TCRAP_Public/100513.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 13, 2010, Vol. 13, No. 093

                            Headlines



A U S T R A L I A

BROOKFIELD PARK: Receivers Can't Guarantee Workers' Benefits
SCALLYWAG SOCKS: Closes Manufacturing Plant; 60 Jobs Affected
TRANSURBAN GROUP: Rejects Canadian Funds' Takeover Proposals


C H I N A

GREENTOWN CHINA: Moody's Reviews 'Caa1' Corporate Family Rating


H O N G  K O N G

CHUNG TAI: Court to Hear Wind-Up Petition on June 23
ELEGANT CLEANING: Members' Final Meeting Set for June 11
EMPOWER HOLDINGS: Provisional Liquidators Appointed
FORTUNE HOPE: Members' Final Meeting Set for June 11
FUJITRANS (HK): Members' Final Meeting Set for June 8

GEMSTAR ASIA: Members' Final Meeting Set for June 8
GENWAVE TECHNOLOGY: Court to Hear Wind-Up Petition on June 9
GRAND PASTURES: Court to Hear Wind-Up Petition on June 23
HK CAPITAL: Placed Under Voluntary Wind-Up Proceedings
HONGKONG MAIZE: Members' Final Meeting Set for June 10

INGREDIENTS MATTER: Placed Under Voluntary Wind-Up Proceedings
INTER CHINA: Members' Final Meeting Set for June 8


I N D I A

AJIT SOLAR: CRISIL Cuts Ratings on Various Bank Facilities to 'D'
AXIS BANK: S&P Assigns Rating on Senior Unsecured Notes
BAFNA PHARMACEUTICALS: CRISIL Puts 'BB+ Ratings on Various Debts
DEE DEVELOPMENT: CRISIL Lifts Rating on INR115M Term Loan to 'B+'
MAS ENTERPRISES: Delay in Loan Payment Cues CRISIL Junk Ratings

OMEGA ROLLING: Low Net Worth Prompts 'BB+' Rating on INR40MM Debts
PVR PROJECTS: CRISIL Assigns 'B' Rating on INR100MM Cash Credit
RAM ASRA: CRISIL Assigns 'B' Rating on Various Bank Facilities
RD MOTORS: CRISIL Assigns 'BB-' Ratings on INR30 Mil. Cash Credit
SAFARI INDUSTRIES: Fitch Affirms 'BB-' National Long-Term Rating

SHREE RAJESHWARANAND: CRISIL Puts 'BB' Rating on INR60MM Term Loan
STORK FERRO: Fitch Assigns National Long-Term Rating at 'B-'
T.R. TREHAN: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
TATA MOTORS: Plans to Sell INR1 Billion 10-Year Bonds
TATA STEEL: Fitch Affirms Issuer Default Rating at 'BB+'

UNNAO DISTILLERIES: CRISIL Revises Rating Outlook on LT Bank Debts
VGN HOMES: CRISIL Rates INR187.20 Million Long Term Loan at 'D'


I N D O N E S I A

SIGMA CAPITAL: Fitch Assigns 'B+' Rating on Senior Notes


J A P A N

ALL NIPPON: International Passenger Traffic Up 3.4% in FY2009
JAPAN AIRLINES: Int'l. Passenger Traffic Down 8.4% in FY2009
SHINSEI BANK: Fitch Downgrades Issuer Default Rating to 'BB+'
SHINSEI BANK: Moody's Downgrades Ratings on Tier 1 to 'B1'
TOSHIBA CORP: To Raise Overseas Sales Ratio to 63% by 2012


K O R E A

HYNIX SEMICONDUCTOR: Sells $500-Mil. of Convertible Bonds


M A L A Y S I A

AYER MOLEK: Posts MYR220,000 Net Loss in Q1 Ended March 31
FOUNTAIN VIEW: 2009 Unaudited Results Deviate by 10% From Audited
IBRACO BERHAD: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

CRAFAR FARMS: Western Gulf Advisory Eyes Assets
LANE WALKER: Former Workers Get 2.5% Final Payouts
PMP LTD: S&P Affirms Corporate Credit Rating at 'BB+'
PROPERTYFINANCE GROUP: Directors Recommend Voluntary Liquidation
WINDFLOW TECHNOLOGY: Expects Up to NZ$6M Loss on Project Delays


S I N G A P O R E

FIRST SHIP: Fitch Downgrades Issuer Default Rating to 'B+'




                         - - - - -


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


BROOKFIELD PARK: Receivers Can't Guarantee Workers' Benefits
------------------------------------------------------------
Workers at collapsed Brookfield Park Nursing Home met with the
Australian Nursing Federation on Tuesday to discuss nursing home
workers' future, ABC News reports.

The report says the receivers have not guaranteed the workers will
get all their entitlements.

Paul Gilbert from the nursing federation's Victorian branch told
ABC News that many fear it will be hard for them to find another
job.

"It's very distressing . . . where people are very very keen to
maintain their jobs.  We are lucky in the sense that there is a
high demand for nurses but there is a lot of staff there who
wouldn't easily fall into a category of high demand and they'll
certainly be very worried about their futures," ABC News quoted
Mr. Gilbert as saying.

                       About Brookfield Park

Based in Traralgon, regional Victoria, Brookfield Park Nursing
Home operates a 30-bed high care facility and employs
approximately 50 staff.
  
Sal Algeri and Simon Wallace-Smith at Deloitte were appointed on
April 20 as Receivers and Managers of Lotus Aged Care Services Pty
Ltd and Lotus Fund No 3 Pty Ltd, whose main assets comprise the
property and business operations of the Brookfield Park Nursing
Home.


SCALLYWAG SOCKS: Closes Manufacturing Plant; 60 Jobs Affected
-------------------------------------------------------------
The National Distribution Union said that the union is concerned
but not surprised that another Ken Anderson company has collapsed,
this time the Scallywag Sock company in Melbourne.

Ken Anderson was the owner of LWR Group of companies that went
into receivership in April 2010, allegedly owing Westpac more than
$100 million and the workers hundreds of thousands of dollars in
wages and redundancy pay.  The receivers have subsequently
reported Ken Anderson to the Serious Fraud Office.

"The NDU has been notified by our Australian sister union that 60
workers at Scallywags lost their jobs last week," said Robert
Reid, General Secretary of the NDU.

"We are told that the staff are owed more than AU$500,000 in
unpaid superannuation contributions, long service leave, wages and
redundancy payments."

"Our heart goes out to those Australian workers who have lost
their jobs in similar circumstances to the LWR job massacre in
New Zealand last year," Mr. Reid said.

Melbourne, Australia-based Scallywag Sock manufactures socks.


TRANSURBAN GROUP: Rejects Canadian Funds' Takeover Proposals
------------------------------------------------------------
Transurban Group said Wednesday that it has evaluated proposals
received from Canada Pension Plan Investment Board, CP2 Ltd. and
Ontario Teachers' Pension Plan Board which, if implemented, would
involve the acquisition of all the issued stapled securities of
Transurban through a scheme of arrangement.

The three funds, which already own a combined 42.4% of the
company, are vying for control of assets including the Pocahontas
895 in Virginia and four Sydney toll roads to deliver steady
earnings to their members, according to Bloomberg News.

                         Primary Proposal

Transurban said the Primary Proposal is in essence for the
acquisition of all of the securities in Transurban not held by the
bidders for AU$5.57 cash per security (less the anticipated 12
cents per security second half distribution).

"The Primary Proposal is rejected by the Board of Transurban on
the grounds of both value and certainty," the company said in a
statement.

"The Board, advised by Lazard, considers the proposed price of
AU$5.57 (less the anticipated 12 cents per security second half
distribution) to be an inadequate price for control of Transurban
given its performance and prospects.  This price represents a
premium of only 21% to the underwritten issue price for the
group's securities in the current capital raising and a premium of
only 14% to the Theoretical Ex Rights Price under that issue."

"The Board also notes that the Primary Proposal is subject to a
defeating condition that Transurban discontinues the capital
raising.  The capital raising is being undertaken to support the
Lane Cove Tunnel acquisition as well as to provide funding
certainty for Transurban's M2 and M5 upgrade projects.  Given
there is no certainty of a change of control transaction under the
proposal, the Board remains of the view that the capital raising
is in the best interests of all Transurban security holders and is
proceeding as planned," Transurban said.

The Primary Proposal is also considered to be insufficiently
certain given that it remains subject to due diligence and other
conditions.

                        Secondary Proposal

The Secondary Proposal recognized Transurban's desire to continue
with the proposed capital raising announced on May 10, 2010, to
support the Lane Cove Tunnel acquisition as well as to provide
funding certainty for Transurban's M2 and M5 upgrade projects.

The Secondary Proposal:

   * assumes that Transurban continues with the capital raising
     on the terms announced on May 10, 2010;

   * would involve CPPIB, CP2 and OTPP providing an all cash
     offer to Transurban security holders at AU$5.42  per
     security (less the anticipated 12 cents per security second
     half distribution);

   * requires additional funding, which is yet to be secured; and

   * would otherwise be subject to the same conditions as those
     outlined in the Primary Proposal.

The Secondary Proposal has likewise been rejected by the Board of
Transurban on the grounds of both value and certainty.

Transurban said it has great confidence in the company's outlook
and prospects.   

                       About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                           *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


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


GREENTOWN CHINA: Moody's Reviews 'Caa1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has placed its Caa1 corporate family and
Caa2 senior unsecured debt ratings on Greentown China Holdings
Limited on review, with direction uncertain.  

"The review has been triggered by Greentown's upcoming repayment
of its RMB 2.2 billion convertible bond, puttable on May 18,
2010," says Kaven Tsang, Moody's lead analyst for Greentown.  

"Moody's expects Greentown will be able to make the payment with
internal reserves -- given the company's strong presales in 2009
and over the past few months, as well as its holdings of around
RMB9.4 billion in unrestricted cash as of end-2009 -- but any
deviation from such expectation will pressure the ratings
downward," says Tsang.  

"However, if Greentown can service the convertible bond payment
without material weakening to its liquidity or financial profiles,
the ratings could face upward pressure," adds Tsang.  

In its review, Moody's will also assess Greentown's overall credit
profile as well as its business and land acquisition strategies
after payment of the convertible bond.  

Moody's last rating action with regard to Greentown took place on
April 22, 2009, when the company's corporate family rating was
downgraded to Caa1, and its senior unsecured ratings, to Caa2,
both with a negative outlook.  

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou and Zhejiang
Province.  As of December 2009, it had a land bank spread over 34
cities with an attributable gross floor area of 20.76 million
square meters.  


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


CHUNG TAI: Court to Hear Wind-Up Petition on June 23
----------------------------------------------------
A petition to wind up the operations of Chung Tai Cotton Quilt
Company Limited will be heard before the High Court of Hong Kong
on June 23, 2010, at 9:30 a.m.

Lee Ying Yim filed the petition against the company on April 21,
2010.


ELEGANT CLEANING: Members' Final Meeting Set for June 11
--------------------------------------------------------
Members of Elegant Cleaning Services Company Limited will hold
their final meeting on June 11, 2010, at 10:00 a.m., at 76/F., Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


EMPOWER HOLDINGS: Provisional Liquidators Appointed
---------------------------------------------------
Messrs Chen Yung Ngai Kenneth and Wong Tak Man Stephen on
April 28, 2010, were appointed as provisional liquidators of
Empower Holdings Limited.

The liquidators may be reached at:

         Messrs Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


FORTUNE HOPE: Members' Final Meeting Set for June 11
----------------------------------------------------
Members of Fortune Hope Investment Limited will hold their final
meeting on June 11, 2010, at 10:30 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

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


FUJITRANS (HK): Members' Final Meeting Set for June 8
-----------------------------------------------------
Members of Fujitrans (HK) Limited will hold their final meeting on
June 8, 2010, at 10:30 a.m., at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GEMSTAR ASIA: Members' Final Meeting Set for June 8
-----------------------------------------------------
Members of Gemstar Asia Limited will hold their final general
meeting on June 8, 2010, at 11:00 a.m., at Unit A, 15/F., Gemstar
Tower, 23 Man Lok Street, Hung Hom, Kowloon, Hong Kong.

At the meeting, Lam Po Wan Ivy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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

Chan Hoi Sing filed the petition against the company on April 12,
2010.


GRAND PASTURES: Court to Hear Wind-Up Petition on June 23
---------------------------------------------------------
A petition to wind up the operations of Grand Pastures Limited
will be heard before the High Court of Hong Kong on June 23, 2010,
at 9:30 a.m.

AT & T Asia/Pacific Group Limited filed the petition against the
company on April 19, 2010.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


HK CAPITAL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on April 22, 2010,
creditors of Hong Kong Capital Advisors Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kishore Kundanmal Sakhrani
         8th Floor, Henley Building
         5 Queen's Road
         Central, Hong Kong


HONGKONG MAIZE: Members' Final Meeting Set for June 10
------------------------------------------------------
Members of Hong Kong Maize and Feed Importers Association Limited
will hold their final meeting on June 10, 2010, at 12:30 p.m., at
Shung Hing Chiu Chow Sea Food Restaurant at 33 Queen's Road West,
in Hong Kong.

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


INGREDIENTS MATTER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on April 22, 2010,
creditors of Ingredients Matter International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Nicholas William Burton
         8th Floor, Henley Building
         5 Queen's Road
         Central, Hong Kong


INTER CHINA: Members' Final Meeting Set for June 8
--------------------------------------------------
Members of Inter China Services Limited will hold their final
meeting on June 8, 2010, at 10:00 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


AJIT SOLAR: CRISIL Cuts Ratings on Various Bank Facilities to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Ajit Solar Pvt Ltd's bank
facilities to 'D/P5' from 'BB-/Negative/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR29.5 Million Cash Credit      D (Downgraded from
                                       BB-/Negative)
   INR285 Million Term Loan         D (Downgraded from
                                       BB-/Negative)
   INR70.5 Million Packing Credit   P5 (Downgraded from P4)
   INR45 Million Letter of Credit   P5 (Downgraded from P4)
   INR11.3 Million Bank Guarantee   P5 (Downgraded from P4)

The downgrade is on account of delay by Ajit Solar in servicing
its recent debt obligations, following time overrun in the start
of commercial operations at its photo-voltaic (PV) cell production
line.

Ajit Solar was incorporated in 2007 by Mr. Ajit Singh Gehlot, who
also promotes automobile dealerships in the Alwar region of
Rajasthan.  The company has set up a 20-megawatt (MW) PV cell
production line, entailing an investment of about INR400 million.
The manufacturing unit produces solar panels and modules using PV
cells as the primary raw material.  The production line, sourced
from Schmid Technology Systems GmbH, Germany, has been
commissioned. Commercial operation has begun, following a delay
due to obtaining quality certifications from European agencies and
soliciting orders for its products.


AXIS BANK: S&P Assigns Rating on Senior Unsecured Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating on
Axis Bank Ltd.'s (BBB-/Stable/A-3) senior unsecured notes issue of
Singapore dollar (S$) 40 million under its existing EUR2 billion
medium-term notes program.  The notes will have a tenor of one
year and will be issued through the bank's Hong Kong branch.  

The proceeds from this issue will be used to fund the bank's
international operations and for general corporate purposes.  The
senior notes constitute direct, unconditional, unsecured and
unsubordinated obligations of the bank, and shall at all times
rank pari passu with all other unsecured obligations.  

Standard & Poor's ratings on Axis' proposed debt issues under the
EUR2 billion MTN program remain:

  -- 'BBB-' rating on the senior unsecured notes,

  -- 'BB+' rating on the lower Tier II subordinated notes, and

  -- 'BB' rating on the upper Tier II subordinated notes and
      hybrid Tier-I perpetual notes.


BAFNA PHARMACEUTICALS: CRISIL Puts 'BB+ Ratings on Various Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Bafna Pharmaceuticals Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR125.2 Million Long-Term Loans     BB+/Stable (Assigned)
   INR30.0 Million Cash Credit          BB+/Stable (Assigned)
   INR50.0 Million Foreign Bills        BB+/Stable (Assigned)
                   Discounting *
   INR70.0 Million Export Packing       BB+/Stable (Assigned)
                   Credit *  
   INR20.0 Million Letter of Credit #   BB+/Stable (Assigned)
   INR10.0 Million Letter of Credit     P4+ (Assigned)
   INR30.0 Million Bank Guarantee       P4+ (Assigned)

   *Foreign bills discounting and export packing credit are
     fully interchangeable with cash credit

    #Fully interchangeable with cash credit

The ratings reflect Bafna's modest, though increasing, scale of
operations in a highly competitive market, limited track record in
contract manufacturing, and working-capital-intensive operations.
These weaknesses are partially offset by the healthy growth
prospects for the Indian pharmaceutical industry, and Bafna's
improving operating capabilities and average financial risk
profile.

Outlook: Stable

CRISIL believes that Bafna will maintain its business risk profile
over the medium term, supported by steady revenue growth from its
existing products and its contract manufacturing business.  The
company's financial risk profile is also expected to benefit from
steady cash generation, leading to improvement in its gearing and
debt protection metrics over the medium term.  Better-than-
expected utilization of facilities, leading to higher revenue
growth and profitability, and an overall healthier financial risk
profile, could result in a revision in outlook to 'Positive'.
Conversely, sustained low utilization of capacities, leading to
pressure on revenues and profitability, and more-than-expected
debt-funded capital expenditure, adversely impacting gearing and
debt protection metrics, could lead to the outlook being revised
to 'Negative'.

                       About Bafna Pharmace

Bafna was set up in 1981 as a proprietary concern by Mr. Bafna
Mahaveer Chand; it was reconstituted as a public limited company
in 1995. The company commenced its production with a tablet
facility at Madhavaram in Chennai in October 1984, and
subsequently added capsule and oral syrup facilities.  In 2001,
the company set up a unit for producing Betalactam products.  
While Bafna has, over the years, focused on institutional and
generic supplies of pharmaceutical products, it has also been
steadily increasing the number of registrations of its products in
the international market.  The company recently commissioned its
second manufacturing facility at Grantylon, Red Hills, Chennai.
The unit is the 35th in the Indian pharmaceutical industry to
receive the Medicines and Healthcare products Regulatory Agency
(MHRA) approval.  Bafna has also set up a formulations research
and development unit at the Grantylon unit.  The unit is engaged
in the manufacture of non-Betalactam products for regulated
markets in the UK and the US, and new products for the Sri Lankan
market.

For 2008-09 (refers to financial year, April 1 to March 31), Bafna
reported a profit after tax (PAT) of INR10.7 million on net sales
of INR457.7 million, against a PAT of INR12 million on net sales
of INR392.9 million for 2007-08. For the nine months ended
December 31, 2009, Bafna reported a profit before tax of INR30.5
million (loss before tax of INR2.5 million for the corresponding
period of 2008-09) on net sales of INR503.3 million (INR283.6
million).


DEE DEVELOPMENT: CRISIL Lifts Rating on INR115M Term Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded the rating on the bank facilities of Dee
Development Engineers Pvt Ltd to 'B+/Stable/P4' from 'D/P5'.

   Facilities                             Ratings
   ----------                             -------
   INR190.0 Million Cash Credit Limit     B+/Stable (Upgraded from
                                                     'D')
   INR80.00 Million Export Packing        B+/Stable (Upgraded from
                           Credit*                   'D')
   INR115.0 Million Term Loan             B+/Stable (Upgraded from
                                                     'D')
   INR125.00 Million Bank Guarantee       P4 (Upgraded from 'P5')
   INR90.0 Million Letter of Credit       P4 (Upgraded from 'P5')

   *Interchangeable with Cash Credit

The upgrade is driven by the track record of timely payment of
debt installments since November 2009; it also factors in the
initiatives taken by DDEPL's management to ensure timeliness in
debt installment payment in the future.

CRISIL's ratings also reflect DDEPL's average financial risk
profile, on account of large debt-funded capital expenditure
(capex) and working-capital-intensive operations, and exposure to
risks related to the limited size of the spools and pipe fittings
market and intense competition from unorganized players in the
piping systems and pipe fittings industry.  These rating
weaknesses are partially offset by DDEPL's established market
position, healthy growth prospects for the end-user industries,
strong growth in operating income and cash accruals due to above-
average operating efficiency.

Outlook: Stable

CRISIL believes that DDEPL will maintain its established position
in the domestic as well as exports market for spools.  The outlook
may be revised to 'Positive' if DDEPL strengthens its liquidity
through better management of its working capital requirements and
also reports higher margins from the recently modernized facility,
which is expected to have higher operating efficiency. Conversely,
more-than-expected capital expenditure, which would exhaust the
company's surplus liquidity over the near term, may result in a
revision in outlook to 'Negative'.

                       About Dee Development

Dee Development Engineers Pvt was incorporated in 1988, primarily
for designing steam and other process piping.  The company
diversified into the manufacture and supply of piping systems and
pipe fittings. DDEPL operates from its recently set up plant at
Tatarpur (Haryana), which has capacity of 10,000 tonnes per annum
(tpa) of spools and pipe fittings.  DDEPL's main product, spools,
accounts for around 80 per cent of its revenues; the remainder
comes from the sales of pipe fittings. Spools are pipes that are
fitted with various equipments such as elbows, tees, reducers,
caps crosses, and stub ends.  In February 2009, DDEPL commissioned
its 8-megawatt bio-mass-based power plant in Abohar (Punjab).

DDEPL reported a profit after tax (PAT) of INR79.5 million on net
sales of INR1.5 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR123.8 million on net
sales of INR1.5 billion for 2007-08.


MAS ENTERPRISES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Mas Enterprises Ltd's
bank facilities.  The ratings reflect delay by MEL in servicing
its term loan obligations, and the company's overdrawn working
capital limits; the delay has been caused by MEL's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR54.30 Million Long Term Loan     D (Assigned)
   INR102.50 Million Cash Credit       D (Assigned)
   INR37.20 Million Short Term Loan    P5 (Assigned)
   INR15.00 Million Packing Credit     P5 (Assigned)
   INR7.50 Million FDBP/FUBP           P5 (Assigned)
   INR2.50 Million Bank Guarantee      P5 (Assigned)

Set up in 1978 by Mr. T.T Jose as a partnership firm, MEL got its
current name in 1992.  The company is one of the largest cardamom
auctioneers in Asia, licensed by the Spices Board of India. It
exports spices, predominantly cardamom, chiefly to countries in
the Middle East.  The company also trades in fast-moving consumer
goods (FMCGs), such as curry powder, and jams under the Palat and
Mas brands. MEL is also the sole distributor and franchisee holder
of Bharat Sanchar Nigam Ltd (BSNL) in Idduki district (Kerala);
MEL sells and markets BSNL's cash cards, subscriber identity
module, and talk-time recharge cards.

MEL reported a profit after tax (PAT) of INR5 million on net sales
of INR950 million for 2008-09 (refers to financial year, April 1
to March 31) against a PAT of INR28 million on net sales of INR750
million for 2007-08.


OMEGA ROLLING: Low Net Worth Prompts 'BB+' Rating on INR40MM Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Omega Rolling
Mills Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit         BB+/Stable (Assigned)
   INR20.0 Million Letter of Credit    P4+ (Assigned)
   INR14.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect Omega's small scale of operations, low net
worth, and exposure to risks related to fluctuations in prices of
raw material.  These rating weaknesses are partially offset by
Omega's healthy debt protection indicators, moderate gearing, and
established market position, and by the favorable long-term demand
prospects for copper products.

Outlook: Stable

CRISIL believes that Omega will maintain its business risk profile
over the medium term led by healthy demand for copper products.
The outlook may be revised to 'Positive' if Omega's financial risk
profile improves significantly because of equity infusion or
greater-than-expected growth in revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if Omega's
financial risk profile deteriorates because of losses on account
of volatility in copper prices, or any large debt-funded capital
expenditure.

                        About Omega Rolling

Omega, incorporated in 1998, manufactures copper-based products
such as wires, rods, strips, sections, and bus bars at its
manufacturing facilities in Taloja (Maharashtra). The company has
a rolling capacity of 6000 tonnes per annum. Omega sells to
companies in the power, telecommunication, engineering, and
construction sectors.  The company was promoted by Mr. Rajesh
Kumar Agarwal, his father Mr. Navin Kumar Agarwal, and mother Mrs.
Usharani Agarwal.

Omega reported a profit after tax (PAT) of INR0.7 million on net
sales of INR214.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.0 million on net sales
of INR214.6 million for 2007-08.


PVR PROJECTS: CRISIL Assigns 'B' Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to PVR Projects
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B/Negative (Assigned)
   INR280 Million Proposed Long     B/Negative (Assigned)
        Term Bank Loan Facility  
   INR620 Million Bank Guarantee    P4 (Assigned)

The ratings reflect PVRPL's weak liquidity because of delay in
realization of receivables from government organizations, small
scale of operations, geographical concentration in revenue
profile, and weak financial risk profile.  These rating weaknesses
are partially offset by the benefits that PVRPL promoters'
experience in the irrigation projects segment, and the company's
sizeable order book.

Outlook: Negative

CRISIL believes that PVRPL's liquidity will remain weak over the
medium term because of its large working capital requirements
arising out of its large order book.  The rating may be downgraded
if PVRPL's liquidity weakens further, most likely because of
continued delay in realization of receivables.  Conversely, the
outlook may be revised to 'Stable' if the company improves its
liquidity, most likely through improved working capital management
by faster realization of receivables.

                        About PVR Projects

PVR Projects Ltd was incorporated in 2005, after acquiring the
business of a proprietorship firm, P Venkureddy, having operations
since 1986.  PVRPL specializes in the execution of irrigation
projects mainly for government and semi-government organizations.
PVRPL's operations involve execution of civil infrastructure
projects, such as canals, dams (both earthen and masonry),
reservoirs, aqua-ducts, flumes and tunnels.  It mostly undertakes
projects in Maharashtra, and to some extent in Andhra Pradesh.
Currently, Mr. Satishkumar Reddy, son of the promoter, Mr. P
Vekureddy, manages PVRPL.

PVRPL is expected to report an estimated profit after tax (PAT) of
INR26 million on net sales of INR490 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR21.7
million on net sales of INR509.9 million for 2008-09.


RAM ASRA: CRISIL Assigns 'B' Rating on Various Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Ram Asra Goyal Edu.
& Research Society's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR170.0 Million Term Loan            B/Stable (Assigned)
   INR20.0 Million Overdraft Facility    B/Stable (Assigned)

The rating reflects RAG's limited track record and exposure to
risks related to intense competition in the education sector.
These rating weaknesses are partially offset by RAG's improving
financial risk profile, backed by increase in student strength,
led by increase in number of seats, and addition of new courses.

Outlook: Stable

CRISIL believes that RAG will benefit from the expected
improvement in its student base due to the addition of seats and
introduction of new courses.  The outlook may be revised to
'Positive' if the occupancy levels for RAG's courses are better
than CRISIL's projections, leading to healthy profitability.
Conversely, the outlook may be revised to 'Negative' if the
society undertakes large, debt-funded capital expenditure or in
case the addition in seats falls significantly lower than CRISIL's
projections.

RAG was set up in May 2008.  The society was promoted by Mr. R K
Goyal to set up various colleges for imparting education in
diverse fields of education such as engineering and management.

Currently, the society operates three colleges located in a campus
of around 15 acres in Sunam (Punjab).  The engineering colleges
are affiliated to Punjab Technical University, Jalandhar (Punjab),
whereas management and computer application courses are affiliated
to Punjabi University, Patiala (Punjab).


RD MOTORS: CRISIL Assigns 'BB-' Ratings on INR30 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to RD Motors Pvt Ltd's
bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         BB-/Stable (Assigned)
   INR80 Million Inventory Funding   BB-/Stable (Assigned)

The rating reflects RD Motors' weak financial risk profile marked
by small net worth, high gearing, and weak debt protection
metrics, and the company's exposure to risks relating to intense
competition in the automobile dealership business.  These
weaknesses are partially offset by the benefits that RD Motors
derives from its strong relationship with its principals, Tata
Motors Ltd (TML, rated 'A+/Stable/P1+' by CRISIL) and Fiat India
Automobiles Ltd (Fiat, rated BBB+/Stable by CRISIL).

Outlook: Stable

CRISIL believes that RD Motors will maintain its credit risk
profile over the medium term, backed by its moderate presence in
the automobile industry.  The outlook may be revised to 'Positive'
if RD Motors' profitability or capital structure improves
significantly.  Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, or if it
undertakes a large debt-funded capital expenditure program,
leading to deterioration in its financial risk profile.

                          About RD Motors

RD Motors was set up as a closely held company in 2003 by
Mr. Pradeep Jain.  The company started operations in 2005 with the
dealership of TML's passenger vehicles; it became a dealer of
Fiat's vehicles in 2007.  RD Motors covers five districts of West
Bengal: South 24 Parganas, North 24 Parganas, Nadia, Howrah, and
Hooghly. It has two showrooms, three branches, and two workshops.

RD Motors is estimated to have generated a profit after tax (PAT)
of INR13.1 million on net sales of INR664.69 million for 2009-10
(refers to financial year, April 1 to March 31), against PAT of
INR6.5 million on net sales of INR767 million for 2008-09.


SAFARI INDUSTRIES: Fitch Affirms 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Safari Industries India Limited's
National Long-term rating at 'BB-(ind)'.  The Outlook is Stable.  
The agency has also assigned a 'BB-(ind)' rating to SIIL's fund-
based limits of INR166m.  At the same time, the agency has
affirmed the company's INR3.6m long-term debt at 'BB-(ind)' and
its non-fund-based limits of INR87.5m at 'F4(ind)'.

The affirmation reflects SIIL's better margins and liquidity
position owing to lower working capital requirements and lower raw
material costs.  Moreover, demand for luggage has also started
increasing leading to a stabilization of SIIL's revenues in FY10.  
The capex program to open new franchise stores has also been
terminated; now SIIL plans to sell the luggage through
distributors and to canteen store departments only.  Fitch expects
this will help to keep leverage to more manageable levels

SIIL has entered into a production agreement with Samsonite India
Limited, in which Samsonite will provide the moulds and SIIL will
handle the production of luggage.  Fitch expects this partnership
to increase SIIL's revenues and stabilize its cash flow further.  

The ratings remain constrained by the rising competition in the
luggage market and a lack of brand building efforts by SIIL.  The
company's ability to undertake these investments would, however,
be limited due to its weak financial position.  Hard luggage
sales, which form, about 70% of SIIL's sales, is declining in
India as consumer preference for soft luggage is rising.  SIIL has
a strong presence in the lower end of the branded hard luggage
segment in India's Tier II and Tier III cities; but Fitch expects
that SIIL will face increased competition from both organized and
unorganized players in the medium term.  SIIL is also exposed to
commodity price fluctuations as the raw material for hard luggage
is a derivative of crude oil.  The company also faces currency
risks as its soft luggage products are imported from China.

Negative ratings triggers include margins below 5%, debt/EBITDA
above 4.0x, and interest cover below 2.0x for a sustained period;
while debt/EBITDA below 2x, interest cover over 3x for a sustained
period would be positive for the ratings.

As of 9MFY10, revenue growth had a year-on-year increase of 3% to
INR 443m while EBITDA margins rose to 9% from 5% in the same
period.  Lower raw material costs have been the major reason for
improved margins.  The interest cover improved to 2.3x in 9MFY10
from 1.2x in 9MFY09 owing to better margins and reduced debt.  

Safari Industries was established in 1974 as a partnership firm to
manufacture plastic moulded luggage.  The company was subsequently
converted to a public limited company in 1986.  It currently has
an injection-moulding facility to manufacture luggage (hard top)
with a capacity of around 2,250 metric tonnes per annum.  The
company has also started to import soft top luggage from China to
meet increasing demand.  The company has an extensive distribution
network and it sells its goods through Safari Sales Pvt Ltd, an
entity which is owned and controlled by Safari's sponsors,
although sales to CSD are directly booked in SIIL's revenue.


SHREE RAJESHWARANAND: CRISIL Puts 'BB' Rating on INR60MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Shree
Rajeshwaranand Paper Mills Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR120.0 Million Cash Credit Facility   BB/Stable (Assigned)
   INR60.0 Million Term Loan               BB/Stable (Assigned)
   INR25.0 Million Letter of Credit        P4+ (Assigned)

The ratings reflect SRPML's weak financial risk profile, marked by
large incremental working capital requirements, increasing
gearing, and weak debt protection measures, and exposure to risks
related to small scale of operations, and intense competition in
the newsprint paper industry.  These rating weaknesses are
partially offset by the benefits that SRPML derives from its
strong track record of operations, and an established client base.

Outlook: Stable

CRISIL believes that Shree Rajeshwaranand Paper Mills Ltd (SRPML)
will maintain its credit risk profile over the medium term, backed
by its long track record in the newsprint industry and its
established client base.  The outlook may be revised to 'Positive'
if the company registers higher-than-expected revenue growth and
an improvement in its operating margin along with improvement in
capital structure.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a debt-funded capex program,
leading to a further deterioration in its financial risk profile,
or contracts larger-than-expected working capital borrowing,
leading to a decline in its debt protection measures.

                    About Shree Rajeshwaranand

Incorporated in 1989, SRPML manufactures newsprint paper.  Its
plant in Bharuch (Gujarat) has installed capacity of 28,000 tonnes
per annum (tpa), which increased in 2009-10 from 21,000 tpa in
2008-09.  Currently, around 95 per cent of the paper manufactured
by SRPML is for the newsprint segment; however, from 2010-11
onwards, the company plans to venture into the manufacture of
kraft paper.  SRPML supplies paper to newspaper manufacturers
across the country; however, a large share of its revenue comes
from Gujarat, Rajasthan, and Maharashtra.  The Company is listed
at the Bombay Stock Exchange.

SRPML reported a profit after tax (PAT) of INR4.7 million on net
sales of INR561.1 million for 2008-09, as against a PAT of
INR4.6 million on net sales of INR381.0 million for 2007-08.  For
the nine-month period ended December 31, 2009, the company
reported a net profit of INR8.3 million on net sales of
INR385.3 million, as against INR9.7 million and INR455.3 million,
respectively for the corresponding period of the previous year.


STORK FERRO: Fitch Assigns National Long-Term Rating at 'B-'
------------------------------------------------------------
Fitch Ratings has assigned Stork Ferro and Mineral Industries Pvt.
Ltd. a National Long-term rating of 'B-(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to these loans:

  -- Long-term bank loan limits of INR391.8 million (consisting of
     term loans of INR300.0 million and fund-based working capital
     limits of INR91.8 million) at 'B-(ind)'; and

  --  National Short-term rating to non-fund-based limits of
     INR60.0 million at 'F4(ind)'.

The ratings reflect the time and cost overruns associated with
SFMIPL's yet to be completed ferro alloy manufacturing plant in
Balasore, Orissa.  The plant has an expected capacity to
manufacture 24090 metric tonnes of ferro alloy.  The project's
original cost was approximately INR520 million and has now risen
to approximately INR640 million.  The ratings are constrained by
the company's exposure to the volatility in raw material prices
such as manganese ore, as well as the finished product -- silico
manganese.  SFMIPL does not have any long term contracts for raw
material supplies nor does it have its own mining licenses.

The ratings benefit from the Stork Group's track record in ferro
alloys trading and their distribution network in Europe.

Negative rating triggers include further delays in the project
beyond June 2010, or further cost overruns.  Positive rating
triggers include the timely completion of the project and start of
commercial production.  The company planned to begin commercial
production in April 2009, but is now expected to be delayed to
June 2010.  

SFMIPL was established in November 2006, and is a 100%-owned
subsidiary of Stork Holding G.m.b.H, Austria.  The Stork Group has
experience in selling Indian origin ferro alloys in Europe, with
sales averaging around 15000 MT over the last few years.  Besides
minerals trading, the Group has interests in various other
businesses, including manufacturing master alloys for titanium
industries.


T.R. TREHAN: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to T.R. Trehan
Constructions Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR27.5 Million Cash Credit      BB+/Stable (Assigned)
   INR8.9 Million Long-Term Loan    BB+/Stable (Assigned)
   INR33.2 Million Proposed Long-   BB+/Stable (Assigned)
          Term Bank Loan Facility
   INR61.4 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect TR Trehan's exposure to risks related to its
small order book and scale of operations, and the geographical and
segmental concentration in its revenue profile.  These weaknesses
are partially offset by TR Trehan's healthy financial risk profile
marked by low gearing and strong debt protection indicators.

Outlook: Stable

CRISIL believes that TR Trehan will maintain its credit risk
profile over the medium term, supported by its low gearing,
expected stable operating margin because of inclusion of price
escalation clauses in its customer contracts, and its promoters'
experience in executing road construction and earthwork projects
in Madhya Pradesh.  The outlook may be revised to 'Positive' in
case of substantial improvement in TR Trehan's working capital
management and order book.  Conversely, the outlook may be revised
to 'Negative' in case of a decline in the company's order book to
sales ratio, or deterioration in its liquidity, resulting in a
constrained financial risk profile.

                          About TR Trehan

TR Trehan, based in Dewas, Madhya Pradesh, is a civil contractor.
It was originally set up as a proprietorship firm in 1969, but was
reconstituted as a private limited company in 1999.  TR Trehan is
an A5 contractor registered with the Public Works Department,
Madhya Pradesh, and undertakes contracts for road strengthening
and widening, and earthwork. The company's day-to-day operations
are managed by Mr. Anil Salhotra, who is the director of the
company.

TR Trehan has generated a profit after tax (PAT) of INR8 million
on net sales of INR218 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR5 million on net
sales of INR119 million for 2007-08.


TATA MOTORS: Plans to Sell INR1 Billion 10-Year Bonds
-----------------------------------------------------
Tata Motors Ltd. aims to raise INR1 billion by selling bonds,
Bijou George at Dow Jones Newswires reports, citing a person
familiar with the matter.  The person, who asked not to be named,
told Dow Jones Newswires that the auto maker plans to sell 10-year
bonds paying a coupon of 9.75%.  Yes Bank is the sole arranger of
the issue, which will be privately placed, the person added.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to 'B2' from 'B3'.  The outlook on
the rating is positive.

This rating action completes the rating review for possible
upgrade initiated on March 2, 2010, when TML announced its
consolidated Q3 FY2010 results.


TATA STEEL: Fitch Affirms Issuer Default Rating at 'BB+'
--------------------------------------------------------
Fitch has affirmed the Foreign Currency Issuer Default Rating of
'BB+' and the National Long-term rating of 'AA(ind)' of Tata Steel
Limited.  Simultaneously, Fitch has also affirmed the Foreign
Currency IDR of Tata Steel UK at 'B+'.  The Outlook on all the
ratings continues to be Negative.  The ratings on all of TSL's
facilities on the National scale and the rating on TSUK's secured
bank facilities have also been affirmed:

  -- TSUK's secured bank facilities of GBP3.67bn: 'BB-';

  -- TSL's National Long-term debt of INR65bn (enhanced from
     INR58.5bn): 'AA(ind)';  

  -- TSL's non-convertible debenture INR30bn: 'AA (ind)'

  -- TSL's non-convertible debenture of INR20bn: 'AA(ind)';  

  -- TSL's non-convertible debenture issue of INR12.5bn:
     'AA(ind)';  

  -- TSL's fund-based cash credit limits of INR10.6bn: 'AA(ind)';

  -- TSL's non-fund based limits of INR23.4bn: 'AA(ind)';  

  -- TSL's fund-based limits of INR7.25bn: 'AA(ind)';

  -- TSL's non-fund based limits of INR7.6bn: 'F1+(ind)'; and  

  -- TSL's commercial paper/short-term debt of INR9.75bn:
     'F1+(ind)'.  

The affirmation reflects the sequential improvement in performance
of TSUK's operations which were severely affected after the global
financial crisis and which had an impact on the consolidated
profile of the entity.  TSUK's European operations reported EBITDA
profits in Q3FY10 after posting EBITDA losses from Q4FY09 to
Q3FY10 due to the company's sensitivity to raw material price
volatility, the relatively slower improvement in demand and the
impact of losses at Teeside Cast Products.  Fitch expects TSUK's
profitability to improve in FY2011 on account of its cost cutting
initiatives; although the benefits are expected to remain
constrained by the potential increase in raw material prices which
may not be fully passed on to end consumers.  The Indian
operations, on the other hand, continue to perform strongly on the
back of its low cost operations and would continue to benefit from
the strong demand in the domestic market.  Consequently, Fitch
expects financial leverage (Net debt/EBITDA) to remain lower than
4x in the next 2 years, which was identified as a negative rating
trigger at the previous review.  

However, Fitch has maintained a Negative outlook on the ratings as
downside risks including lower than anticipated contributions from
TSUK could potentially increase financial leverage beyond the
rating trigger.  The Foreign Currency IDR and the National ratings
of TSL continue to benefit from a one notch uplift on account of
the potential support from the Tata group.  The agency continues
to take a consolidated view of TSL in line with its Parent and
Subsidiary Rating Linkage methodology.  TSUK's rating also
benefits from potential parental support despite the company's
acquisition debt remaining non-recourse to TSL.  

Fitch has also reviewed the ability of the Tata group to provide
support to TSL and continues to draw comfort from the strategic
importance of TSL to the group.  Any weakening of linkages between
the group and TSL, and/or the group's inability to provide support
would act as negative ratings triggers.  TSUK's ratings in turn
benefit from TSL's support.  

Fitch notes that TSL and TSUK continue to maintain strong
liquidity supported by a back ended repayment profile.  While the
consolidated entity has benefited in FY10 by release of cash on
account of working capital in its European operations, increasing
production and higher raw material prices would necessitate higher
working capital requirements in FY11.  The capex plans remain
focussed on the India operations and remain consistent with the
earlier plan.  The brownfield expansion at Jamshedpur for an
additional 2.9mtpa capacity is on track for completion in the
second half of FY12.  

TSL is the flagship of the Tata group and one of the 10 largest
largest steel producers in the world.  Europe contributed 65% of
TSL's consolidated revenue in FY09 with India's share at 17% and
the balance coming from South East Asia.  Fitch expects the
proportion of EBITDA from the Indian operations to remain the
dominant contributor of profitability in the next 2-3years.


UNNAO DISTILLERIES: CRISIL Revises Rating Outlook on LT Bank Debts
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Unnao Distilleries and Breweries Limited to 'Stable'
from 'Negative', while reaffirming the rating at 'B+'.  The short-
term rating has also been reaffirmed at 'P4'.  The outlook
revision reflects improvement in Unnao's working capital position
over the past 12 months ended April 2010 due to faster realization
of debtors.  CRISIL also believes that the improved working-
capital management will be sustained over the medium term.

   Facilities                       Ratings
   ----------                       -------
   INR140.0 Million Cash Credit     B+/Stable (Outlook Revised
                                               from 'Negative')

   INR43.0 Million Term Loan^       B+/Stable (Outlook Revised
                                               from 'Negative')

   INR20.0 Million Bank Guarantee*  P4 (Reaffirmed)

   ^Including proposed limit of INR3.0 Million
   *Including proposed limit of INR15.0 Million

The rating continues to reflect Unnao's exposure to risks relating
to unfavorable regulations in the distillery industry, moderate
scale of operations with low operating margins and tight liquidity
position due to high excise duty payments.  These weaknesses are,
however, partially offset by Unnao's strong market position in the
country liquor segment in Uttar Pradesh (UP) and its healthy
capital structure with adequate debt protection metrics

Outlook: Stable

CRISIL believes that Unnao will maintain its improved working
capital position on the back of faster realization of debtors.  
The business risk profile will continue to be supported by its
strong brand in the country-liquor segment.  The outlook may be
revised to 'Positive' in case Unnao is able to further improve its
liquidity position.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of large borrowings for capital expenditure,
or delay in realizations from customers.

                     About Unnao Distilleries

Unnao, was formed by taking over the operations of ACT Ltd in
2000. It has an installed capacity of 19 million litres per annum
of commercial spirit and potable liquor.  The company manufactures
country liquor under the Madhuri brand, and Indian-made foreign
liquor under the High Choice and Deluxe brands.  Unnao is licensed
to sell spirit in UP and has been market leader in the country
liquor segment in the state for the past five years.

For 2009-10 (refers to financial year, April 1 to March 31), Unnao
reported a provisional profit after tax (PAT) of INR13.5 million
on net sales of INR1061 million, as against a loss of INR1.2
million on net sales of INR1131 million for 2008-09.


VGN HOMES: CRISIL Rates INR187.20 Million Long Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to VGN Homes Pvt Ltd's bank
facilities. The rating reflects delay by VHPL in servicing its
term loan; the delay has been caused by VHPL's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR187.20 Million Long Term Loan     D (Assigned)

Incorporated in 2004, VHPL undertakes development of residential
apartments and houses in Chennai and surrounding suburbs.  The
company is part of the VGN group set up by Mr. V Guruswamy Naidu
in 1942. The company is currently managed by Mr. Devadoss, son of
Mr. V Guruswamy Naidu.

VHPL reported a profit after tax (PAT) of INR4 million on net
sales of INR41 million for 2008-09 (refers to financial year,
April 1 to March 31) against a net loss of INR0.4 million on net
sales of INR2.9 million for 2007-08.


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


SIGMA CAPITAL: Fitch Assigns 'B+' Rating on Senior Notes
--------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' and a final
Recovery Rating of 'RR4' to the US$270.6 million senior notes due
April 30, 2015, issued by Sigma Capital Pte.  Ltd, a wholly-owned
subsidiary of PT Lippo Karawaci Tbk ('B+'/Stable), and guaranteed
by LK.

This rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received.  The final rating is the same as the expected rating
assigned on April 9, 2010.  Although the issue size is lower than
the US$350 million previously communicated by the company, Fitch
views that LK's capital structure and credit profile have not
changed materially.

The 2015 Notes were offered as part of an exchange offer for the
US$250m notes due 2011 issued by Lippo Karawaci Finance B.V. and
guaranteed by LK.  The final aggregate of the 2011 Notes accepted
for the exchange offer was US$183.75 million while the remaining
note holders will hold the 2011 Notes until its maturity.  Fitch
believes that LK's good liquidity position with cash and cash
equivalents of IDR1,533 billion (approximately US$163 million) at
FYE09 and good access to domestic banks should allow it to
refinance the remaining portion of the 2011 Notes when it matures
in March 2011.  Proceeds from the 2015 Notes in excess of the
amount used for the exchange offer will be used for capital
expenditure and general corporate purposes.  


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


ALL NIPPON: International Passenger Traffic Up 3.4% in FY2009
-------------------------------------------------------------
All Nippon Airways Co. said it flew 4.13 million passengers on its
international flights in the year that ended March 2010, up 3.4%,
after a drop in traffic the previous year, The Japan Times
reports.

The report says domestic passenger numbers at ANA declined in
fiscal 2009 for the third consecutive year, with passengers flying
ANA decreasing 8.6% to 37.95 million.

The Japan Times relates the airline said it saw a 23.1% increase
in international passengers in March, while the number of domestic
passengers remained unchanged from the level a year earlier.

                              About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


JAPAN AIRLINES: Int'l. Passenger Traffic Down 8.4% in FY2009
------------------------------------------------------------
Japan Airlines Corp. said it carried 10.72 million international
passengers in the year that ended in March, down 8.4% from a year
earlier and the fifth consecutive year of decline, The Japan Times
reports.

According to the report, the decline in JAL's international
passengers was attributed to the global economic downturn, cuts in
flights and routes, and customers shunning the airline amid its
bankruptcy concerns.

The Japan Times says domestic passenger numbers at JAL declined in
fiscal 2009 for the third consecutive year, with passengers flying
on JAL dropping 9.5% to 37.23 million.

The report relates JAL said that in March alone the number of its
international passengers fell 6.4% from a year earlier, while
domestic passengers were off by 3.1%.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SHINSEI BANK: Fitch Downgrades Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Japan-based Shinsei Bank Ltd.'s and
Shinsei Trust and Banking Co., Ltd.'s respective Long-term foreign
and local currency Issuer Default Ratings to 'BB+' from 'BBB', and
the Short-term foreign and local currency IDRs to 'B' from 'F2'.  
The IDRs have been removed from Rating Watch Negative and the
Long-term IDRs have been assigned Stable Outlooks.  Shinsei Trust
is a fully-owned subsidiary of Shinsei.  The rating action
resolves the RWN which Fitch had placed on Shinsei's and Shinsei
Trust's IDRs on March 16, 2010.

Fitch has simultaneously downgraded Shinsei's junior perpetual
subordinated GBP notes and the US$ preferred securities, issued by
Shinsei Finance (Cayman) Limited and Shinsei Finance II Limited to
'B-' from 'B+', and removed these hybrid securities from RWN.

In addition, the agency has downgraded Shinsei Trust's Support
Rating (Institutional) to '3' from '2', reflecting the downgrade
of Shinsei's Long-term IDRs.  Fitch has also withdrawn the 'C/D'
Individual Rating of Shinsei Trust.  A full rating breakdown is
provided at the end of this comment.  

The downgrade of Shinsei's IDRs reflects a significant 15%
depletion of its Tier 1 capital amount over the fiscal year ending
March 2010, after the bank announced on May 10, 2010 that it has
booked a net loss of JPY140 billion during the period as against
its original forecast of a net profit of JPY10 billion.  The
larger than expected net loss of JPY162bn in Q4FYE10 has also
weakened its capital ratios from end-December 2009 level.  The
downgrade further reflects weak profitability prospects given the
vulnerability of its asset quality to further deterioration,
declining assets and an unclear business strategy brought on by
the remote merger prospects with Aozora Bank Ltd.,
('BBB'/Negative) as demonstrated by the limited progress reports
in recent months.  The downgrade of Shinsei's hybrid securities
follows the downgrade of the Long-term IDRs, and also reflects a
limited coverage of distributable reserves for the payment of
future dividends on hybrid securities, due to the non-consolidated
net loss of JPY53 billion in Q4FYE10.  Shinsei had distributable
reserves of JPY77 billion at Q3FYE10.

Shinsei's Long-term IDRs are now at the Support Rating Floor,
which is why Fitch has assigned Stable Outlooks.  The Individual
Rating reflects low core capitalization (Tier 1 capital ratio of
6.35%, which includes a significant portion of hybrid securities),
adequate liquidity, weak prospects of internal capital generation
and its franchise in the retail banking/retail finance market in
Japan.  

The operating environment for the Japanese banking sector has
improved marginally in FYE10.  In line with Fitch's expectations,
most of the major Japanese banks forecast to return to
profitability in FYE10, in contrast to the large net losses
recorded in FYE09.  However, Shinsei will report a second
consecutive large net loss for the third time in the last four
years.

The rating actions are:

Shinsei:  

  -- Long-term foreign and local currency IDRs downgraded to 'BB+'
     from 'BBB'; removed from RWN; assigned Stable Outlook;

  -- Short-term foreign and local currency IDRs downgraded to 'B'
     from 'F2'; removed from RWN;  

  -- Individual Rating affirmed at 'C/D';  

  -- Support Rating affirmed at '3';  

  -- Support Rating Floor affirmed at 'BB+';  

  -- Senior unsecured notes downgraded to 'BB+' from 'BBB';
     removed from RWN;  

  -- Subordinated notes downgraded to 'BB' from 'BBB-'; removed
     from RWN;

  -- Junior perpetual subordinated GBP notes downgraded to 'B-'
     from 'B+'; removed from RWN; and

  -- Preferred securities issued by Shinsei Finance (Cayman)
     Limited and Shinsei Finance II Limited downgraded to 'B-'
     from 'B+'; removed from RWN.

Shinsei Trust:

  -- Long-term foreign and local currency IDRs downgraded to 'BB+'
     from 'BBB'; removed from RWN; assigned Stable Outlook;

  -- Short-term foreign and local currency IDRs downgraded to 'B'
     from 'F2'; removed from RWN;  

  -- Individual Rating 'C/D'; Withdrawn; and

  -- Support Rating (Institutional) downgraded to '3' from '2'.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.  


SHINSEI BANK: Moody's Downgrades Ratings on Tier 1 to 'B1'
----------------------------------------------------------
Moody's Investors Service has downgraded the long-term deposit and
senior unsecured debt ratings of Shinsei Bank, Limited to Baa1
from A3, its senior subordinated debt to Baa2 from Baa1, its
junior subordinated debt to Baa3 from Baa2, and its non-cumulative
Tier 1 preferred securities issued by its wholly-owned
subsidiaries to B1 from Ba3.  

Shinsei Bank's D+ bank financial strength rating remains
unchanged, but its baseline credit assessment was changed to Ba1
from Baa3.  At the same time, Moody's has placed all of Shinsei
Bank's ratings, including its D+ BSFR, under review for further
possible downgrade.  

Separately, Moody's affirmed the bank's Prime-2 short-term deposit
rating and said it was unaffected by the downgrades and further
review for possible downgrade.  

These rating actions follow yesterday's announcement that Shinsei
Bank has lowered its earnings forecast for FYE 3/2010.  The bank
is now projecting a consolidated net loss of JPY140.1 billion,
compared to an initial projection for consolidated profit of
JPY10 billion.  

The loss is due mainly to additional grey zone interest provisions
as well as the impairment of goodwill and intangible assets
relating to its consumer finance subsidiaries, including APLUS
FINANCIAL Co., Ltd. and SHINKI Co., Ltd. The losses are also due
to mark-downs, impairments and additional reserves made for
Shinsei Bank's domestic real estate investments and non-recourse
real estate portfolio.  Nevertheless, despite the loss, the bank
will be able to maintain its Tier 1 capital ratio of 6.35% mainly
because of the reduction in risk-weighted assets occasioned by a
large-scale asset re-allocation from loan assets to investment
assets, mainly JGBs.  

The downgrades reflect primarily three factors: 1) a greater
degree of earnings volatility than Moody's had previously
expected; 2) uncertainty about the bank's ability to stabilize --
possibly even generate -- reasonable profits due to the lack of a
concrete business model or solid customer franchise; and 3)
Moody's significant concerns about the prospects for stable
earnings from the bank's consumer finance businesses in the near
future.  

In its review, Moody's will focus on the residual potential for
further losses in the bank's consumer finance businesses, in light
of the protection afforded by indemnification from General
Electric Company (Aa2, Stable outlook); the adequacy of
strengthened reserves against Shinsei's domestic real estate loan
portfolio; the bank's ability to stabilize its earnings after the
change in its asset allocation; and its capital strategy.  Moody's
will also assess the impact of possible change in management.  

Moody's last rating action with respect to Shinsei Bank was taken
on July 2, 2009, when the bank's ratings and negative outlook were
affirmed.  

Shinsei Bank, Limited, headquartered in Tokyo, had consolidated
assets of JPY11.5 trillion as of December 31, 2009.  


TOSHIBA CORP: To Raise Overseas Sales Ratio to 63% by 2012
----------------------------------------------------------
The Japan Times reports that Toshiba Corp. will aim to raise its
overseas sales ratio to 63% by fiscal 2012 from 55% in fiscal 2009
by tapping into growing demand in emerging countries.

Toshiba will also vastly increase its capital spending in the
next three years on the back of a recovery in global economic
conditions, the report says.

As part of its medium-term business plan, the report relates,
Toshiba will target a group operating profit of JPY450 billion by
the year through March 2013, compared with JPY250 billion it
anticipates for the current financial year, on sales of
JPY8 trillion, against JPY7 trillion expected this year.

The Japan Times says the company will make investments and loans
totaling JPY1.3 trillion over the next three years through fiscal
2012, up 74% from fiscal 2009, as it pours resources into growth
areas like next-generation rechargeable batteries.

                        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.


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


HYNIX SEMICONDUCTOR: Sells $500-Mil. of Convertible Bonds
---------------------------------------------------------
Katrina Nicholas, citing data compiled by Bloomberg, reports that
Hynix Semiconductor Inc. sold $500 million of 2.65% convertible
bonds due 2015.

Ms. Nicholas reports that the Bloomberg data showed that the bonds
were priced to yield the upper end of the 2.25% to 2.65% range
marketed to investors, and Credit Suisse Group AG, KEB Asia
Finance, Korea Development Bank, Royal Bank of Scotland Group Plc
and Woori Investment and Securities managed the sale.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


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


AYER MOLEK: Posts MYR220,000 Net Loss in Q1 Ended March 31
----------------------------------------------------------
The Ayer Molek Rubber Company Berhad reported a net loss of
MYR220,000 for the three months ended March 31, 2010, compared
with a net loss of MYR315,000 for the same period in 2009.

Total operating costs and expenses decreased MYR73,000 from
MYR329,000 for the three months ended March 31, 2009 to MYR256,000
for the three months ended March 31, 2010.

The Company and its subsidiaries did not carry on any business
operation during the period under review as the plantation lands
had been disposed off by the former directors.  This position
would continue until the Group is able to acquire revenue
generating assets.  

As at March 31, 2010, the Company's consolidated balance sheets
showed MYR7.25 million in total assets, MYR1.28 million in total
liabilities and MYR5.97 million in total shareholders' equity.

A full-text copy of the Company's Consolidated Income Statement is
available at no charge at http://ResearchArchives.com/t/s?61cb

A full-text copy of the Company's Consolidated Balance Sheet is
available at no charge at http://ResearchArchives.com/t/s?61cc

                        About Ayer Molek

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


FOUNTAIN VIEW: 2009 Unaudited Results Deviate by 10% From Audited
-----------------------------------------------------------------
Fountain View Development Berhad said that the Group's unaudited
results for the financial year ended December 31, 2009, deviated
by more than 10% from the FY2009 audited results.  The deviation
on Group's net loss after taxation and minority interest is:

   Audited Net Loss -- MYR379.666 million
   Unaudited Net Loss -- MYR198.634 million
   ----------------------------------------
   Variance -- MYR181.032 million
   ========================================

The variance between the unaudited and audited results the
financial year ended December 31, 2009, were mainly due to Cost of
sales undertaken, Other operating income, Other expenses and
adjustment of deferred taxation.

The Company said that the major causes of the variance were due to
additional impairment losses incurred after the announcement of
the unaudited fourth quarter results ended December 31, 2009,
resulting an additional amount of MYR220.853 million recorded
under "Other expenses".

Fountain View disclosed that during the preparation of the fourth
quarter report, the Company has done a valuation on its properties
located at Mukim of Ijok, Daerah Kuala Selangor, Selangor Darul
Ehsan by an independent valuer and the necessary impairment losses
was recorded and reported in the unaudited fourth quarter results.
However, prior to the Group Proposed Internal Restructuring as
announced to Bursa Securities on March 4, 2010, a new independent
valuer was engaged whereby a lower valuation on the Properties was
reported by the valuer after taking into consideration that
certain parcels of land held by the Group were issued with notices
by the State Land Office which may result the said land being
confiscated in future and after consulting with the external
auditors and on prudent basis, the Company decides to provide
these additional impairment losses.

                        About Fountain View

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination.  The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


IBRACO BERHAD: Classified as Affected Listed Issuer Under PN17
--------------------------------------------------------------
Ibraco Berhad has been considered a PN17 Company based on the
criteria set by the Bursa Malaysia Securities Bhd.  The company
triggered Paragraph 2.1(h) of the Listing Requirements as a result
of low revenue on a consolidated basis that represents 5% or less
of the issued and paid-up capital of the Company for the year
ended December 31, 2009.

The Company said that no new project was launched in 2009 for fear
of being not able to sell in such unfavorable time and the Company
will end up with huge inventory leading to excessive working
capital being tied down unnecessarily.   Sales revenue in 2009 was
hence on the low side of MYR3.506 million as the main activities
undertaken in 2009 were the sale of the remaining properties
carried forward from the previous years.  

The Management concentrated on timely collection of sales proceeds
and that has improved the financial position of the Company.  Bank
borrowings have been reduced from MYR18,000,000 at the beginning
of 2009 to MYR8,910,000 as at December 31, 2009 and there was a
cash surplus of MYR11,360,000.

As an affected listed issuer, Ibraco is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.  In the event the
company fails to comply with all the provisions of Amended PN 17,
Bursa Securities may commence delisting proceedings against the
company.

The Company is in the midst of formalizing a regularization plan
to address its PN17 status and will appoint a Principal Adviser.

                          About Ibraco Bhd

Ibraco Berhad is engaged in property development and investment
holding.  The Company is specializing in real estate and property
development comprising mainly residential, commercial and
industrial properties.  Some of the Company's subsidiaries are
specializing in the development of industrial estate, residential
schemes and social housing.  The Company operates in Malaysia.  
The Company's subsidiaries include Ibraco-LCDA Sdn. Bhd., Ibraco
Shine Sdn. Bhd., Syarikat-Ibraco Peremba Sdn. Bhd., Foso One Sdn.
Bhd., Ibraco Construction Sdn. Bhd. and Ibraco Shine Sdn. Bhd.


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


CRAFAR FARMS: Western Gulf Advisory Eyes Assets
-----------------------------------------------
Aussie middle-man Robyn Schneller, working on behalf of Bahrani
interests, is eyeing the assets of Crafar Farms group of
companies, The New Zealand Herald reports.  According to the
report, it might prove too late to bailout the Crafar Family and
get the farms back out of receivership with Bayleys having been up
in China talking to potential buyers.

The report says the Sydney-based Schneller -- who represents
Western Gulf Advisory -- is scouting New Zealand with an eye to
taking equity positions in companies that are facing liquidity
problems.  Ms. Schneller indicated to the Business Herald that the
WGA has US$3 billion earmarked for investment in Australasia.

Ms. Schneller met in Auckland last week with Crafar Farms receiver
Brendon Gibson from Korda Mentha, the report notes.  Ms. Schneller
later told the Business Herald that Mr. Gibson did not raise the
specific receivership.

"He talked in general about the tightness of capital in the market
place and how the four Australian banks had attempted to work
through stressed companies over the past twelve months," the
report quoted Ms. Schneller as saying.

Mr. Gibson also confirmed the Crafar Farms receivership was not
canvassed during their 20-minute conversation, the report adds.

                        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.


LANE WALKER: Former Workers Get 2.5% Final Payouts
--------------------------------------------------
The National Distribution Union said that former workers from the
Wairarapa Bouzaid and Ballaben factory of Lane Walker Rudkin
Industries Ltd. would receive a final payment of 2.5 cents in the
dollar for their unpaid wages and redundancy pay, bringing the
total payment to 72.5 cents in the dollar.

"The Wairarapa workers feel very aggrieved that they have not
received the full 100 cents in the dollar as have the direct
former employees of LWR in Christchurch.

"Unfortunately our legal advice is that there is little that we
can do regarding this discrimination except to wait for the
outcome of the Serious Fraud Office investigations," Robert Reid,
General Secretary of the NDU, said.

The union said its support center for redundant workers at LWR in
Christchurch has been very successful in finding work for the
redundant Christchurch workers over the past year.  Of the 206
redundant workers making contact with the union support centre 180
have found work, Mr. Reid said.

                          About Lane Walker

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.

Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million.  Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR.  The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved.  The
LWR operations are currently unprofitable and have incurred a
substantial increase in bank debt.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.


PMP LTD: S&P Affirms Corporate Credit Rating at 'BB+'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' corporate credit and senior unsecured debt ratings on PMP
Ltd. The ratings were subsequently withdrawn at the company's
request.  

The outlook on the corporate credit rating was negative before the
withdrawal.


PROPERTYFINANCE GROUP: Directors Recommend Voluntary Liquidation
----------------------------------------------------------------
Propertyfinance Group directors have recommended that the company
be voluntarily liquidated and delisted in light of the on-going
regulatory and market changes in the New Zealand non-bank and
property sectors.  The directors also said that PFG no longer has
a viable business purpose or avenues to access capital and
recommence any new business activities.

"The genesis of the directors' decision to convene a Special
Meeting of shareholders and recommend that PFG be delisted and
enter voluntary liquidation stems from the receivership of the PFG
principal operating subsidiary, Propertyfinance Securities Limited
(PFSL), in late 2007," the directors said in an NZX filing.

The PFSL business no longer trades and is being wound down
pursuant to a moratorium.  The de-listing and liquidation of PFG
will not directly affect the PFSL moratorium wind-down although
the directors will continue to liaise and report to the PFSL
Trustee on both the Moratorium progress and alternate work-out
options that may arise.

"The directors wish to record their thanks and appreciation to a
wide range of stakeholders who have actively supported PFG's
survival efforts.  Sadly these efforts have ultimately been
unsuccessful as the New Zealand non-bank industry has all but
disappeared except for a number of government sponsored entities."

                             About PFG

Based in New Zealand, Propertyfinance Group (NZE:PFG) --
http://www.propertyfinance.co.nz/-- is engaged in lending on
first mortgage.  The company is also involved in property related
financial services.  Some of the company's subsidiaries include
Propertyfinance Securities Limited, Property Finance Holdings
Limited, Property Finance Operations CM-2006 Ltd, Property Finance
Operations LS-2005 Ltd, Property Finance Operations RML-2005 Ltd,
Property Finance Operations CM-2005 Ltd, Property Finance
Operations RM-2005 Ltd, Avon Number One Investments Limited and
Avon Indemnity Company Limited.

                           *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$19.8 million, NZ$6.7 million and NZ$134,000 for
the years ended March 31, 2009, 2008 and 2007, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited, went into receivership last August 2007, owing about
4,000 retail investors NZ$79 million in debentures.  The parent
company managed to pull its subsidiary out of receivership in
February 2008.  PFSL is now in a director-governed moratorium.
The moratorium allows limited trading while PFSL realizes its
assets over time, and uses the proceeds from assets to repay its
secured debenture holders.


WINDFLOW TECHNOLOGY: Expects Up to NZ$6M Loss on Project Delays
---------------------------------------------------------------
Windflow Technology Ltd. said Wednesday that the agreement it
reached in early April with its customer NZ Windfarms is now
unconditional after the successful completion of the NWF capital
raising earlier this month.

Windflow said the agreement settles the dispute between the
companies, and the successful capital raising enables NWF and WTL
to concentrate now on completing the Te Rere Hau wind farm
together.

"This is a very welcome development because it removes the
fundamental uncertainty that was announced by NWF in August 2009
and affected both companies until resolved," WTL said in a
statement.

"A result of this fundamental uncertainty has been that WTL had to
delay ordering some of the more costly components, some of which
also have long lead times, until WTL was certain that it would
receive payment for the final TRH turbine assemblies for which the
components are needed."

Consequently, production levels have been behind original
expectations, and although ordering from suppliers has now
resumed, the delay will lead to a likely 8 to 10 week gap in
nacelle production.  The final 16 turbines will complete
production in WTL's next financial period rather than, as
intended, in the financial year ending June 30, 2010.  It is not
anticipated that this production delay will lead to any delay to
the development of the TRH wind farm as the turbines will be
placed on the recently consented extension site and the likely
construction date for this site is late 2010.

However, due to the production gap occurring immediately prior to
the company's financial year end, there will be an impact on the
2009/10 financial result with a portion of revenue deferred into
the 2010/11 period.  This will result in a loss in 2009/10 higher
than anticipated which is now expected to be between $5 and $6
million.

CEO Geoff Henderson said, "naturally we find this disappointing.  
It has arisen out of the delays to the TRH project, and the
dispute with NZ Windfarms.  Consequently instead of the planned
forward momentum, we must now work hard to rebuild.  We have yet
to confirm the critical next turbine sale after TRH and continue
in our efforts to achieve this.  WTL is also turning its marketing
efforts towards building its pipeline of wind farm opportunities
both in New Zealand and in other countries."

                     About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited.  The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

                           *     *     *

Windflow Technology incurred a net loss of NZ$2.04 million in
the financial year ended June 30, 2008, compared with the
NZ$3.28 million loss booked in the prior financial year.  The
company posted a net loss of NZ$1.23 million for the year ended
June 30, 2009.


=================
S I N G A P O R E
=================


FIRST SHIP: Fitch Downgrades Issuer Default Rating to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded Singapore-based First Ship Lease
Trust's Foreign-Currency Issuer Default Rating to 'B+' from 'BB-'.  
The Outlook is Negative.  As the same time, the expected issue
rating on the US$200m senior unsecured notes of 'BB-' has been
withdrawn.  

These rating actions follow FSLT's decision to indefinitely
postpone the US$ notes issue as a result of market conditions and
a default by a lessee announced on 4 May 2010.  FSLT intended to
use the proceeds from the notes to reduce its secured debt and
grow its ship/lease portfolio.  "Without the US$ notes issue, FSLT
has very little capacity to withstand further defaults or rate re-
negotiations on its leases and compliance with loan-to-value
covenants can be a challenge in 2011," said Buddhika Piyasena,
director of Fitch Asia-Pacific corporate ratings.  When Fitch
assigned the 'BB-' IDR to FSLT on 22 November 2009, the agency had
viewed the planned growth in FSLT's vessel and customer portfolio
during the trough of the shipping cycle to be positive as such
assets would have had limited downside risk in terms of
valuations.  At the same time, lease agreements originated during
a trough would arguably have had less default risk compared to
FSLT's existing portfolio of leases which were at a significant
premium to the prevailing market price for similar vessels.  

The default by affiliates of Groda Shipping, one of FSLT's eight
counterparties, on two leases expiring in 2014 is in itself not
expected to have a significant effect on FSLT.  The two ships
leased to Groda accounted for approximately 15% of FSLT's revenues
in 2009 of US$98.8 million.  FSLT would continue to employ the two
ships under the contract of affreightment between Groda and
Russia's OJSC Rosneft Oil Company ('BBB-'/Stable) which has been
assigned to FSLT.  Fitch expects the EBITDA contribution from
these two vessels to fall by more than 50%.  "We do not expect
Groda's default to have a contagion effect on FSLT's other leases.  
Even so, the risk of defaults will remain for FSLT in spite of
shipping markets showing signs of stabilizing.  FSLT's
counterparties have weakened financial profiles compared to when
these leases were originated and contracted long-term rates remain
at a significant premium to market prices," adds Mr. Piyasena.  

FSLT intends to acquire one more vessel in the near-term using the
equity it raised in 2009.  Provided there are no further
significant defaults/rate-renegotiations, Fitch believes FSLT can
maintain a financial profile appropriate for its current ratings
over the short to medium term.  However, FSLT may fall short of
the higher LTV requirement starting Q2-2011 despite improving ship
values and repayment of some secured debt.  

The negative outlook reflects the lower financial flexibility,
limited loss absorption capacity and potential challenges FSLT may
face complying with a higher LTV in 2011.  Stabilization of the
Outlook can arise as a result of FSLT sufficiently addressing its
compliance with loan covenants backed by a stable operating
performance.  Conversely, FSLT's rating can be downgraded if it
fails to address the above concerns and/or face further defaults
or lease rate re-negotiations that would deteriorate its financial
profile.


                         *********

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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