached at:


          Li Man Wai
          Tsang Lai Fun
          Room 1001, 10th Floor
          Tai Yau Building
          181 Johnston Road
          Wanchai, Hong Kong


LEADSON GARMENT: Li and Tsang Appointed as Liquidators
------------------------------------------------------
Li Man Wai and Tsang Lai Fun of Raymond Li & Co CPA on April 16,
2010, were appointed as liquidators of Leadson Garment Factory
Limited.

The liquidators may be reached at:

         Li Man Wai
         Tsang Lai Fun
         c/o Raymond Li & Co., CPA
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


MAN WAH: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 21, 2010, to
wind up the operations of Man Wah (Hong Kong-China) Transport
Limited.

The Official Receiver is E T O'Connell.


MOKKERHATIN ENGINEERING: Court to Hear Wind-Up Petition on June 9
-----------------------------------------------------------------
A petition to wind up the operations of Mokkerhatin Engineering
Limited will be heard before the High Court of Hong Kong on
June 9, 2010, at 9:30 a.m.

Chan Fat Kai filed the petition against the company on April 14,
2010.


ROSEJAY COMPANY: Members' Meeting Set for June 7
------------------------------------------------
Members of Rosejay Company Limited will hold their meeting on June
7, 2010, at 10:00 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.


TITWORTH COMPANY: Members' Meeting Set for June 7
-------------------------------------------------
Members of Titworth Company Limited will hold their meeting on
June 7, 2010, at 10:30 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.


TRADE VENTURE: Court to Hear Wind-Up Petition on May 19
-------------------------------------------------------
A petition to wind up the operations of Trade Venture
International Limited will be heard before the High Court of Hong
Kong on May 19, 2010, at 9:30 a.m.

Popular Limited filed the petition against the company on
March 12, 2010.

The Petitioner's solicitors are:

          Messrs. Chan, Wong & Lam
          Suites 3009-12, 30th Floor
          Shui On Centre
          6-8 Harbour Road
          Hong Kong SAR


UNIVERSAL SHEEN: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Universal Sheen Group Limited, which is in compulsory liquidation,
paid the full and final dividend to its creditors on or after
April 30, 2010.

The company paid 100% for ordinary claims.

The company's liquidators are:

         Lau Siu Hung
         Liang Yang Keng
         Room 2009-10, 20/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


YIP WO: Court to Hear Wind-Up Petition on June 9
------------------------------------------------
A petition to wind up the operations of Yip Wo Transportation
Limited will be heard before the High Court of Hong Kong on
June 9, 2010, at 9:30 a.m.

UPS Parcel Delivery Service Limited filed the petition against the
company on April 1, 2010.

The Petitioner's solicitors are:

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


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


AIR INDIA: AI Express Cabin Crews Threaten Indefinite Strike
------------------------------------------------------------
About 400 cabin crew members of Air India's low cost subsidiary
Air India Express have threatened to go on an indefinite strike
from May 10 due to the company's decision not to renew their
contracts, Hindustan Times reported on Friday.

The Aviation Industry Employees Guild (AIEG), the union
representing the crew, said the airline plans to outsource cabin
crew services to a private agency.

Air India passengers bound to South East Asia and the Gulf could
be grounded if Air India Express crew goes on strike, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, 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.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          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.


AIR INDIA: Taps Simat Helliesen as Foreign Consultant
-----------------------------------------------------
Press Trust of India reports that Air India has appointed a
foreign consultant to help plot its flight network.

"National Aviation Company of India Limited has appointed Simat
Helliesen and Eichner Inc. as Airline Management Solution Provider
at a contract of $549,000 through a tender selection process," the
news agency cited Civil Aviation Minister Praful Patel's written
reply.

Mr. Patel said SH&E, a U.S.-based aviation consultant, has been
contracted to develop network strategy, schedules and aircraft
rotation for NACIL, including the low cost carriers, PTI relates.

Mr. Patel also said that NACIL is in the process of
operationalizing three separate subsidiaries covering engineering,
ground handling and cargo.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, 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.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          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.


AKC STEEL: CRISIL Reaffirms 'BB+' Rating on INR100MM Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of AKC Steel Industries
Ltd, a part of the Beekay group, continue to reflect the Beekay
group's exposure to risks associated with large capital
expenditure (capex) plans, cyclicality in the steel business, and
working capital-intensive operations.  These weaknesses are
partially offset by the Beekay group's moderate business and
financial risk profiles, marked by moderate net worth, moderate
debt protection metrics but constrained by high gearing.

   Facilities                             Ratings
   ----------                             -------
   INR100 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR50 Million Proposed Short-Term      P4+ (Reaffirmed)
                 Bank Loan Facility

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AKC and Beekay Steel Industries Ltd, as
both entities, together referred to as the Beekay group, share a
common management, have strong operational linkages and inter-
company transactions, and sell products under the same brand,
Beekay.

Outlook: Stable

CRISIL believes that the Beekay group will maintain its credit
risk profile over the medium term on the back of healthy cash
accruals and its moderate market position.  The outlook may be
revised to 'Positive' if there is a sustained improvement in the
group's financial risk profile driven by improvement in its
gearing and debt protection metrics.  Conversely, the outlook may
be revised to 'Negative' in case the Beekay group's net cash
accruals deteriorate or it undertakes a larger-than-expected debt-
funded capex programme, or increases its exposure to other group
companies.

                          About the Group

BSIL is the flagship company of the Beekay group.  It was promoted
by Mr. B L Bansal in 1957 as a partnership firm and later in 1984,
it was reconstituted as a public limited company.  BSIL, which has
its facilities at Visakhapatnam (Andhra Pradesh) and Jamshedpur
(West Bengal), manufactures made-to-order, high-quality steel bars
to meet demands of the automobile, engineering, railways, and
infrastructure industries. The company is one of the largest
secondary steel manufacturers in eastern India. In 2005-06 (refers
to financial year, April 1 to March 31), two group companies,
Radice Ispat (India) Ltd and Venkatesh Steel & Alloys Pvt Ltd,
with manufacturing facilities at Visakhapatnam (Andhra Pradesh),
were amalgamated with BSIL.

AKC, incorporated in 1957, was taken over by the Beekay group in
1998.  The company specializes in manufacturing all types of long
products of mild steel and other value-added steel products which
are used in the automobile and other engineering industries.  It
has its manufacturing facilities at Visakhapatnam (Andhra
Pradesh),

For 2008-09, the Beekay group reported a profit after tax (PAT) of
INR38 million on net sales of INR3.11 billion, against a PAT of
INR60 million on net sales of INR3.16 billion for the previous
year.


AKRUTI JAY: CARE Assigns 'CARE BB' Rating on INR50cr LT Loan
------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Akruti Jay Developers aggregating INR50.00 crore.
This rating is applicable to facilities having tenure of more than
one year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.  CARE assigns '+' or '-' signs
to be shown after the assigned rating (wherever necessary) to
indicate the relative position within the band covered by the
rating symbol.  The rating assigned by CARE is based on the
capital deployed by the partners and the financial strength of the
firm at present.  The rating may undergo a change in case of
withdrawal of capital or of the unsecured loans brought in by the
partners in addition to changes in the financial performance and
other relevant factors.

Rating Rationale

The rating is constrained by the constitution of an entity as a
partnership firm, considerable project execution risk on account
of nascent stage of the project, withdrawal of capital by
erstwhile partners, bunching of repayments in the medium term and
relatively interior location of the project.

However, the ratings takes cognisance of long experience of AJD's
main partners viz Ackruti City Limited in real estate business
with good project execution capability, its status as a well-
entrenched player in Mumbai, good marketing structure,
satisfactory project marketability as evident from the present
booking status despite nascent stage of the project and the recent
downturn in the sector.  The rating also draws comfort from it
being a residential project at attractive price points and tie-up
of the entire debt for phase I of the project.

Timely execution of the project and ability to market the balance
portion of the project at the envisaged sales realisation remain
the key rating sensitivities.

Akruti Jay Developers is a partnership firm initially incorporated
as Jairaj Associates (JA) in July 2005, by Mr. Jayant Shah and Mr.
Malav Jayant Shah.  The firm had acquired development rights in
respect of 60 acres of land with potential of developable area of
3.3 million square feet (msf) at Kondhwa, (Pune).  As on
September 2009, ACL, Hazel Erectors Private Limited and Mr.
Vyomesh Shah (Managing Director, ACL) are the partners in AJD.
ACL has 67% profit sharing in AJD and balance is with HEPL and Mr.
Vyomesh shah.

At present, AJD is engaged in developing a residential real estate
project at Kondhwa, which is estimated to cost INR170.60 crore, to
be financed with a debt to equity ratio of 1.48x (excluding
advances from customers, which form 51% of the total project
cost). AJD had received bookings for 358 out of 500 residential
units launched by it with the booking advance of INR5.40 crore as
on September 30, 2009.


BEEKAY STEEL: CRISIL Reaffirms 'BB+' Ratings on INR210M Term Loan
-----------------------------------------------------------------
CRISIL has reclassified its rating on the short-term bank
facilities of Beekay Steel Industries Ltd, a part of Beekay group,
as 'P4+' from the earlier 'P4', and reaffirmed its rating on the
company's long-term bank facilities at 'BB+/Stable'.

   Facilities                             Ratings
   ----------                             -------
   INR840 Million Cash Credit Limits@     BB+/Stable (Reaffirmed)
   INR210 Million Term Loan               BB+/Stable (Reaffirmed)

   INR40 Million Letter of Credit         P4+ (Reclassified from
         backed by Bills Discounting           'P4')

   INR30 Million Bank Guarantee           P4+ (Reclassified from
                                               'P4')

   INR80 Million Letter of Credit         P4+ (Reclassified from
                                               'P4')

   INR65 Million Proposed Short-Term      P4+ (Reclassified from
                   Bank Loan Facility          'P4')

   @Includes proposed limit of INR185 Million.

The ratings continue to reflect the Beekay group's exposure to
risks associated with large capital expenditure (capex) plans,
cyclicality in the steel business, and working-capital-intensive
operations.  These weaknesses are partially offset by the Beekay
group's moderate business and financial risk profiles, marked by
moderate net worth, moderate debt protection metrics but
constrained by high gearing.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BSIL and AKC Steel Industries Ltd
(AKC), as both entities, together referred to as the Beekay group,
share a common management, have strong operational linkages and
inter-company transactions, and sell products under the same
brand, Beekay.

Outlook: Stable

CRISIL believes that the Beekay group will maintain its credit
risk profile over the medium term on the back of healthy cash
accruals and its moderate market position.  The outlook may be
revised to 'Positive' if there is a sustained improvement in the
group's financial risk profile driven by improvement in its
gearing and debt protection metrics.  Conversely, the outlook may
be revised to 'Negative' in case the Beekay group's net cash
accruals deteriorate or it undertakes a larger-than-expected debt-
funded capex programme, or increases its exposure to other group
companies.

                          About the Group

BSIL is the flagship company of the Beekay group. It was promoted
by Mr. B L Bansal in 1957 as a partnership firm and later in 1984,
it was reconstituted as a public limited company. BSIL, which has
its facilities at Visakhapatnam (Andhra Pradesh) and Jamshedpur
(West Bengal), manufactures made-to-order, high-quality steel bars
to meet demands of the automobile, engineering, railways, and
infrastructure industries.  The company is one of the largest
secondary steel manufacturers in eastern India.  In 2005-06
(refers to financial year, April 1 to March 31), two group
companies, Radice Ispat (India) Ltd and Venkatesh Steel & Alloys
Pvt Ltd, with manufacturing facilities at Visakhapatnam (Andhra
Pradesh), were amalgamated with BSIL.

AKC, incorporated in 1957, was taken over by the Beekay group in
1998.  The company specializes in manufacturing all types of long
products of mild steel and other value-added steel products which
are used in the automobile and other engineering industries. It
has its manufacturing facilities at Visakhapatnam (Andhra
Pradesh),

For 2008-09, the Beekay group reported a profit after tax (PAT) of
INR38 million on net sales of INR3.11 billion, against a PAT of
INR60 million on net sales of INR3.16 billion for the previous
year.


EASTERN ALLOYS: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Alloys Pvt Ltd
continue to reflect Eastern Alloys' delay in servicing its term
loan obligations; the delay has been caused by weak liquidity.

   Facilities                                Ratings
   ----------                                -------
   INR16.00 Million Term Loan                D (Reaffirmed)
   INR70.00 Million Cash Credit              D (Reaffirmed)
   INR2.00 Million Proposed Cash Credit      D (Reaffirmed)
   INR10.00 Million Standby Line of Credit   D (Reaffirmed)
   INR0.40 Million Bank Guarantee            P5 (Reaffirmed)
   INR1.60 Million Letter of Credit          P5 (Reaffirmed)

Promoted by Mr. M L Agarwal, who has been in the castings business
since 1983, Eastern Alloys manufactures casted products,
especially railway inserts (used to position cement sleepers
between railway lines) and metal insulator caps (used in power
grid insulators).  Its customers include Bharat Heavy Electricals
Ltd and Aditya Birla Insulators Ltd. Eastern Alloys has a melting
capacity of around 17,000 tonnes per annum.

For 2008-09 (refers to financial year, April 1 to March 31),
Eastern Alloys reported a net loss of INR2 million on net sales of
INR320 million, against a profit after tax (PAT) of INR17.5
million on net sales of INR319.4 million for the previous year.


GOA ISPAT: CRISIL Assigns 'BB-' Rating on INR21.40MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Goa Ispat
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR75.00 Million Cash Credit           BB-/Stable (Assigned)
   INR21.40 Million Term Loan             BB-/Stable (Assigned)
   INR50.00 Million Letter of Credit      P4+ (Assigned)
   INR30.00 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect GIL's very low profitability, as a result of
the intense competition it faces in the thermo-mechanically
treated (TMT) steel bar industry, and its vulnerability to
downturns in the end-user industry and to volatility in steel
prices.  These rating weaknesses are partially offset by GIL's
healthy financial risk profile, marked by low gearing and
comfortable debt protection metrics, and the benefits that the
company derives from the extensive experience of its promoters in
the steel industry and its semi-integrated operations.

Outlook: Stable

CRISIL believes that GIL will maintain its healthy financial risk
profile and continue to benefit from its semi-integrated
operations, over the medium term.  The outlook may be revised to
'Positive' in case GIL's liquidity improves, most likely because
of improvement in profitability and cash accruals. Conversely, the
outlook may be revised to 'Negative' if GIL's financial risk
profile deteriorates, most likely because of large debt-funded
capital expenditure, or reduced cash accruals as a result of
pressure on margins driven by volatility in steel prices.

                          About Goa Ispat

GIL manufactures TMT steel bars, mild steel (MS) ingots, and
structural steel products such as angles and channels. The
company's manufacturing units at Goa have the capacity to
manufacture 30,000 tonnes per annum (tpa) of ingots and 60,000 tpa
of TMT bars and structural steel products.  GIL manufactures TMT
bars of diameters ranging from 8 millimetres (mm) to 32 mm for
sale under its Amba Shakti brand.  The company is a part of the
Amba group, which includes other steel-manufacturing entities such
as Amba Shakti Ispat Ltd (rated 'BB-/Negative/P4' by CRISIL), Amba
Metal ('BB-/Negative/P4'), and Amba Steel.

GIL reported a profit after tax (PAT) of INR13.2 million on net
sales of INR1731.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9.8 million on net sales
of INR1232.8 million for 2008-09.


MRG PROMOTERS: CRISIL Rates INR350MM Proposed LT Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to MRG Promoters Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR350.0 Million Proposed              BB/Stable (Assigned)
   Long-Term Bank Loan Facility

The rating reflects MPPL's exposure to risks related to
uncertainty in demand for its Park Inn project in Kundli
(Haryana), the start-up nature of its operations, high dependence
on customer advances to fund real estate projects, and the
cyclicality and intense competition in the hotel industry.  These
rating weaknesses are partially offset by the benefits that MPPL
derives from the advanced stage of completion of its construction
activities for its project, and the expected cash flows from shops
already sold.

Outlook: Stable

CRISIL expects MPPL's financial risk profile to remain constrained
over the medium term because of the start-up nature of its
operations, and high dependence on customer advances for
completion of under-construction projects.  The outlook may be
revised to 'Positive' if MPPL reports higher-than-expected cash
accruals on the back of a fast ramp up in operating income and
profitability.  Conversely, the outlook may be revised to
'Negative' if the project faces time and cost overruns, or there
is a delay in ramp up of sales and profitability, thereby
adversely affecting MPPL's liquidity.

                         About MRG Promoters

MRG Promoters Pvt Ltd was acquired in May 2007 from its erstwhile
promoters, Mr. Bharat Anand and Mr. Rakesh Ahuja, by AMR
Infrastructures Ltd in order to develop a shopping mall cum three-
star service apartments project named Park Inn at Kundli.  MPPL
was allocated 7034 square metres of land at Kundli in May 2006 by
Haryana State Industrial and Infrastructure Development
Corporation for a total consideration of INR280 million.  The
construction work was started in May 2007.  The project is
expected to have a soft launch by October 2010 in order to
coincide with the Commonwealth Games being held in Delhi, and
full-fledged commercial launch in January 2011.  MPPL is a 100%
subsidiary of AMR, which is owned by four business families: the
Soni family (Mr. Ram Chander Soni and his brother Mr. Arun Kumar
Soni), and the families of Mr. Brij Mohan Gupta, Mr. Ankit Gupta,
and Mr. Krishan Kumar.


PACIFICA CHENNAI: CRISIL Reaffirms 'B+' Rating On INR790MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term loan of Pacifica (Chennai - Old
Mahabalipuram Road project) Infrastructure Company Pvt Ltd
continues to reflect Pacifica Chennai's weak financial risk
profile marked by weak liquidity and debt protection metrics; and
continued low occupancy levels because of sluggish demand and
excess commercial real estate supply in the Chennai market.  These
rating weaknesses are partially offset by the financial support
extended to the company by its promoters.

   Facilities                             Ratings
   ----------                             -------
   INR790.0 Million Term Loan             B+/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that Pacifica Chennai's ability to service its
debt will continue to depend on timely infusion of funds by its
promoters. While CRISIL expects some improvement in the occupancy
levels in 2010-11 (refers to financial year, April 1 to March 31),
the increase in Pacifica Chennai's cash accruals will be gradual,
given the over-supply situation in the Chennai commercial real
estate segment and slowdown in demand from information technology
(IT) and IT-related companies.  The rating could be downgraded if
there is any adverse impact on the saleability of Pacifica
Chennai's project, if the company aggressively undertakes new
projects, which may deteriorate its overall capital structure and
debt protection indicators, or if the company delays servicing its
term loan.  Conversely, the outlook could be revised to 'Stable'
in case of better-than-expected demand for Pacifica Chennai's
commercial space, resulting in easing the company's liquidity
problem.

                      About Pacifica Chennai

Pacifica Chennai is part of the US-based Pacifica group's Indian
operations.  The company has built an IT park in Chennai, on the
Old Mahabalipuram road, at a project cost of INR1.45 billion.  The
project is spread over 6.98 acres, with a saleable area of 814,926
square feet.  Besides this project, the Pacifica group is
undertaking residential projects and a hotel project in Ahmedabad.
The Pacifica group was founded by Mr. Ashok Israni in 1978, and is
headquartered in San Diego, California, USA.


RENFRO INDIA: Accumulated Losses Cue CRISIL 'B+' Ratings
--------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Renfro India Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR74.50 Million Term Loan             B+/Stable (Assigned)
   INR300.00 Million Proposed LT          B+/Stable (Assigned)
              Bank Loan Facility
   INR53.50 Million Export Packing Credit P4 (Assigned)
   INR43.50 Million Letter of Credit      P4 (Assigned)
   INR7.50 Million Bank Guarantee         P4 (Assigned)

The ratings reflect RIPL's weak financial risk profile, driven by
low profitability and accumulated losses, average scale of
operations, product concentration in revenue profile, and
susceptibility to volatility in the value of the Indian rupee.
These rating weaknesses are partially offset by the benefits that
RIPL derives from its promoters' experience in the socks
manufacturing business, and from its association with Renfro
Corporation (USA).

CRISIL has treated RIPL's redeemable preference share capital of
INR122.9 million outstanding as on March 31, 2010, as neither debt
nor equity, as the redemption, including interest payment, is
expected only after five years.  However, CRISIL has treated the
compulsorily convertible preference share capital of INR90 million
outstanding as on March 31, 2010, as equity and part of the
company's net worth, as it is expected to be converted into equity
in the medium term.

Outlook: Stable

CRISIL believes that RIPL's financial risk profile will remain
weak because of its low profitability and weak operating
efficiency.  However, RIPL will continue to benefit from the
support from its overseas joint venture partner, Renfro
Corporation.  The outlook may be revised to 'Positive' if RIPL
increases its scale of operations and improves its profitability
significantly, leading to an improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case of deterioration in RIPL's financial risk profile, most
likely because of depressed profitability or large debt-funded
capital expenditure.

                        About Renfro India

Renfro India Pvt Ltd was originally set up as Karnik Hurtwits
Intersocks Pvt Ltd in 1995 as an equal joint venture between Mr. C
Y Pal and Hurtwits Intersocks SRL (an Italian socks manufacturer).
Subsequently, in 2002-03 (refers to financial year, April 1 to
March 31), the stake owned by the Hurtwits group was sold to
Renfro Corporation, and RIPL acquired its current name.  The
company manufactures and exports socks.

RIPL has two socks manufacturing units in Nashik and Pune
(Maharashtra), with a combined manufacturing capacity of 31.9
million pairs per annum.  It manufactures socks for various large
US-based players such as Wal-Mart Stores Inc, and European players
such as Marks & Spencer Plc, UK, Hema BV, Netherlands, and markets
its products through Renfro Corporation.

RIPL is expected to report a net loss of INR8 million on net sales
of INR540 million for 2009-10, against a net loss of INR49.5
million on net sales of INR368 million for 2008-09.


SHARMANJI YARNS: Fitch Assigns 'BB' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Sharmanji Yarns Private Limited
(SYPL) a National Long-term rating of 'BB(ind)'.  The Outlook is
Stable.  At the same time, Fitch has assigned National ratings to
SYPL's bank loans:

  -- Long-term bank loans of INR525 million: 'BB(ind)';

  -- Fund-based working capital limits of INR200 million:
     'BB(ind)'/'F4(ind)'; and

  -- Non-fund based working capital limits of INR15 million:
     'BB(ind)'/'F4(ind)'.

The ratings are constrained by SYPL's small scale of operations
and commoditized nature of the cotton yarns business, coupled with
intense competition in domestic textile sector.  The company has a
limited track record in manufacturing yarns, having only commenced
commercial operations in April 2008; however, Fitch draws comfort
that SYPL's promoter has a longstanding experience in yarn
trading.  The ratings are also supported by the successful
implementation of the first and second phases of the initial
capacity expansion, which led to a total capacity of 27,600
spindles at end-March 2010.

Favorable rating factors include locational advantage - its
manufacturing facility is based at textile hub Ludhiana, Punjab -
as well as technologically-advanced machinery and its efficient
sourcing of raw material.  These factors have translated into
healthy operating EBITDA margins of 17.6% in FY09.  Fitch notes
that more than 90% of the revenues are driven by the domestic
market which is exhibiting healthy growth trends despite the
global slowdown.

SYPL has a committed capex of INR73.7 million for FY10-FY11- to
add 2,400 spindles and a 66KVA substation for captive power
consumption needs at its existing manufacturing facility; the
additional capacity is expected to commence operations by June
2010.  The company also has a medium-term capex programme of
adding another 36,000 spindles in two phases by April 2012, which
would be 70% debt-funded.  Leverage and gearing are therefore
expected to remain high over the medium term.  The coverage ratios
are comfortable, and the liquidity is supported by well-spread
debt maturities under TUFS (Technology Upgradation Fund Scheme).

Positive rating triggers include an enhancement in the scale of
operations and an ability to sustain high margins.  Conversely,
any adverse movement in sales realizations, which would result in
deterioration in margins, coverage and leverage, as well as debt-
funded capex beyond envisaged, which would affect leverage and
gearing, would be negative ratings drivers.

SYPL manufactures cotton yarns and polyester-cotton yarns.


SARJU IMPEX: Fitch Assigns National Long-Term Rating at 'B'
-----------------------------------------------------------
Fitch Ratings has assigned India's Sarju Impex Limited a National
Long-term rating of 'B(ind)'.  The Outlook is Stable.
Simultaneously, Fitch has assigned 'B(ind)' ratings to the
company's INR235 million term loan and INR300 million cash credit
limits, as well as a 'F4(ind)' rating to its INR209.6 million non-
fund based bank limits.

The National Long-term rating reflects the sponsors track record
and diversified presence across businesses like diamond
processing, jewellery manufacturing and agri commodities.  The
rating also reflects the unconditional and irrevocable guarantee
provided by its sponsors, which covers the full and timely payment
of all accrued interest, as well as the strong global demand
outlook for high-pressure cylinders.  Sarju Impex is setting up a
manufacturing facility, which will manufacture CNG and Industrial
Gas cylinders.  The total cost of the project is INR352.9 million
and is partly funded by the INR237.5 million term loan, with the
balance in the form of equity from the promoters.

The rating is constrained by the delay in the project
commissioning given the delay in getting necessary approvals.  The
manufacturing facility commenced production only in April 2010 (it
had previously been scheduled for completion by June 2009).  Also,
Fitch notes that Sarju Impex does not have an operational track
record and has a relatively small size of operation, relative to
peers.  The agency expects the business to be working-capital
intensive, with raw material (which constitutes around 60% of the
total cost) having to be imported from China, which indicates raw
material price and forex volatility risks.

Positive rating triggers include a stability in revenues and raw
material linkages, which would lead to margins improvement and an
improved liquidity position.  Conversely, any significant delay in
the startup of the project as well as negative changes in working
capital, which would raise leverage levels and affect margins,
could have a negative rating impact.

Sarju Impex is 65% held by promoters of Dharmanandan group, a
diamond processing and jewellery manufacturing company.  The
project funding was in the ratio of 2:1 (debt: equity).  However
sponsors have brought in the equity of INR150m till date.  Fitch
expects the capacity utilization to reach 60% by FY11E whereas
DSCR to be below 1.4x.


VARUN INDUSTRIES: CARE Assigns 'CARE BB+' Rating on INR415cr Loan
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities aggregating INR415 crore of Varun Industries Limited.
This rating is applicable to facilities having tenure of over one
year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.  CARE assigns '+' or '-' signs
to be shown after the assigned rating (wherever necessary) to
indicate the relative position within the band covered by the
rating symbol.  These ratings are assigned to the long-term bank
facilities aggregating INR415 crore.

Rating Rationale

The ratings are constrained by VIL's high leverage, the
significant refinancing risk associated with its short-term
liabilities, substantial corporate guarantees extended by the
company to subsidiaries/group companies, consistently high
utilization of fund-based limits, its future commitment towards
various capital-intensive projects to be undertaken in its
subsidiaries and overall absence of a coherent business strategy
on the part of its management.  The rating is further constrained
by the company's recent foray into the onshore rig business, a
completely new field for the company as well as
its promoters.

The ratings derive strength from the promoters' experience in
export of stainless steel utensils and trading of diamonds and
professionally qualified management.

VIL's ability to achieve the envisaged sales and profitability
levels in each of its business areas, including its recent onshore
rig venture is the key rating sensitivity.

Varun Industries Limited is engaged in exports of stainless steel
houseware, cookware and kitchenware, other utility items and
trading of polished diamonds.  The company also trades in general
merchandise based on demand from export markets.  Further, VIL has
a manufacturing facility for stainless steel utensil at Vasai and
a stainless steel re-rolling plant in Jodhpur, Rajasthan of 10,000
mtpa. VIL also has recently acquired an onshore rig providing rig
drilling on charter basis and has set up wind turbine generators
in Jaisalmer, Rajasthan.

On a total income of INR1,200.43 crore, VIL posted a PAT of
INR13.01 crore in FY09.  VIL reported net sales of INR1,017.09
crore and a PAT of INR21.05 crore in 9MFY10.


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


ARPENI PRATAMA: S&P Downgrades Corporate Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Indonesia-based PT Arpeni Pratama Ocean Line Tbk. to
'SD' (selective default) from 'CC'.

At the same time, the issue rating on the outstanding
US$140.85 million senior secured notes issued by Arpeni Pratama
Ocean Line Investment B.V. and guaranteed by Arpeni, due May 3,
2013, was affirmed at 'C' following the missed payment of its
coupon on May 3, 2010.  It has a 30-day grace period to pay the
coupon.

"S&P lowered the ratings on Arpeni to 'SD' from 'CC' after the
company deferred principal payments of some loans," said Standard
& Poor's credit analyst Manuel Guerena.  "Although the company has
said it plans to keep on making interest payments, the deferral is
part of Arpeni's steps in trying to manage its cash, liquidity,
and working capital positions."

However, this deferral exposes Arpeni to possible repayment
acceleration of its debts if cross-default provisions are
triggered -- a situation compounded by the efforts to unwind some
derivative transactions, Mr. Guerena said.

In S&P's view, Arpeni's liquidity was increasingly stressed
throughout 2009.  Despite its high debt, the company funded its
growing working capital requirements during the year with short-
term loans.  This situation was compounded by a weaker operating
margin.

Arpeni dominates the local dry bulk industry, transporting about
one-fifth of the overall coal shipments within Indonesia, where
demand from the power sector is favorable.  S&P expects the
company to benefit from the thorough implementation of cabotage
regulations by the Indonesian government starting this year; the
regulations are aimed at reducing dependence on foreign-flagged
vessels for transportation within Indonesian waters.


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

KANAGAWA CLINIC: Files For Bankruptcy in Tokyo District Court
-------------------------------------------------------------
Kyodo News International reports that the operator of major eye
clinic chain Kanagawa Clinic Ophthalmology Department has filed
for bankruptcy with debts of around JPY6.8 billion.

The news agency says the operator went bust after:

     -- dozens of clients complained of infections following laser
        surgery at a clinic; and

     -- a warning from the government over misleading pricing.

The operator, the Hakubikai foundation based in Tokyo, said Friday
that the Tokyo District Court had approved bankruptcy proceedings
on Thursday, the report notes.

According to the report, the foundation said Kanagawa Clinic
branches in Tokyo, Nagoya, Osaka and Fukuoka will be passed on to
another healthcare group.


TOSHIBA CORP: Posts JPY19.7-Bil. Net Loss in FY2009
---------------------------------------------------
Toshiba Corp. announced its consolidated financial results for
fiscal year ended March 31, 2010.

The Company reported a net loss of JPY19.7 billion on JPY6.38
trillion of net sales for the year ended March 31, 2010, compared
with a net loss of JPY343.5 billion on JPY6.65 trillion of net
sales for the year ended March 31, 2009.

As of March 31, 2010, the Company had total assets of
JPY5.45 trillion against total liabilities of JPY4.32 trillion,
resulting in stockholders' equity of JPY1.12 trillion.

A full-text copy of the company's Consolidated Financial
Statements is available for free at:

                http://ResearchArchives.com/t/s?61a5

A full-text copy of the company's Consolidated Balance Sheet is
available for free at:

                http://ResearchArchives.com/t/s?61a6

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As of April 26, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


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


CRAFAR FARMS: OIO Investigates Four Crafar Farms Purchases
----------------------------------------------------------
The Overseas Investment Office is investigating the purchase of
four farms in the Crafar group by UBNZ Funds Management, a
Hong Kong investment group, a report posted at stuff.co.nz says.
UBNZ Funds has proposed spending as much as NZ$1.5 billion on
New Zealand dairy assets.

According to the report, the OIO probe is on whether the
transactions breached the Overseas Investment Act by not obtaining
the required consents.


In February, stuff.co.nz relates, UBNZ Funds Management bought
four Crafarms that were immediately transferred to an associate
company, UBNZ Assets Holdings.

"It is an offence for an overseas person or an associate of an
overseas person to buy sensitive land without consent and
significant penalties apply," the report quoted Annelies McClure,
manager of the OIO, as saying in a statement.

The report notes the OIO said the investigation is expected to
take several months "due to the complexity of the transactions and
the need to source and thoroughly analyze the information."

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance in October
2009.  The banks are owed around NZ$200 million and put
KordaMentha partners Michael Stiassny and Brendon Gibson in as
receivers after Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


CRAFAR FARMS: Owner in Talks With Overseas Buyer
------------------------------------------------
Crafar Farms owner Allan Crafar said he is still trying to raise
the money to take the farms out of receivership, according to
Radio New Zealand.

Radio New Zealand says receivers KordaMentha are selling 13 dairy
and three dry stock farms in the central and lower North Island
that were operated by companies owned by Allan, Beth and Frank
Crafar.

According to the report, the farms are expected to be advertised
next week, in New Zealand and overseas, and tenders will be open
to June 23.

The report relates real estate firm organizing the sales, Bayleys,
said there has already been a high level of interest from
potential buyers.

But Allan Crafar said he is negotiating with overseas interests to
provide the funding to clear the debts before the farms are sold.

Meanwhile, Radion New Zealand reports that the receivers said they
are still in the process of taking court action to enforce the
trespass notices they have served on the Crafars.

The report notes that the receivers are trying to remove them from
three family homes on two of the farms in the Reporoa area.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance in October
2009.  The banks are owed around NZ$200 million and put
KordaMentha partners Michael Stiassny and Brendon Gibson in as
receivers after Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


SOUTH CANTERBURY: S&P Retains CreditWatch Negative on Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services updated its CreditWatch
Negative on New Zealand-based finance company, South Canterbury
Finance Ltd.  S&P initially placed the ratings on SCF on
CreditWatch Negative on March 2, 2010, and the ratings remain on
CreditWatch with negative implications.

"The rating remains on CreditWatch Negative because SCF is still
exposed to material debenture-refinancing pressures leading into
October 2010, a month in which a significant level of debentures
is set to mature," Standard & Poor's credit analyst Derryl D'silva
said.  "S&P expects SCF's ability to deal with this liquidity and
refinancing risk to become clearer by the end of May 2010.  At
this time, we'll be able to observe and assess the company's
success in further building balance sheet liquidity and reducing
its refinancing requirements leading into October 2010.  S&P also
believe SCF will continue to pursue other options such as asset
sales, and recapitalization to improve its overall financial
strength."

Although SCF's financial profile remains weak for its 'BB' rating,
the company has made some progress in improving its credit profile
from when it was initially placed on CreditWatch Negative on
March 2, 2010.  "Importantly, SCF has improved its balance sheet
liquidity position and overall prospects of managing its
refinancing requirements by retaining support from its debenture
investors and attracting new debenture inflows," Mr. D'silva said.
These prospects have benefited from the company securing approval
to stay in the extended Retail Government Guarantee Scheme, and
management's efforts to strengthen broker and investor support.
Specifically, SCF has increased its cash on balance sheet to about
NZ$100 million on the back of an average reinvestment rate of 43%
over the last five months, new debenture inflows, and loan
repayments.  Additionally, short-term liquidity will benefit from
a capital injection of NZ$37.5 million as of end-May 2010.

The ratings could be taken off CreditWatch Negative and affirmed
with a negative outlook within a month, provided liquidity
concerns moderate such that:

SCF's cash balance builds to about NZ$150 million at the end of
May 2010 and S&P feel that this will likely improve to about
NZ$200 million in the near term, while meeting ongoing liquidity
needs.

There is evidence of sustainable improvement in the monthly
debenture reinvestment rate.

There is evidence of good and sustainable new debenture inflows.

The NZ$350 million debenture maturity in October 2010 was reduced
each month to get closer to SCF's average refinancing requirement
of about NZ$100 million.

Execution of other options such as asset sales, recapitalization,
and impaired loan recoveries continue along with efforts to
improve liquidity so as to restore SCF's overall financial
strength to a level that compares with the 'BB' rating and peers.

No new credit concerns emerge.

Conversely, the rating will be lowered?potentially by more than
one notch?and will remain on CreditWatch Negative if:

* Some or all of the above do not eventuate.

* It was forced to rely on asset sales to meet any ongoing
  liquidity shortfalls.  In S&P's view, a company rated 'BB'
  cannot rely on asset sales to meet short-term liquidity needs.


STRATEGIC FINANCE: Receivers to Run Sale Process on Loan Book
-------------------------------------------------------------
The receivers of Strategic Finance said they have received several
expression of interest regarding the purchase of the company's
loan book, either in whole or in part.

Receivers PricewaterhouseCoopers said in a letter to investors
that they have also contacted the wider PricewaterhouseCoopers
network in Australia and Asia to identify other potential
interested parties.

"We will be running a formal sale process with indicative offers
for the loan book, due by mid June 2010.  This will enable the
receivers to assess the level of interest in the loan book and any
indicative offers against the expected realisations in the
receivership."

"Given the sale process currently being undertaken, we do not
intend announcing what the potential recovery range may be for
secured debenture investors as this could be commercially
prejudicial negotiations with interested parties."

"Any potential recovery range will not be announced until after
the sales process has been completed," the receivers said.

A full-text copy of the PricewaterhouseCoopers's Letter to
Investors is available at no charge at:

                http://ResearchArchives.com/t/s?61a0

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited.  This ends the moratorium arrangement that has been in
place since December 2008.

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  The company owed
NZ$417 million to 13,000 investors.


STRATEGIC FINANCE: Regulator Appoints Corporate Forensic Examiner
-----------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that the Securities
Commission has appointed an inspector to probe the collapse of
Strategic Finance

According to the report, corporate forensic examinations have
started at Strategic Finance, the company run for years by former
All Black captain and top rugby administrator Jock Hobbs.

The New Zealand Herald relates Mr. Hobbs -- who has stepped aside
as NZ Rugby Union and Rugby New Zealand 2011 chairman to have six
months of therapy for leukemia -- was chief executive and remains
a director of the company.

The report says possible breaches of the Securities Act are being
investigated.

The New Zealand Herald reports that at least one meeting has taken
place between receivers in charge of Strategic and the newly
appointed inspector.

                       About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited.  This ends the moratorium arrangement that has been in
place since December 2008.

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  The company owed
NZ$417 million to 13,000 investors.


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


ASUSTEK COMPUTER: Sees Q2 Shipments of Notebook PC Rise by 10%
--------------------------------------------------------------
China Knowledge, citing Dow Jones Newswires, reports that Asustek
Computer Inc. expects its second-quarter shipments of notebook
personal computers to rise by at most 10% from the first quarter,
and its netbook shipments to rise up to 5%.

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics solutions.  The Company offers desktop motherboards,
server motherboards, three-dimension graphics display cards, audio
cards, laptops, servers, smart personal digital assistant mobile
phones, liquid crystal displays, LCD televisions, broadband
communication products, compact disc read-only memory drives,
digital versatile disc drives, disc carving machines and Eee
personal computers, among others.  The Company distributes its
products in domestic market and to overseas markets, including the
United States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

Asustek Computer continues to carry Fitch Ratings 'BB+' long-term
foreign currency issuer default ratings.


AU OPTRONICS: Reports April 2010 Consolidated Revenue
-----------------------------------------------------
AU Optronics Corp. disclosed preliminary consolidated April 2010
revenue of NT$41,154 million, up by 1.2% from March and 68.9%
year-over-year.

Large-sized panel (a) shipments for April 2010, with applications
on desktop monitor, notebook PC, LCD TV and other applications
amounted to approximately 9.66 million units, decreasing by a mere
1.1% from the previous month.  As for small-and-medium-sized
panels, the shipments reached 21.1 million units, down by 1.3%
month-over-month.

   (a) Large size refers to panels that are 10 inches and above
       in diagonal measurement while small and medium size refers
       to those below 10 inches.

    Sales Report :(Unit: NT$ million)

   Net Sales           Consolidated        Unconsolidated
   ---------           ------------        --------------
   April 2010            41,154                  39,012
   March 2010            40,673                  38,801
   M-o-M Growth            1.2%                    0.5%
   April 2009            24,359                  24,073
   Y-o-Y Growth           68.9%                   62.1%
   Jan to April 2010    152,718                 145,254
   Jan to April 2009     75,100                  74,542
   Y-o-Y Growth          103.4%                   94.9%

                        About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


                         *********

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.





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