TCRAP_Public/110429.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

             Friday, April 29, 2011, Vol. 14, No. 84

                            Headlines



A U S T R A L I A

REDGROUP RETAIL: Collins Booksellers Eyes Angus & Robertson Stores


C H I N A

CHAODA MODERN: S&P Assigns 'BB' Rating to Senior Unsecured Notes
CHINA LIANSU: Fitch Rates IDR at 'BB', Outlook Stable
CHINA LIANSU: Moody's Assigns First-Time 'Ba2' Corp. Family Rating
CHINA RESOURCES: S&P Puts 'BB' Rating to Subordinated Securities
CHINA SHEN ZHOU: Sherb & Co. Raises Going Concern Doubt

ENN ENERGY: Moody's Upgrades Corp. Family Rating to Baa3
FOSUN INT'L: Moody's Puts Ba2 Corp. Family Rating; Outlook Stable
FOSUN INTERNATIONAL: S&P Assigns 'BB+' Corporate Credit Rating
MIE HOLDINGS: Fitch Assigns 'B' Issuer Default Rating
MIE HOLDINGS: S&P Assigns 'B+' Long-Term Corporate Credit Rating


H O N G  K O N G

CN DRAGON: Incurs US$110,400 Net Loss in Dec. 31 Quarter
PROUNO HK: Members' and Creditors' Meetings Set for May 5
QANTEX LIMITED: Creditors' Proofs of Debt Due May 13
RIC COMPANY: Lui and Lau Appointed as Liquidators
ROTEGEAR CORPORATION: Lees and Ng Appointed as Liquidators

SEEDTRON DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
SHANXI CENTRAL: Lai and Haughey Step Down as Liquidators
SONIC PRINTING: Court Enters Wind-Up Order
ST. TERESA'S LITHOTRIPTER: Members' Final Meeting Set for May 24
STANDFORD ANTI-COUNTERFEIT: Court Enters Wind-Up Order

TECHNO MOTORCYCLE: Lau Chung Sun Steps Down as Liquidator
TENGER INTERNATIONAL: Kong and Kong Appointed as Liquidators
TV ASAHI: Commences Wind-Up Proceedings


I N D I A

A. L. OVERSEAS: CRISIL Rates INR80MM Cash Credit Facility at 'B+'
ABHINANDAN INTEREXIM: CRISIL Reaffirms 'BB+' Rating on INR60M LOC
AGMOTEX FABRICS: CRISIL Assigns 'D' Rating to INR84.5MM Term Loan
AIR INDIA: Pilots Launches Strike; Six Union Leaders Sacked
AMROON FOODS: CRISIL Reaffirms 'BB' Rating on INR183.8MM Term Loan

HG RETAIL: ICRA Assigns 'LB+' Rating to INR40cr Long-Term Loan
INDO INDUSTRIES: ICRA Rates INR9.5cr Long Term Limits at 'LB'
JOHARILAL AGARWALA: CRISIL Reaffirms 'BB+' Rating on Cash Credit
K. N. DIAMOND: ICRA Assigns 'LBB-' Rating to INR0.50cr LT Loan
KAILASH GINNING: ICRA Assigns 'LC' Rating to INR6.0cr LT Bank Loan

KAVERI SILK: ICRA Assigns 'LB+' Rating to INR22.5cr Cash Credit
MANDOVI CASTING: ICRA Assigns 'LBB' Rating to INR2.7cr Bank Loan
MOHIT STEEL: ICRA Assigns 'LBB' Rating to INR4.0cr Bank Facility
PHOENIIX: ICRA Downgrades Rating on INR18.86cr Term Loan to 'LB-'
PINKKU TRADERS: CRISIL Rates INR300MM Cash Credit at 'BB'

PRAYAS TRACON: ICRA Assigns 'LB+' Rating to INR20cr FB Limits
RADHA WINES: CRISIL Upgrades Rating on INR250M Cash Credit to 'BB'
SERMAN (INDIA): CRISIL Assigns 'D' Rating to INR5MM Term Loan
SHARDA FLOUR: ICRA Assigns 'LBB-' Rating to INR0.30cr Term Loan
SHREE KRISHNA: ICRA Cuts Rating on INR36cr Bank Limits to 'LB'

SP SUPERFINE: ICRA Assigns 'LC' Rating to INR43.94cr Term Loan


I N D O N E S I A

* INDONESIA: Fitch Rates Upcoming USD-Denominated Bonds at 'BB+'
* INDONESIA: Moody's to Assign 'Ba1' Rating to Upcoming Bond


J A P A N

JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'
SUNSHINE TRUST: S&P Affirms 'BB+' Ratings on Two Classes of Notes
TAKEFUJI CORP: To Sign Acquisition Deal With A&P Financial


M A L A Y S I A

HO HUP CONSTRUCTION: Restraining Order Extended for 90 Days
SATANG HOLDINGS: Satang Jaya Guilty of Breaches, PwC Says
TRACOMA HOLDINGS: Files Notice of Late Filing of Annual Report


P H I L I P P I N E S

BANCO FILIPINO: Justice Department Sets Prelim Hearing on May 5
PHILIPPINE AIRLINES: Stands Firm on Spin-off Plan


T A I W A N

CHINA BILLS: Fitch Affirms Individual Rating at 'C'


V I E T N A M

DOT VN: Hosts Vietnamese Language Domain Name Launch in Hanoi


X X X X X X X X


* Large Companies with Insolvent Balance Sheets




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A U S T R A L I A
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REDGROUP RETAIL: Collins Booksellers Eyes Angus & Robertson Stores
------------------------------------------------------------------
SmartCompany reports that the franchisee-owned Collins Booksellers
said it's interested in doing a deal with Ferrier Hodgson, the
administrator of REDgroup Retail, around the Angus & Robertson
book stores.

"We are aware of the business opportunity and are considering our
options," Collins Booksellers chief Daniel Jordon told
SmartCompany.

The comments, according to SmartCompany, come as Collins announces
it has snapped up a decade-old online book retailer Seek Media for
an undisclosed sum, as it looks to boost its online presence.

SmartCompany relates Mr. Jordon said Collins has "enormous
empathy" for Angus & Robertson franchisees who attempted to
terminate their franchise agreement after the private-equity owned
business collapsed.

SmartCompany notes that Mr. Jordon also downplayed the view that
book retailing in Australia is on its way out, saying REDgroup
Retail's collapse was caused by a number of factors, with cautious
consumers just one ingredient.

"A lot of the commentary around [the collapse of REDgroup] has
been to do with customers shopping online, but that's not
correct," SmartCompany quotes Mr. Jordon as saying.  "It's more to
do with management issues, and a private equity issue."

According to SmartCompany, the collapse has been "quite damaging"
for the wider industry, notwithstanding an increase in market
share for Collins stores located near Borders and Angus &
Robertson stores.  Still, the retail sector has been doing it
tough post-GFC(global financial crisis), Mr. Jordon said, and
Collins has not been immune.

                          About REDgroup Retail

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

                      *     *     *

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

The REDgroup companies in Administration include:

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


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


CHAODA MODERN: S&P Assigns 'BB' Rating to Senior Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB'
issue rating to the proposed issue of U.S. dollar fixed-rate
senior unsecured notes by Chaoda Modern Agriculture (Holdings)
Ltd. (BB/Stable/--). "The rating is subject to our review of the
final issuance documentation. The company intends to use the net
proceeds to finance capital expenditure and for general corporate
purposes," S&P noted.

"Our rating on Chaoda already factors in a potentially substantial
increase in borrowings to fund expansion. In our view, the
proposed transaction could strengthen the company's liquidity
position and improve its financial flexibility. Despite the
increase in Chaoda's debt level, we expect the company's adjusted
total debt-to-EBITDA ratio to stay at less than 2.0x and the ratio
of total debt to total capital below 25% over the next 12 months.
Chaoda has good financial strength for a 'BB'-rated company due to
its low leverage, in our view," S&P related.

Chaoda's exposure to a fragmented market and its very aggressive
growth appetite are rating weaknesses. "We believe the company's
expansion plan has material execution risks that include project
uncertainty, potential cost over-runs, and limited management
resources. Chaoda aims to acquire new agriculture land equivalent
to more than twice its existing planting area over the next five
years," S&P noted.

According to S&P, "In our view, Chaoda has weak corporate
governance and its extensive related-party transactions are a
rating constraint.  The company buys a substantial amount of its
fertilizers from its major shareholder.  We also believe that
Chaoda has a mixed track record in transparency and information
disclosure.  We note that the major shareholder's stake, at 19.23%
as of Dec. 31, 2010, has steadily declined due to new equity
issues.  The stake will be further diluted if the outstanding
convertible bond is converted into equity."

"Chaoda's liquidity is adequate, in our view.  As of Dec. 31,
2010, the company was in a net cash position, with Chinese
renminbi (RMB) 3.89 billion in cash and cash equivalents, and no
short-term debt due. The company has a committed banking facility
of about RMB70 million," S&P stated.

Chaoda's established position as an industrialized agriculture
enterprise, strong credit metrics, improving financial
flexibility, and good geographic diversification temper the rating
weaknesses.


CHINA LIANSU: Fitch Rates IDR at 'BB', Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned China-based China Liansu Group Holdings
Limited a Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB' with Stable Outlook.  The agency has also assigned
Liansu's proposed senior unsecured notes an expected 'BB(exp)'
rating.

The final rating of the proposed notes is contingent upon the
receipt of documents conforming to information already received.
Net proceeds from the issue will be used for refinancing existing
debt and general corporate purposes.

"The ratings reflect Liansu's dominant position in the plastic
pipes market in southern China and its strong financial profile,"
said Alan Chan, Associate Director in Fitch's Asia-Pacific
Corporates team.  "However, Liansu's rating is constrained by a
relatively small business scale and its operation in a fragmented
market that may result in unruly competition during a market
downturn," added Mr. Chan.

Liansu has a dominant market position in southern China, which
accounted for about 69% of the group's revenue in 2010. From its
core market, it has expanded nationally achieving an estimated
market share of 11% by end-2009 making it the largest plastic
pipes manufacturer in China.  All of Liansu's production
facilities are strategically located close to its customers to
reduce transportation costs.  Liansu's margins were compressed
during its expansion phase as it cut prices to gain market share
but gross margin has improved to above 25% in 2010 from around 13%
in 2007 as the company has increased prices again.

Liansu's ratings are also supported by its strong credit metrics
with an expected financial leverage (adjusted net debt/operating
EBITDAR) of below 1.0x over the next 12-18 months Liansu's sound
financial metrics provide a good buffer to weather unexpected
negative impact from aggressive price competition or raw material
price fluctuations.

Liansu's ratings are constrained by its small operating scale with
operating EBITDAR of around USD200m in 2010.  In addition, the
Chinese plastic pipes industry is highly fragmented and
competitive, which could result in aggressive price competition
especially given limited product differentiation.

Liansu expects to expand its production capacity by around 50 %
over the next two years.  While this will likely lead to negative
free cash flow over the medium term, Fitch believes that the
continued growth in demand driven by nationwide infrastructure
build-out will support high capacity utilization  rates and top
line growth. This expectation underlines the Stable Outlook.

Fitch may consider a negative rating action if Liansu loses its
dominant market position in southern China, its EBITDA margin is
sustained below 10% and/or its financial leverage is sustained
above 2.0x. Positive rating action is not envisaged until Liansu
can successfully achieve a dominant position in a major market
outside southern China while maintaining its EBITDA margin above
15% and financial leverage below 1.5x.


CHINA LIANSU: Moody's Assigns First-Time 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to China Liansu Group Holdings Limited.  Moody's has also
assigned a provisional (P)Ba2 rating to Liansu's proposed senior
unsecured USD notes.  The outlook for the ratings is stable.

This is the first time that Moody's has assigned ratings to
Liansu.

Ratings Rationale

"Liansu's Ba2 rating reflects the company's leading market
position, as the largest plastic pipes and plastic fittings
manufacturer in China," says Ken Chan, a Moody's Vice President
and Senior Analyst.

"Liansu differentiates itself against its competition by its
greater geographic diversity, with 12 operational production
facilities spread across nine provinces, as well as its numerous
product offerings," says Chan.

"The company has an edge resulting from its ability to provide
better service and faster product delivery, and with lower
transportation costs."

Given its long established brand and customer relationships,
Liansu's leading position will be a difficult challenge for its
competitors for the medium term.

"Another factor supporting the Ba2 ratings is the favourable
demand for Liansu products from the infrastructure and real estate
industries," says Chan, add that "Moody's expects that these
industries will continue to grow over the medium term, supported
by the Chinese government's vast infrastructure spending and
favorable low-income housing policies."

Strengthening piping standards by the authorities will also
enhance demand for Liansu's quality products, which will
facilitate the company's expansion into the replacement market.

"The Ba2 rating takes into consideration the diversification of
Liansu's end-user industries, which range from drainage to
telecommunications. This makes Liansu's performance somewhat less
vulnerable to a downturn in a single industry," adds Chan.

"However, the rating also reflects Liansu's exposure to
fluctuations in the costs of raw materials such as plastic
resins -- for example, PVC, PE, and PP-R -- which account for
around 85-90% of its total COGS," says Chan, also the lead analyst
for Liansu.

Liansu aims to mitigate profit margin volatility by pricing its
products on a cost-plus basis.  This is in general achievable
under normal market conditions as (1) the cost of piping is not
significant for its clients, and (2) the reliability and quality
of its product are the main concerns of its customers. Incremental
rises in product prices are reflected after one or two months.

Liansu's ratings are constrained by its fast growth strategy. It
has grown rapidly over the last few years -- sales indicate a
compound growth rate of 46% over the past three years -- and has
invested RMB1.6 billion in capital expenditures.  And Moody's
expects Liansu to keep on with its rapid capacity expansion plans,
which could result in execution risk, especially if volume growth
in the new regions falls short of expectations over the next two
years.

Moreover, such volume-driven growth requires a certain amount of
cash and working capital support, which could strain the company's
bank credit limits.

However, Liansu does have adequate liquidity -- cash on hand of
RMB1.5 billion as of December 2010 -- which provides a buffer for
any downside to its operations.

In addition, Moody's expects the company's debt/EBITDA to reach
around 1.5x and its EBITDA/interest, 9-10x, over the next two
years, which will position Liansu well within the Ba2 rating.

The outlook for the ratings is stable, reflecting Moody's
expectation that the company will maintain its market leadership
and current utilization rates for the next two years.

The ratings are unlikely to be upgraded in the near term. However,
the ratings could be pressured upward over time if the company can
(1) expand its capacity and still maintain its overall utilization
rates over the medium term; (2) achieve stable sales growth while
maintaining its profitability, with gross margin exceeding 20%,
over the medium term; and (3) maintain its strong credit metrics,
such that debt/EBITDA remains consistently below 1.5x.

The ratings could be pressured downward if the company's financial
position weakens, such that debt/EBITDA rises above 2.5-3.0x and
the gross margin declines below 15%, resulting in (1) an inability
to pass on the rises in raw material costs to its customers; (2)
greater pressure on its working capital, leading the company to
raise a substantial amount of high-cost funding; or (3) a more
aggressive debt-funded expansion plan or dividend payout ratio
that weakens the balance between leverage and liquidity.

The principal methodology used in rating China Liansu Group
Holdings Limited was the Global Building Materials Industry
Industry Methodology, published July 2009.

Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009 (and/or the Government-Related Issuers methodology,
published July 2010).

Founded in 1996 and listed on the Hong Kong Stock Exchange in June
2010, China Liansu Group Holdings Ltd is one of the largest
plastic pipes and pipe fittings manufacturers in China. It has 12
operational production facilities in nine provinces, with a design
annual production capacity of 1.15mtpa by the end of 2010.


CHINA RESOURCES: S&P Puts 'BB' Rating to Subordinated Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB'
issue rating to the proposed issue of perpetual subordinated
guaranteed capital securities by China Resources Power East
Foundation Co. Ltd. (unrated), a wholly owned special purpose
vehicle of China Resources Power Holdings Co. Ltd. (CR Power;
BBB/Negative/--). The issuer will on-lend the proceeds to CR Power
to refinance its outstanding debt and for other corporate purpose.

Standard & Poor's considers the securities to have "intermediate"
equity content, and will therefore treat 50% of the principal as
equity and 50% of the distributions as dividends in its financial
ratio calculations.

Distributions are optionally deferrable at the issuer's
discretion, subject to a maximum six-month look-back period.

"We rate the securities two notches below CR Power's 'bbb-' stand-
alone credit profile, reflecting the securities' subordinated
status and optional deferability," S&P said.

The margin on the securities will step up by 100 basis points at
year 10. The issuer has the option to redeem under certain
circumstances, such as for taxation reasons, or can call the
securities every five years. These features are consistent with
our intermediate equity assessment because of a replacement
capital covenant (RCC), under which the securities must be
redeemed from the issuance proceeds of a similar equity-like
instrument.

The RCC will become effective from the date of issuance of the
securities. The carve-outs that allow the issuer to repurchase the
securities without replacement are consistent with our assessment
of intermediate equity content.

The rating on CR Power is unaffected by the proposed issuance of
the perpetual subordinated guaranteed capital securities.  "We
believe the issuance will have a modest impact on CR Power's
consolidated balance sheet leverage ratios," S&P said.
Nevertheless, in Standard & Poor's opinion, the proposed issuance
shows the company's commitment to improve its capital structure
and maintain adequate liquidity.


CHINA SHEN ZHOU: Sherb & Co. Raises Going Concern Doubt
-------------------------------------------------------
China Shen Zhou Mining & Resources, Inc., filed on March 29, 2011,
its annual report on Form 10-K for the fiscal year ended Dec. 31,
2010.

Sherb & Co., LLP, in New York, expressed substantial doubt about
China Shen Zhou Mining's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
operating losses, negative cash flows from operations and has a
working capital deficit.

The Company reported a net loss of $3.4 million on $11.6 million
of revenue for 2010, compared with net income of $3.0 million on
$4.2 million of revenue for 2009.

The difference was mainly due to the fact that in 2009, the
Company repurchased the convertible bonds and gained approximately
$14.0 million on convertible debt extinguishment.

At Dec. 31, 2010, the Company's balance sheet showed $44.2 million
in total assets, $22.4 million in total liabilities, and
stockholders' equity of $21.8 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/VS5s2d

Headquartered in Beijing, China, China Shen Zhou Mining &
Resources, Inc.'s primary business activity is mining, processing
and distributing fluorite ore and processed fluorite powder,
copper, zinc, lead, and other mineral concentrates.  The Company's
common stock is listed on the NYSE AMEX under the symbol "SHZ."
Fluorite is mainly used by the steel industry as a melting agent
and by the fluorite chemical industry to manufacture hydrofluoric
acid, a widely used raw material for the chemical industry.


ENN ENERGY: Moody's Upgrades Corp. Family Rating to Baa3
--------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
corporate family rating of ENN Energy Holdings Limited.  At the
same time, Moody's has withdrawn ENN's corporate family rating and
assigned the company an issuer rating of Baa3.

The senior unsecured bond rating has also been upgraded to Baa3
from Ba2. The outlook for the ratings is stable.

Ratings Rationale

"The rating upgrade reflects the fact that ENN has achieved stable
revenue from its sales of piped gas, coal gas, and vehicle gas,
which together accounted for about 70% of its FY2010 revenue,"
says Peter Choy, a Moody's Senior Vice President.

Although gas connection fees -- 75% of which are derived from
residential household clients -- declined to about 27% of FY2010
gross revenue, the residential household segment still grew 19%
year over year, reaching 5.6 million customers in 2010.

Over the near term, the connection fees from these clients are
unlikely to diminish to any large extent, which will allow ENN
enough time to further strengthen its gas sales revenue. Any
further material decline in the profit margin will be minimized by
expanding piped gas sales.

"The upgrade also reflects the increased revenue contribution from
commercial and industrial clients (C&I), which accounted about 72%
of FY2010 gross gas sales revenue. The expanding C&I portfolio
improved the company's risk profile with respect to tariff
pricing, which is determined mainly by negotiation."

"ENN's Baa3 rating also recognizes the monopoly position of its
long-term franchise in piped gas distribution, in 90 projects in
15 provinces/municipalities, which provides geographic diversity,"
Choy goes on to say.

The rating is further supported by the government's favorable
policy on clean energy, which focuses on reducing carbon
emissions, and the current low penetration rate of natural gas in
Chinese cities.

"In addition, ENN has improved its debt leverage while pursuing
its growth.  In FY2010, debt/EBITDA improved to 2.8x from 3.5x in
FY2008, and operating cash flow/debt to 37.7% from 21.7%," says
Choy, adding that "Moody's expects ENN to maintain its debt
leverage at a debt/EBITDA of 2x-3x for the next two years."

ENN has also strengthened its corporate governance, as reflected
in its compliance with various code provisions and recommended
best practices in its FY2010 annual report.  In Moody's view, ENN
will maintain such discipline which is important for a regulated
utility company.

On the downside, ENN's Baa3 rating is constrained by the company's
moderate scale and competition from the large oil and gas firms
entering the market; the time lag in passing through increases in
gas costs to clients; and the volatility in cash flow, margin and
profitability due to downward pressure on connection fees.

"We expect ENN to pursue more offshore borrowings at the holding
company level to reduce its on-shore debt, such that subsidiary
and secured debt will stay below 15% of total assets over the next
two to three years," says Choy, adding that "as such, there is no
notching on the rating of its senior unsecured debt." Any
deviation from such expectation will pressure the bond rating.

The rating outlook is stable, reflecting Moody's expectation that
ENN's revenue and cash flow generation will remain stable as well
as its disciplined approach to capital spending and investment,
which are key to sustaining the current financial profile.

Upgrade pressure on the rating is limited given this rating
upgrade and the company's moderate scale. However, over the longer
term such pressure could emerge if ENN can (1) enlarge its scale;
(2) develop more stable sources of revenue without relying on
connection fees; (3) improve its EBITDA margin to 25% and keep its
debt leverage low, with Debt/EBITDA below 1.5-2.0x and
FFO/interest above 6x; and (4) generate and maintain positive free
cash flow.

Downgrade pressure could arise due to (1) regulatory measurements
that negatively affect ENN's revenue and cash generating ability;
(2) a sustained decline in its EBITDA margin to below 15%-20% for
any length of time; or (3) aggressive debt-funded capital
expenditure or investments.

The key credit metrics Moody's would consider for a rating
downgrade include Debt/EBITDA above 3.5x and FFO/interest below
4.0x-4.5x.

The last rating action on ENN was taken on 22 September 2008, when
the bond rating was downgraded to Ba2 from Ba1, to reflect
structural subordination risk.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

ENN Energy Holdings Limited -- formerly, Xinao Gas Holdings
Limited -- is listed on the Hong Kong Stock Exchange. The company
is principally engaged in the construction and operation of
facilities for piped natural gas distribution to residential and
commercial/industrial customers in a number of cities in China. In
addition it supplies natural gas to vehicles.


FOSUN INT'L: Moody's Puts Ba2 Corp. Family Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Fosun International Ltd and a provisional (P)Ba2 rating
to its proposed USD bond issuance. The ratings outlook is stable.

The proceeds will be used for debt refinancing and general
corporate purposes.  The provisional status of the bond rating
will be removed upon completion of the issuance.

Ratings Rationale

The Ba2 corporate family rating reflects Fosun's operating scale,
business diversification, and recent track record.  It is one of
the largest and most diversified rated non-state-owned Chinese
corporates with established positions in the steel, property,
pharmaceutical and mining sectors in China.  It also has
significant investments in China and overseas.  All of its
business segments have shown solid growth in the last few years
and are positioned to benefit from the country's long-term growth
prospects.

Most of these sectors, however, are inherently cyclical. They are
also exposed to above-average policy and regulatory risk in China.

Fosun's consolidated credit metrics are modest, with funds from
operations (FFO)/interest coverage of 3.5x and FFO/net debt of 15%
in FY2010.  Nonetheless, consolidated cash flow from the core
businesses has been quite stable historically.  One of the key
drivers of Fosun's financial profile is its investments and
divestments.

Fosun is an active investor in its businesses and aims for
continued growth via organic expansion as well as acquisitions.
Management leverages its expertise in China for investments in
domestic and foreign companies that benefit from domestic
consumption (principally, the service industries, retail,
resources, and insurance).  Its strategy entails creating value
for shareholders through asset appreciation, asset disposals, and
listings. Moody's sees elements of its holdings as core and likely
to be maintained over an extended period; others are more likely
to be traded.

Moody's considers Fosun's flexible and opportunistic investment
strategy as a key rating challenge.  The company's strategy allows
for significant flexibility with regard to sectors, geography,
investment horizons, amounts, and ownership structure, subject to
approval of the investment committee.  However, such an approach
adds uncertainty to future financial and business profiles and
depends heavily on management's growth and risk appetite; the
group reported average negative free cash flow of RMB5 billion
over the last five years.

Volatility in the equity markets could also lead to volatility in
cash flow and profits, and in its equity base.  The company has
generated significant profit from its investments over the last
few years, but this may prove more difficult in a weak economic
and capital market environment, and as the investment portfolio
grows.

Moody's analyses Fosun as a conglomerate because of its ties with
some of its core subsidiaries, given a number of intra-group
guarantees and cross-default provisions.  In this respect, the
rating takes into consideration both the performance of its
operating entities as well as Fosun's consolidated credit metrics.
Overall, its core operating companies, individually, are weaker
credits than the consolidated Fosun group, but Fosun's final
rating benefits from the holding company's liquidity, as well as
the group's diversification across sectors, which can mitigate
overall business volatility.  In addition, Moody's analyzes
Fosun's holding company's financial strength in the context of an
investment holding company.  Moody's assesses Fosun
International's (and other intermediate holding companies') direct
and indirect indebtedness, against recurring cash inflows, as well
as against the value of its investment holdings.  The key support
was the amount of cash on hand, as well as the market value of the
equity securities held, which allows for financial flexibility
should the need arise.  Despite a concentration of market value in
a few investees, these investments are well in the money, and
Fosun intends to monetize some of them over time.

The bond rating is the same as the corporate family rating,
reflecting the fact that Fosun International, as the issuer of the
bonds, is not a pure holding company for long-term strategic
holdings.  It also operates as an investment holding company that
invests in offshore equities as a core part of the group's overall
strategy.  This is different from more traditional treasury
management.

Fosun International has (since its IPO in 2007) maintained
significant liquid assets against its balance sheet debt.  For
example, at end-2010, cash/reported debt was 56%, cash/short-term
debt was over 3x, and liquid assets/reported debt was over 2x.
According to the company, it intends to maintain its cash /total
reported debt at above 40%, cash/short term debt above 1x, and
liquid assets/total reported debt above 1x on an on-going basis.
This is an important consideration in the bond rating; if the
investment holding company strategy were to change over time and
it deviates significantly from its stated financial policy,
Moody's would likely apply structural subordination, and the bond
rating would be notched downwards.

The rating is likely to experience upward pressure if (1) the
company invests prudently and generates steady profits from its
investments through the cycle; and/or (2) leverage declines
steadily, such that consolidated debt/EBITDA falls below 3.5-4x
(where EBITDA is defined as EBITDA from consolidated operations
plus dividend receipts and realized gains from investment
disposals) and/or FFO/net debt exceeds 20-25% on a sustainable
basis.

In addition to expecting Fosun International to maintain the type
of liquid holdings in an amount relative to debt as Moody's has
outlined above, Moody's would also expect the group to maintain
adequate liquidity.  The rating could also be pressured upward if
the composition of Fosun's business portfolio were to change to
include a higher proportion of stable businesses.

The rating may be downgraded if (1) consolidated debt/EBITDA
(defined above) exceeds 5x and FFO/net debt falls below 10%
consistently; (2) liquidity at either the holding company or at
the consolidated level declines; or (3) the company's underlying
business profile changes materially, such that its business risk
rises.

Fosun's ratings were assigned by evaluating factors that Moody's
believes are relevant to the credit profile of the issuer,
including the company's 1) business risk and competitive position
in comparison with peers; 2) capital structure and financial risk;
3) projected performance over the near to medium term; and 4)
track record and tolerance for risk.

These attributes were compared to those of other issuers both in
and outside Fosun's core industries; Moody's thus considers
Fosun's ratings as comparable to those of other issuers of similar
credit risk.

The last rating action was on 8th January 2007 when Fosun's Ba2
corporate family rating was withdrawn.

Fosun's history dates back to 1992, as a market survey company
founded by four young entrepreneurial university graduates.  It is
now engaged in steel, property, pharmaceutical, mining and retail
in China.  It also has significant investments in China and
overseas.

Fosun International Ltd became the holding company of the group in
2005. Headquartered in Shanghai, it was listed on the Hong Kong
Stock Exchange in 2007. The group is ultimately 58%-owned by Mr.
Guangchang Guo, Chairman. He and three other founders own 78% of
the company.


FOSUN INTERNATIONAL: S&P Assigns 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Fosun International Ltd.  The outlook
on the rating is stable.  "At the same time, we assigned our 'BB+'
issue rating to the company's proposed issue of benchmark-sized
senior unsecured notes.  The issue rating is subject to our review
of the final terms and conditions of the issuance documentation,"
S&P said.

"The rating on Fosun reflects the company's evolving business
structure, investment concentration in cyclical and volatile
industries, and its weak consolidated financial ratios.  The
company's high-growth strategy and aggressive investment appetite
also constrain the rating," said Standard & Poor's credit analyst
Lawrence Lu. "Rating strengths include Fosun's growing
and increasingly diversified asset portfolio, its experienced
management, and strong liquidity and financial flexibility."

Fosun is evolving from an industrial conglomerate to an investment
holding company. Its credit profile will still be closely tied,
however, to volatile and cyclical businesses in the next two to
three years.  Its property, steel, and mining operations together
accounted for 72% of the group's total assets.  Fosun operates in
mostly competitive and fragmented industries with somewhat
weak market positions.  Nevertheless, these segments provide
meaningful albeit volatile cash flows due to their low cost
structures and good operating efficiencies. Fosun continues to
provide guarantees on its key operating subsidiaries' debt.

"We expect Fosun to generate fairly meaningful returns from its
private equity investments due to low investment costs and
potential listings.  Its cooperation with other private equity
groups should also reduce Fosun's investment risks while its scale
expands," S&P stated.

According to S&P, "In our view, Fosun's consolidated financial
performances are likely to remain weak due to large debt-funded
investments. Key investments include the formation of private
equity funds, privatization of Shanghai Forte Land Co. Ltd. (not
rated), and capacity expansion at its steel mills.  We expect the
company's ratio of funds from operations (FFO) to debt to hover
around 10% in the next couple of years, compared with an average
of 12.6% for the past three years. We also anticipate a ratio of
total debt to capital of about 50% over the same period, compared
with 49% for the past three years.  These numbers do not include
potential acquisitions that could weaken credit metrics. In our
view, Fosun has an aggressive investment appetite and tolerance
for risk.  In addition, we believe the company's financial
management is still evolving, as suggested by the company's
relatively high leverage and concentrated debt maturities."

"We expect Fosun's financial flexibility to remain strong at the
holding company level.  As its asset portfolio becomes more
diversified, the company has started to sell as well as buy
assets. Asset divestments produced meaningful capital of Chinese
renminbi (RMB) 2.20 billion in 2010, compared with RMB1.12 billion
in 2008.  Fosun's geographically diversified investments (in China
and overseas) help to underpin its financial flexibility.  The
fact that most of its key businesses and a significant number of
its investees are listed provides additional support," continued
S&P.

"We believe Fosun has had some success in executing its investment
strategy.  The company has a track record of capturing good
returns by turning around, raising operating efficiency, and
listing its investee companies," S&P noted.

"We rated the proposed bond at the same level as the long-term
corporate credit rating despite a degree of structural
subordination risks for bondholders. We believe the following
factors mitigate the subordination risk: Fosun's diversified
investment portfolio, its willingness and track record of
divesting of assets to raise capital, and strong financial
flexibility and liquidity at the holding company level," S&P
related.

Fosun's liquidity is strong. On a consolidated basis, its cash and
short-term investments amounted to RMB27.1 billion as of the end
of Dec. 31, 2010, which is more than enough to cover its short-
term debt due of RMB22.0 billion.

"We estimate that the company's sources of liquidity, which
include cash and equivalent, positive FFO, available banking
facilities and proceeds from divestments, will more than 1.5x
cover its projected liquidity usage.  Liquidity usage includes
working capital needs, projected capital expenditure, debt to
mature within the next 12 months, and projected dividend payments.
In addition, cash dividends received covered about 2.0x interest
expenses at the holding company level in 2010, and we expect this
ratio to be more than 1x in 2011 after the proposed notes issue,"
S&P said.

"Fosun has fairly strong and stable banking relationships, in our
view. As of the end of 2010, its unutilized banking facilities
amounted to RMB25 billion, of which RMB14 billion was committed
banking facilities (or equivalent).  A few restrictive financial
covenants cover some of the borrowings at the holding company
level. We estimate that the company has some headroom for
borrowings based on its 2010 financial results," S&P noted.

"The stable outlook on the rating reflects our expectation that
Fosun's large and growing asset portfolio and its strong financial
flexibility will allow the company to meet its short-term
obligations," said Mr. Lu.

"We may lower the rating if the company's expansion and
acquisitions are more aggressive than we expected and its leverage
deteriorates, such that its total debt to total capital ratio
increases to 55%.  The rating could also be lowered if the
company's exposure to volatile businesses further increases and
its currently very strong financial flexibility (including its
cash dividend coverage at the holding company level) deteriorates
substantially," according to S&P.

"We could raise the rating if the following happens: (1) Fosun
improves its cash flow stability, including generating consistent
positive free operating cash flow by way of increasing
diversification into less volatile and cash-generative businesses;
(2) the company has consistent capital returns and cash generation
from its private equity businesses; and (3) it maintains leverage
with a ratio of total debt total capital of less than 45% for a
sustained period," S&P added.


MIE HOLDINGS: Fitch Assigns 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has assigned China-based MIE Holdings Corporation a
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with
a Stable Outlook.  At the same time Fitch has assigned MIEH's
proposed notes an expected rating of 'B(EXP)' and an expected
Recovery Rating of 'RR4(EXP)'.  The final ratings of the notes are
contingent upon the receipt of final documents conforming to
information already received.

"MIEH's ratings reflect the upstream nature of the company's
operations and consequent exposure to potential oil price
volatility," says Sajal Kishore, Director on the agency's Energy &
Utilities team.  "Further, the ratings are constrained by the
company's small operating scale, as reflected by low proven
reserves and production levels compared with other oil and gas
companies rated in the 'B' and 'BB' categories.  While the
proposed acquisition of Kazakhstan producer Emir Oil will increase
scale, MIEH's relatively small size and low diversification will
remain key credit issues," adds Mr. Kishore.

MIEH operates three oilfields with low permeability reservoirs in
China under production-sharing contracts (PSC) with PetroChina
Company Limited ('A+'/Stable). MIEH is planning to use USD170
million from the notes' proceeds for the Emir Oil acquisition.
This transaction is subject to certain conditions, MIEH expects
the deal to close by June 2011.

Fitch believes that the execution risk associated with the Emir
Oil acquisition is partially mitigated by MIEH's track record of
successfully developing and operating similar oilfields.  The
rating reflects the high concentration of MIEH's production assets
which makes it vulnerable to any individual operational
disruption.

MIEH's ratings may be downgraded if funds from operations (FFO)-
adjusted net leverage rises above 3.0x and if FFO gross interest
cover falls below 4.5x, both on a sustained basis. The company's
ratings are unlikely to be upgraded without proven reserves
increasing to 200 million barrels of oil equivalent (mmboe) and
average daily production increasing to 80,000 boe per day (boepd)
with FFO-adjusted net leverage and net debt/operating EBITDAR
remaining below 1.5x and 1.0x, respectively, and FFO gross
interest cover exceeding 8.0x.

Fitch notes that MIEH's creditors may be exposed to contractual
and structural subordination if it incurs future debt. Fitch's
Recovery Rating of 'RR4' currently assumes no prior-ranking debt.
If material senior ranking debt were to be raised by subsidiaries
in the future, the instrument's rating and Recovery Rating may be
negatively affected.

As at December 31, 2010, MIEH had proven reserves of 32.9mmboe and
average daily production of 9,349boepd, while Emir Oil had proven
reserves of 28.1mmboe and average daily production of 2,916boepd.


MIE HOLDINGS: S&P Assigns 'B+' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B+'
long-term corporate credit rating to MIE Holdings Co. Ltd.  The
outlook is stable.  At the same time, Standard & Poor's assigned
its 'B+' issue rating to the company's proposed issue of U.S.
dollar denominated senior unsecured notes. The rating on the notes
is subject to S&P's review of the final issuance documentation.

"The rating on MIEH reflects the company's exposure to cyclicality
in the oil and gas upstream industry, weak competitive position,
expansion- and acquisition-related execution risk, and its less-
than-adequate liquidity," said Standard & Poor's credit analyst
Sangyun Han.  "The company's proven record of operation in Chinese
oilfields and favorable production sharing contracts (PSCs) with
PetroChina Co. Ltd. (not rated) temper these weaknesses."

"We expect that MIEH's operating cash flow will be volatile
depending on fluctuations in oil prices.  In 2009, the company's
cash from operations was slightly negative when oil prices dipped.
All of MIEH's revenue comes from sale of crude oil from its three
major oil blocks in northeastern China.  Its recently acquired oil
fields in Kazakhstan will also start contributing to revenue when
the acquisition is completed this year," S&P related.

"MIEH's very small size, short record and lack of experience
outside of China have weakened its competitive position, in our
view. Nevertheless, the company has increased its net proven (1P),
and proven and probable (2P) oil reserves by 85% and 182%,
respectively, from the end of 2010, to 61.0 million barrels
and 148.4 million barrels.  Its acquisition of Kazakhstan's Emir
Oil (not rated) in February 2011 raised its reserves.  We believe
the acquisition enhances MIEH's competitive position in terms of
size and geographical diversification, though it increases other
operational risks," according to S&P.

"In our view, MIEH faces expansion risk in Kazakhstan, and
regulatory risk in China," said Mr. Han.  "The Emir Oil
acquisition has to go through several approvals in Kazakhstan.
MIEH is also yet to obtain production contracts from the Kazakh
government.  The company has a limited track record of operation
in Kazakh oilfields, which require deeper drilling. In China,
MIEH's production-sharing contracts face regulatory risk, such as
a major change in China's PSC law. We view this as a low?
probability, but high-loss risk."

"MIEH's record and reserves in Chinese oilfields offset these
risks, in our view. These fields have low exploration risk,
increasing production volumes, and a large base of undeveloped
reserves. Over the last four years, the company has increased its
net 1P reserve and the average daily net oil production in its
three major oil fields (Daan, Moliqing and Miao 3) by 52%
and 129%, respectively, to 32.9 million barrels and 9,349 barrels.
We believe the company can continue to increase production in its
Chinese oilfields. Our view is based on MIEH's base of proven
undeveloped reserves of 12.4 million barrels at the end of 2010,"
S&P said.

The company's PSCs with PetroChina strengthen MIEH's profitability
and lower the impact of its weak competitive position. Under the
contracts, the company can recover development and operation costs
effectively by allocating a part of the produced oil. Also,
foreign contractors, including MIEH (which accounts for 90% of
foreign contractors' share), can keep 48% of the remaining oil and
allocate PetroChina 52%.

"MIEH's overall liquidity is less than adequate, in our view. We
expect the company's sources of liquidity to be 1.1x its uses of
liquidity this year, regardless of the proposed notes' issuance of
up to US$400 million," said Mr. Han.

Proceeds of the proposed notes' issuance would cover the US$170
million cost of the Emir Oil acquisition and US$200 million for
refinancing existing bank loans.

"We expect MIEH to refinance its existing bank loans because these
loans carry financial covenants relating to additional
indebtedness and capital spending," S&P said.  If MIEH raises more
debt or makes further acquisitions without refinancing its
existing bank loans, it is highly likely to break the covenants.

S&P noted, "Even if MIEH does not refinance its existing bank
loans, we assume its liquidity sources would exceed uses by only
1.1x.  This is because the company would have to reduce its
capital investments to avoid breaching the financial covenants.
The company is able to calibrate its capital spending to some
degree."

"We have assumed that MIEH's cash and short-term investment
balance of Chinese renminbi (RMB) 680 million at the end of 2010
and its cash flow from operation this year?which we estimate at
RMB1.4 billion--will cover its planned capital expenditure and
modest dividend distributions, but with little cushion," S&P
noted.

S&P related, "We believe MIEH's working capital needs will
increase with the recent rise in oil prices. Nevertheless, the
company's stronger profit from higher oil prices is likely to ease
the pressure."

"The stable outlook reflects our expectation that MIEH's
competitive position will remain unchanged, the company will
maintain a solid ratio of funds from operation to debt, and its
less-than-adequate liquidity will not weaken," according to S&P.

The ratings could come under downward pressure if MIEH's liquidity
deteriorates or its free operating cash flow turns to negative
from 2012. More acquisitions or a large reversal in crude oil
prices would worsen the company's free operating cash flow.  "We
are unlikely to raise the rating in the near term, given the
prospect of limited improvement in the company's weak competitive
position," added S&P.


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


CN DRAGON: Incurs US$110,400 Net Loss in Dec. 31 Quarter
--------------------------------------------------------
CN Dragon Corporation filed its quarterly report on Form 10-Q,
reporting a net loss of US$110,386 on US$80,381 of revenues for
the three months ended Dec. 31, 2010, compared to a net loss
(proforma) of US$95,683 on US$297,135 of revenues for the same
period ended Dec. 31, 2009.

The Company changed its accounting year ended from April 30 to
March 31 starting from 2011.

The Company has an accumulated deficit of US$5.7 million as of
Dec. 31, 2010.

The Company's balance sheet as of Dec. 31, 2010, showed
US$1.73 million in total assets, US$274,062 in total liabilities,
and stockholders' equity of US$1.46 million.

Albert Wong & Co., in Hong Kong, expressed substantial doubt about
CN Dragon Corporation's ability to continue as a going concern,
following the Company's results for the fiscal year ended
April 30, 2010.  The independent auditors noted that for the year
ended April 30, 2010, the Company has generated revenue of
US$341 and has incurred an accumulated deficit US$5.2 million.  As
of April 30, 2010, its current liabilities exceed its current
assets by US$41,015, which may not be sufficient to pay for the
operating expenses in the next 12 months.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/4h6mHb

                         About CN Dragon

Based in Hong Kong, China, CN Dragon Corporation was incorporated
under the laws of the State of Nevada on Aug. 30, 2001, under
the name Infotec Business Systems, Inc.  On June 8, 2007, the
Company changed its name to Wavelit, Inc.  On Sept. 14, 2009,
the Company changed its name to CN Dragon Corporation and began
new business operations in the PRC.  On May 17, 2010, the Company
acquired CNDC Corporation, as its wholly owned subsidiary.

CNDC is a hotel management, development and consulting group.
CNDC was incorporated under the laws of the British Virgin Islands
on March 26, 2008.  CNDC operates through its wholly owned
subsidiaries, CN Dragon Holdings Ltd and Zhengzhou Dragon Business
Ltd, which were incorporated in Hong Kong and the People's
Republic of China respectively.


PROUNO HK: Members' and Creditors' Meetings Set for May 5
----------------------------------------------------------
Creditors and members of Prouno HK Limited will hold their first
meetings on May 5, 2011, at 10:00 a.m., and 10:15 a.m.,
respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.


QANTEX LIMITED: Creditors' Proofs of Debt Due May 13
----------------------------------------------------
Creditors of Qantex Limited, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by May 13,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Yeung Tak Chun
         Room 1903, 19/F
         Worldwide House
         19 Des Voeus Road
         Central, Hong Kong


RIC COMPANY: Lui and Lau Appointed as Liquidators
-------------------------------------------------
Lui Chi Kit and Lau Ka Yu on April 14, 2011, were appointed as
liquidators of Ric Company Limited.

The liquidators may be reached at:

         Lui Chi Kit
         Lau Ka Yu
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


ROTEGEAR CORPORATION: Lees and Ng Appointed as Liquidators
----------------------------------------------------------
John Robert Lees and Mat Ng on March 28, 2011, were appointed as
liquidators of Rotegear Corporation Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          John Lees & Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


SEEDTRON DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on April 13, 2011,
creditors of Seedtron Development Consultants Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Ha Man Kit Marcus
         Room 1402, 14/F
         Wanchai Central Building
         89 Lockhart Road
         Wan Chai, Hong Kong


SHANXI CENTRAL: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Shanxi Central Pharmaceutical International Limited
on March 9, 2011.


SONIC PRINTING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order April 11, 2011, to
wind up the operations of Sonic Printing and Carton Company
Limited.

The company's liquidator is Lau Siu Hung.


ST. TERESA'S LITHOTRIPTER: Members' Final Meeting Set for May 24
----------------------------------------------------------------
Members of St. Teresa's Lithotripter Centre Limited will hold
their final general meeting on May 24, 2011, at 8:00 a.m., at
Room 4, Conference Room, 9th Floor, Main Block, St. Teresa's
Hospital, 327 Prince Edward Road, Kowloon, in Hong Kong.

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


STANDFORD ANTI-COUNTERFEIT: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order March 24, 2011, to
wind up the operations of Standford Anti-Counterfeit Digital
Technologies Limited.

The company's liquidator is Lau Siu Hung.


TECHNO MOTORCYCLE: Lau Chung Sun Steps Down as Liquidator
---------------------------------------------------------
Lau Chung Sun stepped down as liquidator of Techno Motorcycle
Company Limited on April 21, 2011.


TENGER INTERNATIONAL: Kong and Kong Appointed as Liquidators
------------------------------------------------------------
Kong Sze Man Simone and Kong Sau Wai on April 8, 2011, were
appointed as liquidators of Tenger International Limited.

The liquidators may be reached at:

         Kong Sze Man Simone
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


TV ASAHI: Commences Wind-Up Proceedings
---------------------------------------
Members of TV Asahi Music H.K. Co., Limited, on April 14, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


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


A. L. OVERSEAS: CRISIL Rates INR80MM Cash Credit Facility at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of A. L. Overseas.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit Facility   B+/Stable (Assigned)

The rating reflects ALO's small scale of operations,
susceptibility to vagaries of the monsoon and adverse regulatory
changes, weak financial risk profile, marked by high gearing, weak
debt protection metrics and small net worth, and large working
capital requirements.  These rating weaknesses are partially
offset by ALO's healthy growth prospects in the rice milling
industry and the extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that ALO will continue to maintain its established
market position and benefit from the extensive industry experience
of its promoters, over the medium term.  However, its financial
risk profile will remain weak, caused by high gearing and weak
debt protection metrics.  The outlook may be revised to 'Positive'
in case of significant improvement in ALO's financial risk
profile, most likely through increased profitability and/or fresh
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of significant increase in inventory and/or
large debt-funded expansion results in large incremental bank
borrowings.

                         About A. L. Overseas

ALO, a proprietorship firm based in New Delhi, was set up in 1997
and is engaged in milling and shelling rice. The firm is promoted
by Mr. Bharat Bhushan Bansal.  The firm has an installed capacity
of 145 tonnes of rice per day.  The firm sells its products to
rice exporters and established companies such as L T Foods Ltd
(Daawat Basmati Rice) and India Gate Basmati Rice.  The firm also
sells its product under its own brand names, Capital and Shaurat.

ALO reported a book profit of INR0.9 million on net sales of
INR223.2 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of 0.8 million on net sales of
INR210.6 million for 2008-09.


ABHINANDAN INTEREXIM: CRISIL Reaffirms 'BB+' Rating on INR60M LOC
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Abhinandan Interexim
Pvt Ltd, continue to reflect the Joharilal group's weak financial
risk profile, marked by weak debt protection metrics and average
gearing, and large working capital requirements.  These rating
weaknesses are partially offset by the extensive industry
experience of the group's promoters, established client base, and
regular equity infusion by the promoters.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR60 Million Letter of Credit   BB+/Stable (Reaffirmed)
   INR40 Million Letter of Credit   P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sri Balmukund Polyplast Pvt Ltd,
Joharilal Agarwala Sales Pvt Ltd, and AIPL, collectively referred
to as the Joharilal group.  This is because the companies are
under a common management, in similar lines of business, and have
operational linkages and fungibility of cash flows.

Outlook: Stable

CRISIL believes that the Joharilal group will continue to maintain
its stable credit risk profile, over the medium term.  The outlook
may be revised to 'Positive' if the group scales up its operations
and its operating margin improves significantly, or the promoters
bring in fresh equity, thereby improving its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the group's revenues decline sharply or its capital structure
deteriorates, driven by larger-than-expected debt-funded capital
expenditure.

                           About the Group

AIPL is part of the Joharilal group, which was set up in 1982,
with the setting up of Joharilal Agarwala Sales.

AIPL was set up in 1993 in Kolkata (West Bengal).  The company was
non-operational till 2006 when it took over Arihant Polyfilm. The
company manufactures multi-layer polythene films. These are used
in packing milk and milk products, and edible oils. The company
has a capacity of 180 tonnes per month.

SBP was set up in June 2004.  The company was taken over in 2005
by the Agarwal family of Kolkata.  The company had an initial
capacity of 1600 tonnes per annum (tpa), which has increased
gradually and now stands at 7500 tpa. The company's plant is in
Howrah (West Bengal).  The company manufactures polypropylene and
high density polyethylene woven bags, sheets with or without
lamination. These products are used for cement packaging, food
products, and petrochemicals.

JAS was set up in 1982 with Mr Ajay Kumar Agarwala joining the
company in 1990. The company was reconstituted as a private
limited company in 2002. The company started as a distributor of
Indian Petrochemicals Corporation Ltd and became a distributor of
Reliance Industries Ltd in 2002. The company is RIL's sole
distributor for plastic granules in Bihar and Jharkhand.

AIPL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR584.1 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR177.9 million for 2008-09.


AGMOTEX FABRICS: CRISIL Assigns 'D' Rating to INR84.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Agmotex Fabrics Ltd.  The rating reflects instances of delay by
AFL in servicing its term loan; the delays have been caused by the
company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR115.0 Million Cash Credit     D (Assigned)
   INR84.5 Million Term Loan        D (Assigned)

AFL also has a weak financial risk profile marked by a high
gearing on account of large working capital requirements, and a
small scale of operations in the intensely competitive industry.
Moreover, the company is susceptible to volatility in raw material
prices.  However, AFL benefits from its moderately integrated
operations and its management's extensive experience in the
textile sector.

Incorporated in 1994, AFL manufactures knitted and woven fabrics
made of cotton, polyester, nylon, rayon and viscose at its plant
in Kanpur (Uttar Pradesh).  The company specializes in knitting
and weaving fabrics based on Spandex, which is a four-way
stretchable fabric used for manufacturing garments, such as dress
materials, sports wear (T-shirts, tennis shirts, tracksuits),
trousers, skirts, and others.  The company also has processing and
dyeing capacities.  It is managed by Mr. Deepak Agarwal and his
son Mr. Shishir Agarwal. AFL also has a marketing office in New
Delhi.

AFL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR339.5 million for 2008-09, against a PAT of INR0.3
million on net sales of INR249.9 million for 2007-08.


AIR INDIA: Pilots Launches Strike; Six Union Leaders Sacked
-----------------------------------------------------------
The Hindu reports that about 800 Air India pilots belonging to the
erstwhile Indian Airlines went on strike Wednesday demanding pay
parity with Air India pilots and better working conditions.

The Hindu says the Air India management had declared the strike
illegal and derecognized the Indian Commercial Pilots' Association
(ICPA) besides sealing its offices in Delhi and Mumbai.  Air India
management also sacked six ICPA leaders, The Times of India
reports.

The Times of India relates that senior airline officials said the
services of ICPA leaders, including its president Capt AS Bhinder
and general secretary Capt Rishabh Kapur, were terminated by the
management.  Two other agitating pilots were suspended.

Air India officials said eight Air India flights to and from
Chennai were cancelled on Thursday following the strike by AI
pilots, The Hindu reports.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AMROON FOODS: CRISIL Reaffirms 'BB' Rating on INR183.8MM Term Loan
------------------------------------------------------------------
CRISIL has revised its outlook on the ratings on the bank
facilities of Amroon Foods Pvt Ltd to 'Negative' from 'Stable',
while reaffirming the ratings at 'BB/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR183.8 Million Term Loan        BB/Negative (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Stable')

   INR200.0 Million Export Packing   P4+ (Reaffirmed)
                            Credit  

   INR400.0 Mil. Bill Discounting    P4+ (Reaffirmed)

   INR5.0 Million Bank Guarantee     P4+ (Reaffirmed)

The outlook revision reflects expected weakening in the Fair
group's financial risk profile, following the debt-funded
acquisition of GIEX Foods Pvt Ltd during 2010-11 (refers to
financial year, April 1 to March 31).  During the year, Fair
Exports (I) Private Limited had acquired GIEX for a consideration
of INR460 million.  The acquisition and subsequent modernization
of GIEX's facilities, and incremental working capital requirements
were funded by equity infusion of INR260 million by Fair's
promoters and debt of INR500 million in Fair's books.
Furthermore, debt inflow of INR200 million in Fair's wholly owned
subsidiary, Amroon, has added to the deterioration in the group's
capital structure.

The ratings continue to reflect the Fair group's weak financial
risk profile, marked by high gearing, and weak debt-protection
metrics, small cash accruals, and susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by the benefits that group derives from the extensive experience
of its promoters in the meat trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Fair and its wholly owned subsidiaries,
Amroon and GIEX, collectively referred to as the Fair group.  This
is because Fair has extended financial support to Amroon through
corporate guarantees and unsecured loans to meet its short-term
working capital requirements. Furthermore, the group plans to
merge GIEX with Fair with effect from April 2011, and has
approached Delhi and Bombay High Courts for approval regarding the
same.

CRISIL, for the purpose of analysis, has amortized the goodwill of
INR190 million on acquisition of GIEX, over five years from
2010-11, which is the year of acquisition.

Outlook: Negative

CRISIL believes that the Fair group's capital structure and debt
protection metrics will remain weak over the medium term, because
of the group's low accruals and large debt taken to fund the
working capital borrowings and acquisition of GIEX.  CRISIL
however, expects the group's market position to improve because of
the GIEX acquisition, the group's established relationships with
key clients, and marketing support from the Emke group, over the
medium term. The outlook may be revised to 'Stable' in case of a
significant and sustainable improvement in the Fair group's
gearing on the back of faster-than-expected increase in sales and
improvement in operating margin. Conversely, the rating may be
revised downwards if the group's capital structure deteriorates
further, most likely because of larger-than-expected debt-funded
capital expenditure or increased pressure on profitability.

                             About the Group

Amroon was incorporated in 1999.  The company is in the business
of export of processed frozen halal buffalo and sheep meat.
Amroon has an integrated meat-processing factory at Lucknow (Uttar
Pradesh).

Incorporated in 1991, Fair also exports processed and frozen halal
meat of buffaloes and sheep.  The company was set up by Mr. M K
Abdullah and Mr. Yousaf Ali M A. Mr. Abdullah is the promoter of
the Emke group, which operates in Qatar, Oman, Bahrain, Kuwait,
the United Arab Emirates and Saudi Arabia, through a chain of
shopping malls, hypermarkets, supermarkets and department stores.
Fair has four meat-processing units, one each at Sahibabad (Uttar
Pradesh), Navi Mumbai (Maharashtra), Kochi (Kerala), and Angamaly
(Kerala).

GIEX, which was part of the Emirates Trading Agency (ETA) group,
was taken over by Fair in June 2010, for a consideration of about
INR460 million. GIEX processes and exports frozen buffalo meat,
mainly to Egypt and the Gulf region.  GIEX has an export-oriented
integrated meat processing unit at Rampur (Uttar Pradesh), and has
also leased a processing unit in Meerut (Uttar Pradesh).

The Fair group has a combined meat processing capacity of 120,000
tonnes per annum (tpa). Fair also trades in garments, vegetables,
and fruits to countries in the Middle East (22.5% of total revenue
in 2009-10).

The Fair group reported a profit after tax (PAT) of INR37.5
million on net sales of INR5.0 billion for 2009-10, as against a
PAT of INR30.5 million on net sales of INR4.7 billion for 2008-09.


HG RETAIL: ICRA Assigns 'LB+' Rating to INR40cr Long-Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR40.00 crore long-term
fund based bank facilities of HG Retail Solution Private Limited.

The rating assigned is constrained on account of working capital
intensive nature of HGR's operations, which coupled with high
revenue growth has resulted in high borrowing levels and weak
capital structure as is reflected in consistently high gearing of
over 2.5 times.  The high working capital intensity of operations
coupled with debt funded expansion for store outlets has also
resulted in stretched liquidity position resulting in delays in
debt servicing in the past.  With planned debt funded expansion in
near to medium term to double the store outlets, ICRA expects the
capital structure will continue to remain weak despite the
proposed equity infusions from promoter group as well as internal
accruals of the company.  While assigning the rating ICRA has also
factored in considerable experience of the promoters and their
long standing business relationships with reputed brands such as
Reebok and Benetton. The rating also takes comfort from the
demonstrated track record of the promoters to successfully fund
and expand their store network resulting in strong growth in sales
while maintaining the strong profit margins. While the current
revenue concentration of the company is high towards two brands,
Reebok and Benetton, which cumulatively accounts for 90% of the
company's revenues, however with planned expansion of the store
network, HGR plans to add new brands which should result in better
diversification of future revenues.

Going forward, infusion of long term funds while undertaking the
store expansions and level of sales achieved in the backdrop of
fixed nature of operational expenses will remain the key rating
sensitivities.

HGR is engaged in retailing of apparels and footwear of leading
brands such as Reebok, Benetton and W.  In the past the company
has also remained associated with brands such as Levis and Lerros
and was discontinued during FY 11.  At the end of December 2010,
the company operated 52 stores largely spread across Delhi NCR,
Maharashtra, Bangalore and Punjab.

HGR reported revenues of INR35.16 crore and net profit of INR2.98
crore during FY 10; for the 9 month period ending December 2010,
the company reported revenues of INR36.87 crore and net profit of
INR2.68 crore.


INDO INDUSTRIES: ICRA Rates INR9.5cr Long Term Limits at 'LB'
-------------------------------------------------------------
ICRA has assigned the 'LB' rating to the INR9.50 crore long term
fund based limits and an 'A4' rating to the INR6.00 crore short
term fund based facilities of Indo Industries Ltd.  ICRA has also
assigned LB and A4 ratings to INR0.50 crore proposed limits of the
company.

The ratings reflect IILs weak financial position characterized by
low profit margin in the yarn trading business, leveraged capital
structure coupled with weak coverage indicators and strained cash
flows. Further, revenues of the company remain susceptible to
changes in regulatory norms, as evidenced by sharp decline in
revenues during recent months following restrictions on export of
cotton yarn.  Nevertheless, the ratings consider the promoter's
established track record in textile business.

Formed in 2000, Indo Industries Limited is engaged in export of
all types of textile yarn, especially, 100% cotton yarn. It also
sells grey fabrics in the domestic market. The company has been
accredited as a "Recognized Star Export House" by the Government
of India.  The company has its registered in and has marketing
office in Mumbai.

Recent Results

IIL recorded a net profit of INR0.20 crore on an operating income
of INR89.22 crore for the year ending March 31, 2010.  For the six
months of financial year 2011, IIL recorded a net profit of
INR0.09 crore on an operating income of INR50.73 crore.


JOHARILAL AGARWALA: CRISIL Reaffirms 'BB+' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Joharilal Agarwala
Sales Pvt Ltd, continue to reflect the Joharilal group's weak
financial risk profile, marked by weak debt protection metrics and
average gearing, and large working capital requirements.  These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters, established client base, and
regular equity infusion by the promoters.

   Facilities                       Ratings
   ----------                       -------
   INR160 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR50 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sri Balmukund Polyplast Pvt Ltd, JAS,
and Abhinandan Interexim Pvt Ltd, collectively referred to as the
Joharilal group.  This is because the companies are under a common
management, in similar lines of business, and have operational
linkages and fungibility of cash flows.

Outlook: Stable

CRISIL believes that the Joharilal group will continue to maintain
its stable credit risk profile, over the medium term. The outlook
may be revised to 'Positive' if the group scales up its operations
and its operating margin improves significantly, or the promoters
bring in fresh equity, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's revenues decline sharply or its capital structure
deteriorates, driven by larger-than-expected debt-funded capital
expenditure.

About the Group

JAS was set up in 1982 with Mr Ajay Kumar Agarwala joining the
company in 1990. The company was reconstituted as a private
limited company in 2002. The company started as a distributor of
Indian Petrochemicals Corporation Ltd and became a distributor of
Reliance Industries Ltd in 2002. The company is RIL's sole
distributor for plastic granules in Bihar and Jharkhand.

SBP was set up in June 2004. The company was taken over in 2005 by
the Agarwal family of Kolkata. The company had an initial capacity
of 1600 tonnes per annum (tpa), which has increased gradually and
now stands at 7500 tpa. The company's plant is in Howrah (West
Bengal). The company manufactures polypropylene and high density
polyethylene woven bags, sheets with or without lamination. These
products are used for cement packaging, food products, and
petrochemicals.

AIPL was set up in 1993 in Kolkata (West Bengal). The company was
non-operational till 2006 when it took over Arihant Polyfilm. The
company manufactures multi-layer polythene films. These are used
in packing milk and milk products, and edible oils. The company
has a capacity of 180 tonnes per month.

JAS reported a profit after tax (PAT) of INR8.4 million on net
sales of INR38.7 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.3 million on net
sales of INR40.2 million for 2008-09.


K. N. DIAMOND: ICRA Assigns 'LBB-' Rating to INR0.50cr LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR0.50 Crore long term
fund-based bank facilities and 'A4' rating to the INR 9.50 Crore
short term fund based facilities of K. N. Diamond.  The long-term
rating has been assigned a 'Stable' outlook.

The ratings are constrained by KND's modest size of operations and
limited track record in the CPD business.  The rating also takes
into account KND's low profitability due to inherent low value
addition in the CPD business and stretched working capital cycle
resulting from high inventory days resulting in high dependence on
bank limits for funding.  While the capital structure is currently
favorable, the same is likely to weaken going forward, given the
high working capital requirements and low internal cash generation
However, the ratings favorably factors KND's established track
record in cut and polished diamond business and moderately
diversified clientele at present.

M/s K. N. Diamond is a partnership firm established in 2007.  The
firm is managed by five partners namely Mohanbhai Jodhani,
Kishanbhai Jodhani, Ketan Jodhani, Nimesh Jodhani and Bipinbhai
Jodhani.  KND is engaged in import of rough diamonds,
manufacturing and export of polished diamonds in the range of 1
cent to 3 carats.

The firm has its marketing and registered office at Mumbai and a
production facility at Surat.  It currently procures rough
diamonds mainly through the Belgium and U.A.E. The rough diamonds
are cut & polished at the state-of-art manufacturing unit based at
Surat. The polished diamonds are exported mainly to Hong Kong,
Belgium, Israel, Thailand and U.A.E.  Presently, KND majorly
caters to foreign markets with 66% exports.


KAILASH GINNING: ICRA Assigns 'LC' Rating to INR6.0cr LT Bank Loan
------------------------------------------------------------------
ICRA has assigned an 'LC' rating to the INR6.0 crores long term
fund based facilities of Kailash Ginning & Pressing Pvt Ltd.

The rating reflects the stressed financial profile of the company
characterized by a highly leveraged capital structure and
stretched liquidity position resulting in occasional delays in
servicing of debt obligations and inadequate coverage indicators.
The rating further takes note of the KGPPL's small scale of
operations and the weak profitability levels due to limited value
addition in business.  The rating also incorporates lack of
diversification in the product profile and susceptibility of the
cotton prices to seasonality and regulatory risks which together
with the highly competitive industry environment further exerts
pressure on margins.  The rating however, favorably factors in the
experience of the promoter in the cotton ginning industry and
advantage by virtue of its location in cotton producing region
giving it easy access to raw cotton.

Kailash Ginning & Pressing Pvt Ltd was incorporated in 2006.  The
company is involved in the ginning & pressing of raw cotton.
KGPPL deals in S-6 variety of cotton. The factory is located at
Kotda Sangani (Rajkot); Gujarat with an intake capacity of around
200 bales per day.The business is owned and managed by Ranchodbhai
P. Davda and his family members.

During FY 2010, KGPPL reported a profit after tax of INR0.03 Cr on
an operating income of INR30.76 Cr and profit after tax of
INR0.28 Cr on an operating income of INR7.86 crores for the
unaudited 6 months period of FY11.


KAVERI SILK: ICRA Assigns 'LB+' Rating to INR22.5cr Cash Credit
---------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR22.50 crore cash credit
facility and INR2.45 Cr. term loan facility of Kaveri Silk Mills
Private Limited.

The rating is constrained by the modest size of the company's
operations, weak financial risk profile, as reflected by modest
profitability margins, weak return indicators and high gearing
levels.  The rating also reflects the high competitive intensity
of the industry resulting from the high level of fragmentation;
the vulnerability of profitability and cash flows to the
cyclicality in the textile industry and to raw material price
fluctuations.

The rating however favorably factors in the established track
record of the company in the textile business; locational
advantage arising from its proximity to raw material sources and
processing units and healthy revenue growth witnessed during the
past few years.

Kaveri Silk Mills Private Limited was incorporated in 1987 and is
engaged in business of selling sarees. KSMPL purchases grey cloth
from the local weavers; gets it processed through fabric
processing units; gets the embroidery and other value added work
done and sells the sarees under its own brand name of 'Kaveri'.
KSMPL is a closely held company and carries out its business from
its shops located at Surat.


MANDOVI CASTING: ICRA Assigns 'LBB' Rating to INR2.7cr Bank Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 2.70 crore fund-based
facility of Mandovi Casting Pvt Ltd.  The outlook on the long term
rating is "Stable".  ICRA has also assigned an 'A4' rating to the
INR4.35 crore non fund based facilities of MCPL.

The assigned ratings take into account the long-standing
experience of the promoters in the steel industry; operational
support from the group concerns engaged in similar line of
business and established relationship with the suppliers ensuring
adequate raw material availability.  The ratings are, however,
constrained by small scale of MSIPL's operations; low
profitability as a result of high competitive intensity;
susceptibility of margins to volatility in raw material prices;
adverse capital structure; weak coverage indicators and
cyclicality inherent in the steel industry which is expected to
keep MCPL's cash flows volatile.

Incorporated in 1996, MCPL is engaged in the manufacture of MS
ingots through induction furnace route.  The company has a
registered office in Panjim, Goa and a manufacturing facility at
Kundaim Industrial Estate, Goa with an installed capacity of
29,000 MTPA.

Recent results

MCPL recorded a net profit of INR0.18 Cr on an operating income of
INR45.57 Cr in FY 10, and a net loss of INR0.50 Cr on an operating
income of INR53.58 Cr in FY 09.


MOHIT STEEL: ICRA Assigns 'LBB' Rating to INR4.0cr Bank Facility
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR4.00 crore fund-based
facility of Mohit Steel Industries Pvt Ltd.  The outlook on the
long term rating is "Stable".  ICRA has also assigned an 'A4'
rating to the INR6.00 crore non fund based facilities of MSIPL.

The assigned ratings take into account the long-standing
experience of the promoters in the steel industry; operational
support from the group concerns engaged in similar line of
business and established relationship with the suppliers ensuring
adequate raw material availability.  The ratings are, however,
constrained by small scale of MSIPL's operations; low
profitability as a result of high competitive intensity ;
susceptibility of margins to volatility in raw material prices;
weak coverage indicators despite a comfortable capital structure
and cyclicality inherent in the steel industry which is expected
to keep MSIPL's cash flows volatile.  ICRA also notes that MSIPL
has extended large corporate guarantees to its group companies,
which adversely impacts its financial risk profile.

Incorporated in 1997, MSIPL is engaged in the manufacture of MS
ingots through induction furnace route.  The company has a
registered office in Panjim, Goa and a manufacturing facility at
Kundaim Industrial Estate, Goa with an installed capacity of
30,000 MTPA.

Recent results:

MSIPL recorded a net profit of INR 0.44 Cr on an operating income
of INR 45.53 Cr in FY 10, and a net loss of INR 0.40 Cr on an
operating income of INR 52.84 Cr in FY 09.


PHOENIIX: ICRA Downgrades Rating on INR18.86cr Term Loan to 'LB-'
-----------------------------------------------------------------
ICRA has revised the rating outstanding on the INR18.86 crore term
loan facilities (revised from INR5.99 crore) and the INR0.30 crore
non-fund based facility of Phoeniix from 'LBB' to 'LB-'.  ICRA has
reaffirmed the 'A4' rating outstanding on the INR10.0 crore fund
based facility of the Entity.

The revision in long-term rating reflects the delays in debt
servicing, due to liquidity constraints. The stretched liquidity
is attributed to delays in shipment of goods following the closure
of dyeing units in Tirupur.  The entity's business profile is
constrained by small scale of operations, which restrict scale
economics and financial flexibility, and susceptibility of
revenues to volatility in orders from large customers due to high
customer concentration. The garment export industry also faces
high competition from other low-cost countries, which limits the
pricing flexibility of Indian exporters. This is likely to have
adverse impact on the margins, amidst steep hike in input costs in
the recent past.  The business is however expected to benefit from
the experience of promoter in the business, the entity's
relationship with renowned clients which is likely to drive
business growth and the favourable product mix with around 60% of
revenues from the high-margin kids wear segment.

Phoeniix is a proprietorship concern, promoted by Mr. T.M.
Muthukumar in 1994. Based in the textile hub of Tirupur, it
manufactures knitted garments for men, women and children. It
exports largely to Europe. Phoeniix performs processes like
cutting, stitching, embroidery, printing, washing, checking and
packing in-house, while it outsources processes like knitting,
dyeing and compacting.

Recent Results According to unaudited results, Phoeniix reported
operating income of INR15.7 crore during the six months ended
September 30, 2010. It reported net profit of INR1.9 crore on
operating income of INR35.8 crore during 2009-10, against net
profit of INR1.5 crore on operating income of INR31.6 crore for
the corresponding previous fiscal.


PINKKU TRADERS: CRISIL Rates INR300MM Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Pinkku
Traders to 'BB/Stable' from 'BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR300.0 Million Cash Credit     BB/Stable (Upgraded from
                                               'BB-/Stable')

The rating upgrade reflects CRISIL's expectation of a higher-than-
expected improvement in the group's capital structure over the
medium term. Steady increase in demand, which is likely to grow at
15 to 18% on the back of addition of new brands and regions, is
likely to result in higher-than-earlier-expected accretion to
reserves.  The Radha Wines group has achieved a compound annual
growth rate of 27% over the five years ended 2010-11 (refers to
financial year, April 1 to March 31), while sustaining its stable
profitability. In addition, the promoters infused a capital of
INR22.5 million in Balaji Enterprises, a group entity, in 2010-11.
Furthermore, the promoters' commitment to their bankers that they
will maintain INR150 million of unsecured loans in the business
supports the group's financial flexibility.

The rating continues to reflect Pinkku Traders' average financial
risk profile, marked by modest net worth, and exposure to risks
relating to unfavorable changes in government regulations. These
rating weaknesses are partially offset by the benefits that the
company derives from its established position as a beer and
spirits distributor and the diversification of distributorship
across various beer and spirits brands.

For arriving at its ratings, CRISIL had earlier combined the
business and financial risk profiles of Radha Wines and Pinkku
Traders, as these proprietorship concerns are managed by a same
promoter family and are into similar lines of businesses.  CRISIL
has now combined the business and financial risk profiles of
Pinkku Traders and its group concerns Radha Wines and Balaji
Enterprises.  This is because these entities, collectively
referred to as the Radha Wines group, are controlled and managed
by a common promoter family.  Also, the entities are in a similar
line of business.  Furthermore, BE's operational area has been
transferred from Pinku Traders in September 2010.

Outlook Stable

CRISIL believes that the Radha Wines group will continue to
benefit over the medium from its established position in the
distribution of Indian-made foreign liquor and beer.  The outlook
may be revised to 'Positive' if the Radha Wines group's financial
risk profile improves because of significant improvement in its
capital structure, operating margin, and revenues.  Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate materially because of lower-than-
expected growth in its operating revenues and margin, and any
adverse regulatory changes.

                             About the Group

Pinkku Traders was set up in 1995 by Mr Ramesh Kishnani.  The
proprietorship concern has distributorship for various brands of
Seagram Company Ltd such as Royal Stag, Imperial Blue, Blender
Pride, and Fuel Vodka and Haywards, Knock out, and Royal challenge
of Skol Breweries Ltd, for the Thane and Raigad districts
(Maharashtra). Radha Wines was set up in 1992 by Mr. Vinod
Kishnani.  The proprietorship concern has distributorship for
various brands such as the brands such as King Fisher of United
Breweries group, Breezer of Bacardi Martini I Ltd, and 8 PM Royal
Whiskey, Magic Movement Vodka, White Field of Radico Khaitan Ltd,
for the Thane and Raigad districts. Similarly, Balaji Enterprises
(BE) was set up in August 2010 as a partnership firm by
Mr. Kanayalal Kisnani and his wife, Mrs. Meena Kishnani.  It has
distributorship of Seagram Distillery Ltd and Skol Breweries Ltd
in the western zone of Thane region (Maharashtra). The region was
initially under Pinkku Traders and now transferred under BE.

Pinkku Traders reported a profit after tax (PAT) of INR28.3
million on net sales of INR1422.6 million for 2009-10, against a
PAT of INR22.25 million on net sales of INR1170.18 million for
2008-09.


PRAYAS TRACON: ICRA Assigns 'LB+' Rating to INR20cr FB Limits
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR20 crores fund based
limits of Prayas Tracon Limited.

The rating takes into account intensely competitive and low value
additive nature of trading business; PTL's stretched liquidity
position and its negative cash flow from operations which coupled
with its low profitability, has resulted in weak debt coverage
indicators.  The rating however draws comfort from promoters' long
track record in the trading business and diversified product
profile which has resulted in limited client concentration risk in
the past.  The rating also derives comfort from the limited price
risk for the company as the company secures the back to back
orders.

In FY 2010, PTL reported operating income of INR 233.04 crores and
PAT of INR 0.41 crore as against PAT of INR0.19 crores and
operating income of INR179.39 crores in FY09.

Prayas Tracon Limited was started as a proprietorship concern for
trading of grocery items by Goyal family in 1970's.  Later on in
around 2000 the proprietorship was converted into partnership and
finally into private limited company in 2006.  The company is
engaged in the trading of grocery items and building materials to
be sold to dealers and contractors across the NCR region.  The
company is managed by the family members and each of the members
involved has been designated specific roles related to marketing,
finance and the administration.


RADHA WINES: CRISIL Upgrades Rating on INR250M Cash Credit to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Radha
Wines to 'BB/Stable' from 'BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     BB/Stable (Upgraded from
                                               'BB-/Stable')

The rating upgrade reflects CRISIL's expectation of a higher-than-
expected improvement in the group's capital structure over the
medium term. Steady increase in demand which is likely to grow at
15 to 18% on the back of addition of new brands and regions is
likely to result in higher-than-earlier-expected accretion to
reserves.  The Radha Wines group has achieved a compound annual
growth rate of 27% over the five years ended 2010-11 (refers to
financial year, April 1 to March 31), while sustaining its stable
profitability.  In addition, the promoters infused a capital of
INR22.5 million in Balaji Enterprises, a group entity, in 2010-11.
Furthermore, the promoters' commitment to their bankers that they
will maintain INR150 million of unsecured loans in the business
supports the group's financial flexibility.

The rating continues to reflect RW's moderate financial risk
profile, marked by modest net worth, and exposure to risks
relating to unfavorable changes in government regulations.  These
rating weaknesses are partially offset by the benefits that the
company derives from its established position as a beer and
spirits distributor and the diversification of distributorship
across various beer & spirits brands.

For arriving at its ratings, CRISIL had earlier combined the
business and financial risk profiles of Radha Wines and Pinkku
Traders, as these proprietorship concerns are managed by a same
promoter family and are into similar lines of businesses. CRISIL
has now combined the business and financial risk profiles of Radha
Wines and its group concerns Pinkku Traders and Balaji
Enterprises.  This is because these entities, collectively
referred to as the Radha Wines group, are controlled and managed
by a common promoter family.  Also, the entities are in a similar
line of business. Moreover, the western zone of Thane district
under Pinkku Traders has been transferred to Balaji Enterprises in
September 2010.

Outlook Stable

CRISIL believes that the Radha Wines group will continue to
benefit over the medium from its established position in the
distribution of Indian-made foreign liquor and beer.  The outlook
may be revised to 'Positive' if the Radha Wines group's financial
risk profile improves because of significant improvement in its
capital structure, operating margin, and revenues.  Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate because of lower-than-expected
growth in its operating revenues and margin, and any adverse
regulatory changes.

                          About the Group

Radha Wines was set up in 1992 by Mr. Vinod Kishnani.  The
proprietorship concern has distributorship for various brands such
as the brands such as King Fisher of United Breweries group,
Breezer of Bacardi Martini I Ltd, and 8 PM Royal Whiskey, Magic
Movement Vodka, White Field of Radico Khaitan Ltd, for the Thane
and Raigad districts. Pinkku Traders was set up in 1995 by
Mr Ramesh Kishnani.  The proprietorship concern has
distributorship for various brands of Seagram Company Ltd such as
Royal Stag, Imperial Blue, Blender Pride, and Fuel Vodka and
Haywards, Knock out, and Royal challenge of Skol Breweries Ltd,
for the Thane and Raigad districts (Maharashtra).  Similarly,
Balaji Enterprises (BE) was set up in August 2010 as a partnership
firm by Mr. Kanayalal Kishnani and his wife, Mrs. Meena Kishnani.
It has distributorship of Seagram Distillery Ltd and Skol
Breweries Ltd in the western zone of Thane region (Maharashtra).
The region was initially under Pinkku Traders and now transferred
under BE.

The Radha Wines reported a profit after tax (PAT) of INR23.8
million on net sales of INR989.6 million for 2009-10, against a
PAT of INR162.2 million on net sales of INR1058.6 million for
2008-09.


SERMAN (INDIA): CRISIL Assigns 'D' Rating to INR5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Serman (India) Road
Makers Pvt Ltd's bank facilities.  The ratings reflect the delay
by Serman in servicing its term loan; the delay has been caused by
Serman's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR35.0 Million Cash Credit Limit   D (Assigned)
   INR5.0 Million Term Loan            D (Assigned)
   INR100.0 Million Bank Guarantee     P5 (Assigned)

Serman faces client and geographical concentration in its revenue
profile, and has a small scale of operations and a small net
worth. Serman, however, benefits from its promoters' experience in
the civil construction industry and its low gearing.

Serman was set up in 1988 by the Sharma family, led by Mr.
Ishnarayan Sharma, and his brothers Mr. Deepak Sharma and Mr.
Rakesh Sharma. The Bhopal (Madhya Pradesh [MP])-based Serman is a
registered Class A5 civil contractor with Madhya Pradesh Road
Development Corporation (MPRDC), Bhopal Municipal Corporation
(BMC), Public Works Department of MP, and Narmada Valley
Development Authority.  The company constructs roads, and
undertakes work for maintenance and improvement of roads.  It is
currently executing various road construction projects awarded by
MPRDC and BMC, and executing some projects sub-contracted to it by
Ramky Infrastructure Ltd (rated 'A/Stable/P1' by CRISIL).

Serman reported a profit after tax (PAT) of INR6.0 million on net
sales of INR123 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.1 million on net sales
of INR191 million for 2008-09.


SHARDA FLOUR: ICRA Assigns 'LBB-' Rating to INR0.30cr Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR0.30 crore term loan
and INR8.50 crore cash credit facilities of Sharda Flour Private
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned an 'A4' rating to the INR1.15 crore non fund based
bank limits of SFPL.

The assigned ratings take into account the experience of the
promoters in the flour and rice milling industry and the positive
demand outlook for wheat flour and rice, as it forms an important
part of the Indian staple diet.  The ratings are, however,
constrained by the agro climatic risks associated with the
availability of wheat and paddy and the highly fragmented nature
of the industry, characterized by a large number of small players,
which in turn leads to intense competition.  The ratings factor in
the limited value addition in SFPL's business, leading to low
operating margins and the seasonal nature of the business.  The
ratings also consider the vulnerability of the company's margins
to raw materials price risks, weak coverage indicators and the
high gearing level of the company.

Incorporated in 1989, Sharda Flour Pvt Ltd is engaged in
manufacturing of flour milling products - maida (refined all
purpose flour), atta (whole wheat flour), suji (semolina), and
bran from wheat.  The company also has a rice milling division,
which started operations in 1995 for the production of rice from
paddy.  The promoters of SFPL, Mr. Dinesh Bhootda and Mr. Rajesh
Bhootda have more than two decades of experience in this business.
Currently the company has a wheat grinding capacity of 30,000 TPA
and rice milling capacity of 9,000 TPA.  The manufacturing
facility is located at Sirgitti, Bilaspur district in Chattisgarh.

Recent Results

The company has reported a profit after tax of INR0.12 crore
(provisional) on an operating income of INR36.25 crore
(provisional) during the first 9 months (April 2010 to
December 2010) in 2010-11; as compared to a profit after tax of
INR0.27 crore on an operating income of INR37.47 crore in 2009-10.


SHREE KRISHNA: ICRA Cuts Rating on INR36cr Bank Limits to 'LB'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR36 crore bank
limits of Shree Krishna Vanaspati Industries Pvt Limited from
'LBB' to 'LB' on the long term scale and has retained the rating
at 'A4' on the short term scale.

The rating revision is primarily driven by the deterioration in
the company's liquidity position resulting in delays in servicing
of interest on term loans; overdrawals on fund based facilities
and devolvement of Letter of Credit.  With financial performance
continuing to be weak and the company being in the midst of a
moderately large capex programme, liquidity position over the near
term is expected to remain strained.  This apart the ratings
continue to be constrained by the inherently low profit margins
and the high competitive intensity in the edible oils industry;
the vulnerability of profitability to fluctuations in prices of
the main raw material, Crude Palm Oil (CPO); the duty differential
between crude and refined oil and forex fluctuations. However,
ICRA favorably takes note of the moderately long experience of
SKVPIL's promoters in the edible oils business and the improvement
expected in the company's competitive profile from its ongoing
product diversification activities.

Incorporated in 2004, SKVPIL is engaged in the manufacture of
vanaspati at its 45,000 tonnes per annum facility located in
Uttaranchal.  It commenced commercial operations in September
2005.  The company has been promoted by the Agrawal family, who
are entrepreneurs based out of Nepal and have varied business
interests there, including a vanaspati unit. The operations of
SKVPIL are headed by Mr. Manoj Agrawal, belonging to the promoter
family. The company is in the process of adding an olin
fractionation facility at its plant, which would take its total
manufacturing capacity to 75,000 tonnes per annum.

Recent Results

In 2009-10, the company has reported a profit after tax (PAT) of
INR0.6 crore on an Operating Income (OI) of INR51.8 crore compared
to a PAT of INR1.6 crore on an OI of INR105.1 crore in 2008-09.


SP SUPERFINE: ICRA Assigns 'LC' Rating to INR43.94cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of 'LC' to the INR43.94
crore term loan and INR16.50 crore (enhanced from INR13.50 crore)
long term fund based bank facilities of SP Superfine Cotton Mills
Private Limited.  ICRA has also assigned the short term rating of
'A5' to the INR 13.88 crore (enhanced from INR8.38 crore) non fund
based bank facilities of SSCM.

The assigned ratings reflect the weak financial profile leading to
delays in debt servicing of some bank facilities.  The ratings
also consider SSCM's small scale of operations, its vulnerability
to adverse movement in cotton and cotton yarn prices and the tight
power situation in the state of Tamil Nadu, which adversely
impacts its operations and the overall cost structure.  ICRA takes
note of the addition in the production capacity during 2009-10;
however, the adverse power situation faced by the company limits
its overall business returns from the capital investments made.
Further a highly working capital intensive operation exerts
pressure on SSCM's debt servicing ability.

SP Superfine Cotton Mills Pvt Limited was incorporated in the year
1995 and commenced operations with 14,112 spindles in the year
2001.The company is primarily engaged in the production of cotton
yarn with an installed capacity of 28,224 spindles.  It also has
two windmill generators in the Tirunelveli district with an
installed capacity of 1.25 MW each.

SSCM reported a net loss after tax of INR1.72 crore on an
operating income of INR32.25 crore for the year ended March 31,
2010. Recent Results (Provisional) The company reported a net loss
of INR2.83 crore on an operating income of INR 24.41 crore for the
half year ended on Sept. 30, 2010.


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


* INDONESIA: Fitch Rates Upcoming USD-Denominated Bonds at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Indonesia's upcoming
USD-denominated global bonds due 2021 an expected rating of 'BB+',
in line with the sovereign's Long-Term Foreign Currency Issuer
Default Rating.  The final rating is contingent on the receipt of
final documentation conforming to information already received.

Fitch assigned Positive Outlooks to Indonesia's 'BB+' Long-Term
Foreign and Local Currency IDRs on Feb. 24, 2011, citing improved
macroeconomic prospects, strengthening external liquidity driven
by rising foreign reserves, and a sustained reduction in public
indebtedness.


* INDONESIA: Moody's to Assign 'Ba1' Rating to Upcoming Bond
------------------------------------------------------------
Moody's Investors Service will assign a Ba1 rating with a stable
outlook to the upcoming global bond issuance of the Government of
Indonesia, which is a drawdown from the existing $9 billion Global
Medium-Term Note (GMTN) program.  The proposed rating is subject
to receipt of final documentation, the terms and conditions of
which are not expected to change significantly from the draft
documents reviewed by Moody's.

The sovereign rating is principally supported by Indonesia's large
size and middle-income economy which has been resilient against
the global recession and is showing increasing dynamism.  Year-on-
year GDP growth is expected to remain strong at 6-6.5% this year,
and ongoing improvements in growth prospects are not accompanied
by external imbalances or unmanageably large inflation pressures.
Despite shortcomings in governance and infrastructure, an
appropriately flexible policy framework has ensured macroeconomic
stability amidst large external shocks.

Government finances have been ably managed, with fiscal deficits
contained within 2% of GDP.  Alongside nominal and real
appreciation of the exchange rate, relatively well managed fiscal
fundamentals and debt management operations lowered the government
debt burden to 26% of GDP at the end of 2010.

Foreign currency reserve adequacy has improved notably in recent
months, with Bank Indonesia's foreign currency holdings crossing
$100 billion earlier this year, and providing more than 6 months
of import cover and greater than 2X coverage of maturing short-
term external debt.  These improvements are backed by Indonesia's
sizable current account surpluses and a pickup in foreign direct
investment. Portfolio investment inflows, some of which may be
reversible, have also played a notable role.

The stable outlook balances the prospects for further gradual
improvements in sovereign credit metrics against several
uncertainties, which include: (1) ongoing shifts in the financial
system supervisory framework; (2) finalization of the proposed
"government bond stabilization framework," amidst shallow onshore
capital markets which has resulted in a relatively large share of
non-resident financing of government deficits; and (3) the pending
land acquisition bill which could potentially reduce impediments
to faster infrastructure development, and sustain greater foreign
direct investment inflows.

The principal methodology used in this rating was Moody's
Sovereign Bond Methodology published in September 2008.


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


JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'
--------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its rating on the class B senior trust
certificates issued under the JLOC XXVIII transaction.  "At the
same time, we affirmed the ratings on the classes C and D senior
trust certificates, as well as the rating on Harajuku Holding
TMK's series 4-2 floating-rate mezzanine specified bonds.  The
class A senior trust certificates and Nakano Holding TMK's series
3-2 floating-rate mezzanine specified bonds have already been paid
in full," S&P related.

Of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bond) issued by one obligor (the specified bonds
represented about 51% of the total initial issue amount of the
transaction) remain. The asset manager is currently undertaking
collection procedures virtually as scheduled under the plan to
sell the properties backing the specified bonds. "However, it is
our view that completing collection through the sales of the
properties in question will require a certain amount of time as
the transaction's remaining specified bonds are backed by many
properties. In light of the current rating level on the class B
senior trust certificates, we now see growing uncertainties over
the prospect for the redemption of the class B senior trust
certificates by the transaction's legal final maturity date in
October 2012 through the collection from the sales of the
collateral properties," S&P stated.

Standard & Poor's intends to resolve the CreditWatch status on the
class B senior trust certificates after examining the status of
the sales of the properties and taking into consideration the
likelihood of the class B senior trust certificates being redeemed
by the transaction's legal final maturity date.

S&P stated, "We have received a report that the damage caused by
the massive earthquake that struck northeastern Japan on March 11,
2011, to the remaining properties is minimal. Accordingly, we hold
the opinion that the impact of the property damage caused by the
quake on the prospect for the collection amount is limited."

JLOC XXVIII is a property sales-type commercial mortgage-backed
securities (CMBS) transaction. The transaction was initially
secured by two senior specified bonds and two mezzanine specified
bonds. The senior and mezzanine specified bonds were backed by 567
real estate properties. Morgan Stanley Japan Securities Co. Ltd.
served as the arranger for this transaction.

The ratings address the full payment of interest and ultimate
repayment of principal by the legal maturity date in October 2012
for the class B to D senior trust certificates and the Harajuku
Holding TMK series 4-2 floating rate specified bonds.

Rating Placed on CreditWatch Negative

JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class   To                  From      Initial issue amount
B       AA (sf)/Watch Neg   AA (sf)   JPY10.1 bil.

Ratings Affirmed
Class     Rating       Initial issue amount
C         BB- (sf)     JPY8.8 bil.
D         CCC (sf)     JPY7.2 bil.

JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK Series 4-2 JPY3.6 billion floating-rate
mezzanine specified
bonds due October 2012
Rating           Initial issue amount
CCC (sf)         JPY3.6 bil.


SUNSHINE TRUST: S&P Affirms 'BB+' Ratings on Two Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
fixed-coupon Sunshine Trust beneficial interests class A1 to class
E, due July 2018, following an increase in the monetary amount of
class A1 as a result of the additional entrustment of receivables
after terms and conditions of the trust agreement were amended.
The beneficial interests are secured by a pool of consumer loan
receivables originated by Shinsei Financial Co., Ltd.

The trustee was entrusted with the pool of consumer loan
receivables by the originator, and the originator received the
class A1 to class E beneficial interests, the subordinate
beneficial interests, and the seller's beneficial interests.
Immediately after that, the class A1 to class C beneficial
interests were transferred to investors. The seller's beneficial
interests, which include the increase in the amount due to the
additional entrustment of consumer loan receivables, and an amount
equivalent to a decrease in the subordinate beneficial interests,
which was caused by a revision to the overcollateralization ratio,
were split and allocated to the class A1 beneficial interests. The
class A1 beneficial interests were then transferred to the
investor and merged with the existing class A1 beneficial
interests that were held by the investor. Finally, the amount of
the class A1 beneficial interests was increased to JPY138.3
billion.

The ratings reflect Standard & Poor's opinion of the likelihood of
full and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date of July
2018.

The affirmations reflect S&P's views primarily on these factors:

    * "The credit risk inherent in the collateral pool based on
      the collateral characteristics and historical performance,
      as well as the business conditions that we have forecast for
      the obligors and consumer finance companies," S&P said;

    * The ample credit support provided via overcollateralization;

    * The payment structure and cash flow mechanics in the event
      that the performance of the underlying assets deteriorates,
      including: (1) a default trap, through which excess interest
      from the asset pool is used to cover losses from the
      defaulted receivables; (2) repurchase by the originator of
      defaulted receivables not covered by the default trap; and
      (3) the establishment of early amortization triggers that
      convert the transaction to a monthly pass-through turbo
      structure;

    * The creditworthiness of the originator in terms of
      performance, including the repurchase of defaulted
      receivables;

    * The quality and ability of the originator as a servicer for
      this transaction;

    * The schemes that have been adopted in the event that certain
      credit events involving the servicer occur in the future,
      including: (1) the appointment of a backup servicer at the
      outset of the transaction; (2) the establishment of
      commingling risk triggers to mitigate commingling risk; and
      (3) the establishment of a cash reserve to provide liquidity
      support to the transaction; and

    * The legal structure, including the entrustment of the
      consumer loan receivables and the assignment of the class A1
      to class C beneficial interests that have been structured to
      achieve "true sales."

Ratings Affirmed
Sunshine Trust
Beneficial interests due July 2018
Class  Rating     Amount        Coupon  Issue date
Overcollat. ratio
A1     A (sf)   JPY138.3 bil.*  Fixed   Sept. 24, 2008  59.6%*
A2     BBB+ (sf)JPY50.9 bil.    Fixed   Jan. 27, 2011   44.8%
B      BBB (sf) JPY40.8 bil.    Fixed   Sept. 24, 2008  32.9%
C      BBB- (sf)JPY13.3 bil.    Fixed   Aug. 27, 2010   29.0%
D      BB+ (sf) JPY39.0 bil.    Fixed   Jan. 27, 2011   17.6%
E      BB+ (sf) JPY15.0 bil.    Fixed   Jan. 27, 2011   13.2%

* The amount and overcollateralization ratio after the amendment
   of the trust agreement as of April 26, 2011.


TAKEFUJI CORP: To Sign Acquisition Deal With A&P Financial
----------------------------------------------------------
Bloomberg News reports that Takefuji Corp. agreed to be acquired
by A&P Financial Co., two people familiar with the negotiations
said.

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2011, the Mainichi Daily News said the court-appointed
administrator of Takefuji Corp. decided to give South Korea's A&P
Financial Co. preferential negotiating rights in becoming the
sponsor for its rehabilitation.  The Mainichi Daily related that
the South Korean consumer lender will be formally designated as
the sponsor around the end of April after gaining approval from
the Tokyo District Court.

Takefuji Corp. filed a bankruptcy petition with the Tokyo District
Court on September 28, 2010, with debts of JPY433.6 billion.
Bloomberg News said the company has become the biggest casualty of
Japan's four-year crackdown on coercive lending practices by
consumer finance companies.  The lender is seeking to restructure
as borrower claims of overpaid interest are estimated to exceed
JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


HO HUP CONSTRUCTION: Restraining Order Extended for 90 Days
-----------------------------------------------------------
Ho Hup Construction Company Bhd said that the High Court of Malaya
at Kuala Lumpur on April 26, 2011, granted these orders under
Section 176(10) of the Companies Act, 1965:

   1. The restraining order made on Jan. 24, 2011, is hereby
      extended in respect of Ho Hup and Bukit Jalil Development
      Sdn. Bhd. for a further period of 90 days from the date
      of this order;

   2. consequently an order be made restraining all and any
      further action(s) and/or proceeding(s) against Ho Hup
      and/or BJD including but not limited to any winding-up,
      execution, arbitration and/or industrial court proceedings
      for a further period of 90 days from the date of this
      order;

   3. the orders in paragraphs 1 and 2 above will be varied
      only in respect of Ho Hup's and BJD's sole secured
      creditor CIMB Bank Berhad in these manners:

      3.1 The restraining order made on Jan. 24, 2011, be
          extended against CIMB Bank Berhad for a further
          period of 60 days from the date of this order;
          and

      3.2 Consequently an order be made restraining all and
          any further action(s) and/or proceeding(s) against
          Ho Hup and/or BJD by CIMB Bank Berhad including
          but not limited to any winding-up, execution,
          arbitration and/or industrial court proceedings for
          a further period of sixty (60) days from the date
          of this order;

   4. these Extended Restraining Order and Extended CIMB
      Restraining Order will exclude the current action
      between Ho Hup and Pioneer Haven Sdn Bhd and 10 others
      bearing suit no:D-22 NCC-792-2010; and

   5. Ho Hup, BJD and Tru Mix Concrete Sdn Bhd be given leave
      to dispose and/or acquire property and/or carry on its
      activities, which are in the ordinary course of business
      and/or which are necessary for the implementation of the
      Proposed Restructuring Scheme and Creditors Scheme of
      Arrangement.

                     About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties; manufacturing, which
includes manufacturing and distribution of ready-mixed concrete;
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


SATANG HOLDINGS: Satang Jaya Guilty of Breaches, PwC Says
---------------------------------------------------------
Satang Holdings Berhad said that PricewaterhouseCoopers Advisory
Services Sdn Bhd on March 3, 2011, completed the Investigative
Audit Report in relation to the award of work to sub-contractors
by Satang Jaya Sdn Bhd, a wholly owned subsidiary company.

"On a prima facie basis, it was found from the investigation that
Satang Jaya had benefitted from the completion of the jobs but
there may have been breaches of duties and obligations and
inappropriate conduct in the award of work to sub-contractors,
drawing of cash to fund the jobs and accounting for costs and
expenses incurred that could have put Satang Jaya at risk of
monies diverted elsewhere," the company said in statement to the
Stock Exchange.

The PWC Investigation Audit recommended that Satang review its
internal controls and governance framework to mitigate the
occurrence of such risks in future.

Action has been taken by the previous Audit Committee members to
lodge a Police Report on the matter.  Legal advice is being
procured by the current Board of Directors in relation to the
appropriate actions to be taken.

                        About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
Sept. 30, 2007.


TRACOMA HOLDINGS: Files Notice of Late Filing of Annual Report
--------------------------------------------------------------
Tracoma Holdings Berhad said it will not be able to issue its
Annual Audited Financial Statements by April 30, 2011, i.e. within
the period not more than 4 months from the close of the financial
year ended Dec. 31 2010.

The Company told Bursa Malaysia that it is unable to complete its
consolidation of accounts as one of its subsidiaries is still
waiting for the account from its unincorporated Joint-Venture.
The Management is of the view that the said account may have
impact(s) on the Company's AAFS.

Tracoma also explains that the adoption of FRS 7: Financial
Instruments: Disclosures, FRS 101: Presentation of Financial
Statement, and FRS 139: Financial Instruments: Recognition &
Measurement, which took effect on Jan. 1, 2010, require more time
and resources for additional data gathering and workings to be
prepared for disclosure in the notes of AAFS of the group and its
individual company.

The company is expected to receive the said accounts from the JV
by May 3, 2011, and will be able to finalize the consolidation of
accounts from thereon.  The Management is working simultaneously
with the external auditors to expedite the finalizing of the AAFS
in compliance of relevant FRS.

The company expects to issue its outstanding Financial Statements
by May 9, 2011.

                         About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


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


BANCO FILIPINO: Justice Department Sets Prelim Hearing on May 5
---------------------------------------------------------------
Manila Standard Today reports that the Justice Department has
summoned the top officials of Banco Filipino Savings and Mortgage
Bank and the Bangko Sentral to appear before a preliminary
investigation of the charges and counter-charges following the
thrift bank's closure in March.

Manila Standard says the department's prosecutors subpoenaed Banco
Filipino's officers and stockholders represented by Maxy Abad,
Francisco Rivera and Mary Lou Vasquez, and Bangko Sentral Governor
Amado Tetangco Jr., deputy governor Nestor Espenilla Jr., deputy
governor and general counsel Juan de Zuniga Jr., and Monetary
Board members Juanita Amatong, Alfredo Antonio, Ignacio Bunye, and
Peter Favila to appear before a hearing on May 5.

The prosecutors also ordered Banco Filipino president Teodoro
Arcenas Jr. and director Perfecto Asay Jr. to appear in the
hearing, Manila Standard adds.

All parties were ordered to answer the charges filed against them
and to submit sworn statements in a consolidated complaint, Manila
Standard notes.

According to Manila Standard, Banco Filipino's officials claim
that the central bank violated anti-graft laws when it denied the
grant of loans that the thrift bank had needed in an emergency,
and when it eventually ordered the bank closed.

The central bank closed the bank after its liabilities overwhelmed
its assets by PHP8.4 billion, and then filed charges against its
directors and officials.  It also placed Banco Filipino under the
receivership of the state-run Philippine Deposit Insurance Corp.
to provide immediate relief to the bank's 177,652 depositors.

Banco Filipino had earlier filed criminal cases against the
central bank's officials, and the central bank responded with
counter-charges, Manila Standard adds.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


PHILIPPINE AIRLINES: Stands Firm on Spin-off Plan
-------------------------------------------------
The Daily Tribune reports that Philippine Airlines maintained its
position that a new collective bargaining agreement with its
ground union should not include discussions on the "spin-off"
issue as the same has been upheld as a legal and valid exercise of
management prerogative.

Appearing before the National Labor Relations Commission, The
Daily Tribune relates, PAL president and COO Jaime Bautista
reiterated the flag carrier's position that the spin-off plan
involving PAL's Catering, Call Center Reservations and
groundhandling departments "is firm, non-negotiable and therefore
cannot be part of a new CBA that the union wants."

"The Department of Labor and Employment (DoLE) during the time of
President Gloria Arroyo and even President Aquino recognized the
PAL management's right to restructure its operations to ensure
long term survival and save jobs," Mr. Bautista stressed,
according to The Daily Tribune.

Mr. Bautista, says The Daily Tribune, explained that while the
"spin-off" will result in the early retirement of some 2,600 PAL
ground workers, these employees will be absorbed or hired by third
party service providers.

"No man will be left behind. Those who are willing to work for the
service providers have secure jobs waiting for them, while the
remaining 5,000 workers of PAL will have a better chance of
keeping their jobs in the leaner but meaner airline," The Daily
Tribune quotes Mr. Bautista as saying.

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

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

                      About Philippine Airlines

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


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


CHINA BILLS: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------
Fitch Ratings has affirmed Taiwan-based China Bills Finance
Corporation's ratings, including its Long-Term Foreign Currency
Issuer Default Rating 'BBB' with a Stable Outlook.

The affirmation reflects CBF's stable credit profile in 2010. The
ratings also consider the company's leading franchise in Taiwanese
money markets, its satisfactory profitability, its sound asset
quality, and adequate capital and liquidity.  Offsetting factors
include its limited business scope, reliance on wholesale funding
and susceptibility to interest rate changes relative to its bank
peers.

After reporting a satisfactory return on equity of 7.8% (2009:
7.7%) in 2010, pre-provision profit is likely to be subdued in
2011, given rising funding costs as a result of the central bank's
gradual monetary tightening.  However, low provisioning costs and
higher fee income should help underpin moderate bottom-line
performance in 2011.

CBF's asset quality remains solid with a low impaired
credit/guarantee ratio of 0.4% and adequate general reserve
coverage of 1.1% of total outstanding guarantees at end-2010.
Market risk is well-controlled. The duration of its fixed-income
securities investment portfolio is short, which helps limit
potential losses in the event of a sharp rise in Taiwanese long
bond yields.

CBF's capitalization and liquidity is adequately managed. Its
equity/asset and Tier 1 ratios were 9.2% and 13% respectively at
end-2010. CBF mainly relies on repurchase agreement transactions
for funding, which are primarily backed by securities collateral
of solid credit quality.

Despite local media reports of a potential merger between CBF and
its major shareholder, Industrial Bank of Taiwan, neither party
has confirmed the plan.  Fitch notes that some uncertainty remains
around the merger plan.  If the merger materializes, the combined
entity could potentially benefit from an enlarged wholesale
banking franchise, stronger funding capacity, as well as enhanced
product and revenue diversity.   Nevertheless, Fitch believes that
such a merger may likely have a negative effect on CBF's ratings,
given IBT's relatively weaker credit profile including its
volatile profitability and concentrated loan book. Barring a
merger, Fitch expects CBF to maintain a steady credit profile in
the near term, underpinned by satisfactory asset quality and well-
managed trading risks.

Established in 1978, CBF is Taiwan's third-largest bills finance
firm, with a 21% share of the industry's assets (including
guarantees) at end-2010. IBT has a 28% stake in CBF and six of the
nine seats on the board.

CBF:

   -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
      Stable

   -- Short-Term Foreign Currency IDR affirmed at 'F3'

   -- National Long-Term rating affirmed at 'A+(twn)'; Outlook
      Stable

   -- National Short-Term rating affirmed at 'F1(twn)'

   -- Individual Rating affirmed at 'C'

   -- Support Rating affirmed at '4'

   -- Support Rating Floor affirmed at B+'


=============
V I E T N A M
=============


DOT VN: Hosts Vietnamese Language Domain Name Launch in Hanoi
-------------------------------------------------------------
Dot VN, Inc., announced that it, along with the Vietnam Internet
Network Information Center and Key-Systems, GmbH, was to host a
launch event celebrating the opening of general registrations of
Vietnam's native language internationalized domain name last
April 28, 2011.

The ceremony, hosted at VNNIC's headquarters in Hanoi, Vietnam,
marks both the launch of the Vietnamese IDN and the 11 year
anniversary of the founding of VNNIC, and will feature key note
addresses from VNNIC, Key-Systems and Dot VN with additional
guests from the government, local partners and resellers and the
Vietnamese national media.  Additionally, the April 28th event
marked the beginning of open registrations for the newly rebranded
Vietnamese IDNs.  Registrations of the Vietnamese IDN will be
available through Key-Systems worldwide and domestically at
www.ten.vn.

"The launch of the Vietnamese language Internet signifies
Vietnam's transition to a more mature online society," said Dot VN
CEO Thomas Johnson.  "Moreover, the Vietnamese IDN will allow the
over 89 million people in Vietnam and the estimated 3.7 million
overseas Vietnamese, both existing internet users as well as
potential Internet users deterred by the language barrier, their
chance to claim their own piece of the internet in their native
language."

Historically, Vietnam's Internet growth has proven to be
incredibly strong as evidenced by the exponential increase in the
number of Internet users in Vietnam.  In 2000, there were 430,000
Internet users.  VNNIC's most recent statistics as of December
2010 show that there are more than 26.7 million Internet users, an
increase of over 6,100 percent in just ten years.  Indeed,
Vietnam's remarkable growth has propelled it into the top 20
Countries in terms of Internet usage trailing only slightly behind
Canada according to a recent report by Pingdom, a U.S. based Web
site monitoring service.

"The relaunch of the Vietnamese IDN has been a truly massive
undertaking," said Dot VN President Lee Johnson.  "However, with
the support of VNNIC and Key-System's cutting edge KSregistry
system we believe that the impending launch of the Vietnamese IDN
will spark a new explosion in the use and reach of the Vietnamese
Internet."

The Vietnam Internet Network Information Centre, is an agency of
the Ministry of Information and Communication of Vietnam.  VNNIC
was founded on April 28, 2000, and carries out the functions of
managing, allocating, supervising and promoting the use of
Internet domain names, addresses, autonomous system numbers in
Vietnam, providing Internet-related guidance, statistics on
Internet usage, and representing Vietnam at Internet related
events.

Key-Systems is one of the leading European companies for the
distribution and management of domains.  Key-Systems administers
more than 3 million Internet addresses for more than 70,000 retail
and corporate customers and 1,700 resellers from more than 200
countries.  Through the three portals domaindiscount24.com,
RRPproxy.net and BrandShelter.com, Key-Systems offers more than
280 top-level and second-level domain extensions for fully
automated registrations, among them country-code extensions like
.DE (Germany), .IN (India) or .COM.BR (Brazil) as well as generic
extensions like .COM, .NET and .ORG.  With KSregistry, companies
and organizations benefit from Key-Systems' conceptual and
technical know-how when realizing and operating their top-level
domain such as .BRAND or .COMPANY.  The modern Tier III SkyWay
Data Center, located at the Key-Systems headquarters in St.
Ingbert (Germany), supplies worldwide companies and individuals
with multi-purpose IT and telecommunication services.

                            About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2011, showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW         AHGN            16.93         -8.23
ALINTA ENERGY LT         AEJ          3,564.36       -383.39
ARTURUS CAPITAL          AKW             12.27         -0.43
ARTURUS CAPITA-N         AKWN            12.27         -0.43
ASTON RESOURCES          AZT            469.54         -7.49
AUSTAR UNITED            AUN            679.40       -250.96
AUSTRALIAN ZI-PP         AZCCA           77.74         -2.57
AUSTRALIAN ZIRC          AZC             77.74         -2.57
AUTRON CORP LTD          AAT             32.39        -13.42
AUTRON CORP LTD          AAT             32.39        -13.42
BCD RESOURCES OP         BCO             23.39        -60.19
BCD RESOURCES-PP         BCOCC           23.39        -60.19
BECTON PROPERTY          BEC            369.83        -26.80
BIRON APPAREL LT         BIC             19.71         -2.22
CENTRO PROPERTIE         CNP         15,483.44       -349.73
CHEMEQ LTD               CMQ             25.19        -24.25
COMPASS HOTEL GR         CXH             88.33         -1.08
ELLECT HOLDINGS          EHG             18.25        -15.49
HYRO LTD                 HYO             11.81         -5.15
MACQUARIE ATLAS          MQA          1,894.75       -230.50
MAVERICK DRILLIN         MAD             24.66         -1.30
MISSION NEWENER          MBT             20.38        -44.05
NATURAL FUEL LTD         NFL             19.38       -121.51
NEXTDC LTD               NXT             17.46         -0.14
ORION GOLD NL            ORN             11.60        -10.91
POWERLAN LTD             PWR             28.30         -3.64
RESIDUAL ASSC-EE         RAGXF          597.33       -126.96
RIVERCITY MOTORW         RCY            386.88       -809.14
SCIGEN LTD-CUFS          SIE             65.56        -38.80
SHELL VILLAGES A         SVC             13.47         -1.66
STIRLING RESOURC         SRE             31.19         -0.62
TAKORADI LTD             TKG             13.99         -0.41
VERTICON GROUP           VGP             10.08        -29.12
YANGHAO INTERNAT         YHL             44.32        -54.68


CHINA

BAOCHENG INVESTM         600892          30.32         -4.51
CHENGDE DALU -B          200160          27.04         -6.64
CHENGDU UNION-A          693             39.10        -17.39
CHINA FASHION            CFH             10.11         -0.76
CHINA KEJIAN-A           35              88.96       -189.48
CONTEL CORP LTD          CTEL            24.17        -45.31
DONGGUAN FANGD-A         600656          27.97        -57.39
DONGXIN ELECTR-A         600691          13.60        -21.94
FANGDA JINHUA-A          818            389.84        -46.28
GUANGDONG ORIE-A         600988          12.78         -5.53
GUANGXIA YINCH-A         557             30.39        -32.88
HEBEI BAOSHUO -A         600155         127.82       -394.70
HEBEI JINNIU C-A         600722         246.19        -48.05
HUASU HOLDINGS-A         509             98.59         -1.03
HUNAN ANPLAS CO          156             45.14        -45.28
JIANGSU CHINES-A         805             12.70        -12.83
JINCHENG PAPER-A         820            202.45       -107.73
MUDAN AUTOMOBI-H         8188            29.41         -1.38
NINGBO YIDONG-H          8249            15.57        -50.61
QINGDAO YELLOW           600579         219.72         -6.53
QINGHAI SUNSHI-A         600381         110.68        -17.35
SHANG BROAD-A            600608          50.03         -9.23
SHANG HONGSHENG          600817          15.69       -443.71
SHANXI LEAD IN-A         673             23.94         -0.60
SHENZ CHINA BI-A         17              24.86       -272.59
SHENZ CHINA BI-B         200017          24.86       -272.59
SHENZHEN DAWNC-A         863             24.38       -155.20
SHENZHEN KONDA-A         48             116.74         -7.36
SHENZHEN ZERO-A          7               50.45         -4.97
SHIJIAZHUANG D-A         958            224.19        -70.54
SICHUAN DIRECT-A         757            108.57       -146.61
SICHUAN GOLDEN           600678         209.77        -74.90
TAIYUAN TIANLO-A         600234          52.85        -27.82
TIANJIN MARINE           600751         114.38        -61.31
TIANJIN MARINE-B         900938         114.38        -61.31
TOPSUN SCIENCE-A         600771         171.85       -115.05
WUHAN BOILER-B           200770         275.89       -142.53
WUHAN GUOYAO-A           600421          11.05        -27.01
WUHAN LINUO SOLA         600885         107.30         -0.72
XIAMEN OVERSEA-A         600870         225.63       -137.22
YANBIAN SHIXIA-A         600462         204.34        -11.55
YUEYANG HENGLI-A         622             36.49        -16.37
YUNNAN MALONG-A          600792         133.04        -61.60
ZHANGJIAJIE TO-A         430             31.65         -3.43


HONG KONG

ASIA TELEMEDIA L         376             16.62         -5.37
ASIAN CAPITAL RE         8025            13.95        -11.63
BUILDMORE INTL           108             13.48        -69.17
CHINA E-LEARNING         8055            14.33         -6.67
CHINA HEALTHCARE         673             44.13         -4.49
CHINA PACKAGING          572             17.10        -17.49
CMMB VISION HOLD         471             41.31         -5.11
COSMO INTL 1000          120             83.56        -37.93
DORE HOLDINGS LT         628             25.44         -5.34
EGANAGOLDPFEIL           48             557.89       -132.86
FULBOND HLDGS            1041            54.53        -24.07
GUOJIN RESOURCES         630             18.21        -17.00
MELCOLOT LTD             8198            56.90        -46.99
MITSUMARU EAST K         2358            18.15        -11.83
NEW CITY CHINA           456            109.84        -18.05
NGAI LIK INDL            332             22.70         -9.69
PALADIN LTD              495            149.78        -11.62
PCCW LTD                 8            6,192.51        -78.22
PROVIEW INTL HLD         334            314.87       -294.85
SINO RESOURCES G         223             10.01        -41.90
SMART UNION GP           2700            13.70        -43.29
TACK HSIN HLDG           611             27.70        -53.62
TONIC IND HLDGS          978             67.67        -37.85


INDONESIA

ASIA PACIFIC             POLY           444.20       -881.20
ERATEX DJAJA             ERTX            12.84        -22.99
HANSON INTERNATI         MYRX            14.84        -12.45
HANSON INT-PREF          MYRXP           14.84        -12.45
JAKARTA KYOEI ST         JKSW            31.92        -43.20
MITRA INTERNATIO         MIRA           970.13       -256.04
MITRA RAJASA-RTS         MIRA-R2        970.13       -256.04
MULIA INDUSTRIND         MLIA           338.82       -334.75
PANASIA FILAMENT         PAFI            42.43        -11.04
PANCA WIRATAMA           PWSI            30.79        -38.79
SMARTFREN TELECO         FREN           499.34        -13.31
SURABAYA AGUNG           SAIP           246.32        -97.03
TOKO GUNUNG AGUN         TKGA            11.65         -0.30
UNITEX TBK               UNTX            17.14        -18.22
AMIT SPINNING            AMSP            22.70         -1.90
ARTSON ENGR              ART             15.63         -1.61
ASHIMA LTD               ASHM            63.65        -55.81
ATV PROJECTS             ATV             60.46        -55.04
BALAJI DISTILLER         BLD             66.32        -25.40
BELLARY STEELS           BSAL           451.68       -108.50
BHAGHEERATHA ENG         BGEL            22.65        -28.20
CAMBRIDGE SOLUTI         CAMB           156.75        -46.79
CFL CAPITAL FIN          CEATF           15.35        -46.89
COMPUTERSKILL            CPS             14.90         -7.56
CORE HEALTHCARE          CPAR           185.36       -241.91
DCM FINANCIAL SE         DCMFS           17.10         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DUNCANS INDUS            DAI            133.65       -205.38
FIBERWEB INDIA           FWB             13.25         -8.17
GANESH BENZOPLST         GBP             48.95        -22.44
GEM SPINNERS LTD         GEMS            16.44         -1.53
GLOBAL BOARDS            GLB             14.98         -7.51
GSL INDIA LTD            GSL             37.04        -42.34
GUJARAT SIDHEE           GSCL            59.44         -0.66
HARYANA STEEL            HYSA            10.83         -5.91
HENKEL INDIA LTD         HNKL           102.05        -10.24
HIMACHAL FUTURIS         HMFC           406.63       -210.98
HINDUSTAN PHOTO          HPHT            74.44     -1,519.11
HINDUSTAN SYNTEX         HSYN            14.15         -3.66
HMT LTD                  HMT            142.67       -386.80
ICDS                     ICDS            13.30         -6.17
INTEGRAT FINANCE         IFC             49.83        -51.32
JAYKAY ENTERPRIS         JEL             13.51         -3.03
JCT ELECTRONICS          JCTE           122.54        -50.00
JD ORGOCHEM LTD          JDO             10.46         -1.60
JENSON & NIC LTD         JN              17.91        -84.78
JIK INDUS LTD            KFS             20.63         -5.62
JOG ENGINEERING          VMJ             50.08        -10.08
KALYANPUR CEMENT         KCEM            37.45        -45.90
KERALA AYURVEDA          KRAP            13.99         -1.18
KIDUJA INDIA             KDJ             17.15         -2.28
KINGFISHER AIR           KAIR         1,781.30       -861.06
KINGFISHER A-SLB         KAIR/S       1,781.30       -861.06
KITPLY INDS LTD          KIT             48.42        -24.51
LLOYDS FINANCE           LYDF            21.65        -11.39
LLOYDS STEEL IND         LYDS           415.66        -63.93
LML LTD                  LML             65.26        -56.77
MAHA RASHTRA APE         MHAC            24.13        -14.27
MILLENNIUM BEER          MLB             52.23         -5.22
MILTON PLASTICS          MILT            18.65        -52.29
MTZ POLYFILMS LT         TBE             31.94         -2.57
NICCO CORP LTD           NICC            82.41         -2.85
NICCO UCO ALLIAN         NICU            32.23        -71.91
NK INDUS LTD             NKI             49.04         -4.95
ORIENT PRESS LTD         OP              16.70         -0.09
PANCHMAHAL STEEL         PMS             51.02         -0.33
PARASRAMPUR SYN          PPS             99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PEACOCK INDS LTD         PCOK            11.40        -14.40
PIRAMAL LIFE SC          PLSL            45.82        -32.69
QUADRANT TELEVEN         QDTV           173.52       -101.57
RAJ AGRO MILLS           RAM             10.21         -0.61
RAMA PHOSPHATES          RMPH            34.07         -1.19
RATHI ISPAT LTD          RTIS            44.56         -3.93
REMI METALS GUJA         RMM            102.64         -5.29
RENOWNED AUTO PR         RAP             14.12         -1.25
ROLLATAINERS LTD         RLT             22.97        -22.24
ROYAL CUSHION            RCVP            20.62        -75.53
SCOOTERS INDIA           SCTR            18.63         -6.88
SEN PET INDIA LT         SPEN            12.99        -25.24
SHAH ALLOYS LTD          SA             212.81         -9.74
SHALIMAR WIRES           SWRI            24.87        -51.77
SHAMKEN COTSYN           SHC             23.13         -6.17
SHAMKEN MULTIFAB         SHM             60.55        -13.26
SHAMKEN SPINNERS         SSP             42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE RAMA MULTI         SRMT            62.72        -45.92
SIDDHARTHA TUBES         SDT             76.98        -12.45
SOUTHERN PETROCH         SPET         1,584.27         -4.80
SPICEJET LTD             SJET           220.03        -76.12
SQL STAR INTL            SQL             11.69         -1.14
STI INDIA LTD            STIB            30.87        -10.59
TAMILNADU TELE           TNT             12.82         -5.15
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB            TTLS/S       1,311.30       -138.25
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            24.55         -8.57
TUTICORIN ALKALI         TACF            14.15        -11.20
UNIFLEX CABLES           UFC             45.05         -0.90
UNIFLEX CABLES           UFCZ            45.05         -0.90
UNIMERS INDIA LT         HDU             19.23         -3.23
UNITED BREWERIES         UB           2,652.00       -242.53
UNIWORTH LTD             WW             145.71       -114.87
USHA INDIA LTD           USHA            12.06        -54.51
VENTURA TEXTILES         VRTL            15.19         -0.99
VENUS SUGAR LTD          VS              11.06         -1.08
WINDSOR MACHINES         WML             15.52        -24.34
WIRE AND WIRELES         WNW            115.34        -34.49


JAPAN

C&I HOLDINGS             9609            32.82        -39.23
CROWD GATE CO            2140            11.63         -4.29
FIDEC                    8423           182.86        -11.14
FUJI TECHNICA            6476           175.22        -18.71
L CREATE CO LTD          3247            42.34         -9.15
LCA HOLDINGS COR         4798            55.65         -3.28
PROPERST CO LTD          3236           305.90       -330.20
SHIN-NIHON TATEM         8893           124.85        -39.12
SHINWA OX CORP           2654            43.91        -30.19
SHIOMI HOLDINGS          2414           201.19        -33.62
S-POOL INC               2471            18.11         -0.41
TAIYO BUSSAN KAI         9941           171.45         -3.35


KOREA

AJU MEDIA SOL-PF         44775           13.82         -1.25
DAISHIN INFO             20180          740.50       -158.45
KUKDONG CORP             5320            51.19         -1.39
KUMHO INDUS-PFD          2995         5,837.32       -967.28
KUMHO INDUSTRIAL         2990         5,837.32       -967.28
ORICOM INC               10470           82.65        -40.04
SAMT CO LTD              31330          200.83       -152.09
SEOUL MUTL SAVIN         16560          874.79        -34.13
SUNGJEE CONSTRUC         5980           114.91        -83.19
TAESAN LCD CO            36210          296.83        -91.03
TONG YANG MAGIC          23020          355.15        -25.77
YOUILENSYS CORP          38720          166.70        -12.34


MALAYSIA

AXIS INCORPORATI         AXIS            32.82       -103.86
BANENG HOLDINGS          BANE            50.30         -3.48
GULA PERAK BHD           GUP             94.86        -51.47
HAISAN RESOURCES         HRB             64.66         -0.15
HO HUP CONSTR CO         HO              67.48         -8.90
JPK HOLDINGS BHD         JPK             20.34         -0.50
LUSTER INDUSTRIE         LSTI            22.93         -3.18
MITHRIL BHD              MITH            29.69         -0.27
NAM FATT BERHAD          NAF            322.80        -27.08
NGIU KEE CO-BHD          NKC             14.81        -12.42
TRACOMA HOLDINGS         TRAH            57.09        -24.60
TRANSMILE GROUP          TGB            151.94        -48.10
VTI VINTAGE BHD          VTI             15.71         -1.28


PHILIPPINES

APEX MINING 'B'          APXB            45.79        -23.46
APEX MINING-A            APX             45.79        -23.46
BENGUET CORP 'B'         BCB             84.71        -38.98
BENGUET CORP-A           BC              84.71        -38.98
CYBER BAY CORP           CYBR            13.98        -88.63
EAST ASIA POWER          PWR             36.35       -177.28
FIL ESTATE CORP          FC              40.29        -14.05
FILSYN CORP A            FYN             23.37        -11.33
FILSYN CORP. B           FYNB            23.37        -11.33
GOTESCO LAND-A           GO              21.76        -19.21
GOTESCO LAND-B           GOB             21.76        -19.21
MRC ALLIED INC           MRC             13.92         -6.18
PICOP RESOURCES          PCP            105.66        -23.33
STENIEL MFG              STN             20.43        -15.89
UNIWIDE HOLDINGS         UW              50.36        -57.19
VICTORIAS MILL           VMC            164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO         ASA             17.79        -11.60
ADVANCE SCT LTD          ASCT            25.29        -10.05
HL GLOBAL ENTERP         HLGE            97.43        -13.31
JAPAN LAND LTD           JAL            203.24        -14.68
LINDETEVES-JACOB         LJ              17.16         -6.76
NEW LAKESIDE             NLH             19.34         -5.25
SUNMOON FOOD COM         SMOON           16.69        -15.01
TT INTERNATIONAL         TTI            266.39        -59.41


THAILAND

ABICO HLDGS-F            ABICO/F         15.28         -4.40
ABICO HOLDINGS           ABICO           15.28         -4.40
ABICO HOLD-NVDR          ABICO-R         15.28         -4.40
ASCON CONSTR-NVD         ASCON-R         59.78         -3.37
ASCON CONSTRUCT          ASCON           59.78         -3.37
ASCON CONSTRU-FO         ASCON/F         59.78         -3.37
BANGKOK RUBBER           BRC             97.98        -81.80
BANGKOK RUBBER-F         BRC/F           97.98        -81.80
BANGKOK RUB-NVDR         BRC-R           97.98        -81.80
CALIFORNIA W-NVD         CAWOW-R         36.95         -7.36
CALIFORNIA WO-FO         CAWOW/F         36.95         -7.36
CALIFORNIA WOW X         CAWOW           36.95         -7.36
CIRCUIT ELEC PCL         CIRKIT          16.79        -96.30
CIRCUIT ELEC-FRN         CIRKIT/F        16.79        -96.30
CIRCUIT ELE-NVDR         CIRKIT-R        16.79        -96.30
DATAMAT PCL              DTM             12.69         -6.13
DATAMAT PCL-NVDR         DTM-R           12.69         -6.13
DATAMAT PLC-F            DTM/F           12.69         -6.13
ITV PCL                  ITV             37.14       -110.85
ITV PCL-FOREIGN          ITV/F           37.14       -110.85
ITV PCL-NVDR             ITV-R           37.14       -110.85
K-TECH CONSTRUCT         KTECH/F         38.87        -46.47
K-TECH CONSTRUCT         KTECH           38.87        -46.47
K-TECH CONTRU-R          KTECH-R         38.87        -46.47
KUANG PEI SAN            POMPUI          17.70        -12.74
KUANG PEI SAN-F          POMPUI/F        17.70        -12.74
KUANG PEI-NVDR           POMPUI-R        17.70        -12.74
PATKOL PCL               PATKL           52.89        -30.64
PATKOL PCL-FORGN         PATKL/F         52.89        -30.64
PATKOL PCL-NVDR          PATKL-R         52.89        -30.64
PICNIC CORP-NVDR         PICNI-R        101.18       -175.61
PICNIC CORPORATI         PICNI          101.18       -175.61
PICNIC CORPORATI         PICNI/F        101.18       -175.61
PONGSAAP PCL             PSAAP/F         24.61        -10.99
PONGSAAP PCL             PSAAP           24.61        -10.99
PONGSAAP PCL-NVD         PSAAP-R         24.61        -10.99
SAHAMITR PRESS-F         SMPC/F          21.99         -4.01
SAHAMITR PRESSUR         SMPC            21.99         -4.01
SAHAMITR PR-NVDR         SMPC-R          21.99         -4.01
SUNWOOD INDS PCL         SUN             19.86        -13.03
SUNWOOD INDS-F           SUN/F           19.86        -13.03
SUNWOOD INDS-NVD         SUN-R           19.86        -13.03
THAI-DENMARK PCL         DMARK           15.72        -10.10
THAI-DENMARK-F           DMARK/F         15.72        -10.10
THAI-DENMARK-NVD         DMARK-R         15.72        -10.10
THAI-GERMAN PR-F         TGPRO/F         55.31         -8.54
THAI-GERMAN PRO          TGPRO           55.31         -8.54
THAI-GERMAN-NVDR         TGPRO-R         55.31         -8.54
TRANG SEAFOOD            TRS             13.90         -3.59
TRANG SEAFOOD-F          TRS/F           13.90         -3.59
TRANG SFD-NVDR           TRS-R           13.90         -3.59


TAIWAN

CHIEN TAI CEMENT         1107           202.42        -33.40
HELIX TECH-EC            2479T           23.39        -24.12
HELIX TECH-EC IS         2479U           23.39        -24.12
HELIX TECHNOL-EC         2479S           23.39        -24.12
PRODISC TECH             2396           253.76        -36.04
TAIWAN KOL-E CRT         1606U          507.21       -147.14
TAIWAN KOLIN-EN          1606V          507.21       -147.14
TAIWAN KOLIN-ENT         1606W          507.21       -147.14
VERTEX PREC-ENTL         5318T           42.86         -0.71
VERTEX PRECISION         5318            42.86         -0.71


                             *********

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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