TCRAP_Public/110419.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

              Tuesday, April 19, 2011, Vol. 14, No. 77

                            Headlines



A U S T R A L I A

CUBBIE STATION: Administrator Fires Cubbie's Founder


C H I N A

CHINA CENTURY: Murray, Frank & Sailer Begins Probe on Fraud Claims


H O N G  K O N G

MARTIN (FAR EAST): Annual Meeting Set for May 12
MOULIN BUSINESS: Annual Meeting Set for May 12
PRIMETIME HOLDINGS: Annual Meeting Set for May 12
SUN HORSE: Members and Creditors' Annual Meetings Set for May 13
SUNLINK APSON: Annual Meetings Slated for May 13

SUNLINK HI-TECH: Annual Meetings Slated for May 13
SUNLINK MSOLUTIONS: Annual Meetings Slated for May 13
SUN MOTOR: Members and Creditors' Meetings Set for April 27
SUN MOTOR MANUFACTORY: Meetings Slated for April 27
SUN MOTOR OEM: Meetings Slated for April 27

* HONGKONG: Bankruptcy Petitions Drop 7.4% in March


I N D I A

GUJARAT SPICES: ICRA Assigns 'LBB+' Rating to INR7.31cr Term Loans
L.T. KARLE: CRISIL Cuts Rating on INR50MM Letter of Credit to 'P5'
LILA DHAR: CRISIL Reaffirms 'BB-' Rating to INR60MM Cash Credit
MYSORE FRUIT: CRISIL Upgrades Rating on INR30.6MM LT Loan to 'B'
NEW PHALTAN: CRISIL Assigns 'C' Rating to Various Bank Facilities

PRABHAT DAIRY: CRISIL Upgrades INR50MM Cash Credit Rating to 'BB-'
PRESTIGE FEED: ICRA Reaffirms 'LBB+' Rating on Bank Limits
PROCADENCE IMPEX: ICRA Assigns 'LB+' Rating to INR5cr Bank Loans
RAGHULEELA LEASING: CARE Assigns 'CARE BB+' Rating to LT Bank Loan
RAMA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR144MM Term Loan

S. KUMARS: ICRA Reaffirms 'LB' Rating on INR449.82cr Term Loan
SRI JAIBALAJI: CRISIL Assigns 'D' Rating to INR149MM Term Loan
SYNDICATE BANK: S&P Assigns 'BB+' Rating to Lower Tier II Notes
VIMAL DAIRY: ICRA Assigns 'LBB-' Rating to INR2cr Term Loans
VIMAL MICRONS: ICRA Assigns 'LB+' Rating to INR6.9cr Term Loans


K O R E A

DONGYANG ENGINEERING: Files for Court Receivership


N E W  Z E A L A N D

ALLIED NATIONWIDE: Receivers Unsure of Further Repayment to Crown
AMI INSURANCE: Treasury Appoints Pritchard as Director
CRAFAR FARMS: Shanghai Pengxin Files Application to Buy Crafar
MORRIS CONTRACTORS: Pike River Contractor in Receivership


S I N G A P O R E

AFFINITY PRECISION: Creditors' Meeting Set for April 28
ALTUS TECHNOLOGIES: Court Enters Wind-Up Order
AMANDA FOODS: Court Enters Wind-Up Order
BOULTON CAPITAL: Creditors' Proofs of Debt Due May 16
DOMINION PENSION: Creditors' Proofs of Debt Due May 15

ETO SINGAPORE: Creditors' Proofs of Debt Due May 15
GLOCAL MEDIA: Court Enters Wind-Up Order
HERBALSCIENCE DISTRIBUTORS: Creditors' Proofs of Debt Due May 16


X X X X X X X X


* BOND PRICING: For the Week April 11 to April 15, 2011




                            - - - - -


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


CUBBIE STATION: Administrator Fires Cubbie's Founder
----------------------------------------------------
The Weekend Australian reports that the founder of Australia's
largest cotton farm and irrigator, Cubbie Station, is "staggered"
at being fired during its biggest ever harvest apparently for
appearing on television.

Cubbie's long-time managing director, John Grabbe, confirmed
Friday to The Weekend Australian that Cubbie Group's
administrator, John Cronin of McGrathNicol, had terminated his
contract on April 14.  "I'm absolutely staggered as to why and I
absolutely did not agree with the termination," Mr. Grabbe said.

"It was not by mutual agreement; I objected to it and still do,"
The Weekend Australian quotes Mr. Grabbe as saying.  He would not
speculate about why he had been sacked.

Devastated by drought, The Weekend Australian says, Cubbie Group
collapsed into voluntary administration in 2009, owing more than
AU$300 million to lenders National Australia Bank and Suncorp.
Since then, the administrators have been trying to sell the group,
and Mr. Grabbe and his fellow board members have been trying to
trade their way out of administration.

Recently, The Weekend Australian notes, the administrators
appointed Goldman Sachs to find a buyer for the Cubbie Group,
which consists of three properties over 93,000ha in southern
Queensland.

The Weekend Australian reports that Mr. Grabbe appeared on the
Nine Network's Brisbane news on Sunday night.  The Weekend
Australian relates that the story showed him flying over Cubbie
Station in a helicopter with journalist Melissa Mallet.

"John Grabbe now hopes the existing board can take back control,
and responsibility, of repaying the banks that helped build
Cubbie," Ms. Mallet said in the story's voiceover, according to
The Weekend Australian.  Mr. Grabbe is quoted as saying: "That
would be very nice, but that's in the hands of others,
unfortunately".

The Weekend Australian says that it was this rare media appearance
by Mr. Grabbe that prompted his sudden dismissal.

McGrathNicol confirmed in a statement that Mr. Grabbe was "no
longer consulting to the Cubbie Group," The West Australian adds.

                         About Cubbie Group

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
Oct. 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on Oct. 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to The
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.


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


CHINA CENTURY: Murray, Frank & Sailer Begins Probe on Fraud Claims
------------------------------------------------------------------
Murray, Frank & Sailer LLP is investigating securities fraud
claims against China Century Dragon Media, Inc. and certain of its
officers, on behalf of purchasers of China Century securities
between Feb. 8, 2011 and March 26, 2011, inclusive.

The investigation concerns violations of the Securities Act of
1933 and the Securities Exchange Act of 1934 that occurred when
the Defendants issued materially false and misleading statements
or omitted to state material information during the Class Period
regarding China Century's financial performance and business
prospects.

Specifically, it is alleged that during the Class Period, the
defendants made false and/or misleading statements and/or failed
to disclose that the financial statements for fiscal years 2008
and 2009, included in China Century's Registration Statement, were
materially false and misleading.  Furthermore, it is alleged that
as a result of the Defendants' misstatements, China Century's
stock traded at artificially inflated prices throughout the Class
Period.

On March 28, 2011, the Company issued a press release announcing,
among other things, (1) the resignation of the Company's auditor,
due to the auditor's belief that it could not rely on the
representations of China Century's management, or support its
opinions related to the Company's previously issued financial
statements for fiscal years 2008 and 2009; (2) that China Century
had received notification from NYSE Amex LLC of its intention to
delist the Company's stock; (3) that the SEC had initiated a
formal, non-public investigation into whether the Company had made
material misstatements or omissions concerning its financial
statements; (4) that the Company had formed a Special Committee to
investigate the concerns of its auditor; and (5) that the Company
would be unable to timely issue its financial results for fiscal
year 2010.

As previously reported, on March 23, 2011, the Company received a
delisting notification from the Exchange due to the Company's
noncompliance with Sections 1003(f)(iii), 132(e), 1003(d), 1002(e)
and 127 of the Company Guide.  As a result, the Company was
subject to immediate delisting unless it requested an appeal of
the Staff's delisting determination.  In response, the Company
timely appealed the Staff's determination for a hearing before a
Listing Qualifications Panel.  The notice of noncompliance has no
immediate effect on the listing of the Company's common stock on
the Exchange.

The Company also announced it has engaged the law firm of McKenna
Long & Aldridge LLP to serve as its independent counsel in
connection with its investigation into the allegations contained
in the resignation letter of its former auditor, MaloneBailey LLP,
and the investigation initiated by the U.S. Securities and
Exchange Commission.  As previously announced on March 28, 2011,
the Company's Board of Directors formed a Special Investigation
Committee consisting of the independent members of the Board of
Directors to launch an investigation with respect to the concerns
raised by MaloneBailey and the SEC investigation.

                        About China Century

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network.  The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.


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


MARTIN (FAR EAST): Annual Meeting Set for May 12
-------------------------------------------------
Members and creditors of Martin (Far East) Optical Company
Limited, which is in creditors' voluntary liquidation will hold
their annual meeting on May 12, 2011, at 3:00 p.m., at the office
of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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


MOULIN BUSINESS: Annual Meeting Set for May 12
-----------------------------------------------
Members and creditors of Moulin Business Solutions Limited, which
is in creditors' voluntary liquidation will hold their annual
meeting on May 12, 2011, at 3:30 p.m., at the office of FTI
Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


PRIMETIME HOLDINGS: Annual Meeting Set for May 12
-------------------------------------------------
Members and creditors of Primetime Holdings Limited, which is in
members' voluntary liquidation, will hold their annual meeting on
May 12, 2011, at 4:00 p.m., at the office of FTI Consulting
(Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A
Chater Road, Central, in Hong Kong.

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


SUN HORSE: Members and Creditors' Annual Meetings Set for May 13
----------------------------------------------------------------
Members and creditors of Sun Horse Technologies (H.K.) Limited
will hold their annual meetings on May 13, 2011, at 11:00 a.m.,
and 11:15 a.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

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


SUNLINK APSON: Annual Meetings Slated for May 13
------------------------------------------------
Members and creditors of Sunlink Apson Multi-media Limited will
hold their annual meetings on May 13, 2011, at 11:45 a.m., and
12:00 p.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

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


SUNLINK HI-TECH: Annual Meetings Slated for May 13
--------------------------------------------------
Members and creditors of Sunlink Hi-Tech Limited will hold their
annual meetings on May 13, 2011, at 3:15 p.m., and 3:30 p.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

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


SUNLINK MSOLUTIONS: Annual Meetings Slated for May 13
-----------------------------------------------------
Members and creditors of Sunlink mSolutions Limited will hold
their annual meetings on May 13, 2011, at 2:30 p.m., and 2:45
p.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

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


SUN MOTOR: Members and Creditors' Meetings Set for April 27
-----------------------------------------------------------
Members and creditors of Sun Motor Holding Company Limited will
hold their meetings on April 27, 2011, at 11:00 a.m., and
11:30 a.m., respectively at 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.

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


SUN MOTOR MANUFACTORY: Meetings Slated for April 27
---------------------------------------------------
Members and creditors of Sun Motor Manufactory Limited will hold
their meetings on April 27, 2011, at 2:00 p.m., and 2:30 p.m.,
respectively at 35th Floor, One Pacific Place, 88 Queensway, in
Hong Kong.

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


SUN MOTOR OEM: Meetings Slated for April 27
-------------------------------------------
Members and creditors of Sun Motor OEM Company Limited will hold
their meetings on April 27, 2011, at 3:00 p.m., and 3:30 p.m.,
respectively at 35th Floor, One Pacific Place, 88 Queensway, in
Hong Kong.

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


* HONGKONG: Bankruptcy Petitions Drop 7.4% in March
---------------------------------------------------
Sophie Leung at Bloomberg News reports that Hong Kong bankruptcy
petitions fell 7.4% in March from a year earlier.

Bloomberg News, citing data posted in the Official Receiver's
Office Web site, discloses that the number of bankruptcy petitions
declined to 866 from 935.  The number of petitions to wind up
companies dropped to 42 from 54 a year earlier, it said.


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


GUJARAT SPICES: ICRA Assigns 'LBB+' Rating to INR7.31cr Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR7.31 crore term loans
and the INR30.0 crore fund based facilities of Gujarat Spices and
Oilseeds Growers Cooperative Union Limited.  ICRA has also
assigned an 'A4+' rating to the INR163.0 crore short term non fund
based facilities of the company.  The outlook on the long term
rating is stable.

ICRA has combined the operational and financial risk profiles of
group company Gujarat Spices and Oilseed Growers Cooperative Union
Limited and VOFL to arrive at the ratings.  Moreover, these
companies are planned to be merged in the near term subject to
regulatory approvals.  The ratings are constrained by the
inherently low margins in this line of business as well as the
volatility of the margins on account of pressure on realizations
as was witnessed in FY10, moderate market position of the company
in the relatively high margin retail segment, highly fragmented
nature of industry which exposes GUJOIL to the competition from
the unorganized players in the lower end of the products and large
players, including multinationals in the branded segment. The
ratings are also constrained by the vulnerability of the company's
profitability to the duty differential between crude and refined
oil and the climatic risks associated with procurement of raw
material.  Further, the company's lack of seed crushing capacity
limits value addition in the edible oil value chain and also
restricts its ability to switch to its own crude supply in adverse
price scenario for crude oil.

The ratings reflect long track record of the promoters in the
edible oil industry and diversified product portfolio with
flexibility to change the product mix according to price trends.
The ratings also factor in the locational advantages arising from
the proximity to ports, for crude oil procurement, access to
VOFL's extensive distribution network and the favorable growth
prospects of the industry. The company's revenues are expected to
be boosted by addition of fractionation capacity which will
provide an upside to the volumes.

Gujarat Spices and Oilseeds Growers' Cooperative Union Ltd.,
incorporated in 2003, is a union formed by various cooperative
societies in order to set up an edible oil refinery at Anjar,
Kutch District, Gujarat.  The installed refining capacity of the
plant is 900 TPD for other edible oils and 100 TPD for Vanaspati
oil.  The factory was established in Kutch region to get the
benefit of sales tax and excise duty exemption from the State and
Central Govt as announced by them as rehabilitation package after
the massive quake in Gujarat in 2001.

GUJOIL is part of the Vimal group of industries based out of
Mehsana whose flagship company - Vimal Oils & Foods Ltd. is
engaged in the production, refining and marketing of edible oils.
Vimal Group of Industries is one of the leading groups of North
Gujarat engaged in diversified businesses like Electrical
Products, Cable Wires, Winding Wires, Submersible Pumps, Dairy
Industry, Edible Oil Industry, Paint Industry and Micronised
Mineral Powder.

For the year FY2010, the company reported an operating income of
INR729.6 crore (against INR 645.8 crore for FY2009) and profit
after tax of INR5.55 crore (against INR 5.15 crore for FY2009).
The company has further as on H1FY2011 end reported an operating
income of INR380.3 crore and profit after tax of INR4.07 crore.


L.T. KARLE: CRISIL Cuts Rating on INR50MM Letter of Credit to 'P5'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of L T
Karle and Company (LT Karle; part of the Karle group) to 'P5' from
'P4+'. The downgrade reflects instances of delay by the Karle
group in servicing its debt; the delays have been caused by the
group's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Letter of Credit     P5 (Downgraded from
                                            'P4+')
   INR250.0 Million Packing Credit      P5 (Downgraded from 'P4+')

   INR13.0 Million Letter of credit     P5 (Downgraded from 'P4+')
                   & Bank Guarantee
   INR2.0 Million Bank Guarantee        P5 (Downgraded from 'P4+')

The Karle group has a weak financial risk profile, marked by weak
capital structure and below-average debt protection metrics. The
group is also exposed to risks related to customer concentration
in its revenue profile. The group, however, benefits from its
strong track record, backed by global clientele, integrated
operations, and efficient supply chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Karle International Pvt Ltd and LT
Karle. This is because the two entities are in the same line of
business, and have operational linkages, including fungible cash
flows.

                          About the Group

The Karle group was promoted in 1972 as a fabric-exporting unit by
the late Mr. L T Karle.  The group has expanded into the
manufacture of readymade garments, with four manufacturing units
in Bengaluru; the group has capacity to manufacture around 440,000
pieces of garments per month.

The Karle group reported a profit after tax (PAT) of INR38.7
million on net sales of INR1.63 billion for 2009-10, against a PAT
of INR38.2 million on net sales of INR2.02 billion for 2008-09.


LILA DHAR: CRISIL Reaffirms 'BB-' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable/P4+' ratings on the bank
facilities of Lila Dhar Devki Nandan.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR100.0 Million Bank Guarantee   P4+ (Reaffirmed)

The ratings reflect LDDN's small scale of operations, large
working capital requirements, geographical concentration in its
revenue profile, and small net worth.  These rating weaknesses are
partially offset by LDDN's established relationships with its
customers and its stable operating margin.

Outlook: Stable

CRISIL believes that LDDN will continue to benefit from
established relationships with the state government and public
works department.  The outlook may be revised to 'Positive' in
case of considerable improvement in LDDN's operating income,
driven by successful expansion in operations to territories other
than Bikaner (Rajasthan).  Conversely, the outlook may be revised
to 'Negative' in case of further stretch in LDDN's working capital
requirements, decline in profitability, or if the firm undertakes
a large, debt-funded capital expenditure programmes, thereby
deteriorating its liquidity and debt protection metrics.

Update
The firm's revenues over 2009-10 (refers to financial year,
April 1 to March 31) declined by 52 percent year-on-year due to
reduction in orders in the first half of 2009-10 from LDDN's main
client, Bikaner Public Works Department (PWD).  The firm reported
revenues of INR160 million for the nine months ended December
2010, and is expected to generate revenues of around INR220
million for 2010-11.  Moreover, the company's receivables are
stretched, at INR50 million as on Dec. 31, 2010, but have
marginally improved from the previous level, of 136 days (Rs.54.6
million), as on March 31, 2010. Incremental working capital
requirements have led to the bank limits being highly utilized
and, on multiple occasions, overdrawn.

                           About Lila Dhar

LDDN, a sole proprietorship firm, is promoted by Mr. Devki Nandan
Golyan. It is a Class AA civil contractor and undertakes road
construction and road resurfacing projects in Rajasthan (mainly in
the Bikaner district); it primarily caters to the Bikaner PWD.
LDDN procures key inputs, bitumen and emulsion, from companies
such as Indian Oil Corporation Ltd and Essar Oil Ltd.

LDDN reported a profit after tax (PAT) of INR11 million on net
sales of INR148 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR18 million on net
sales of INR310 million for 2008-09.


MYSORE FRUIT: CRISIL Upgrades Rating on INR30.6MM LT Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mysore Fruit Products Pvt Ltd to 'B/Stable' from 'B-/Stable',
while reaffirming the rating on the short-term facilities at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR30.60 Million Long-Term Loan    B/Stable (Upgraded from
                                               'B-/Stable')

   INR.10.00 Million Cash Credit      B/Stable (Upgraded from
                                              'B-/Stable')
   INR75.00 Million Packing Credit    P4 (Reaffirmed)
   INR100.00 Mil. Bill Discounting    P4 (Reaffirmed)
                (Letter of Credit)
   INR70.00 Million Letter of Credit  P4 (Reaffirmed)

The upgrade reflects increase in MFFPL's revenues and cash
accruals, driven by addition of new clients and increased
processing of fruits other than mango, in 2010-11 (refers to
financial year, April 1 to March 31).  The company reported, on
provisional basis, revenues of about INR370 million for the 11
months ended Feb. 28, 2011; it reported revenues of INR270 million
for 2009-10.  Increase in revenues resulted in increased cash
accruals for MFFPL in 2010-11.

The ratings reflect MFFPL's below-average financial risk profile,
marked by a high gearing, large, debt-funded capital expenditure
(capex) plans, concentrated revenue profile, and susceptibility to
volatility in raw material prices and in foreign exchange rates.
The impact of these weaknesses is mitigated by MFFPL's promoters'
industry experience, and its moderate operating efficiency.

Outlook: Stable

CRISIL believes that MFPPL will continue to benefit over the
medium term from its promoters' experience in the fruit processing
industry.  The outlook may be revised to 'Positive' if the company
considerably increases its scale of operations and revenue
diversity and maintains its margins and capital structure.
Conversely, the outlook may be revised to 'Negative' if MFFPL's
relationships with its major customers deteriorate, or if the
company undertakes a larger-than-expected, debt-funded capex
programme or faces decline in revenues and cash accruals, thereby
adversely affecting its ability to service debt.

                        About Mysore Fruit

Set up in 1957 by the Government of Karnataka, MFFPL was acquired
by Mr. D Adikesavulu in 1987.  The company was reconstituted as
private limited company in 2005.  It manufactures fruit juice and
pulp from mango, guava, grape, pomegranate, and tomato, at its two
processing units in Bengaluru, with capacity of 12,000 tonnes per
annum.  Around 75 per cent of the company's revenues come from the
sale of juice and pulp of mango, and the rest from the sale of
juice and pulp of other fruits.  The company derives about 90 per
cent of its revenues from exports to manufacturers of juices and
aerated drinks in France, Russia, the Middle East, and European
countries.  MFPPL has plans to enhance its capacity for a total
capex of INR40.0 million (debt component of INR27.5 million).

MFFPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR269 million for 2009-10, against a PAT of INR1.3
million on net sales of INR234 million for 2008-09.


NEW PHALTAN: CRISIL Assigns 'C' Rating to Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the long-term bank
facilities of New Phaltan Sugar Works Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR90.00 Million Cash Credit         C (Assigned)
   INR30.00 Million Long-Term Loan      C (Assigned)
   INR190.00 Million Proposed LT Bank   C (Assigned)
                        Loan Facility

The rating reflects NPSW's weak financial risk profile, marked by
negative net worth (because of sizeable accumulated losses), large
working capital requirements, weak operating efficiencies on
account of non-integrated operations, and vulnerability to adverse
regulatory changes and cyclicality in the sugar industry.  These
rating weaknesses are partially offset by the extensive industry
experience of NPSW's promoters and the strategic location of the
company's plant.

NPSW was set up in 1985 and took over the assets of group company,
Apte Amalgamation Ltd, which had been manufacturing sugar since
1933.  The capacity of the company's plant was enhanced to 1,800
tonnes crushed per day (tcd) in 2010-11 (refers to financial year,
April 1 to March 31) from 1,300 tcd, and the company plans to
increase the capacity to 2,500 tcd in 2011-12.

NPSW incurred substantial losses in 2000-01 because of
unavailability of sugarcane and its operations were shut down
between 2002 and 2005, resulting in its entire net worth being
eroded; consequently, the company defaulted on servicing its debt
and went under the purview of the Board for Industrial and
Financial Restructuring (BIFR) in May 2003.  The company was
declared sick in 2010.  It is awaiting a restructuring and remains
under the purview of BIFR.  NPSW reached a one-time settlement
with its lenders and made the payment in 2009-10. Since 2007, NPSW
has been managed by Mr. Pralhad Salunkhe Patil.

NPSW reported a profit after tax (PAT) of INR10.3 million on net
sales of INR682.6 million for 2009-10, as against a PAT of INR0.5
million on net sales of INR422.8 million for 2008-09.


PRABHAT DAIRY: CRISIL Upgrades INR50MM Cash Credit Rating to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on Prabhat Dairy Pvt Ltd's bank
facilities to 'BB-/Stable' from 'B+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR88.9 Million Term Loan         BB-/Stable (Upgraded from
                                                 'B+ /Stable')

   INR50.0 Million Cash Credit       BB-/Stable (Upgraded from
                                                 'B+/Stable')

   INR5.0 Million Line of Credit     BB-/Stable (Upgraded from
                                                 'B+/Stable')

The rating upgrade reflects sharp improvement in Prabhat's
business risk profile, driven by an increase in its scale of
operations amid a buoyant demand scenario and improvement in its
profitability.  The company sales are estimated to have increased
at a year-on-year rate of more than 70% in 2010-11 (refers to
financial year, April 1 to March 31); revenues for the year are
estimated at over INR2.75 billion.  Prabhat's healthy growth in
sales has been driven by an increase in supply of sweetened
condensed milk (SCM) by the company to Cadbury India Ltd
(Cadbury), supported by stabilization of operations at its
recently set up capacities.  This led to a significant improvement
in Prabhat's operating margin in 2010-11 to about to 7% from 5% in
2009-10.  CRISIL believes that Prabhat will sustain the topline
growth and maintain its profitability by optimally utilising its
enhanced capacities, and increasing focus on value-added products

The rating reflects Prabhat's small scale of operations with
limited geographical diversity, large working capital
requirements, susceptibility to adverse regulatory changes and to
epidemic-related events, and exposure to project-related risks in
its ongoing project. These rating weaknesses are partially offset
by Prabhat's established procurement and distribution network,
healthy relationships with customers, and moderate financial risk
profile marked by strong debt protection metrics and healthy
capital structure.

Outlook: Stable

CRISIL believes that Prabhat will continue to benefit from its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if Prabhat commissions its
ongoing capacity expansion project without any time and cost
overrun or if there is any large equity infusion which improves
the capital structure significantly.  Conversely, the outlook may
be revised to 'Negative' if the offtake from the company's fresh
capacities are lesser than expected or if it undertakes a larger-
than-expected, debt-funded capital expenditure (capex) programme,
thereby weakening its capital structure.

                         About Prabhat Dairy

Incorporated in 1998, Prabhat is promoted by Mr. Sarang Nirmal,
Mr. Kishore Nirmal, and Mr. Arvind Nirmal.  The company processes
and sells milk and milk products.  The dairy products marketed by
the company include toned milk, raw chilled milk, sterilized
condensed milk, milk powder, lassi, butter, and ghee. Its
production unit at Shrirampur (Maharashtra) has a milk processing
capacity of 0.4 million litres per day (lpd).  The company is
setting up a new facility, expected to commence commercial
production by April 2012, to process milk (0.6 million lpd) and
manufacture cheese (capacity of 60,000 tonnes per annum); the
cheese produced will be primarily supplied to Kraft Foods Inc.

For 2009-10, Prabhat reported a profit after tax (PAT) of INR36.0
million on net sales of INR1.5 billion, against a PAT of INR10.0
million on net sales of INR1.1 billion for 2008-09.


PRESTIGE FEED: ICRA Reaffirms 'LBB+' Rating on Bank Limits
----------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating on the long term scale and
'A4+' rating on the short term scale for the INR37.75 crore bank
limits of Prestige Feed Mills Limited.  The outlook on the long
term rating has been retained at Stable.

The ratings continue to be constrained by the high business risks
associated with the edible oil (and related products) industry
including the high competitive intensity and fragmentation;
vulnerability of profitability of domestic edible oil players to
import pressure, volatility in global edible oil prices and
changes in import duty differential between crude and refined oil;
exposure to commodity price and forex risks and; agro-climatic
risks associated with the availability of raw material.  The
ratings are also inhibited by the company's modest financial risk
profile as reflected in its low profitability margins; high
gearing levels and modest debt protection metrics. Nevertheless,
while assigning the ratings, ICRA has favorably factored in the
considerable experience of Prestige's promoters in the soya
business; the company's locational advantage being situated in the
soybelt of the country; favorable domestic and export prospects
for soya meal and in particular the current buoyant market
scenario and favorable near term outlook; integrated nature of the
company's manufacturing operations and presence in the value added
edible grade soy product segment.

                        About Prestige Feed

Prestige Feed Mills Limited based out of Indore in Madhya Pradesh
is engaged in the manufacture and sale of soybean oil and DOC.  It
also undertakes trading of agro-commodities.  The company has been
promoted by the Jain family who hold more than two decades of
experience in the soya oil and meal business and are a well known
business group in the region with their "Prestige" brand.  The
manufacturing facilities of the company are located in Dewas,
Madhya Pradesh and include a 400 tpd solvent extraction unit and a
100 tpd refinery.

Recent Results

In 2009-10, the company reported an operating income (OI) of
INR256 crore with a profit after tax of INR1.36 crore compared to
an OI of INR250 crore and a profit after tax of INR1.39 crore in
2008-09.  In H1 2010-11, the company has reported an OI of
INR150 crore and a PAT of INR0.83 crore as per provisional
unaudited results.


PROCADENCE IMPEX: ICRA Assigns 'LB+' Rating to INR5cr Bank Loans
----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR5 crore fund based
facilities of Procadence Impex Private Limited.  ICRA has also
assigned 'A4' rating to the INR12.5 crore non-fund based bank
facilities of SPCIPL.

The ratings are constrained on account of PIPL's initial stage of
operation with limited track record, its high gearing level and
its significant reliance on single customer as well as supplier at
present.  In addition, PIPL's business is characterized by thin
margin, susceptibility to adverse movement in foreign currency,
intense competition from large as well as small established trade
houses and counter-party risk at supplier's end such as non-
delivery of goods and short shipment, which increases the overall
business risk of the company.  However, the ratings derive comfort
from PIPL's experienced management and its reputed supplier and
customer.

Procadence Impex Private Limited was incorporated in 2009 with an
object of entering into international commodity trading involving
importing of fertilizers and chemicals to cater to the
requirements of government and private fertilizer companies, steam
coke and coal for steel plants in India and exporting iron ore
from India to China. Primarily, the company is currently
contemplating import of fertilizer from Egypt, Romania, Ukraine,
Russia and Middle East for supply to fertilizer companies in India
and export of low grade iron ore from India to China.


RAGHULEELA LEASING: CARE Assigns 'CARE BB+' Rating to LT Bank Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities of
Raghuleela Leasing And Real Estates Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)        Ratings
   ----------                  -----------        -------
   Long-term Bank Facilities      798.84          'CARE BB+'

Rating Rationale

The rating is constrained by high gearing levels, higher break
even required for the project, dependence on advances from
customers to fund the project, residual project execution risk,
and the cyclical nature of the industry.  The rating however,
derives strength from the experience of RLRE's promoters in the
real estate industry, strategic location of the property in Bandra
Kurla Complex, tie up of the required debt and advanced stage of
execution with 65% of the construction cost already incurred.
The ability of RLRE to execute the project within the time frame
set by Mumbai Metropolitan Regional Development Authority and sell
the balance area as envisaged are the key rating sensitivities.

Raghuleela Leasing and Real Estates Pvt. Ltd., incorporated in
August 2005, is part of Wadhwa group which is involved in
commercial, residential, retail and hospitality segments with
diverse projects for the last 40 years.

RLRE was incorporated with the primary objective of undertaking
development, sale and lease of the commercial property 'The
Capital' on a plot admeasuring 7,107 sq mtrs. at Bandra Kurla
Complex.  The proposed property is envisaged to comprise
commercial development with a saleable area of approximately 1.15
million square feet (msf).  The project is estimated to cost
INR2,491 crore to be funded using debt of INR805 crore, promoter
contribution of INR573 crore and balance from advances from
customers.  As on Dec. 31, 2010, RLRE had incurred 65% of the
total construction cost and sold 23% of the total saleable area.


RAMA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR144MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Rama Krishna Spintex Pvt
Ltd continues to reflect Rama Krishna's weak financial risk
profile, marked by aggressive gearing, a small net worth, and
inadequate debt protection metrics; and small scale of operations.
These rating weaknesses are partially offset by the benefits that
Rama Krishna derives from its promoters' experience in the textile
industry.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    B+/Stable (Reaffirmed)
   INR144.0 Million Term Loan           B+/Stable (Reaffirmed)
   INR7.5 Mil. Standby Line of Credit   B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Rama Krishna will remain a small player in
the textile industry, and that its financial risk profile will
remain weak because of its aggressive capital structure, over the
medium term.  The outlook may be revised to 'Positive', if the
company's cash accruals improve significantly, thereby resulting
in a better capital structure, or if it improves its business risk
profile by undertaking significant capacity expansion, funded
primarily through equity. Conversely, the outlook may be revised
to 'Negative', if Rama Krishna's profitability and cash accruals
decline, or if the company undertakes a debt-funded capital
expenditure (capex) programme, resulting in further deterioration
in its financial risk profile.

Update
Rama Krishna's performance in 2010-11 (refers to financial year,
April 1 to March 31) was in line with CRISIL's expectations; the
company is estimated to have posted revenues of over INR500
million with an operating margin of close to 13 %.  The growth in
sales and improvement in profitability were supported by increased
export sales from enhanced capacities, as well as price rise
during the year.  The company's revenues, however, have remained
concentrated in its top five customers, which are estimated to
have accounted for more than 65 % of its total revenues in
2010-11.  Rama Krishna has partially completed the expansion of
its manufacturing facility. Till date, it has invested close to
INR50 million out of the total outlay of INR110 million.  The
balance pertains to equipment for which the order has been placed
and the delivery is expected by August 2011.

Rama Krishna reported a profit after tax (PAT) of INR1.55 million
on net sales of INR396.4 million for 2009-10, as against a PAT of
INR0.4 million on net sales of INR199.14 million for 2008-09.

                          About Rama Krishna

Rama Krishna, incorporated in February 2007, is promoted by Mr.
Makhan Lal Mangla. The company manufactures different varieties of
yarn including grey cotton yarn, stubbed cotton yarn, and waxed
cotton yarn, which are primarily used in manufacturing denim
fabric. It has a manufacturing facility in Bhatinda (Punjab) with
a capacity of 1960 rotors and a ginning plant. The company is
undertaking a INR110-million capex programme to expand its
manufacturing capacities to 5000 tonnes per annum (tpa) from the
existing 3700 tpa; the expanded capacity is expected to become
operational by August 2011. Mr. Mangla is also a partner in
Krishna Oil and General Mills, a firm engaged in oil extraction
and cotton ginning.


S. KUMARS: ICRA Reaffirms 'LB' Rating on INR449.82cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the 'LB' rating on the INR449.82 crore term
loans and the INR560.31 crore long-term, fund-based bank
facilities of S. Kumars Nationwide Limited.  ICRA has also
reaffirmed the 'A4' rating on the INR65.06 crore, short-term, non-
fund based bank facilities of the company.

Despite robust growth in revenues and healthy profitability,
liquidity position of the company remains stretched on account of
its high working capital intensity, and large capital expenditure
and significant inorganic investments incurred over the previous
years. SKNL has been in the process of rapidly scaling up its
various businesses, requiring substantial capital outlay. The
ratings, however, continue to take into account the strong
presence of the company in the domestic organized work wear and
worsted suitings segment, SKNL's moderately comfortable capital
structure aided by capital infusion from promoters, private
investor and qualified institutional buyers (QIBs) and healthy
accretion to reserves.  The company plans to list equity shares of
its subsidiary company - RTIL, which when successful, is likely to
further strengthen the capital structure of the company. ICRA
notes that the international operations of the company (barring
DKNY operations controlled through SKNL UK) have commenced
generating positive returns on the back of strong cost control
measures implemented by the company and through synergistic
benefits with other business segments of the company.  These
acquisitions of companies with strong brand presence and portfolio
in the international market and licensing agreement with leading
fashion house are expected to enable the company expand its
product and brand portfolio while augmenting the international
marketing and distribution base.

Incorporated in 1990, S. Kumars Nationwide Limited is the flagship
company of the Nitin Kasliwal-led SKNL group; and is one of
India's leading branded textile and apparel manufacturers with
presence in five segments - Consumer Textiles, Luxury Textiles
(under its subsidiary RTIL), Home Textiles, Total Wardrobe
Solutions and High Value Fine Cotton, a new line of business added
in 2009-10.  The company manufactures branded textiles and
apparels catering to all socio-economic segments ranging from
economy to luxury/super premium.


SRI JAIBALAJI: CRISIL Assigns 'D' Rating to INR149MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank
facilities of Sri Jaibalaji Steel Rolling Mills Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR126.0 Million Cash Credit Limit   D (Assigned)
   INR149.0 Million Term Loan           D (Assigned)

The ratings reflect non-repayment of term loan obligations by
SJSR; due to its weak liquidity.  The company's liquidity is weak
mainly due to a delay in commencing its commercial production,
which in turn was caused by a delay in availability of power to
run its plant.

SJSR also has a weak financial risk profile mainly on account of
its start up nature of operations and time and cost overruns in
commencing its commercial production.  These rating weaknesses are
partially offset by the extensive experience of SJSR's management
in the iron and steel industry.

SJSR was set up in 2008 with the objective of manufacturing TMT
bars at its plant in Muzaffarnagar (Uttar Pradesh). The company,
with an annual production capacity of 60,000 tonnes per annum, is
promoted by Mr. Shashank Jain, Mr. Gaurav Swarup, and Mr. Akash
Kumar. SJSR commenced its commercial production in August 2010.


SYNDICATE BANK: S&P Assigns 'BB+' Rating to Lower Tier II Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned these ratings to
various notes proposed under the multi-currency US$1 billion
medium-term note (MTN) program of Syndicate Bank (BBB-/Stable/A-
3):

    * 'BBB-' rating to the senior unsecured notes;

    * 'BB+' rating to the lower Tier II (LT2) subordinated notes;
      and

    * 'BB' rating to the upper Tier II (UT2) subordinated and
      hybrid Tier I notes.

Accordingly, the bank's recently announced senior unsecured notes
issuance under the MTN program is rated 'BBB-'.

The senior notes will constitute direct, unconditional, unsecured,
and unsubordinated obligations of the bank, and will rank pari
passu among themselves and equally with all other unsecured
obligations.  The LT2 and UT2 subordinated notes will constitute
unsecured and subordinated obligations of the bank. Syndicate
Bank's payment obligation toward the hybrid Tier I notes
would be junior to the claims of senior and subordinated debt
holders, excluding share holders (preference and equity).

"We assigned the same rating to the program's senior unsecured
debt as our long-term counterparty credit rating on Syndicate
Bank.  The 'BB+' rating on the program's LT2 subordinated notes
reflects the subordinate ranking of the notes to the bank's senior
unsecured debt," S&P related.

The differential between the 'BBB-' counterparty credit rating and
the 'BB' rating on the UT2 and hybrid Tier I securities reflects
the subordinated nature of the notes and the embedded interest
deferral feature.

The interest deferral feature is linked to the bank complying with
the capital to risk (weighted) assets ratio (CRAR) requirement and
passing a profit test.  The profit test is, in turn, linked to the
balance in the profit and loss account in the reserves and surplus
section of a bank's balance sheet.  A net loss is defined as a
negative balance in this account.

In case of both the UT2 and hybrid Tier I securities, the bank
will require permission from the Reserve Bank of India to make
interest payments on the notes if the bank meets the CRAR
requirement but reports a net loss.  On the other hand, skipping
interest payments is mandatory for UT2 notes and is optional for
hybrid Tier I notes if the bank doesn't meet the CRAR requirement
and reports a net loss.

As at Dec 31, 2010, Syndicate Bank's CRAR was 11.74%, much more
than the minimum requirement of 9%.

For investment grade issuers, Standard & Poor's recognizes equity
capital credit in the bank's adjusted total equity for hybrid
capital instruments with a maturity of at least 20 years.  "Hence,
we will recognize equity capital credit of up to 33% of Syndicate
Bank's adjusted common equity for the proposed hybrid Tier I
notes.  For UT2 subordinate notes, no capital credit will be
recognized, if their tenor is less than 20 years or the step-up is
not moderate," S&P related.


VIMAL DAIRY: ICRA Assigns 'LBB-' Rating to INR2cr Term Loans
------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR2.0 crore term loans
and the INR20.00 crore fund based facilities of Vimal Dairy
Limited.  The outlook on the long term rating is stable.

The rating is constrained by the relatively modest size of
operations compared to the cooperative sector undertakings, strong
competitive pressures, low profitability and high debt levels
resulting in a stretched capital structure. The rating is also
constrained by the vulnerability of the profit margins to
volatility in raw material procurement prices and seasonality of
the raw milk procurement process. However, the rating also factors
in the promoters' experience in dairy operations and their ability
to leverage on the umbrella brand of the group - "Vimal". The
ratings are further supported by the diversification across all
milk product segments and own SMP (Skimmed Milk Powder) capacity
to ensure uninterrupted production in lean season.

Vimal Dairy Limited, incorporated in 1992 is primarily engaged in
the production of pasteurized milk and milk products like ghee,
butter, cheese, paneer, etc. VDL is one of the largest private
sector dairies in Gujarat. It has a processing capacity of two
lakh litres of milk per day at its plant located at Mehsana.  The
company also operates a Milk powder plant on rent from group
company - Vimal Oils and Foods Ltd.

VDL is part of the Vimal group of industries based out of Mehsana
whose flagship - Vimal Oils & Foods Ltd. is engaged in the
production, refining and marketing of edible oils. Vimal Group of
Industries is one of the leading groups of North Gujarat engaged
in diversified businesses like Electrical Products, Cable Wires,
Winding Wires, Submersible Pumps, Dairy Industry, Edible Oil
Industry, Paint Industry and Micronised Mineral Powder.

VDL reported a profit after tax (PAT) of INR0.65 crore in
FY 2009-10 on an operating income of INR81.82 crore.


VIMAL MICRONS: ICRA Assigns 'LB+' Rating to INR6.9cr Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR6.9 crore term loans
and the INR12.85 crore fund based facilities of Vimal Microns
Limited.  ICRA has also assigned an 'A4' rating to the
INR1.0 crore short term non fund based facilities of the company.

The rating is constrained by the relatively modest size of
operations compared to the cooperative sector undertakings, strong
competitive pressures, low profitability and high debt levels
resulting in a stretched capital structure.  The rating is also
constrained by the vulnerability of the profit margins to
volatility in raw material procurement prices and seasonality of
the raw milk procurement process.  However, the rating also
factors in the promoters' experience in dairy operations and their
ability to leverage on the umbrella brand of the group - "Vimal".
The ratings are further supported by the diversification across
all milk product segments and own SMP (Skimmed Milk Powder)
capacity to ensure uninterrupted production in lean season.

Vimal Microns Limited, established in 1993 by Shri. Ganpatbhai K.
Patel and associates, is engaged in manufacturing of micronised
mineral powder used as fillers in various paint and polymer
industries.  The different products consist of Calcium Carbonate,
Dolomite, China Clay, Talc, Baryte and Quartz.  The company's
manufacturing setup is located at Mehsana district, Gujarat and
the production capacity of the plant is 50,000 MTPA.

VOFL is the flagship of the Vimal group of industries based out of
Mehsana promoted by Mr. Chandubhai Patel and his associates. The
Group of Industries is one of the leading groups of North Gujarat
engaged in diversified businesses like Electrical Products, Cable
Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible
Oil Industry, Paint Industry and Micronised Mineral Powder.  VML
reported a profit after tax (PAT) of INR 0.66 crore in FY 2009-10
on an operating income of INR 34.57 crore.


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


DONGYANG ENGINEERING: Files for Court Receivership
--------------------------------------------------
Korea Joongang Daily reports that Dongyang Engineering and
Construction Corp. filed for court receivership at Seoul Central
District Court on April 15, 2011, underscoring the debt problems
created by construction-related financing loans.

According to the Joongang Daily, the midsize builder cooperated
with Sambu Construction, which also recently filed for court
receivership, in building luxury villas in Naegok-dong, southern
Seoul.

"I can't believe how entangled the situation is," Joongang Daily
quotes a Financial Supervisory Service official as saying.  "We
tried to persuade Sambu to withdraw its court receivership filing
but Dongyang went behind our back and filed one instead.  Unlike
Sambu, Dongyang had neither collateral nor cash."

Joongang Daily relates that the property developer of the
Naegok-dong luxury villas borrowed KRW427 billion ($391.7 million)
in project financing loans and Dongyang and Sambu guaranteed the
payment if the developer failed to service the debt.

About half the loan was due on April 15, but the developer failed
to meet the payment, the report notes.  If Dongyang is placed
under court receivership, Sambu would have to assume the debt,
according to Joongang Daily.

Joongang Daily says Dongyang, however, blamed the creditors.
"Since Sambu Construction filed for court receivership [on
Tuesday], most financial institutions froze our accounts and cut
our credit rating and it became impossible to operate our business
normally," a Dongyang official said, according to Joongang Daily.

Joongang Daily states that Dongyang became the sixth construction
firm to file for court receivership after Sambu, Dong Il
Construction, World Construction, Chin Hung International and LIG
Engineering and Construction.

Dongyang ranked 35th last year in terms of its construction
orders, just after Sambu at 34th.

                      About Dongyang Engineering

Dongyang Engineering and Construction Corp. is a Korea-based
company engaged in the construction market.  The Company operates
its business under two main divisions: construction work and
marketing divisions.  Its construction work division constructs
roads, harbors and industrial complex site works, as well as
apartments, office buildings, studio apartments, museums and
exhibition rooms.  Its marketing division is involved in the
marketing of apartments and multipurpose buildings.  The Company
is also engaged in the leasing business.


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


ALLIED NATIONWIDE: Receivers Unsure of Further Repayment to Crown
-----------------------------------------------------------------
BusinessDay reports that receivers for Allied Nationwide Finance
cannot yet determine how much the Crown will ultimately be repaid
after taxpayers have forked out NZ$128 million to repay 4,500
secured debenture-holders in the company under the government's
retail deposit scheme.

Citing second receivers' report released on Monday, BusinessDay
relates that Andrew Grenfell and Kerryn Downey of McGrathNicol
said since Allied Nationwide went bust on August 20 last year, two
separate distributions of NZ$10 million and NZ$7 million have been
made to the Crown.  Any further funds realized from the
receivership will also go to the Crown, the receivers said.

Late last year, BusinessDay recalls, the receivers began a sales
process for Allied Nationwide's non-performing consumer loans.

An unconditional deal has been struck with an unnamed party and
this is expected to settle later this month, BusinessDay says.

According to the report, Mr. Grenfell and Mr. Downey have also
begun trying to sell specific performing loans from Allied
Nationwide's portfolio, including loans made by subsidiary Speirs
Ltd.

BusinessDay notes that the sales process is expected to be
finished in June.

BusinessDay says the receivers have again confirmed that perpetual
bondholders in Allied Nationwide, owed NZ$15.5 million, will get
no payout from the government's retail deposit guarantee scheme.

The bonds are being treated as subordinated unsecured debt,
BusinessDay notes.

                       About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                          *     *     *

Allied Nationwide Finance Limited was placed into receivership on
August 20, 2010.  The company's Trustee, New Zealand Guardian
Trust, appointed Kerryn Downey and Andrew Grenfell of McGrathNicol
as receivers to the Company.  McGrathNicol has been acting as
independent advisors to NZGT and prepared a report on ANF which
resulted in the alleged breach of its Trust Deed ratio, as advised
on August 6, 2010.


AMI INSURANCE: Treasury Appoints Pritchard as Director
------------------------------------------------------
The National Business Review reports that John Pritchard has been
appointed to the board of AMI Insurance as part of the
government's bailout package for the insurer.

NBR relates that Mr. Pritchard has more than 40 years insurance
industry experience, is a former managing director of State
Insurance, a former board member of the New Zealand Insurance
Council, and has held numerous other directorships.  Mr. Pritchard
is also a member of the Technical Advisory Committee of the New
Zealand Export Credit Office, which is run by the Treasury.

Dr. Brian McCulloch, Treasury's director for commercial
transactions, said that Mr. Pritchard's appointment is part of the
government's support arrangement for AMI Insurance, NBR says.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said that New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on September 4, 2010, and
February 22, 2011.

AMI Insurance -- http://www.ami.co.nz/-- is the largest general
insurer in Christchurch, New Zealand.


CRAFAR FARMS: Shanghai Pengxin Files Application to Buy Crafar
--------------------------------------------------------------
Cherie Taylor at The Daily Post reports that Shanghai Pengxin
International Group Ltd, through its subsidiary Milk New Zealand
Holding Ltd, has officially filed an application with the Overseas
Investment Office to buy 16 Crafar farms, receivers for the Crafar
farms, KordaMentha, announced on April 15.

The Chinese business was founded 15 years ago by brothers Jiang
Zhaobai and Jiang Lei who made their fortune in property
development, The Daily Post discloses.

The Daily Post says the company plans to increase production on
the 16 Central North Island dry stock and dairy farms and capture
a bigger share of the Chinese market with branded, dairy-based
products.

According to The Daily Post, company spokesman Cedric Allan said
it would invest more than $200 million buying and upgrading the
farms and would work closely with New Zealand dairy companies to
create and manufacture products like baby food, cheeses and ice
creams that would appeal to the Asian markets.  Mr. Allan,
according to the report, said the plan was to spend $100 million
in five years marketing new products.

Prime Minister John Key has previously said increasingly wealthy
China and India would be prepared to pay above-market prices for
New Zealand farms to secure the increasing food supplies they
needed.

Former Plateau Farms Ltd owner Allan Crafar told The Daily Post he
didn't have any comment on the sale except to say he knew the
company intended to increase production by 10% within three years.

KordaMenta's Brendon Gibson said the Chinese offer was the best
received for the farms, according to The Daily Post.

                         About Crafar Farms

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

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

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


MORRIS CONTRACTORS: Pike River Contractor in Receivership
---------------------------------------------------------
The Marlborough Express reports that Morris Contractors has gone
into receivership while owed NZ$58,000 by Pike River Coal Ltd.

According to the report, Morris Contractors completed work for the
West Coast mining company before the mine explosion of Nov. 19,
2011, which killed 29 miners and contractors.  Pike River Coal was
placed into receivership in December 2010.

John Fisk of PricewaterhouseCoopers is currently managing both
companies, The Marlborough Express says.

Morris Contractors director John Morris said he could not speak
about the business, but he was saddened by its failure.
Mr. Morris told The Marlborough Express he had found job options
for most of his more than 25 employees.

Morris Contractors is a contracting company based in Marlborough.


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


AFFINITY PRECISION: Creditors' Meeting Set for April 28
-------------------------------------------------------
Affinity Precision (S) Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on April 28,
2011, at 10:30 a.m., at 8 Cross Street #17-00, PWC Building,
Singapore 048424.

Agenda of the meeting include:

   a. lay before the meeting a report of the liquidators showing
      how the winding-up was conducted;

   b. to approve the remuneration of the liquidators; and

   c. discuss other business.

The company's liquidator is:

         Chan Kheng Tek
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


ALTUS TECHNOLOGIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 8, 2011, to
wind up Altus Technologies Pte Ltd's operations.

Tay Swee Sze filed the petition against the company.

The company's liquidator is:

         Tay Swee Sze
         24 Raffles Place
         #21-03 Clifford Centre
         Singapore 048621


AMANDA FOODS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 25, 2011, to
wind up Amanda Foods Private Limited's operations.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


BOULTON CAPITAL: Creditors' Proofs of Debt Due May 16
-----------------------------------------------------
Creditors of Boulton Capital Asia Pte 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's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


DOMINION PENSION: Creditors' Proofs of Debt Due May 15
------------------------------------------------------
Creditors of Dominion Pension Plan Trustees (Singapore) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by May 15, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


ETO SINGAPORE: Creditors' Proofs of Debt Due May 15
---------------------------------------------------
Creditors of Eto Singapore Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 15,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


GLOCAL MEDIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 8, 2011, to
wind up Glocal Media Networks Pte Ltd's operations.

Media Development Authority of Singapore filed the petition
against the company.

The company's liquidator is:


         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


HERBALSCIENCE DISTRIBUTORS: Creditors' Proofs of Debt Due May 16
----------------------------------------------------------------
Creditors of Herbalscience Distributors Pte Ltd, 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's liquidator is:

          Yiong Kok Kong
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


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


* BOND PRICING: For the Week April 11 to April 15, 2011
-------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.12
AMITY OIL LTD           10.00    10/31/2013   AUD       1.95
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
AUST & NZ BANK           2.00    04/15/2018   AUD      74.86
BECTON PROP GR           9.50    06/30/2010   AUD       0.34
CENTAUR MINING          11.00    12/01/2007   USD       0.31
EXPORT FIN & INS         0.50    12/16/2019   NZD      61.96
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.96
EXPORT FIN & INS         0.50    06/15/2020   NZD      59.11
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.91
NEW S WALES TREA         1.00    09/02/2019   AUD      66.84
NEW S WALES TREA         0.50    09/14/2022   AUD      52.64
NEW S WALES TREA         0.50    10/07/2022   AUD      51.73
NEW S WALES TREA         0.50    10/28/2022   AUD      52.44
NEW S WALES TREA         0.50    11/18/2022   AUD      52.08
NEW S WALES TREA         0.50    12/16/2022   AUD      52.08
NEW S WALES TREA         0.50    02/02/2023   AUD      51.83
NEW S WALES TREA         0.50    03/30/2023   AUD      50.17
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.37
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.74
RESOLUTE MINING         12.00    12/31/2012   AUD       1.06
TREAS CORP VICT          0.50    08/25/2022   AUD      54.30
TREAS CORP VICT          0.50    11/12/2030   AUD      52.59
TREAS CORP VICT          0.50    11/12/2030   AUD      36.72


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.81
CHINA RAIL GRP           4.72    05/07/2014   CNY      55.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      44.68


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.24
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.97
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.07
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.39
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.90
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.55
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.34
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.25
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.27


  INDONESIA
  ---------
ARPENI PRATAMA          12.00    03/18/2013   IDR      18.00


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      74.92
AIFUL CORP               1.99    03/23/2012   JPY      72.87
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.63    11/22/2012   JPY      54.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.92
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.83
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.20
SHINSEI BANK             5.62    12/29/2049   GBP      73.35
TAKEFUJI CORP            9.20    04/15/2011   USD      17.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.33
CRESENDO CORP B          3.75    01/11/2016   MYR       1.06
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.05
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.10
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.80
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.28
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.54
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.33
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.83
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.82
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.83
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.35
TRC SYNERGY              5.00    01/20/2012   MYR       1.44
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.24
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.36


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      32.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.86
FLETCHER BUI             8.50    03/15/2015   NZD       7.59
INFRATIL LTD             8.50    09/15/2013   NZD       8.15
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      58.02
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.04
MARAC FINANCE           10.50    07/15/2013   NZD       1.02
SKY NETWORK TV           4.01    10/16/2016   NZD       7.83
ST LAURENCE PROP         9.25    07/15/2010   NZD      63.09
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.20
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.01
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.95
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      70.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.53
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      13.26
DONGSAN TELECOM          6.00    07/02/2013   KRW      50.84
HOPE KOD 1ST             8.50    06/30/2012   KRW      23.29
HOPE KOD 2ND            15.00    08/21/2012   KRW      36.12
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.53
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.52
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.62
IBK 12TH ABS            25.00    06/24/2011   KRW      57.65
IBK 17TH ABS            20.00    12/29/2012   KRW       5.98
IBK 17TH ABS            25.00    12/29/2012   KRW      59.23

JOONG ANG DESIGN         6.00    12/18/2012   KRW      59.42
KB 11TH ABS             23.00    07/03/2011   KRW      71.68
KB 11TH ABS             20.00    07/03/2011   KRW      66.71
KB 12TH ABS             25.00    01/21/2012   KRW      65.21
KB 13TH ABS             25.00    07/02/2012   KRW      61.21
KB 14TH ABS             23.00    01/04/2013   KRW      51.81
KDB 6TH ABS             20.00    12/02/2019   KRW      70.53
KEB 17TH ABS            20.00    12/28/2011   KRW      52.10
KOREA LINE CO            6.80    11/30/2011   KRW      60.20
KOREA LINE CO            6.80    12/11/2011   KRW      50.38
KOREA LINE CO            6.80    06/30/2012   KRW      40.62
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      70.18
NACF 17TH ABS           20.00    06/03/2011   KRW      50.24
NACF 17TH ABS           25.00    07/03/2011   KRW      51.84
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.71
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.36
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      71.44
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.61
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.61
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.41
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.25
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.45
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.16
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      63.98
TOMATO MUTUAL SA         8.40    01/06/2015   KRW       1.20


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       66.36


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.43


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      69.97
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.63
VIETNAM-PAR              4.00    03/12/2028   USD      73.00



                             *********

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.





                 *** End of Transmission ***