TCRAP_Public/110425.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 25, 2011, Vol. 14, No. 80

                            Headlines



A U S T R A L I A

ARAFURA PEARLS: Placed in Voluntary Administration
OTF 220: NAB Appoints Receivers to Beachfront Complex
PETTAVEL WINERY: PricewaterhouseCoopers Appointed as Receivers
QUADWEST DEVELOPMENTS: Receivers Appointed to Unsold Apartments


C H I N A

SHANGHAI IND.: Moody's Puts 'B2' Corp. Family Rating on Review
SHANGHAI INDUSTRIAL: S&P Puts 'B' Corp. Credit Rating Under Watch


H O N G  K O N G

HING YIP: Creditors' Meeting Slated for April 27
OG DEVELOPMENT: Creditors' Meeting Slated for April 27
STARLINE INTERNATIONAL: Lau and Lian Appointed as Liquidators
STRONG OFFER: Members' and Creditors' Meetings Set for May 12
TAK MING PACKING: Creditors' Proofs of Debt Due April 29

TAK MO: Members' and Creditors' Meetings Set for May 11
TEAMFAIR SHIPPING: Chen Yung Ngai Appointed as New Liquidator
TEN PLUS: Lui and Yuen Appointed as Liquidators
UNIVERSE LINK: Final Meetings Set for May 16
WELLESON MANAGEMENT: Creditors' Proofs of Debt Due May 3

WIDE TREASURE: Final Meetings Set for May 16
WMC (LIBERIA): Members' Final Meeting Set for May 16


I N D I A

AEROFLEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR200MM Loan
CYBERABAD CITIZEN: Fitch Assigns 'B+(ind)' National LT Rating
DELIGHT DAIRY: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
DELTA SUGARS: CRISIL Cuts Rating on INR61.8MM LT Loan to 'BB-'
GORSI CONSTRUCTIONS: CRISIL Puts 'C' Rating to INR45MM Cash Credit

GOYAL ISPAT: CRISIL Reaffirms 'BB-' Rating on INR125MM Cash Credit
GREEN CONCRETEX: CRISIL Assigns 'D' Rating to INR55MM Term Loan
RIBA TEXTILES: Fitch Assigns 'D(ind)' Rating on INR56.8MM L-T Loan
RIJU CEMENT: CRISIL Puts 'B+' Rating to INR450MM Cash Credit
RUKMINI POLYTUBE: ICRA Reaffirms 'LBB' Rating on INR4.75cr Loans

SHREE ARIHANT: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit
TIRUPATI LPG: CRISIL Assigns 'BB+' Rating to INR65MM Cash Credit


M A L A Y S I A

MALAYAN BANKING: Fitch Affirms Individual Rating at 'B/C'


N E W  Z E A L A N D

FELTEX CARPETS: Crown Appeals Nearly NZ$1-Mil. Directors' Costs
LOMBARD FINANCE: Investors to Receive $1 Mil. from Northern Crest


S I N G A P O R E

BELL EQUIPMENT: Creditors' Proofs of Debt Due May 23
HUN RESEARCH: Creditors' Proofs of Debt Due May 6
PENTANUM GLOBAL: Court to Hear Wind-Up Petition on April 29
SEMBMARINE (MIDDLE EAST): Creditors' Proofs of Debt Due May 23
UNCHARTED BUSINESS: Court Enters Wind-Up Order




                            - - - - -


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


ARAFURA PEARLS: Placed in Voluntary Administration
--------------------------------------------------
Arafura Pearls Holdings Ltd has appointed Stephen Duncan and Chris
Powell of Korda Mentha as administrators of the company as it was
unable to reach a standstill agreement with its lenders.

PerthNow reported in March that trading in the shares of Arafura
Pearls had been suspended as the company's board investigates
problems with its half year report released in late February.
Arafura said that "certain matters have come to the board's
attention which require further investigation concerning the
accuracy of those accounts".

According to PerthNow, the December results were prepared on a
"going concern" basis after Arafura declared a AU$13.8 million
loss for the half year, on a AU$9 million write-down of the
carrying value of its pearl stock on hand.

Arafura said it took in AU$2.8 million from customers in the half
year, and paid out AU$5.7 million to suppliers and employees and
AU$858,000 in debt repayments, PerthNow reported.

Based in Australia, Arafura Pearls Holdings Limited --
http://www.arafurapearls.com.au-- is engaged in the development
and operation of a pearl oyster hatchery and farming operation.
During the fiscal year ended June 31, 2010, the Company's
activities consisted of development and operation of a pearl
oyster hatchery and farming operation at Elizabeth Bay in the
Northern Territory, together with the management of pearl oyster
farming operations at Beagle Bay in the northwest region of
Western Australia.  Arafura Pearls land base is located at
Elizabeth Bay and is 48 kilometers by sea, north-west of Nhulunbuy
(Gove) in Arnhem Land, in the Northern Territory.  The Company's
subsidiaries include Arafura Securities Ltd, Pearl Management
Australia Pty Ltd, Arafura Pearls Pty Ltd and Arafura Pearls
Licensing Pty Ltd.


OTF 220: NAB Appoints Receivers to Beachfront Complex
-----------------------------------------------------
Kim Macdonald at The West Australian reports that all nine units
in a single beachfront complex developed by OTF 220 Pty will be
put on the market after National Australia Bank appointed the
insolvency firm McGrathNichol as receivers.

OTF 220 Pty, owned by real estate agent Adam Lenegan and
accountant Blaine Kidd, bought the property for AU$11 million at
the height of the boom in early 2007, The West Australian relates.

According to The West Australian, McGrathNicol partner Norm Oehme
said the nine apartments would be sold as one complex at an
auction next month.


PETTAVEL WINERY: PricewaterhouseCoopers Appointed as Receivers
--------------------------------------------------------------
Weekly Times Now reports that Pettavel Winery & Restaurant has
been placed in receivership with debts of about AU$16.5 million.

The report, citing The Geelong Advertiser, says legal action
arising from tax debts forced directors Michael and Sandra
Fitzpatrick to place their award-winning Victorian winery business
in the hands of a liquidator two weeks ago.

Weekly Times Now relates that documents lodged with the corporate
regulator reveal an AU$11 million bank debt on top of AU$5.5
million owed to unsecured creditors including suppliers and
wholesalers across the state and even overseas.

Customers have been assured the business will continue to operate
while in receivership, Weekly Times Now notes.

According to the report, Pettavel's property was now also off the
market.  The Fitzpatricks put the 45ha winery and its 180-seat
restaurant up for sale in late 2009, together with the 128ha
Strathmore Vineyard in Sutherlands Creek which supplied the
winery's grapes.

Weekly Times Now notes that liquidator Gess Rambaldi of Melbourne
accounting firm Pitcher Partners said receivers
PricewaterhouseCoopers would continue to run the winery to recoup
business and assets.

Mr. Rambaldi, as cited by Weekly Times Now, said the Australian
Tax Office triggered the administration with legal action arising
from the winery's $535,000 tax debt.

"The immediate reasons (for administration) would pertain to a
number of tax liabilities and there was some legal pressure
brought to bear by the tax office," Weekly Times Now quotes
Mr. Rambaldi as saying.  "But we understand that
PricewaterhouseCoopers are continuing to operate the affairs of
the company as they propose to salvage the business and the assets
of the company."

Andrew Lewis, managing director of real estate agent Agent
Colliers International, confirmed the property had been withdrawn
from sale.

Pettavel Winery & Restaurant produces premium Geelong wines and
operates a fine dining restaurant.


QUADWEST DEVELOPMENTS: Receivers Appointed to Unsold Apartments
---------------------------------------------------------------
Kim Macdonald at The West Australian reports that KordaMentha has
been appointed as receiver to 43 of the 138 apartments in the
Elevation tower developed by Sydney-based Quadwest Developments.

The West Australian relates that the developer had failed to sell
the apartments in the tower quickly enough to meet loan repayments
with the Bank of Scotland.

Since the appointment of the receiver, The West Australian says, a
further six of the 43 apartments on Adelaide Terrace have settled.
Sales agent Blackburne Property claims up to 18 apartments in the
tower sold at the weekend, leaving 19 on the market.

KordaMentha said there was no discount on the sale prices, which
ranged from AU$395,000 to AU$4.4 million, because it was obliged
to seek a decent value for the homes on behalf of the bank, The
West Australian reports.


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


SHANGHAI IND.: Moody's Puts 'B2' Corp. Family Rating on Review
--------------------------------------------------------------
Moody's Investors Service has put on review for possible upgrade
its B2 corporate family and senior unsecured ratings on Shanghai
Industrial Urban Development Group Ltd -- formerly, the Neo-China
Land Group (Holdings) Ltd.

The review was prompted by the company's announcement that it
would acquire from Shanghai Industrial Holdings Limited (SIH;
unrated), SIUD's controlling shareholder with a 45% stake, 1) its
entire 59% stake in Shanghai Urban Development, 2) its
shareholder's loan to SUD and 3) interests in dividend
receivables, for a total consideration of HK$6.1 billion.  The
transaction is subject to the approvals of the minority
shareholders and the regulatory authority.

Shanghai Urban Development, of which SIH owns 59% and the Xuhui
District State-owned Assets Administrative Committee owns 41%, had
11 property development projects in five cities in China, with a
planned gross floor area of approximately 4.5 million sqm at end-
2010.  The company recorded HK$4.3 billion in revenues and HK$601
million in profits after taxes in 2010.

"This transaction confirms SIH's plan to progressively consolidate
its property development business under SIUD," says Kaven Tsang, a
Moody's AVP/Analyst.

"The acquisition will also increase SIUD's strategic importance in
the group, as it will have a stronger asset base and become a 70%-
owned subsidiary of SIH once the transaction is completed," adds
Tsang, also Moody's lead analyst for SIUD.

At the same time, the injection will enhance SIUD's operating
position, further diversifying its land banks and cash-generating
projects.

"Because the transaction will be funded in full by equity, SIUD's
financial and liquidity positions will not be affected
materially," says Tsang.

Moody's review will focus on SIUD's future business and funding
strategies.  It will also assess the strategic importance of SIUD
to the SIH group, as well as the benefits of the latter's
ownership and support for SIUD's operating and financial
positions.

Shanghai Industrial Urban Development Group Ltd is a Chinese
property developer engaged in residential and mixed-use
developments.  It had 15 major projects under development in 11
cities in China and a land bank of around 12.7 million square
meters in gross floor area as of December 2010.

Shanghai Industrial Holdings Ltd is a Chinese conglomerate
majority-owned by the Shanghai municipal government, with an
equity interest of around 53.6%.  Listed on the Stock Exchange of
Hong Kong in 1996, its main business interests are in real estate,
infrastructure facilities, and consumer products.


SHANGHAI INDUSTRIAL: S&P Puts 'B' Corp. Credit Rating Under Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'B'
long-term corporate credit rating on Shanghai Industrial Urban
Development Group Ltd. and the 'B-' issue rating on the company's
notes on CreditWatch with positive implications.

"We placed the ratings on SIUD on CreditWatch following the
company's announcement on April 14, 2011, that it will acquire
Shanghai Industrial Holdings Ltd.'s (SIH; not rated) 59% stake in
Shanghai Urban Development (Holdings) Co. Ltd. (SUD: not rated),"
said Standard & Poor's credit analyst Bei Fu.

SIUD will also assume SIH's shareholder loan and all of SIH's
rights, titles, benefits, and advantage of and interest in
dividends receivable.  The total consideration of the transaction
is Hong Kong dollar (HK$) 6.11 billion.  If the transaction, which
involves issue of new shares, is successful, SIH would increase
its stake in SIUD to 70% from 45%.

"The deal would make SIUD more strategically and financially
integrated with its parent," said Ms. Fu.

"In our view, the proposed transaction is positive for SIUD's
credit profile.  It demonstrates SIH's strategy to make SIUD the
main holding company for its various property interests.  Although
SIH is unrated, we believe, it has a stronger credit profile than
SIUD, given its diversified asset base with the backing of the
Shanghai municipal government.  As SIH will become SIUD's
controlling shareholder after the transaction, we will assess the
degree of linkage between the two entities, which could result in
an uplift of the rating on SIUD," said S&P.

"The proposed transaction will also likely improve SIUD's
operating scale and financial strength.  Proforma profit margin
will likely improve because we believe SUD's profitability is much
stronger than SIUD's," said Ms. Fu.  SIUD recorded negative EBITDA
margin in 2009-2010.

SUD is a China-based small-scale property developer with a gross
floor area land bank of 4.5 million square meters as of Dec. 31,
2010.  Its revenue was HK$4.28 billion, comparable with SIUD's.

S&P stated, "We aim to resolve the CreditWatch action in three
months.  The proposed acquisition is subject to approval from (1)
shareholders; (2) the Hong Kong Stock Exchange; and (3) if
required, bond holders.  If all the approvals are granted, we are
likely to raise the rating on SIUD by one or two notches.  We will
assess SIUD's future growth strategy and group support as a
subsidiary of SIH, as well as pro-forma financial performance
after consolidating SUD."


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


HING YIP: Creditors' Meeting Slated for April 27
------------------------------------------------
Creditors of Hing Yip Holdings (Hong Kong) Limited will hold a
meeting on April 27, 2011, at 4:00 p.m., at 36th/Floor, One
Pacific Place, Queensway, in Hong Kong.

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


OG DEVELOPMENT: Creditors' Meeting Slated for April 27
------------------------------------------------------
Creditors of OG Development Company Limited will hold a meeting on
April 27, 2011, at 5:00 p.m., at 36th/Floor, One Pacific Place,
Queensway, in Hong Kong.

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


STARLINE INTERNATIONAL: Lau and Lian Appointed as Liquidators
-------------------------------------------------------------
Lau Siu Hung and Lian Yang Keng on March 1, 2011, were appointed
as liquidators of Starline International Group Limited.

The liquidators may be reached at:

          Lau Siu Hung
          Lian Yang Keng
          Room 1909-10, 19/F
          Nan Fung Tower
          173 Des Vouex
          Road Central
          Hong Kong


STRONG OFFER: Members' and Creditors' Meetings Set for May 12
-------------------------------------------------------------
Members and creditors of Strong Offer Investment Limited will hold
their annual meetings on May 12, 2011, at 3:00 p.m., and 3:30
p.m., respectively at 12/F, Bel Trade Commercial Building, 1-3
Burrows Street, Wanchai, in Hong Kong.

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


TAK MING PACKING: Creditors' Proofs of Debt Due April 29
--------------------------------------------------------
Creditors of Tak Ming Packing Product Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 29, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lau Wu Kwai King, Lauren
         Yuen Tsz Chun Frank
         c/o Messrs. KLC Kennic Liu & Co.
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


TAK MO: Members' and Creditors' Meetings Set for May 11
-------------------------------------------------------
Members and creditors of Tak Mo Metal Industries Limited will hold
their annual general meetings on May 11, 2011, at 3:00 p.m., and
3:30 p.m., respectively at Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, in Hong Kong.

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


TEAMFAIR SHIPPING: Chen Yung Ngai Appointed as New Liquidator
-------------------------------------------------------------
Chen Yung Ngai Kenneth on March 25, 2011, was appointed as
liquidator of Teamfair Shipping Limited.

Chen Yung Ngai Kenneth replaces Wong Kwok Man who stepped down as
the company's liquidator.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Alan C W Tang
         43/F., The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


TEN PLUS: Lui and Yuen Appointed as Liquidators
-----------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun, Frank on March 22, 2011,
were appointed as liquidators of Ten Plus Limited.

The liquidators may be reached at:

          Kennic Lai Hang Lui
          Frank Yuen Tsz Chun
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


UNIVERSE LINK: Final Meetings Set for May 16
--------------------------------------------
Members and creditors of Universe Link Industries Limited will
hold their final meetings on  May 16, 2011, at 3:00 p.m., at 62/F,
One Island East, 18 Westlands Road, Island East, in Hong Kong.

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


WELLESON MANAGEMENT: Creditors' Proofs of Debt Due May 3
--------------------------------------------------------
Creditors of Welleson Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 3, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         E T O'Connell
         The Official Receiver
         10th Floor
         Queensway Government Offices
         66 Queensway
         Hong Kong


WIDE TREASURE: Final Meetings Set for May 16
--------------------------------------------
Members and creditors of Wide Treasure Limited will hold their
final meetings on  May 16, 2011, at 4:00 p.m., at 62/F, One Island
East, 18 Westlands Road, Island East, in Hong Kong.

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


WMC (LIBERIA): Members' Final Meeting Set for May 16
----------------------------------------------------
Members of WMC (Liberia) Limited will hold their final general
meeting on May 16, 2011, at 4:30 p.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

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


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AEROFLEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL's rating on Aeroflex Industries Ltd's bank facilities
continue to reflect delays by Aeroflex in servicing its term loan
for the past six months.  Aeroflex's accounts with four of its
five bankers have been classified as non-performing assets; its
lead banker, State Bank of India has transferred the account to
its stressed asset recovery branch.

   Facilities                      Ratings
   ----------                      -------
   INR200.0 Million Term Loan      D (Reaffirmed)
   INR300.0 Million Cash Credit    D (Reaffirmed)

Update

Aeroflex's working capital limits have not been enhanced by its
bankers, as the company has been delaying in servicing its term
loans.  In the absence of adequate working capital funding,
Aeroflex's operations have been adversely affected.  The company
has been operating at around 10 to 20 per cent of its installed
capacity and its cash accruals are not sufficient to meet its term
debt obligations.

Aeroflex reported a profit after tax (PAT) of INR12.3 million on
net sales of INR1,343.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR27.8 million on
net sales of INR974.4 million for 2008-09.

                        About Aeroflex Industries

Incorporated in 2000, Aeroflex manufactures stainless steel
corrugated flexible hoses, braids, and assemblies. Aeroflex
operates two units, both in the Maharashtra Industrial Development
Corporation region in Taloja (Belapur).  The company increased its
capacity by ten times in December 2009 (six months behind
schedule) to 10 million tonnes per annum (tpa) at a cost of around
INR1 billion.  Aeroflex was promoted by Mr. Yusuf M Kagzi, a
first-generation entrepreneur.  In 2008, Avigo Capital Partners
and the Macquarie group (Australia) invested INR400 million (by
way of compulsorily convertible preference shares) in Aeroflex to
fund its expansion project.


CYBERABAD CITIZEN: Fitch Assigns 'B+(ind)' National LT Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Cyberabad Citizen Health
Services (P) Ltd a National Long-Term rating of 'B+(ind)'.  The
Outlook is Stable.  The agency has also assigned a 'B+(ind)'
rating to CCHS's INR650m long-term loan.

CCHS's ratings reflect its unique business model, which requires
lower investment (capex) to acquire specialty equipment, as they
will be owned by individual specialists who would practice
independently.  The ratings also consider the company's
experienced management team and its MOU with Cancer Treatment
Services Hyderabad (P) Limited -- an Indian subsidiary of Cancer
treatment Services Inc, which runs three cancer hospitals in USA -
- for a 10-year lease for 36.2% of a 0.27 million sqft integrated
medical campus space, to be constructed by CCHS.  This will ensure
steady revenue stream.

The ratings however remain constrained from the uncertainties
regarding the timely completion of the project, as it is at the
initial stage only, and competition from established brands.
These risks are to some extent mitigated by the long track record
of the management.

Negative rating actions may result if there are any time or cost
overruns in the execution of the project or if CCHS is unable to
convert the MOU with CTSHPL into a binding contract.  A successful
demonstration of the business model and the ability to attract
reputed doctors and their clientele would result in a positive
rating action.

CCHS was incorporated in April 2008 for designing, developing and
operating an integrated medical campus that would serve a broad
patient pool, including medical tourists from abroad.  Medical
specialists will use this platform to practice their specialty,
while general services required for these patients and in-patient
room services will be provided by CCHS.  All revenues from
accommodation, lab, radiology, bedside procedures etc. will belong
to CCHS.  For space used, the specialists will share their
revenues with CCHS as per MoUs.  The campus is expected to start
operations by Q1FY13.


DELIGHT DAIRY: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Delight Dairy Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.00 Million Cash Credit       B/Stable (Assigned)
   INR2.50 Million Letter of Credit   P4 (Assigned)

The ratings reflect DDL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
susceptibility to adverse regulatory changes and epidemic-related
factors.  The ratings also reflect DDL's small scale of operations
and presence in low value-added product segments, leading to low
operating margin. These weaknesses are partially offset by DDL's
established market position in the dairy products industry and the
promoters' industry experience.

Outlook: Stable

CRISIL believes that DDL will maintain a stable business risk
profile, owing to its promoters' extensive experience in the dairy
business and the proposed expansion of its operations, leading to
increased sales.  The outlook may be revised to 'Positive' if DDL
generates more-than-expected growth in sales and improves its
margins and accruals, thereby further improving its business risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case of a larger-than-expected, debt-funded capital expenditure
programme or a significant decline in revenues and operating
profitability, leading to deterioration in DDL's financial risk
profile.

                         About Delight Dairy

DDL, incorporated in 2000, is in the dairy business. It sells
dairy products, such as pasteurised milk, skimmed milk powder
(SMP), whole milk powder, butter, and ghee.  The company operates
two units: Unit I in Howrah (West Bengal) and Unit II in Dewas
(Madhya Pradesh). Unit 1 processes pouched milk and has a capacity
of 0.1 million litres per day (mlpd), while Unit 2, which produces
SMP, ghee, and butter, has a processing capacity of 0.15 mlpd.

DDL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR533.2 million for 2009-10, against a PAT of INR1.7
million on net sales of INR546.6 million for 2008-09.


DELTA SUGARS: CRISIL Cuts Rating on INR61.8MM LT Loan to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Delta
Sugars Ltd to 'BB-/Stable' from 'BB/Stable'.  The downgrade
reflects deterioration in DSL's financial risk profile, on account
of significantly lower-than-expected profitability.  The downward
revision also reflects current pressure on DSL's liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR61.80 Million Long-Term Loan     BB-/Stable (Downgraded from
                                                   'BB/Stable')

   INR500.00 Mil. Cash Credit Limits   BB-/Stable (Downgraded from
                                                   'BB/Stable')

Lower realizations from sale of sugar and by-products have
resulted in pressure on DSL's profitability, and weakening in its
financial risk profile, and will constrain its cash accruals.

The rating continues to reflect DSL's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
exposure to risks related to adverse changes in government
regulations, absence of integration in operations, and cyclicality
in the sugar industry.  The impact of these rating weaknesses is
mitigated by the company's high production efficiency, as
reflected in its comfortable operating margin.

Outlook: Stable

CRISIL believes that DSL's credit risk profile will remain
constrained over the medium term by its highly leveraged capital
structure.  The outlook may be revised to 'Positive' if DSL's
gearing and debt protection metrics improve significantly, due to
a substantial increase in accruals or a large equity infusion.
Conversely, the outlook may be revised to 'Negative' if DSL's
liquidity or debt protection metrics deteriorate, on account of a
large, debt-funded capital expenditure programme, or adverse
movements in sugar prices.

                            About Delta Sugars

DSL, part of the Laila group of companies, is a sugar
manufacturing unit at Vijayawada (Andhra Pradesh).  The sugar mill
was set up in 1983 as Sri Hanuman Co-operative Sugars Ltd, a co-
operative society under the Andhra Pradesh Co-operative Societies
Act 1964, with an installed capacity to crush 1250 tonnes of cane
per day (tcd).  The Laila group purchased the unit in 2001 as part
of the Government of Andhra Pradesh's initiative to privatise
sugar mills. Thereafter, the co-operative society acquired its
current name, and enhanced its capacity to 3500 tcd.

For 2009-10, DSL provisionally reported a net loss of INR17.2
million on net sales of INR621 million, against a profit after tax
(PAT) of INR16.5 million on net sales of INR577 million in the
previous year.


GORSI CONSTRUCTIONS: CRISIL Puts 'C' Rating to INR45MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Gorsi Constructions Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.00 Million Cash Credit        C (Assigned)
   INR6.00 Million Working Capital     C (Assigned)
                      Demand Loan
   INR11.80 Million Proposed LT Bank   C (Assigned)
                      Loan Facility
   INR15.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect GCPL's weak liquidity (leading to delays by
the company in servicing its equipment loan [not rated by
CRISIL]).  The ratings also reflect the company's small scale of
operations, large working capital requirements, on account of
stretched receivables, and geographical concentration in its
revenue profile. These weaknesses are partially offset by the
extensive experience of GCPL's promoters in the civil construction
industry.

                           About Gorsi Constructions

GCPL was incorporated in 2000, promoted by Mr. Rajesh Kumar and
Mr. Rakesh Kumar at Mandi (Himachal Pradesh).  It is engaged in
civil construction activities such as excavation, crushing, and
tarring.  Its management has been in the same line of business
since 1985, mainly working as a contractor for Public Works
Department and sub contracting for hydro projects in Himachal
Pradesh. The company's had an order book of INR300 million as on
March 31, 2011.

GCPL reported a profit after tax (PAT) of INR10.5 million on net
sales of INR180.09 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.4 million on net
sales of INR114.6 million for 2008-09.


GOYAL ISPAT: CRISIL Reaffirms 'BB-' Rating on INR125MM Cash Credit
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Goyal Ispat Ltd (GIL, part of the Kamachi group), to
'Stable' from 'Negative', while reaffirming the rating on the same
at 'BB-'; the rating on the short-term facility has been upgraded
to 'P4+' from 'P4'.

   Facilities                      Ratings
   ----------                      -------
   INR125 Million Cash Credit      BB-/Stable (Reaffirmed; Outlook
                                               Revised from
                                               'Negative')

   INR4.3 Million Long-Term Loan   BB-/Stable (Reaffirmed; Outlook
                                               Revised from
                                               'Negative')

   INR20.7 Million Proposed LT     BB-/Stable (Reaffirmed; Outlook
      Bank Loan Facility                       Revised from
                                               'Negative')

   INR50 Million Letter of Credit  P4+ (Upgraded from 'P4')

The rating action is driven by CRISIL's belief that Kamachi Sponge
& Power Corporation Ltd will commence commercial operations at its
500,000-tonnes per annum (tpa) rolling mills and its 70-megwatt
(MW) captive thermal power plant, comprising the final phase of
its capacity expansion project, without any further time or cost
overrun.  The rating action also reflects the completion and
stabilization of operations at KSPCL's 200,000-tpa steel melting
plant, also a part of the same expansion project, and advanced
stages of completion of the rolling mills division and the captive
thermal power plant mentioned above.

The ratings, however, continue to reflect the Kamachi group's
exposure to risks related to the stabilization of the final phase
of the project, below-average financial risk profile marked by a
constrained capital structure and average debt protection metrics,
and susceptibility to cyclicality in the iron and steel industry
and to volatility in input prices.  These rating weaknesses are
partially offset by the Kamachi group's integrated operations, and
efficient supply chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, GIL, Kamachi Granites Pvt Ltd, and Maa Durga
Enterprises Pvt. Ltd.  This is because these entities,
collectively referred to as the Kamachi group, are under the same
management, have a common line of business and share operational
synergies, including fungible cash flows.

Outlook: Stable

CRISIL believes that the Kamachi group will commence commercial
operations in the final phase of the project without any further
cost or time overrun.  The outlook may be revised to 'Positive' if
the group's scale of operations and operating margin improves
considerably post full stabilization of the ongoing project.
Conversely, the outlook may be revised to 'Negative' if the group
faces delay in stabilization of operations or undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure, or if its realizations decline
sharply.

                              About the Group

The Chennai (Tamil Nadu)-based Kamachi group is a major integrated
secondary steel player.  The group is a closely held family
business and was founded by Mr. G L Kothari in 1978.

The Kamachi group has sponge iron manufacturing capacities of
120,000 tpa, and induction furnace and rolling mill capacities of
276,680 tpa (inclusive of 200,000 tpa added at KSPCL in September
2010) and 66,000 tpa, respectively. The group also has a power
generation capacity of 11.80 MW using waste heat recovery systems
(10 MW) and windmills (1.8 MW). It is setting up a 500,000-tpa
rolling mill plant and a 70-MW power plant, under KSPCL, which are
expected to be commissioned by July 2011.

GIL manufactures thermo-mechanically-treated/cold-twisted bars in
sizes ranging from 8 to 25 millimetres; its plant has an installed
capacity of 30,000 tonnes per annum.

For 2009-10 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR38.8 million on net sales
of INR3.5 billion, against a net profit of INR29.7 million on net
sales of INR4.7 billion for 2008-09.


GREEN CONCRETEX: CRISIL Assigns 'D' Rating to INR55MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Green
Concretex RMC Material Pvt Ltd.  The rating reflects instances of
delay by GCMPL in servicing the interest component of its term
loan; the delays have been caused by the company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR20.00 Million Cash Credit     D (Assigned)
   INR55.00 Million Term Loan       D (Assigned)

GCMPL is exposed to risks related to stabilisation and
commercialisation of its upcoming project, to cyclicality in the
cement and ready-mix concrete industries, and to the commoditised
nature of its product. The company, however, benefits from the
strong technical background and extensive industry experience of
GCMPL's promoters.

                            About Green Concretex

GCMPL was established in 2009 as a ready-mix concrete provider by
Mr. Partha De.  It is expected to commence commercial operations
in April 2011.  The company will be supplying ready-mix concrete
solutions to infrastructure and real estate players in and around
Durgapur (West Bengal).  The company's corporate office is in
Barakhola (Kolkata), while its manufacturing site is in Durgapur.
Green has an installed capacity of 30cubic metres per hour.  The
promoters have several ventures in the same line of business;
however, these cater to other geographies.


RIBA TEXTILES: Fitch Assigns 'D(ind)' Rating on INR56.8MM L-T Loan
------------------------------------------------------------------
Fitch Ratings has assigned India's Riba Textiles Limited a
National Long-Term rating of 'D(ind)'.  The agency has
simultaneously assigned these ratings to RTL's bank loans:

   -- INR56.8m long-term loans: 'D(ind)';

   -- INR199m fund-based working capital limits:
      'D(ind)'/'F5(ind)'; and

   -- INR20m non-fund-based working capital limits:
      'D(ind)'/'F5(ind)'.

The ratings reflect RTL's track record of delayed term debt
repayments and over utilization of its working capital credit
limits.  The company has been facing significant liquidity
pressure following the labour unrest and subsequent plant shut
down in FY09 along with a fall in profitability.  Fitch notes that
the company also underwent restructuring of its term loan in FY10.

RTL manufactures and exports terry towels across the globe.  For
the nine months of the financial year ended March 2011 (9MFY11),
it reported revenues of INR355.05 million, with EBITDA of INR52.47
million and profit after tax of INR1.64 million.


RIJU CEMENT: CRISIL Puts 'B+' Rating to INR450MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank loan
facilities of Riju Cement Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR450.0 Million Cash Credit Limits   B+/Stable (Assigned)
   INR49.0 Million Term Loan             B+/Stable (Assigned)

The rating reflects RCPL's limited track record in the cement
industry, the competition it faces from established players in
West Bengal, and its large working capital requirements.  These
rating weaknesses are partially offset by its established brand
and the industry experience of its promoter.

Outlook: Stable

CRISIL believes that RCPL's business risk profile will continue to
be constrained by its marginal market share in the competitive
cement industry over the medium term.  The outlook may be revised
to 'Positive' if RCPL achieves more-than-expected topline growth
while improving its profitability by ramping up its production, or
in case of equity infusion, leading to an improved capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile weakens, on account of low
profitability or support to group entities or larger-than-expected
debt funded capital expenditure.

                          About Riju Cement

RCPL was taken over by the Kolkata-based ICore group in 2007-08
(refers to financial year, April 1 to March 31).  The company,
based in Burdwan (West Bengal), is engaged in cement grinding,
with capacity of 1600 tonnes per day.  The company is operating at
around 40 per cent of its capacity.  The cement is sold in West
Bengal and nearby states under the Durgapur Plus Cement brand. Its
associate company, ICore E-Services Pvt Ltd, owns around 50 per
cent of RCPL's shares and is engaged in organized retailing, with
two shopping malls in West Bengal.  The ICore group is owned and
managed by Mr. Anukul Maity and his wife, Mrs. Kanika Maity.
Several other companies are part of the ICore group. It has
interests in the iron and steel, cement, retailing, and fast-
moving consumer goods industries.

RCPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR86.7 million in 2009-10, as against a PAT of INR0.4
million on net sales of INR84.4 million in 2008-09.


RUKMINI POLYTUBE: ICRA Reaffirms 'LBB' Rating on INR4.75cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to INR4.75 crore
fund-based limits/term loans of Rukmini Polytube Private Limited.
The outlook on the long-term rating is 'stable'.  ICRA has also
reaffirmed the short-term rating of 'A4' for INR2.25 crore non-
fund-based limits of RPPL.

The rating reaffirmation takes into account RPPL's experienced
management, its diversified client base and its long track record
in the Polyvinyl Chloride (PVC) business.  The reaffirmation also
incorporates the favorable demand outlook for PVC pipes.  The
rating is however constrained by competitive nature of the
industry, RPPL's moderate operating margins and its exposure to
crude oil prices.  Going forward, ICRA expects RPPL's
profitability to remain under pressure owing to intense
competition which is likely to lead to modest cash accruals.

Rukmini Polytubes Pvt. Ltd commenced its operations in financial
year 2000-2001 with the establishment of PVC Pipes manufacturing
facilities having capacity of 3600 MT per annum.  RPPL is
currently into manufacturing of PVC pipes with the production
capacity of 6000 MT per annum and into trading of Resin, Calcium
Carbonate, CR Sheets and GP Coils.  The manufacturing facilities
of the company are located at Bahadurgarh in Haryana.

Recent Results

In FY10, RIL reported operating income of INR26.48 crore and
Profit After Tax (PAT) of INR0.09 crore.


SHREE ARIHANT: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Arihant
Tradelinks India Pvt Ltd continue to reflect SATL's below-average
financial risk profile, marked by low profitability, customer
concentration, and exposure to risks related to its planned
capacity addition project.  These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' track record.

   Facilities                          Ratings
   ----------                          -------
   INR60 Million Cash Credit           BB/Stable (Reaffirmed)
   INR179 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SATL will continue to benefit from its
promoters' industry experience and established clientele. The
outlook may be revised to 'Positive' if SATL scales up its
operations, while improving its profitability without much
deterioration in its capital structure.  Conversely, the outlook
may be revised to 'Negative' if the company faces any time or cost
overruns in its planned project, or contracts more-than-expected
debt to fund its capital expenditure, leading to further weakening
in its financial risk profile.

                        About Shree Arihant

Incorporated in 1999, SATL commenced manufacturing operations in
June 2005. It manufactures low-ash metallurgical (LAM) coke at its
plant in Gandhidham (Gujarat).  It has capacity of 72,000 tonnes
per annum (one battery of 21 ovens).  The charging capacity is 26
tonnes per day of raw material per charge, and the yield is around
70 to 75 per cent of LAM coke and 5 per cent of coke breeze. The
company uses a blend of imported coking coal (95 per cent) and
Reliance pet coke and coke breeze (5 per cent) as its raw
material; the imported coking coal is procured from VISA Comtarde
Ltd (VISA).

SATL plans to double its existing capacity by setting up another
LAM coke manufacturing facility at its existing premises. The
total project is expected to cost around INR120 million and would
be funded in a debt-to-equity ratio of 3:1. It also has plans,
which are in the nascent stage, to set up a 10-megawatt waste-heat
recovery power plant over the medium term.

SATL reported a profit after tax (PAT) of INR3.7 million on an
operating income of INR892.0 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.0
million on an operating income of INR1,082.0 million for 2008-09.


TIRUPATI LPG: CRISIL Assigns 'BB+' Rating to INR65MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Tirupati LPG Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR65.0 Million Cash Credit       BB+/Stable (Assigned)
   INR120.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect the Tirupati group's significant fungibility
of cash flows between group companies and its susceptibility to
customer and geographic concentration along with exposure to
tender based business.  These rating weaknesses are partially
offset by the group's above-average financial risk profile, marked
by low gearing and established presence of the company in the
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TLPG, International Cylinders Pvt Ltd,
and Tirupati Cylinders Ltd, collectively referred to as the
Tirupati group.  This is because all three companies are managed
by the same promoters, are in the same line of business, have
operational linkages with regards to procurement of goods, and
have also extended financial support to each other in exigencies.
Besides, there is cross holding between the three companies.

Outlook: Stable

CRISIL believes that the Tirupati group will maintain its credit
risk profile on the back of its above average financial risk
profile marked by low gearing.  The outlook may be revised to
'Positive' if the Tirupati group sustain its operating margins
along with less than expected exposure to group companies leading
to improved liquidity profile. Conversely, the outlook may be
revised to 'Negative' in case of large debt-funded capital
expenditure or its operating margin declines more than expected or
larger-than-expected exposure to group companies, leading to
further stress on liquidity.

                           About the Group

Tirupati Group was started in 1987 with the incorporation of ICPL
in 1987 to start cylinder manufacturing at Paonta Sahib (Himachal
Pradesh).  It expanded its presence in the industry by taking over
a sick unit in Muzaffarnagar (Uttar Pradesh) in 1989 under TCL.
Later on, in 1994, TLPG was set up and took over a cylinder
manufacturing unit from Uttar Pradesh Financial Corporation
(UPFC), based in Selaqui, Dehradun (Uttarakhand, then part of
Uttar Pradesh).

Tirupati group manufactures LPG cylinders for Indian oil marketing
companies, i.e. Indian Oil Corporation Ltd (rated AAA/Negative/P1+
by CRISIL), Bharat Petroleum Corporation Ltd (rated
AAA/FAAA/Negative/P1+ by CRISIL), and Hindustan Petroleum
Corporation Ltd (rated AAA/FAAA/Negative/P1+ by CRISIL). It has a
combined manufacturing capacity of over 2 million LPG cylinders on
a single shift basis. It manufactures LPG cylinders of various
sizes as per the customers' requirement; however, over 90 per cent
of its revenues are from the 14.2-kg cylinder. It is the one of
the large LPG cylinder manufacturers in India.

TLPG reported a profit after tax (PAT) of INR88.4 million on net
sales of INR939.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR55.6 million on net
sales of INR663.6 million for 2008-09.


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


MALAYAN BANKING: Fitch Affirms Individual Rating at 'B/C'
--------------------------------------------------------
Fitch Ratings has assigned Malayan Banking Berhad's SGD
subordinated notes due 2021 an expected 'BBB+(exp)' rating.  The
proposed issue does not have step-up coupons but is callable in
2016.  The final rating is contingent on the receipt of final
documents conforming to information already received.

At the same time Fitch has affirmed the bank's ratings, including
its Long-Term Local and Foreign Currency Issuer Default Ratings
(IDRs) of 'A-' with Stable Outlook.

The subordinated notes' rating is one notch below Maybank's 'A-'
Long-Term Foreign-Currency IDR, and is in line with Fitch's
criteria of rating subordinated debt instruments of financial
institutions.  The subordinated notes, which will qualify as lower
tier 2 capital of Maybank will represent the bank's direct,
subordinated and unsecured obligations, and will rank equally with
other lower tier 2 capital securities.

Maybank's credit profile is underpinned by its dominant domestic
franchise, sound earnings, reasonably provisioned loans, ready
access to low-cost customer deposits, and satisfactory capital
position.  The Stable Outlook reflects Fitch's expectations that
the bank's earnings and core capital buffer should protect its
credit profile from a renewed economic downturn.

Rating actions taken on Maybank:

   -- SGD subordinated notes due 2021: assigned at expected
      'BBB+(exp)'

   -- Long-Term Local and Foreign Currency IDRs: affirmed at 'A-';
      Outlook Stable

   -- Individual Rating: affirmed at 'B/C'

   -- Support Rating: affirmed at '2'

   -- Support Rating Floor: affirmed at 'BBB'

   -- Long-term deposits: affirmed at 'A'

   -- USD subordinated debt: affirmed at 'BBB+'

   -- SGD tier 1 capital securities: affirmed at 'BBB'


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


FELTEX CARPETS: Crown Appeals Nearly NZ$1-Mil. Directors' Costs
---------------------------------------------------------------
BusinessDay.co.nz reports that the High Court at Auckland heard
last week that a costs award of nearly NZ$1 million to five former
Feltex Carpets directors was "unreasonable and unjust."

BusinessDay.co.nz says the Crown is appealing the award of
NZ$925,000 to the directors after they were acquitted last year of
charges laid by the Companies Office.

According to the report, Simon Moore, acting for the Registrar of
Companies, said the trial judge was wrong to order such an "eye-
wateringly large" payout.

Tim Saunders, John Hagen, Peter Thomas, Peter Hunter and John
Feeney had denied the charges, which Auckland District Court Judge
Jan Doogue said should never have been brought, BusinessDay.co.nz
states.

The award, notes BusinessDay.co.nz, represents 70% of the
defence's actual legal costs.

BusinessDay.co.nz relates that Mr. Moore said the Crown probably
would have accepted an award in the range of NZ$200,000 to
NZ$300,000, but NZ$952,000 was more than six times the amount
spent on the prosecution's legal team.  He said the fact that the
Feltex directors had hired particularly high-priced lawyers should
not be a determining factor in awarding costs, BusinessDay.co.nz
says.

According to BusinessDay.co.nz, Mr. Moore argued the award gave
the public a perception that the regulator had been punished for a
frivolous prosecution when that was not the case and the award was
not punitive.

The high level of costs might also discourage regulators from
taking such action in the future.  An award of that size had
"attracted significant negative publicity" and "condemnation of
the department's performance", Mr. Moore said, BusinessDay.co.nz
adds.

                          About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


LOMBARD FINANCE: Investors to Receive $1 Mil. from Northern Crest
-----------------------------------------------------------------
The National Business Review reports that Northern Crest
Investments will repay Lombard Finance and Investment investors
$1 million over two years to square off any outstanding debt to
the failed property financier.

The repayments, according to the report, follow a settlement
agreement with Lombard Finance receivers, PricewaterhouseCoopers,
to remove doubt over potential for claims linked to Northern
Crest's unsettled loan facility with Lombard.

The payments will start this month, NBR notes.

NBR says the issue stretches back to a guarantee Northern Crest
made when Lombard financed the sale of Northern Crest's New
Zealand operations to companies controlled by its former senior
managers.

According to NBR, Northern Crest, once known as Blue Chip
Financial Solutions, said in a statement to the Australian Stock
Exchange that it had taken the position its parent company did not
guarantee the facilities claimed by Lombard in respect to
obligation to its New Zealand subsidiaries.

"The settlement has been reached with the receiver of Lombard to
put the matter fully and finally beyond doubt and to derive
certainty in respect to the future direction of Northern Crest."

Last month, NBR recalls, PWC wrote to Lombard investors
forecasting a 15% to 24% return to secured debenture holders on
their original investment, and said they had found more ground for
claims.

                        About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


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


BELL EQUIPMENT: Creditors' Proofs of Debt Due May 23
----------------------------------------------------
Creditors of Bell Equipment (S.E.A.) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


HUN RESEARCH: Creditors' Proofs of Debt Due May 6
-------------------------------------------------
Creditors of Hun Research Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 6,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Sajjad A. Akhtar
          Chin Sek Peng Michael
          C/o PKF-CAP Advisory Partners Pte Ltd
          146 Robinson Road #08-06
          Singapore 068909


PENTANUM GLOBAL: Court to Hear Wind-Up Petition on April 29
-----------------------------------------------------------
A petition to wind up the operations of Pentanum Global
Corporation (Pte) Ltd will be heard before the High Court of
Singapore on April 29, 2011, at 10:00 a.m.

Pacific Autocom Enterprise Pte Ltd filed the petition against the
company on April 5, 2011.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road, #33-01
          Singapore 049909


SEMBMARINE (MIDDLE EAST): Creditors' Proofs of Debt Due May 23
--------------------------------------------------------------
Creditors of Sembmarine (Middle East) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 23, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


UNCHARTED BUSINESS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 8, 2011, to
wind up Uncharted Business Pte Ltd's operations.

Asiasoft Online Pte Ltd filed the petition against the company.

The company's liquidator is:

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


                             *********

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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