TCRAP_Public/110404.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

             Monday, April 4, 2011, Vol. 14, No. 66

                            Headlines



A U S T R A L I A

COMPASS RESOURCES: Unit Inks Joint Venture with PlatSearch
FUEL INNOVATIONS: Receivers Seek Expression of Interest for Assets
HL PTY: Faces Liquidation Over AU$2 Million ATO Claims
MIRABELA NICKEL: S&P Assigns 'B-' Corporate Credit Rating
REDGROUP RETAIL: Administrators Reveal Further Bookstore Closures

C H I N A

CHINA TEL GROUP: Delays Filing of Annual Report in U.S.
CHINA TEL GROUP: Register 423,077 Shares Under Consulting Services
UNIVERSAL SOLAR: Incurs US$593,808 Net Loss in 2010


H O N G  K O N G

BEAUTY SKY: Creditors' Meeting Set for April 12
COSELSALVAGE LIMITED: Annual Meetings Set for April 26
DRAGON BAND: Members' Final Meeting Set for May 3
ENFUL ENGINEERING: Creditors' Meeting Set for April 8
FULCRUM CARGO: Creditors' Proofs of Debt Due May 16

GRAND WORLD: Placed Under Voluntary Wind-Up Proceedings
ISUTA CHINA: Creditors' Meeting Set for April 15
ISUTA GLOBAL: Creditors' Meeting Set for April 15
NAN SONG: Commences Wind-Up Proceedings
RIGEL NAVIGATION: Members' Final Meetings Slated for April 29

ROCKWAY TECHNOLOGY: Arab Appointed as New Liquidator
SPG LAND: CEO Stepdown Won't Affect Moody's 'Ba3' Corp. Rating
TOPVILLE INDUSTRIAL: Kong and Lo Appointed as Liquidators
TRUE CHILDREN'S: Placed Under Voluntary Wind-Up Proceedings
UNISIGN LIMITED: Keung and Wai Appointed as Liquidators

VIDGO TRADING: Lau and Liang Step Down as Liquidators
WORLDPOLE ELECTRONICS: Arab Appointed as New Liquidator
YING HUA: Court to Hear Wind-Up Petition on April 20


I N D I A

AJAY FOOD: CRISIL Reaffirms 'D' Rating on INR92.6MM Term Loan
AZIZ EXPORTS: CRISIL Assigns 'B-' Rating to INR27.6MM LT Loan
BALAJISWAMY PREMIUM: CRISIL Reaffirms 'D' Ratings on Various Loans
BELLARY ISPAT: CRISIL Reaffirms 'D' Rating on INR30MM LT Loan
BOARDWALK HOSPITALITIES: CRISIL Rates INR95MM LT Loan at 'D'

COIMBATORE ROLLER: CRISIL Assigns 'BB' Rating to Cash Credit
COLORS TELETECH: CRISIL Assigns 'B-' Rating to INR50MM Cash Credit
EASTERN CHROME: CRISIL Assigns 'D' Rating to Foreign Bill Purchase
FLORIND SHOES: CRISIL Assigns 'D' Rating to INR194MM LT Loan
MALATI FOUNDERS: CRISIL Assigns 'BB' Rating to INR20MM LT Loan

MEENU CREATION: CRISIL Assigns 'P4+' Rating to Packing Credit
MEHALA MACHINES: CRISIL Cuts Rating on INR78.6MM LT Loan to 'D'
SIVA ENGINEERING: CRISIL Assigns 'BB-' Rating to INR3.4MM LT Loan
UNITED DECOR: CRISIL Assigns 'BB-' Rating to INR10MM Bank Loan
UNITED INDIA: CRISIL Assigns 'P5' Rating to INR60 Million LOC

YAMIR PACKAGING: CRISIL Cuts 'B' Rating on INR66MM Loan to 'B'


I N D O N E S I A

DAVOMAS ABADI: S&P Puts 'CCC+' Rating on CreditWatch Positive


K O R E A

HYNIX SEMICONDUCTOR: Creditors to Resume Sale Process this Week


N E W  Z E A L A N D

NLG INSURANCE: Fitch Affirms IFS Rating at 'B'
REDGROUP RETAIL: No New Zealand Store Closures, Administrators Say
WELLINGTON PHOENIX: Foundation Custodians Files NZ$1.15MM Claim


P H I L I P P I N E S

PHILIPPINE AIRLINES: Workers Set to Go on Strike
PHILIPPINE LONG: Digitel Deal Won't Affect Moody's 'Ba1' Rating


S I N G A P O R E

LEHMAN BROTHERS: Singapore Investors Appeal Order on Losses


                            - - - - -


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


COMPASS RESOURCES: Unit Inks Joint Venture with PlatSearch
----------------------------------------------------------
PlatSearch NL has signed a binding Heads of Agreement with Raptor
Minerals Limited, a subsidiary of Compass Resources Limited, to
establish a new joint venture to explore the area to the west of
Alkane's Wyoming/Caloma gold deposits, in central NSW.  The joint
venture consolidates a strong tenement position over a sizable
prospective area of 321 square kilometers.  PlatSearch may earn up
to an 80% interest in the joint venture through the expenditure of
AU$500,000 over 2.5 years.

Commenting on the new joint venture agreement, PlatSearch's
Managing Director, Greg Jones, said: "We are very pleased to have
entered into a joint venture with Raptor to explore this
prospective gold project.  This is in line with PlatSearch's
revised strategy to fund and develop proprietary projects and
leverage the technical experience available within the board and
senior management team".

The Wyoming West project is adjacent to one of NSW's most
important recent gold discoveries by Alkane Resources Ltd and
appears to contain lithologies and structures broadly similar to
those controlling the Wyoming/Caloma deposits to the east.

"We feel that there is good potential to discover similar gold
mineralization within the joint venture area, and the Company
intends to test the key targets over the next 6 months."

"PlatSearch also has a number of opportunities under consideration
that fit the company's criteria of acquiring advanced projects
with cash flow opportunities," Mr. Jones added.

                      JV Tenement - Background

The joint venture tenements cover the western extension of rock
units believed to be similar to those hosting the Peak Hill gold
mine and the Wyoming and Caloma gold deposits where Alkane is
investigating the potential to build a new gold mining operation.
The Wyoming and Caloma deposits are hosted within volcaniclastic
sediments and shallow intrusive porphyritic sills cut by north-
north-east faults offset by later north-west oriented structures.
Gold mineralization is strongly structurally controlled, with the
interplay between these structures and the brittle porphyritic
sills providing conditions conducive to the formation of high
grade gold deposits.

Within the West Wyoming joint venture tenements, interpretation of
regional magnetic data and other information by Raptor and
PlatSearch has indicated that north-west and north-east oriented
structures, similar to those found at Wyoming and Caloma may be
present.  Previous exploration focused on the northern and
southern parts of the joint venture area, but there has been
almost no significant exploration conducted over the central
region where these structures are interpreted.

PlatSearch intends commencing regional RAB/aircore traverses
across the key targets by midyear once data compilation and
geological modeling is complete and access agreements signed.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, The Australian said Compass Resources is in
voluntary administration.  The company has appointed Steven
Sherman, Darren Weaver and Martin Jones of Ferrier Hodgson as
voluntary administrators.  Compass said it was reviewing among
other things "the current price for metals, delays encountered in
full metal production commencing from the Browns Oxide Plant (in
the Northern Territory) . . . and the current debt and cash
position of the company."

                         About Compass Resources

Based in Australia, Compass Resources Limited (ASX:CMR) --
http://www.compassnl.com.au-- formerly Compass Resources NL, is
involved in mineral activity and development of processing mines.
During the year ended Dec. 31, 2007, the principal activities of
the Company were the development of an oxide resource in the
Northern Territory, and exploration and evaluation for base,
energy and precious metals.  The Company has a base metals
resource base totaling over 84 million tons and uranium resource
of 14.5 million pounds of U3O8, and has ground positions in the
Rum Jungle area in the Northern Territory.


FUEL INNOVATIONS: Receivers Seek Expression of Interest for Assets
------------------------------------------------------------------
Keith Crawford and Johan Vorster of McGrathNicol were appointed as
Receivers and Managers of Alternative Fuel Innovations Pty Ltd and
APA Manufacturing Pty Ltd by a secured lender on March 24, 2011.
Control of the business and assets of AFI and APA now rests with
the Receivers.

Keith Crawford said "Our objective is to work constructively with
stakeholders to stabilise and prepare the business for sale."

"In the meantime, AFI and APA will continue trading and we look
forward to continued support from employees, customers and
suppliers," Mr. Crawford said.

Mr. Crawford and Mr. Vorster were also appointed Receivers and
Managers of related entities:

   -- AFI Distribution Holdings Pty Ltd
   -- Parnell L.P Gas Systems Pty Ltd
   -- A.C.N. 130 377 632

The administrators are seeking expression of interest for the
business and assets of the companies under receivership.

AFI Group -- http://www.apamfg.com.au/-- is a designer,
developer, manufacturer and distributor alternative fuel systems
in Australia.  AFI supplies alternative fuel systems to the
leading car manufacturers (e. Holden and Ford) in Australia as
well as to the Australian automotive aftermarket.


HL PTY: Faces Liquidation Over AU$2 Million ATO Claims
------------------------------------------------------
The West Australian reports that HL Pty Ltd, a land development
company linked to millionaire property investor Allen Caratti and
associates of jailed fraudster Kevin Pollock, faces liquidation in
the face of a $2 million-plus claim by the Australian Taxation
Office.

HL Pty Ltd, formerly known as Hocking Land Company Pty Ltd, was
expected to be wound up at a creditors meeting on March 31, 2011,
unless a restructuring mooted by the Caratti camp appeases the Tax
Office and Mr. Pollock's associates, according to The West
Australian.

The West Australian says the company collapsed despite recording
more than $50 million in land sales and a $2.2 million profit in
2009-10 and is understood to have sold more than 800 lots on the
border of Wanneroo and Hocking over the past six years.

The West Australian discloses that Mr. Caratti, whose family
wealth is estimated to exceed AU$350 million through urban
properties and massive farm holdings around Esperance, quit as the
sole director of HL on February 4 and was replaced by Queensland-
based Rodney James Boyle.  According to the report, Mr. Boyle also
took Mr. Caratti's half share in the company, with the other half
staying with Mr. Pollock's close business associate, Joanne de
Hollander.

The Tax Office applied in January for HL to be liquidated, the
report notes.

According to The West Australian, the company's failure has raised
doubts over whether up to 150 new homeowners in Wanneroo and
neighbouring Hocking will get landscaping packages valued up to
AU$5,000 promised when they bought blocks from HL.

HL administrator John Carrello, from BRI Ferrier, said in a report
to creditors he was unable to provide an accurate comment on the
company's trading history because he had limited records, The West
Australian says.

The West Australian relates that Mr. Carrello said HL directors
had blamed the company's failure on the Tax Office refusing to
negotiate on its claim, as well as a withdrawal of funding support
from another Caratti-linked company.


MIRABELA NICKEL: S&P Assigns 'B-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' corporate credit rating to Mirabela Nickel Ltd., a Perth-
based nickel mining company operating in the Bahia region of
Brazil.  S&P also assigned a positive outlook to the rating.  At
the same time, S&P has assigned its 'B-' rating and a recovery
rating of '4' to Mirabela's proposed US$375 million bond issue,
indicating the expectation of average (30%-50%) recovery in the
event of default.

"The 'B-' corporate credit rating reflects S&P's view of
Mirabela's lack of geographic and revenue diversity, which stems
from the operation of a single site in Brazil that is almost
exclusively focused on the extraction of nickel, a product that
has historically experienced high price volatility," Standard &
Poor's credit analyst Thomas Jacquot said.  "We believe, however,
that the combination of performance to date in the ramp-up of the
Brazilian mining operations, the company's adequate liquidity, and
the experience of the management team will partially offset those
weaknesses.  In addition, S&P expects performance and
profitability to improve during 2011, provided nickel prices are
maintained at current levels and the company is able to deliver
its remaining capital expenditure on time and budget."

The positive outlook on the rating reflects S&P's view that
Mirabela has a clear path to sustainable cash flow generation.
Upward rating movement is possible if Mirabela successfully
completes its ramp-up of the Brazilian operations, evidenced by:

* A sustained ability and proven track record to meet its long-
  term targets;

* A lowering of unit cash cost of production to levels
  commensurate with second-quartile producers;

* An ongoing sufficient liquidity position; and

* Cash flow metrics in line with S&P's expectations.

The rating could be revised to stable if expected production
improvements do not materialize during 2011 or forecast nickel
prices weaken in the short-to-medium term.


REDGROUP RETAIL: Administrators Reveal Further Bookstore Closures
-----------------------------------------------------------------
The Administrators of REDgroup Retail Pty Ltd have announced the
pending closure of a further 12 Angus & Robertson stores.   The
closures will result in 102 staff being made redundant (31
permanent full-time and part-time; 71 casual).

The restructure will leave 179 REDgroup outlets, with 92 in
Australia: 25 Borders and 67 Angus & Robertson stores.  There
remain 87 stores in New Zealand.

The closures will not affect the Angus & Robertson franchise
stores, which are not in administration and are continuing to
operate financially independently of REDgroup.  Borders Online and
Angus & Robertson Online are not affected by this restructure.

The Administrator Mr. Steve Sherman said the closures were the
next stage in the restructuring of the business and will allow the
business to focus on the more profitable stores.

"These are difficult decisions, but necessary if there is to be
any chance of the business surviving," Mr. Sherman said.  "The
future of this business relies on our ability to create a
sustainable business and by removing these marginal stores we will
be moving towards a much more profitable footprint."

He said the closing stores would launch a 40%-off stock clearance
sale today, April 4, 2011.

Closing Angus and Robertson stores are:

   1.  Airport West
   2.  Belconnen
   3.  Bondi Junction
   4.  Chadstone
   5.  Gympie
   6.  Indooroopilly
   7.  Knox City
   8.  Mount Gambier
   9.  Munno Para
  10.  Ocean Keys
  11.  Shepparton
  12.  Wendouree

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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C H I N A
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CHINA TEL GROUP: Delays Filing of Annual Report in U.S.
--------------------------------------------------------
China Tel Group, Inc., notified the U.S. Securities and Exchange
Commission that it is unable to file its 10-K for the period ended
Dec. 31, 2010, in a timely manner because it was not able to
timely complete its financial statements.

                          About China Tel

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

The Company's balance sheet at Sept. 30, 2010 showed $8.70 million
in total assets, $9.84 million in total liabilities and
$1.14 million in total deficit.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

The Company also reported a net loss of $38.23 million on $729,701
of revenue for the nine months ended Sept. 30, 2010, compared with
a net loss of $26.34 million on $457,766 of revenue for the same
period during the prior year.


CHINA TEL GROUP: Register 423,077 Shares Under Consulting Services
------------------------------------------------------------------
In a Form S-8 filing with the U.S. Securities and Exchange
Commission, China Tel Group, Inc., registered 423,077 shares of
Series A common stock to be offered under the Company's Consulting
Services.

                          About China Tel

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

The Company's balance sheet at Sept. 30, 2010 showed $8.70 million
in total assets, $9.84 million in total liabilities and
$1.14 million in total deficit.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

The Company also reported a net loss of $38.23 million on $729,701
of revenue for the nine months ended Sept. 30, 2010, compared with
a net loss of $26.34 million on $457,766 of revenue for the same
period during the prior year.


UNIVERSAL SOLAR: Incurs US$593,808 Net Loss in 2010
---------------------------------------------------
Universal Solar Technology, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K reporting a
net loss of $593,808 on $2.39 million of sales for the year ended
Dec. 31, 2010, compared with a net loss of $421,562 on $691,713 of
sales during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $9.31 million
in total assets, $10.15 million in total liabilities and $844,093
in total stockholders' deficiency.

Paritz & Company, P.A., in Hackensack, New Jersey, expressed
substantial doubt about the Company's ability to continue as a
going concern.  According to the independent auditor, the
Company's current liabilities exceeded its current assets by
$1,484,406 and the Company has incurred net loss of $1,519,274
since inception.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/Zn6K9d

                        About Universal Solar

Based in Guangdong Province, in the People's Republic of China,
Universal Solar Technology, Inc. was incorporated in the State of
Nevada on July 24, 2007.  It operates through its wholly owned
subsidiary, Kuong U Science & Technology (Group) Ltd., a company
incorporated in Macau, P.R.C. on May 10, 2007.

The Company provides silicon ingots, wafers, high efficiency solar
photovoltaic ("PV") cells modules and other PV application
products in the EU, North America, Asia and Africa.


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


BEAUTY SKY: Creditors' Meeting Set for April 12
-----------------------------------------------
Creditors of Beauty Sky Holdings Limited will hold their meeting
on April 12, 2011, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at the auditorium, Duke of Windsor Social
Service Building, 15 Hennessy Road, in Hong Kong.


COSELSALVAGE LIMITED: Annual Meetings Set for April 26
------------------------------------------------------
Members and creditors of Coselsalvage Limited will hold their
annual meetings on April 26, 2011, at 9:00 a.m., and 9:30 a.m.,
respectively, at the 20th Floor, Prince's Building, 10 Chater
Road, Central, in Hong Kong.

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


DRAGON BAND: Members' Final Meeting Set for May 3
-------------------------------------------------
Members of Dragon Band Limited will hold their final general
meeting on May 3, 2011, at 11:00 a.m., at the 28th Floor, Emperor
Group Centre, 288 Hennessy Road, Wanchai, in Hong Kong.

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


ENFUL ENGINEERING: Creditors' Meeting Set for April 8
-----------------------------------------------------
Creditors of Enful Engineering Limited will hold their meeting on
April 8, 2011, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.


FULCRUM CARGO: Creditors' Proofs of Debt Due May 16
---------------------------------------------------
Creditors of Fulcrum Cargo Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 16, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 21, 2011.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


GRAND WORLD: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on March 25, 2011,
creditors of Grand World Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yu Kwong Man
         21/F., Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


ISUTA CHINA: Creditors' Meeting Set for April 15
------------------------------------------------
Creditors of Isuta China Co Limited will hold their meeting on
April 15, 2011, at 12:00 p.m., at 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.


ISUTA GLOBAL: Creditors' Meeting Set for April 15
-------------------------------------------------
Creditors of Isuta Global Co Limited will hold their meeting on
April 15, 2011, at 11:00 a.m., at 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.


NAN SONG: Commences Wind-Up Proceedings
---------------------------------------
Members of Nan Song Company Limited, on March 23, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


RIGEL NAVIGATION: Members' Final Meetings Slated for April 29
-------------------------------------------------------------
Members of Rigel Navigation Corporation Limited will hold their
final general meeting on April 29, 2011, at 11:00 a.m., at 1902
MassMutual Tower, 38 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ROCKWAY TECHNOLOGY: Arab Appointed as New Liquidator
----------------------------------------------------
Osman Mohammed Arab on Feb. 17, 2011, was appointed as liquidator
of Rockway Technology Limited.

Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.

The liquidators may be reached at:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SPG LAND: CEO Stepdown Won't Affect Moody's 'Ba3' Corp. Rating
--------------------------------------------------------------
Moody's Investors Service says there is no immediate impact on SPG
Land (Holdings) Limited's Ba3 corporate family rating, provisional
(P)B1senior unsecured rating, or its stable ratings outlook after
the resignation of the property company's Chief Executive Officer.

The provisional status of the bond rating will be removed after
SPG Land has completed the US$issuance.

"The resignation of the CEO is not expected to have any immediate
impact on SPG Land's ratings given that the near-term business
fundamentals of the company remain unchanged," says Kaven Tsang, a
Moody's AVP/Analyst.

Moody's notes that the resigned CEO will remain as the non-
executive vice chairman of the company.  The new CEO is currently
an executive director of the same company.  She has been with SPG
Land since 2007 and has been responsible for the company's sales
and marketing, administration, and human resource functions.

"The successful execution of its business plan while maintaining
financial discipline are SPG Land's core rating drivers as it
expands throughout China's property cycle," adds Tsang.

Moody's last rating action on SPG Land was taken on March 8, 2011,
when Moody's assigned the first-time Ba3 corporate family and
provisional (P)B1 senior unsecured rating to the company with a
stable outlook.

SPG Land Holdings Limited is a Chinese property company that
focuses on large-scale residential and integrated property
development in the Yangtze River Delta.  The company has a land
bank with a gross floor area of 6.09 million sqm in nine cities
around China.  Approximately 70% of its land bank is distributed
throughout cities along the Yangtze River -- Shanghai, Suzhou,
Wuxi, Changshu, Huangshan and Ningbo.

Listed on the Stock Exchange of Hong Kong in 2006, SPG Land is
majority-owned and controlled by David Wang, the founder and
chairman, who owns over 70% of the company.


TOPVILLE INDUSTRIAL: Kong and Lo Appointed as Liquidators
---------------------------------------------------------
Messrs. Kong Chi How Johnson and Lo Siu Ki on Jan. 7, 2009, were
appointed as liquidators of Topville Industrial Company Limited.

The liquidators may be reached at:

          Messrs. Kong Chi How Johnson
          Lo Siu Ki
          25/F Wing On Centre
          111 Connaught Road
          Central, Hong Kong


TRUE CHILDREN'S: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on March 18, 2011,
creditors of True Children's Home Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


UNISIGN LIMITED: Keung and Wai Appointed as Liquidators
-------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on March 1, 2011,
were appointed as liquidators of Unisign Limited.

The liquidators may be reached at:

          Stephen Liu Yiu Keung
          David Yen Ching Wai
          62/F One Island East 18
          Westlands Road
          Island East, Hong Kong


VIDGO TRADING: Lau and Liang Step Down as Liquidators
-----------------------------------------------------
Lau Siu Hung and Liang Yang Keng stepped down as liquidators of
Vidgo Trading (Hong Kong) Limited on March 16, 2011.


WORLDPOLE ELECTRONICS: Arab Appointed as New Liquidator
-------------------------------------------------------
Osman Mohammed Arab on Feb. 17, 2011, was appointed as liquidator
of Worldpole Electronics Limited.

Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.

The liquidators may be reached at:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


YING HUA: Court to Hear Wind-Up Petition on April 20
----------------------------------------------------
A petition to wind up the operations of Ying Hua Manufacturing
Limited will be heard before the High Court of Hong Kong on
April 20, 2011, at 9:30 a.m.

True Innovations LLC filed the petition against the company on
Feb. 10, 2011.

The Petitioner's solicitors are:

          Lily Fenn & Partners
          Room D, 32nd Floor
          Lippo Centre, Tower 1
          89 Queensway, Hong Kong


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


AJAY FOOD: CRISIL Reaffirms 'D' Rating on INR92.6MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ajay Food Products
(Katni) Private Limited continue to reflect instances of delay by
Ajay Foods in servicing its debt; the delays have been caused by
the company's weak liquidity.  The delays on repayment of
quarterly installments of the term loan are of around ten days.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       D (Reaffirmed)
   INR92.6 Million Term Loan          D (Reaffirmed)
   INR8.5 Million Letter of Credit    P5 (Reaffirmed)

Ajay Foods has a weak financial risk profile, marked by small net
worth and weak coverage ratios.  Also, the company's scale of its
operations is small, limiting its pricing flexibility. Ajay Foods,
however, benefits from its established customer relationships.

Update

Ajay Foods' sales were stagnant in 2009-10 (refers to financial
year, April 1 to March 31) although, with enhancement in bank
lines and addition of a few machineries, sales growth in 2010-11
is expected to be healthy, at 30%.  The company's operating
profitability is expected to remain moderate, at 3 to 4%.  The
company plans to add a new packaging unit for a total project cost
of INR50-70 million in 2011-12. 80% of the same is expected to be
funded by debt.  Currently, packaging is outsourced.

                          About Ajay Foods

Ajay Foods, set up in 1972 as a proprietorship firm, was
reconstituted as a private limited company in 2000.  It
manufactures and processes pulses, besan, maida, atta, and suji.
The company's plant at Katni (Madhya Pradesh) has capacity to
manufacture 30,000 tonnes of dal, 24,000 tonnes of besan, and
45,000 tonnes of atta, maida and suji per annum.

Ajay Foods reported a profit after tax (PAT) of INR22.2 million on
net sales of INR1.82 billion million for 2009-10, as against a PAT
of INR16.4 million on net sales of INR 1.87 billion for 2008-09.


AZIZ EXPORTS: CRISIL Assigns 'B-' Rating to INR27.6MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Aziz Exports.

   Facilities                         Ratings
   ----------                         -------
   INR27.60 Million Long-Term Loan    B-/Negative (Assigned)
   INR20.00 Million Cash Credit       B-/Negative (Assigned)
   INR50.00 Million Packing Credit    P4 (Assigned)
   INR15.00 Million Foreign Bills     P4 (Assigned)
                      Discounting

The ratings reflect Aziz's below-average financial risk profile,
marked by high gearing and weak debt protection metrics and its
working capital intensive nature of operations resulting in a weak
liquidity profile.  These rating weaknesses are partially offset
by the extensive experience of Aziz's promoters in the leather
industry.

Outlook: Negative

CRISIL believes that Aziz's liquidity will continue to remain
under pressure over the medium term because of its large working
capital requirements.  The rating may be downgraded if Aziz's
revenues or operating margin decline more than expected, resulting
in lower-than-expected cash accruals, or if the firm faces any
undue delays in realization of receivables, further weakening its
liquidity.  Conversely, the outlook may be revised to 'Stable' in
case of a significant improvement in the firm's capital structure,
or if the firm manages its working capital requirements
efficiently, leading to an improvement in its liquidity.

                         About Aziz Exports

Aziz, set up in 1995, started operations as a trading unit in 1998
and entered the export markets in 2001.  The firm tans leather and
manufactures finished leather and leather products; its
manufacturing unit in Chennai (Tamil Nadu) has a capacity to
process 10,000 skins per day.  The finished leather products are
mostly exported to entities manufacturing leather shoes. In 2005,
Aziz expanded its operations and set up another unit in Kolkata
(West Bengal) for its tanning business.  However, the Kolkata unit
is currently non-operational as the requisite clearances from the
pollution control board are yet to be obtained.

Aziz reported a profit after tax (PAT) of INR1.48 million on net
sales of INR167.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR 0.6 million on net
sales of INR177.8 million for 2008-09.


BALAJISWAMY PREMIUM: CRISIL Reaffirms 'D' Ratings on Various Loans
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balajiswamy Premium
Steels Pvt Ltd continue to reflect instances of delay by the BPSPL
in servicing its term debt; the delays have been caused by the
Bellary Ispat group's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR33.80 Million Long-Term Loan     D (Reaffirmed)
   INR35.00 Million Cash Credit        D (Reaffirmed)
   INR10.00 Million Letter of Credit   P5 (Reaffirmed)
   INR5.00 Million Bank Guarantee      P5 (Reaffirmed)

CRISIL has combined the financial risk profiles of BPSPL and
Bellary Ispat Pvt Ltd (Bellary Ispat). This because both the
companies, together referred to as the Bellary Ispat group, have a
common set of promoters, are in the same line of business, and
have fungible cash flows.

Set up in 2006 by Mr. T Srinivasa Rao, BPSPL manufactures sponge
iron and has capacity of 100 tonnes per day (tpd).  Based at
Bellary (Karnataka), the Bellary Ispat group has coal linkage from
Singareni Collieries Company Ltd for supply of coal; the group
procures iron ore from traders in the Bellary region.  Bellary
Ispat, set up in 2005, manufactures sponge iron and has capacity
of 100 tpd. The group sells its products to local steel rolling
mills.

The Bellary Ispat group reported a profit after tax (PAT) of
INR2.3 million on net sales of INR520.9 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR8.3 million on net sales of INR815.1 million for 2007-08.


BELLARY ISPAT: CRISIL Reaffirms 'D' Rating on INR30MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bellary Ispat Pvt Ltd
continue to reflect instances of delay by the Bellary Ispat in
servicing its term debt; the delays have been caused by the
Bellary Ispat group's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR30.00 Million Long-Term Loan     D (Reaffirmed)
   INR20.00 Million Cash Credit        D (Reaffirmed)
   INR10.00 Million Letter of Credit   P5 (Reaffirmed)

CRISIL has combined the financial risk profiles of Bellary Ispat
and Balajiswamy Premium Steels Pvt Ltd.  This because both the
companies, together referred to as the Bellary Ispat group, have a
common set of promoters, are in the same line of business, and
have fungible cash flows.

Set up in 2005 by Mr. T Srinivasa Rao, Bellary Ispat manufactures
sponge iron and has capacity of 100 tonnes per day (tpd). Based at
Bellary (Karnataka), the Bellary Ispat group has coal linkage from
Singareni Collieries Company Ltd for supply of coal; the group
procures iron ore from traders in the Bellary region. BPSPL, set
up in 2006, manufactures sponge iron and has capacity of 100 tpd.
The group sells its products to local steel rolling mills.

The Bellary Ispat group reported a profit after tax (PAT) of
INR2.3 million on net sales of INR520.9 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR8.3 million on net sales of INR815.1 million for 2007-08.


BOARDWALK HOSPITALITIES: CRISIL Rates INR95MM LT Loan at 'D'
------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long term loan facility
of Boardwalk Hospitalities & Developers Pvt Ltd.  The rating
reflects instances of delay by Boardwalk in servicing its debt;
the delays have been caused by the company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR95.00 Million Long Term Loan   D (Assigned)

Boardwalk is exposed to risks related to implementation and
commercialization of its ongoing project.  The company, however,
benefits from the favorable location of its under-construction
hotel in Kakkanad (Kerala), where several information technology
and biotechnology parks are present.

Set up in 2010 by Mr. Rajan Iyer and his friends, Boardwalk is
constructing a four-star hotel called Log Inn in Kakkanad.  The
total cost of the project is INR650 million, funded by debt of
INR95 million and equity from promoters and investors. The company
plans to launch the hotel under the participating holiday scheme,
which entails roping in investors by giving them a lien on the
space occupied by the hotel rooms. The hotel is expected to
commence its operations in 2013.


COIMBATORE ROLLER: CRISIL Assigns 'BB' Rating to Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Coimbatore Roller Flour Mills Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR70.00 Million Cash Credit        BB/Stable (Assigned)
   INR3.00 Million Bank Guarantee      P4+ (Assigned)
   INR20.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect CRF's below-average financial risk profile,
marked by a small net worth and a high gearing, and susceptibility
of the company's operating margin to volatility in prices of raw
material and to intense competition in the wheat products
industry.  These rating weaknesses are partially offset by the
benefits that CRF derives from its established market position in
the wheat flour industry and its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that CRF will continue to benefit over the medium
term from its promoters' extensive experience in the wheat flour
industry and its established customer relationships.  The outlook
may be revised to 'Positive' in case of significant improvement in
the company's capital structure, scale of operations, and
profitability.  Conversely, the outlook may be revised to
'Negative' in case of any large, debt-funded capital expenditure
or sharp decline in accruals.

                      About Coimbatore Roller

Set up in 1962, CRF manufactures and sells ground wheat products
such as atta, maida, bran, and suji.  The company's manufacturing
plant in Coimbatore (Tamil Nadu) has a processing capacity of
60,000 tonnes per annum (tpa).  In 2011-12 (refers to financial
year, April 1 to March 31), CRF plans to set up a 60,000 tpa plant
in Chennai (Tamil Nadu) at a total cost of INR75 million, which is
to be funded in an equal proportion of debt and equity.

CRF reported a profit after tax (PAT) of INR4 million on net sales
of INR525 million for 2009-10, against a PAT of INR4 million on
net sales of INR449 million for 2008-09.


COLORS TELETECH: CRISIL Assigns 'B-' Rating to INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank loan
facilities of Colors Teletech Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         B-/Stable (Assigned)
   INR10 Million Letter of Credit    P4 (Assigned)

The ratings reflect CTPL's small scale of operations, limited
track record, susceptibility to intense competition and adverse
regulatory changes, weak financial risk profile, marked by small
net worth, and large working capital requirements.  These rating
weaknesses are partially offset by the healthy growth prospects
for the mobile handsets sector in India.

Outlook: Stable

CRISIL believes that CTPL will continue to benefit from the
healthy demand for mobile handsets in India, over the medium term.
The outlook may be revised to 'Positive' if promoters infuse funds
into the company, leading to improvement in capital structure, or
CTPL strengthens its operations geographically.  Conversely, the
outlook may be revised to 'Negative' if its financial risk profile
deteriorates in case of any adverse regulatory changes on imports
of mobile handsets or a decline in its margins.

                       About Colors Teletech

Incorporated in 2009, CTPL is promoted by Mr. Sushil Gupta, Mr.
Narendra Gupta, and Mr. Sumit Kithania. CTPL sells mobile phones
in India and Nepal under the Colors brand, after importing them
from Shenzhen, China.  CTPL commenced operations in October 2009.
CTPL has till date launched 49 mobile handsets, priced between
INR1000 and INR4000 per handset, around 90% of which are GSM
mobile handsets and the rest are CDMA mobile handsets.  CTPL has
30 super distributors and 120 distributors across North, West, and
Central India. It recently entered some states in East and South
India.

CTPL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR51.1 million for 2009-10 (refers to financial year,
April 1 to March 31).


EASTERN CHROME: CRISIL Assigns 'D' Rating to Foreign Bill Purchase
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Eastern Chrome Tanning Corporation Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR20.00 Million Foreign Bill Purchase    D (Assigned)
   INR32.50 Million Packing Credit           P5 (Assigned)
   INR230.00 Million Letter of Credit and    P5 (Assigned)
                           Bank Guarantee
   INR10.00 Mil. Bill Purchase-Discounting   P5 (Assigned)
                                  Facility

The ratings reflect the fact that the Florind group has been
overdrawing its working capital facilities by more than 30 days
consistently over the past 10 months because of its weak
liquidity, arising out of its working-capital-intensive
operations.

The Florind group has a weak financial risk profile marked by high
gearing and weak debt protection metrics.  The rating also factors
in the group's customer concentration in its revenue profile and
susceptibility of its operating margin to the volatility in the
value of the Indian Rupee.  However, the group benefits from its
integrated operations and industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ECTC, United India Shoe Corporation Pvt
Ltd, and Florind Shoes Pvt Ltd, collectively referred to as the
Florind group.  This is because the entities have a common
management team, are in similar lines of business, and have
fungible cash flows.

                          About the Group

The Florind group was established in 1978 by Mr. K Ameenur Rahman
under the banner K Ameenur Rahman (KAR) Group of companies, with
FSPL as the flagship company of the group. FSPL is into
manufacturing formal shoes, with manufacturing capacity of 5,000
pairs of shoes per day and capacity utilisation of around 60%.

UNISCO, established in 2001, also manufactures shoes. It has
manufacturing capacity of 2,500 pairs of shoes per day, with a
current capacity utilisation of 70%.

ECTC was established in 2001.  It is the Florind group's leather
base, with leather processing capacity of 15,000 square feet per
month. It specialises in processing finished leather from cow
hides. It has a current capacity utilisation of 30%.

The Florind group comprises around 9 companies, all engaged in
activities ranging from leather processing to finished leather
products; however, the entities are managed independently.
Currently, the group is being managed by Mr. K Shahid Mansoor,
Mr. K Mohamad Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur
Rahman).

The Florind group reported a net loss of INR138.10 million on net
sales of INR3.00 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR332.60 million on
net sales of INR2.80 billion for 2008-09.


FLORIND SHOES: CRISIL Assigns 'D' Rating to INR194MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Florind Shoes Private Limited.

   Facilities                             Ratings
   ----------                             -------
   INR194.00 Million Long-Term Loan       D (Assigned)
   INR150.00 Mil. Foreign Bill Purchase   D (Assigned)
   INR170.00 Million Packing Credit       P5 (Assigned)
   INR100.00 Million Letter of Credit     P5 (Assigned)
                   and Bank Guarantee
   INR40.00MM Bill Purchase Discounting   P5 (Assigned)
                               Facility

The ratings reflect the fact that the Florind group has been
overdrawing its working capital facilities by more than 30 days
consistently over the past 10 months and instances of delays in
servicing its debt because of its weak liquidity, arising out of
its working-capital-intensive operations.

The Florind group has a weak financial risk profile marked by high
gearing and weak debt protection metrics.  The rating also factors
in the group's customer concentration in its revenue profile and
susceptibility of its operating margin to the volatility in the
value of the Indian Rupee.  However, the group benefits from its
integrated operations and industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Florind Shoes Private Limited, United
India Shoe Corporation Pvt Ltd, and Eastern Chrome Tanning
Corporation Pvt Ltd, collectively referred to as the Florind
group.  This is because the entities have a common management
team, are in similar lines of business, and have fungible cash
flows.

                          About the Group

The Florind group was established in 1978 by Mr. K Ameenur Rahman
under the banner K Ameenur Rahman (KAR) Group of companies, with
FSPL as the flagship company of the group. FSPL is into
manufacturing formal shoes, with manufacturing capacity of 5,000
pairs of shoes per day and capacity utilisation of around 60%.

UNISCO, established in 2001, also manufactures shoes. It has
manufacturing capacity of 2,500 pairs of shoes per day, with a
current capacity utilisation of 70%.

ECTC was established in 2001. It is the Florind group's leather
base, with leather processing capacity of 15,000 square feet per
month. It specialises in processing finished leather from cow
hides. It has a current capacity utilisation of 30%.

The Florind group comprises around 9 companies, all engaged in
activities ranging from leather processing to finished leather
products; however, the entities are managed independently.
Currently, the group is being managed by Mr. K Shahid Mansoor, Mr.
K Mohamad Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur
Rahman).

The Florind group reported a net loss of INR138.10 million on net
sales of INR3.00 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR332.60 million on
net sales of INR2.80 billion for 2008-09.


MALATI FOUNDERS: CRISIL Assigns 'BB' Rating to INR20MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Malati Founders Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Cash Credit      BB/Stable (Assigned)
   INR20.0 Million Long-Term Loan   BB/Stable (Assigned)
   INR10.4 Million Proposed LT      BB/Stable (Assigned)
            Bank Loan Facility
   INR4.0 Million Standby Line of   BB/Stable (Assigned)
                           Credit
   INR5.0 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect MFPL's modest scale of operations, low
profitability, and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of MFPL's promoters in the castings and forgings
industry.

Outlook: Stable

CRISIL believes that MFPL will continue to benefit from the
healthy demand for its products and established customer
relationships, over the medium term.  The outlook may be revised
to 'Positive' if MFPL generates better-than-expected growth in
revenues and earnings while diversifying its customer base and
maintaining its debt protection metrics and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of a decline
in profitability, in case of a large, debt-funded capital
expenditure programme, or a stretch in its working capital cycle.

                       About Malati Founders

MFPL, promoted by the Patil family of Kolhapur (Maharashtra) and
incorporated in 1995, manufactures cast iron and steel alloy-based
castings to original auto equipment manufacturers such as Mahindra
and Mahindra Ltd (rated 'AA+/Stable/P1+' by CRISIL), Kirloskar Oil
Engines Ltd (rated 'AA/Stable/P1+' by CRISIL), Kirloskar Brothers
Ltd (rated 'AA+/Stable/P1+' by CRISIL), and KSB Pumps Ltd. Malati
has a capacity of around 400 tonnes per month. Malati's managing
director, Mr. Sanjay Patil, has more than two decades of
experience in the castings industry.

MFPL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR175.9 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR3.8 million on net
sales of INR146 million for 2008-09.


MEENU CREATION: CRISIL Assigns 'P4+' Rating to Packing Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Meenu Creation.

   Facilities                           Ratings
   ----------                           -------
   INR250.0 Million Packing Credit      P4+ (Assigned)
   INR250.0 Million Bill Discounting    P4+ (Assigned)

The rating reflects MC's below average financial risk profile,
marked by average net worth and gearing, and weak debt protection
metrics, and susceptibility to customer concentration in revenues
and volatility in foreign exchange rates.  These rating weaknesses
are partially offset by MC's established clientele and the
extensive experience of its promoters in the readymade garments
business.

MC was set up in 2001 as a partnership firm by Ms. Meenakshi
Peshawari (wife of Mr. Anil Peshawari) and Mr Sanjay Gupta
(brother of Mr. Anil Peshawari).  The firm was later reconstituted
as a sole proprietorship firm, owned by Ms. Meenakshi Peshawari.
MC manufactures and exports readymade garments.  The firm
specialises in readymade woven apparel for women and children,
such as skirts, blouses, and shirts.  The women's wear segment
contributes about 70 to 80% of MC's total revenues.

The firm has five manufacturing facilities in Noida. Of these, two
premises are owned by the firm and the rest have been taken on
rent.


MEHALA MACHINES: CRISIL Cuts Rating on INR78.6MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mehala
Machines India Ltd's 'D/P5' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR78.6 Million Long-Term Loan        D (Downgraded from
                                            'B+/Stable')

   INR120.0 Million Cash Credit Limit    D (Downgraded from
                                            'B+/Stable')

   INR31.4 Million Letter of Credit      P5 (Downgraded from 'P4')

   INR5.0 Million Bills Discounting      P5 (Downgraded from 'P4')

The downgrade reflects delays by Mehala Machines in servicing term
loan obligations.  The delays have been caused by the company's
weak liquidity.  Its liquidity has been weakened by lower-than-
expected offtake, resulting in piling up of inventory. Inventory
level increased to around INR320 million as on February 28, 2011
from INR145 million as on March 31, 2010. Liquidity has been
weakened also because of Mehala Machines' investment of USD3
million (around INR150 million) in its supplier company, Kaulin
Manufacturing Company Ltd, Taiwan (Kaulin).

The rating also reflects Mehala Machines' working-capital-
intensive operations.  However, the company benefits from its
established market position, promoter's industry experience, and
its moderate net worth and capital structure.

                       About Mehala Machines

Mehala Machines was established in 1978 as a proprietary concern
by Mr. C Subramaniam and was reconstituted as a public limited
company in 1991.  The company is the sole selling agent in India,
Sri Lanka, Singapore and Bangladesh, for Siruba sewing machines,
which are manufactured by Kaulin. Mehala Machines imports and
sells textile machinery for the entire garment manufacturing value
chain, consisting of sewing machines, embroidery machines, cutting
machines, and finishing equipment.

Mehala Machine was amalgamated with Sanmarco Texmac Pvt Ltd
(Sanmarco Texmac) in December 2008, with effect from April 1,
2007. In May 2009, the name of the amalgamated entity was changed
to Mehala Machine's current name. Sanmarco Texmac was a
manufacturer of worsted ring frames for spinning and related
components.

Mehala Machines reported a profit after tax (PAT) of INR38 million
on an operating income of INR631 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR32
million on an operating income of INR630 million for 2008-09.


SIVA ENGINEERING: CRISIL Assigns 'BB-' Rating to INR3.4MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of Siva Engineering Company (Siva, part of the SEC
group).

   Facilities                         Ratings
   ----------                         -------
   INR170.00 Million Cash Credit      BB-/Stable (Assigned)
   INR3.40 Million Long Term Loan     BB-/Stable (Assigned)
   INR150.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect the SEC group's below-average financial risk
profile, marked by high gearing, large working capital
requirements, and susceptibility to geographical concentration in
revenues and to intense market competition.  These rating
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive experience in the
infrastructure construction sector, its moderate revenue
diversity, and its healthy order book.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Siva and Shiva EPC and Projects Pvt Ltd
(SEPL), together referred to as the SEC group.  This is because
both the entities are in the same line of business, and managed by
the same promoter. Furthermore, both the entities share
significant business and financial synergies.

Outlook: Stable

CRISIL believes that the SEC group will continue to benefit from
its promoters' extensive industry experience and its healthy order
book, over the medium term.  The outlook may be revised to
'Positive' if the group scales up its operations, diversifies
geographically, and improves its capital structure. Conversely,
the outlook may be revised to 'Negative' if the SEC group
undertakes a larger-than-expected debt-funded capex programme, its
revenues or margins decline sharply, or if its receivables
deteriorate.

                            About the Group

Set up in 1978 as a partnership firm by Mr. R Muthuswamy and
Mr. Siva Subramaniam, Siva constructs bridges, buildings, and
water treatment plants primarily for the Public Works Department
(PWD) of the Government of Tamil Nadu (GoTN). The firm is managed
by Mr. Siva Subramaniam, son of Mr. R Muthuswamy. Since inception,
Siva has completed diverse infrastructure projects including
construction of the district collector's office, besides flyovers,
subways, and hospitals.

To increase their scale of operations, the partners set up SEPL in
2008-09 (refers to financial year, April 1 to March 31). SEPL is
also expected to undertake infrastructure construction projects
for the PWD of GoTN. The SEC group currently has an order book of
about INR2 billion.

The SEC group reported a profit after tax (PAT) of INR20 million
on net sales of INR423 million for 2009-10, against a PAT of INR6
million on net sales of INR181 million for 2008-09.


UNITED DECOR: CRISIL Assigns 'BB-' Rating to INR10MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of United Decor Options Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        BB-/Stable (Assigned)
   INR10.0 Million Proposed LT        BB-/Stable (Assigned)
            Bank Loan Facility
   INR10.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect CRISIL's concerns arising of UDOPL's moderate
financial risk profile marked by low net worth and weak debt
protection indicators.  These weaknesses are partially offset by
company's well established customer and supplier relationships.

Outlook: Stable

CRISIL believes that UDOPL will maintain its stable business
profile on the back of its established relations with domestic &
overseas customers coupled with improved demand scenario. The
outlook may be revised to 'Positive' in case of significant
improvement in the revenue, profitability and debt protection
metrics.  Conversely, the outlook may be revised to 'Negative' in
case of significant deterioration in the operating cycle or scale
of operations.

                         About United Decor

UDOPL was incorporated in 2006 by business acquaintances Mr.
Nilesh Hada, Mr. Anup Agarwal, and Mr. Anil Mahajan. Its
toiletries export business is the most significant contributor to
its revenues.  In 2009-10 (refers to financial year, April 1 to
March 31), the segment contributed almost 80% to overall revenues.
The company also distributes imported flooring products such as
vinyl, laminated, and wooden flooring, and turf mats, through its
network of 150 to 200 dealers, spread all over India. The
registered office of UDOPL is in Mumbai.

UDOPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR505 million for 2009-10, as against a PAT of INR2
million on net sales of INR280.4 million for 2008-09.


UNITED INDIA: CRISIL Assigns 'P5' Rating to INR60 Million LOC
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to the bank facilities of
United India Shoe Corporation Pvt Ltd (UNISCO; part of the Florind
Group).

   Facilities                             Ratings
   ----------                              -------
   INR100.00 Mil. Foreign Bill Purchase    D (Assigned)
   INR140.00 Million Packing Credit        P5 (Assigned)
   INR60.00 Million Letter of Credit       P5 (Assigned)
                 and Bank Guarantee
   INR40.00 Million. Bill Purchase-        P5 (Assigned)
              Discounting Facility
   INR42.00 Mill. Standby Line of Credit   P5 (Assigned)

The rating reflects the fact that the Florind group has been
overdrawing its working capital facilities by more than 30 days
consistently over the past 10 months because of its weak
liquidity, arising out of its working-capital-intensive
operations.

The Florind group has a weak financial risk profile marked by high
gearing and weak debt protection metrics.  The rating also factors
in the group's customer concentration in its revenue profile and
susceptibility of its operating margin to the volatility in the
value of the Indian Rupee. However, the group benefits from its
integrated operations and industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UNISCO, Florind Shoes Pvt Ltd, and
Eastern Chrome Tanning Corporation Pvt Ltd, collectively referred
to as the Florind group.  This is because the entities have a
common management team, are in similar lines of business, and have
fungible cash flows.

                          About the Group

The Florind group was established in 1978 by Mr. K Ameenur Rahman
under the banner K Ameenur Rahman (KAR) Group of companies, with
FSPL as the flagship company of the group. FSPL is into
manufacturing formal shoes, with manufacturing capacity of 5,000
pairs of shoes per day and capacity utilisation of around 60%.

UNISCO, established in 2001, also manufactures shoes. It has
manufacturing capacity of 2,500 pairs of shoes per day, with a
current capacity utilisation of 70%.

ECTC was established in 2001. It is the Florind group's leather
base, with leather processing capacity of 15,000 square feet per
month. It specialises in processing finished leather from cow
hides. It has a current capacity utilisation of 30%.

The Florind group comprises around 9 companies, all engaged in
activities ranging from leather processing to finished leather
products; however, the entities are managed independently.
Currently, the group is being managed by Mr. K Shahid Mansoor, Mr.
K Mohamad Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur
Rahman).

The Florind group reported a net loss of INR138.10 million on net
sales of INR3.00 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR332.60 million on
net sales of INR2.80 billion for 2008-09.


YAMIR PACKAGING: CRISIL Cuts 'B' Rating on INR66MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Yamir
Packaging Pvt Ltd to 'B/Stable/P4' from 'BB-/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR90 Million Cash Credit         B/Stable (Downgraded from
                                                'BB-/Stable')
   INR66 Million Rupee Term Loan     B/Stable (Downgraded from
                                               'BB-/Stable')
   INR110 Million Letter of Credit   P4 (Downgraded from 'P4+')

The downgrade reflects deterioration in YPPL's financial and
business risk profiles, driven by a decline in operating margin in
2009-10 (refers to financial year, April 1 to March 31) and in the
first nine months of 2010-11. YPPL's operating margin declined to
around 8.1% in 2009-10 and in ongoing financial year from 11.2% in
2008-09 because of its inability to pass on increase in raw
material prices to its customers.  The decline in operating margin
led to net losses in 2009-10, and CRISIL believes the company will
report losses in the ongoing financial year as well. Because of
the losses, the company's net worth has declined and thus, gearing
is expected to remain around 5 times in the near term. With the
increase in gearing and decline in margins, YPPL's debt protection
measures have deteriorated. YPPL's liquidity is also constrained
because of lower-than-expected cash accruals and large working
capital requirements. CRISIL believes that YPPL's operating margin
will remain under pressure and its debt protection metrics weak,
over the near term.

The ratings reflect YPPL's weak financial risk profile, marked by
high gearing, weak debt protection metrics and small net worth,
and small scale of operations in the fragmented packaging products
industry. These rating weaknesses are partially offset by the
extensive industry experience of YPPL's promoters.

Outlook: Stable

CRISIL believes that YPPL's will maintain its business risk
profile backed by established relationships with reputed
customers. However, the company's financial risk profile is
expected to remain constrained because of high gearing and weak
debt protection metrics.  The outlook may be revised to 'Positive'
if YPPL reports better-than-expected operating margin, leading to
higher cash accruals and substantial improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the company's capacity utilisation remains subdued, resulting
in lower-than-expected sales, or lower-than-expected operating
margin puts pressure on cash accruals, constraining liquidity.

                       About Yamir Packaging

Incorporated in 2000, YPPL manufactures cartons used in the food,
pharmaceutical, and consumer goods industry, at its facility in
Bharuch (Gujarat).

YPPL has an installed manufacturing capacity of 3 million cartons
per day. The company manufactures various cartons such as three-
layer liner, metallised polyester film, laminated, and printed
cartons. The company's clientele includes Gujarat Co-operative
Milk Marketing Federation Ltd. (makers of Amul products; rated
'AAA/Stable/P1+' by CRISIL), S Narendrakumar & Company
(manufacturers of Everest Masala), Hindustan Pencils, Cadila
Healthcare Ltd (rated 'AA+/Stable/P1+' by CRISIL), Aventis Pharma
Limited, Glenmark Pharmaceuticals Ltd (rated 'A+/Stable/P1' by
CRISIL), Emami Ltd, Jubilant Foodworks Ltd, Pfizer Ltd (rated
'P1+' by CRISIL) etc.

YPPL reported a net loss of INR3.5 million on net sales of
INR362.5 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR13.1 million on net
sales of INR323.4 million for 2008-09.


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


DAVOMAS ABADI: S&P Puts 'CCC+' Rating on CreditWatch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'CCC+' long-term corporate credit rating on PT Davomas Abadi Tbk.
on CreditWatch with positive implications.  At the same time,
Standard & Poor's placed the 'CCC+' issue ratings on the company's
senior secured notes on CreditWatch with positive implications.

S&P placed the ratings on CreditWatch following the announcement
by PT Uniflora Prima (B-/Stable/--) that it intends to purchase a
majority shareholding in Davomas.  S&P expects Davomas' credit
quality to improve after the proposed acquisition; it will then be
owned by Uniflora, which has stronger credit characteristics.
According to the indentures governing Davomas' 2011 and 2014
senior secured notes, the company must offer a change of control
payment in cash equal to 101% of the aggregate principal amount of
the notes repurchased plus accrued and unpaid interest.  Under the
terms of the proposed transaction, Davomas will use a part of the
proceeds from the notes issued by Uniflora Prima International
Pte.  Ltd. and guaranteed by Uniflora to fund the change of
control payment.

"The rating on Davomas reflects the company's highly leveraged
financial risk profile, and the significant risks associated with
customer, product, and single site concentration.  The rating also
reflects the company's weak liquidity position," said Standard &
Poor's credit analyst Xavier Jean.  "Davomas' strong market
position in intermediary cocoa products in Indonesia and an
improving industry outlook for 2011 temper these weaknesses."

In S&P's opinion, Davomas' liquidity is weak, even though the
company has no debt maturing until 2014.  Davomas' cash balance
was about Indonesian rupiah 297.6 billion at Dec. 31, 2010.  S&P
estimate the company's working capital requirements at IDR100
billion-IDR200 billion for 2011.  In addition, S&P expects its
capital expenditure at about IDR80 billion in 2011.  S&P
understands that Davomas does not have any committed or
uncommitted bank credit lines.

S&P expects to resolve the CreditWatch once the proposed
acquisition has been completed; Uniflora expects that the
acquisition will be completed within a month.  S&P could raise the
rating on Davomas by one notch if the transaction with Uniflora
proceeds as expected.  S&P may affirm the rating and remove it
from CreditWatch if the proposed acquisition does not proceed.


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


HYNIX SEMICONDUCTOR: Creditors to Resume Sale Process this Week
---------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. will restart the process of
selling a major stake in the second-largest local computer memory
chip maker, Yonhap News reports citing the lead creditor.

Yonhap relates that state-run policy lender Korea Finance Corp.
(KoFC) and other creditor banks had launched efforts to sell their
combined 15% stake in the semiconductor maker but failed to lure a
buyer due to volatile business conditions of the chip sector and
the huge investment needed to lead a chip maker.

According to the news agency, KoFC chief executive officer Ryu
Jae-han said creditors will hold a meeting this week to discuss
when to resume the process to sell the controlling interest.  The
creditor meeting will come up with a time line for the sale
process and ways to unload the stake, he said.

Mr. Ryu said creditors will possibly come up with an eased sale
criteria.  Creditors are considering issuing new Hynix shares to
have a potential buyer take over the additional stocks plus the
major 15 percent interest, the report relates.

The sale purpose is to find a stable owner for Hynix rather than
just unloading the creditors-owned interest, Mr. Ryu said, adding,
"The new share issuance will help a new buyer win firm control of
Hynix," Yonhap reports.

Mr. Ryu, as cited by Yonhap, noted that the new share issuance
plan will also help Hynix bolster its financial structure and
enable a new owner to avoid having to pour in additional capital
investment.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on July 28, 2010, that Korea Exchange Bank said the group
of nine financial institutions, which is seeking to recoup the
US$4.6 billion spent on bailing out Hynix has had difficulty in
finding a buyer for their 15% shareholding.  Creditors sold a 6.7%
stake in Hynix for KRW923.2 billion in March 2010, after three
failed attempts to sell their entire holding.  They've said
they'll continue looking for a strategic purchaser, Bloomberg
added.

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
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


NLG INSURANCE: Fitch Affirms IFS Rating at 'B'
---------------------------------------------
Fitch Ratings has affirmed New Zealand-based NLG Insurance
Limited's Insurer Financial Strength Rating at 'B'.  The Outlook
is Stable.

On Oct. 31, 2008, NLGI stopped underwriting new business and was
placed into run-off.  To date the run-off has progressed in line
with expectations and NLGI continues to move rapidly off risk.
While NLGI's financial position remains weak and the company
remains dependant on support from the retailing subsidiary of the
group, Noel Leeming Group Limited, to meet ongoing financial
liabilities, all liabilities continue to be met.

NLGI became cash flow negative soon after entering run-off,
although the company's liabilities have declined quickly since
this time. In the year to March 31, 2010, NLGI's technical
liabilities, which include the outstanding claims reserve and
unearned premium reserve, declined to NZD0.9 million from
NZD3.8 million as at March 31, 2009.  Moreover, with total
liabilities currently at around NZD1.1 million, technical
liabilities have declined to under NZD0.2 m million.  Offsetting
these liabilities, NLGI has maintained a cash balance of
NZD0.2 m million, has NZD0.5 m million in government securities
and has an inter-company loan as its largest tangible asset which
as at March 31, 2010, was NZD2.4 million.

NLGI's underwriting performance has been very stable and
profitable, as evidenced by loss ratios that have not exceeded 20%
since commencement of underwriting in 2005.  Subsequently, Fitch
does not expect any adverse deterioration in the remaining in-
force portfolio.  In addition, quarantined for the protection of
NLGI's hire purchase customers as the ultimate claimants in an
insolvent situation, is the NZD0.5 million of government bonds.
Held by the public trustee and not readily realisable, their value
nonetheless is well in excess of potential policyholder
liabilities.

As an insurer in run-off, there is little chance of NLGI's rating
being upgraded. However, Fitch is aware of loan facilities at NLG
which are due for renewal by June 30, 2011.  As NLG plays a key
role in supporting the ongoing payment of NLGI's liabilities,
negative pressure on the rating could result should NLG experience
deterioration in its financial position, including the ongoing
support of its banks. In addition, changes to solvency and
compliance requirements under New Zealand's prudential regime may
impact NLGI.  Although Fitch considers it unlikely that NLGI would
be unsuccessful in dealing with a more onerous outcome from the
new standards, failure to successfully implement strategies in
such a scenario would negatively impact NLGI's rating.


REDGROUP RETAIL: No New Zealand Store Closures, Administrators Say
------------------------------------------------------------------
The Administrators of REDgroup Retail -- owners of New Zealand's
biggest book retailing chains, Whitcoulls, Borders New Zealand and
Bennetts -- confirmed that no New Zealand stores will close as
part of the restructuring announced in Australia on April 1.

The second phase of restructuring of the Australian store network
was announced Friday and will result in the closure of 12 Angus &
Robertson bookstores in Australia.

The closures in Australia will result in 102 store staff being
made redundant (31 permanent full-time and part-time; 71 casual).

The Administrator Steve Sherman said the Australian store closures
were the next stage in the restructuring of the business and will
allow the business to focus on the more profitable stores.

A small number of redundancies have been made at the New Zealand
support office, but there will be no changes at store level.  Four
staff who were employed at the support office were made redundant
on March 31.

While the administrators advise that there are no New Zealand
store closures currently envisaged as part of the second phase of
the Australian restructure, the closure of the Whitcoulls' K Road
store which was planned prior to the appointment of administrators
will take place in April 2011.  All staff from this store will be
relocated within the business.

Mr. Sherman said the sale process for the New Zealand business is
continuing to progress and he expects to have a clearer view of
the business' prospects after the closure of final binding bids
towards the end of April.

                       About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


WELLINGTON PHOENIX: Foundation Custodians Files NZ$1.15MM Claim
---------------------------------------------------------------
The Dominion Post reports that property developer and Wellington
Phoenix football team owner, Terry Serepisos, faces another court
claim for unpaid debts, this time for NZ$1.15 million.

According to the report, the latest claim comes from financier
Foundation Custodians, which is suing Mr. Serepisos over
guarantees he gave for a loan made to one of his companies, New
Millennium Design, in December 2007.

The Dominion Post relates that Foundation Custodians has filed
papers in the High Court at Wellington seeking summary judgment
against Mr. Serepisos for NZ$1,158,387.65 plus interest that, as
from January 18, is being claimed at 14 per cent.  This comes on
top of another creditor, FM Custodians, taking steps to begin
bankruptcy proceedings for NZ$6.1 million, also owing under
personal guarantees made for loans to his companies, the report
notes.

In that case, says the Dominion Post, Mr. Serepisos has asked the
court to set aside the bankruptcy notice.  FM Custodians and
Foundation Custodians have directors and shareholding in common.

The Dominion Post reports that Mr. Serepisos has worked for the
past six months on restructuring his property portfolio through a
NZ$135 million loan from Western Gulf Advisory, owned by Bahrain-
based Ahsan Ali Syed.

"In the next couple of weeks, they [Foundation Custodians] will be
paid out through this loan.  So will Canterbury Finance, so will
the IRD, so will everybody," the Dominion Post quotes
Mr. Serepisos as saying.

Court papers reveal New Millennium Design has been in default of
its payments since the middle of last year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.

Wellington Phoenix FC is a professional football team based in
New Zealand.


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


PHILIPPINE AIRLINES: Workers Set to Go on Strike
------------------------------------------------
abs-cbnNEWS.com reports that the Philippine Airlines Employees'
Association (PALEA) said on Saturday its members are ready to defy
orders of the Department of Labor and Employment concerning the
nationwide strike planned by ground crew employees of Philippines
Airlines.

Labor Secretary Rosalinda Baldoz barred the strike since there was
no deadlock in the talks on collective bargaining agreement yet,
abs-cbnNEWS.com says.

However, Gerry Rivera, PALEA President and Vice Chairman of
Partido ng Manggagawa, called on its 3,700 members to be ready to
go on strike any time, despite a certification order signed by
Sec. Baldoz which was served on the union office as a mobilization
of some 2,000 PAL employees and supporters, according to
abs-cbnNEWS.com.

"The order has not stopped a strike at PAL, it has merely
postponed it to a date that PAL and the government cannot now know
in advance," abs-cbnNEWS.com quotes Mr. Rivera as saying.

abs-cbnNEWS.com relates that PALEA said it is planning to stage
protests this week against the DOLE order in coordination with a
"labor unity coalition of moderate to militant workers groups."

A case will also be filed with the International Labor
Organization against what PALEA called "government's suppression
of the conventions on the right to self-organization and
collective bargaining."

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said PAL is to spin off its
three non-core units as a last resort to avoid bankruptcy.
PAL will spin off its three non-core units: inflight catering
services; airport services, including ground handling, cargo
handling and ramp handling; and call center reservations, the
Manila Bulletin said.  The PAL Employees Union estimated that
2,000 to 4,000 employees assigned to those departments could be
retired.  PAL said competition from overseas carriers, slower
global economic growth, and higher oil prices had prompted the
airline to slash its non-core businesses.  The carrier had
approached several investors but failed to secure financial help,
and equity had dropped to a worrisome US$1.1 million as of
February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that PAL announced a narrower loss for its fiscal year that
ended March 2010 to $14.3 million, from the previous year's $297.8
million, but warned of still weak demand for international
flights.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


PHILIPPINE LONG: Digitel Deal Won't Affect Moody's 'Ba1' Rating
---------------------------------------------------------------
Moody's Investors Service sees no impact for the Baa2 issuer
rating and Ba1 foreign currency bond rating of Philippine Long
Distance Telephone Company and it's stable outlook.

This follows PLDT recent announcement that it plans on acquiring
an interest in Digital Telecommunications Philippines from JG
Summit Holdings, Inc.  Digitel is the 100% owner of Digitel Mobile
Philippines, Inc., which owns the brand Sun Cellular -- the
Philippines' third largest telecommunications operator after PLDT
and Globe Telecom.

The agreed consideration for the acquisition is P69.2 billion,
although this could increase to P74.1 billion assuming full
acceptance by the minority shareholders in Digitel.  Payment will
be settled by the issuance of one new PLDT share for every P2,500
consideration payable.  Minority shareholders have the option to
receive payment in cash rather than shares which equates to
approximately US$110 million.

"The transaction, which is expected to complete on 30th June 2011,
will result in a temporary spike in leverage -- as measured by
consolidated debt/EBITDA -- to approximately 1.6x for 2011 given
the assumption of some US$600 million in debt and potential cash
payment to Digitel's minority shareholders, given that Digitel
will only make a 6-month contribution to results; PLDT has also
previously communicated plans to accelerate capex for 2011 and
2012," says Laura Acres, a Moody's Vice President and Senior
Credit Officer.

"Given the acquisition and PLDT's accelerated capex plan, it is
Moody's expectation that adjusted consolidated debt/EBITDA will
remain at approximately 1.5-1.6x for next 18-24 months before
falling back to 1.2-1.4x in 2013; as such the acquisition can be
accommodated within the current rating level," adds Acres, also
Moody's Lead Analyst for PLDT.

The acquisition will strengthen further PLDT's presence in the
Philippine telecommunications space -- giving it an estimated 60%
wireless revenue market share -- as well as provide potential
costs savings through synergies relating to infrastructure
sharing, centralized procurement and capex rationalization.  The
transaction, while binding on the part of JGS, is subject to both
regulatory approvals and PLDT shareholder approval.

The last rating action was taken on 24th July 2009 when PLDT's
senior unsecured bond rating was upgraded to Ba1/stable following
a commensurate action on the sovereign bond ceiling.

PLDT, headquartered in Manila and listed on the Philippine Stock
Exchange and American Depository Receipts traded on the New York
Stock Exchange, is an integrated provider of fixed-line,
broadband, cellular and ICT (Information and Communications
Technology) services.  It currently has a 52% subscriber market
share for cellular telephony, 60% for fixed-line services and
about 58% for broadband.


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


LEHMAN BROTHERS: Singapore Investors Appeal Order on Losses
-----------------------------------------------------------
In a bid to recoup S$18 million in losses tied to Lehman Brothers
Holdings Inc., a group of 213 investors in Singapore urged the
city's appeal court to overturn a ruling that dismissed its
claim, according to a March 18, 2011 report by Bloomberg News.

In a March 14 appeal, the investors said DBS Bank Ltd., which
sold credit default swaps linked to Lehman, had inconsistencies
in the investment's prospectus and pricing statement.

Singapore-based DBS, Southeast Asia's biggest bank, had declared
the investments to be worthless after Lehman's bankruptcy filing
in 2008.

Judge Lee Seiu Ki, who ordered the dismissal of the lawsuit, said
in his December 10 ruling that the inconsistency stemmed from "an
obvious clerical error."  He said statements on how the
investment value would be calculated in a credit event such as
Lehman's collapse, were not meant to be comprehensive.

In an e-mailed statement, the investors said that while DBS
insists on holding the group to the strict terms of the contract,
they "seek to avoid liability by relying on what they call a
clerical error."

DBS had sold its DBS High Notes 5 as a safe, low-risk investment,
lulling the investors into having a "false sense of security,"
the group also said.

The appeal is scheduled to be heard in the week of May 23.

The case is Soon Kok Tiang and Others v. DBS Bank Ltd. CA6/2011
in the Singapore Court of Appeal.

                      About Lehman Brothers

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

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

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

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

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

                 International Operations Collapse

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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