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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

               Monday, May 2, 2011, Vol. 14, No. 85

                            Headlines



A U S T R A L I A

AUSTRALIAN VINES: Forced to Restructure Debt Amid Serious Losses
RAPTIS GROUP: Receivers Put Holiday Inn On Market
ST HELENA VINEYARD: Placed in Mortgagee Sale
UNIVERSAL ENGINEERING: In Liquidation; Blames Montara Oil Spill
VALAD PROPERTY: Blackstone Agrees to Buy Valad for $207 Million

VIKING GROUP: McGrathNicol Quiet on Firm's Receivership


C H I N A

CHAODA MODERN: Moody's Assigns Ba2 Rating to USD Senior Notes
CHINA RESOURCES: Moody's Rates Perpetual Capital Securities 'Ba2'


H O N G  K O N G

BEAUTY SKY: Placed Under Voluntary Wind-Up Proceedings
BOOKMAKERS (HK): Sole Member Final Meeting Set for May 25
CIL COMPANY: Members' Final General Meeting Set for May 27
ELIMA FOUNDATION: Members' Final General Meeting Set for May 23
EXPRESS BUILDERS: Members' and Creditors' Meetings Set for May 4

HIRISE DEVELOPMENT: Fok and Sutton Step Down as Liquidators
HONORWAY INDUSTRIAL: Fok and Sutton Step Down as Liquidators
HONTEX INT'L: Hong Kong Court Clears KMPG Auditor of Bribery
INCHCAPE INSURANCE: Members' Final Meeting Set for May 23
MOULIN GLOBAL: Files Restitution Claim for Overpaid Profit Taxes

UNI-ARTS (HK): Wong and Arab Step Down as Liquidators
WAELCHLI & CO: Commences Wind-Up Proceedings
WAYGOOD LIMITED: Creditors' Proofs of Debt Due May 23
WEIDA SEMICONDUCTOR: Kong Chi How Steps Down as Liquidator
WINSOURCE INDUSTRIES: Court Enters Wind-Up Order

WISE GLOBAL: Creditors' Proofs of Debt Due May 20
YEUNG SHING: Court Enters Wind-Up Order


I N D I A

AAREY DRUGS: CRISIL Assigns 'B+' Rating to INR70 Mil. Cash Credit
ACCURA VALVES: CRISIL Upgrades Rating on INR20MM LT Loan to 'B'
ALVI TECH: CRISIL Reaffirms 'BB-' Rating on INR32.5MM Cash Credit
AMIT SALES: CRISIL Upgrades 'BB' Rating on INR100MM Cash Credit
BAJRANG COTTON: CRISIL Upgrades Rating on INR6.4MM Loan to 'B+'

BHANU INTERNATIONAL: CRISIL Rates INR160MM Proposed Loan at 'B'
BRAR SEEDS: CRISIL Assigns 'B' Rating to INR32 Million Term Loan
BURGUNDY LIFESTYLE: CRISIL Puts 'BB-' Rating on INR52M Cash Credit
D P JAIN: CRISIL Assigns 'BB+' Rating to INR300MM Cash Credit
DHENU HYDRO: CRISIL Assigns 'B' Rating to INR50 Mil. Cash Credit

H R POLYCOATS: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
KAPLIN ENTERPRISES: CRISIL Reaffirms 'BB-' Rating on INR97MM Loan
ROYAL REGENCY: CRISIL Upgrades Rating on INR20-Mil. Loan to 'BB'
SIOMOND PHARMACEUTICALS: CRISIL Reaffirms 'BB-' Cash Credit Rating
SRI BALMUKUND: CRISIL Reaffirms 'BB+' Rating on INR37MM LT Loan

VISAKHA TRADES: Fitch Rates INR107.95MM LT Loans at 'B+(ind)'


J A P A N

L-JAC 7: S&P Affirms Ratings on 14 Classes of Notes at 'CCC'
L-JAC FIVE: S&P Affirms Ratings on 12 Classes of Notes to 'CCC'
MAZDA MOTOR: Incurs JPY60.04 Billion Net Loss in Fiscal 2010
SHIZUOKA BANK: S&P Affirms 'B+' Fundamental Strength Rating


K O R E A

SAMHO: Applies for Receivership, Owes US$60 Million


N E W  Z E A L A N D

ALLIED FARMERS: Managing Director Steps Down from Allied Board
SOUTH CANTERBURY: Receivers Collect NZ$299 Million


S I N G A P O R E

OMD HOLDINGS: Court Enters Wind-Up Order
PACIFIC SOURCE: Creditors' Proofs of Debt Due May 13
SINO-ENVIRONMENT TECHNOLOGY: Creditors' Proofs of Debt Due May 13
TRU-LINE BEAUTY: Court Enters Wind-Up Order
UNITED BUILDING: Court Enters Wind-Up Order




                            - - - - -


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


AUSTRALIAN VINES: Forced to Restructure Debt Amid Serious Losses
----------------------------------------------------------------
Peter Hunt at Weekly Times Now reports that Australian Vines
Limited has been forced to restructure its debt in the wake of
serious financial losses and AU$19.5 million of debt.

According to Weekly Times Now, the company in mid-April admitted
it had been forced to enter a standstill agreement with its bank
"in order to provide a stable platform from which to pursue a
restructuring of its balance sheet."

Weekly Times relates that the latest restructure follows AVL's
breach of its loan-to-value covenant with its bank last year.

The company said the breach occurred due to the valuations
obtained by the bank, which differed to the underlying values
adopted by AVL, Weekly Times notes.

AVL is the parent company of one of South Australia's largest MIS
vineyard companies, Barossa Vines Limited, the report discloses.
BVL, the report notes, has suffered a series of poor seasons.

"Whilst operational losses were reported in the year ending 30
June 2010, those losses relate to that year's growing season," AVL
said.  "The 2009 and 2008 growing seasons were below average due
(to) adverse climatic reasons."

Weekly Times Now adds that AVL and BVL managers said they did not
believe either company or any of the 10 MIS projects were at risk
of collapse.

Australian Vines Limited is one of Australia's largest wine grape
managed investment schemes.  AVL and BVL have 1277ha of vineyards
in the Barossa Valley, with AVL holding a 60% share and MIS the
rest.


RAPTIS GROUP: Receivers Put Holiday Inn On Market
-------------------------------------------------
Nick Nichols at The Gold Coast Bulletin reports that receivers
have finally taken Raptis Group's Holiday Inn to the market.
However, the report said it remained unclear Thursday if the hotel
brand would disappear from the Coast once a buyer was found.

A national advertising campaign is seeking a buyer for the
management and letting rights to the five-star hotel, including
about 6000sq m of property comprising the lobby, function rooms
and commercial space, the Bulletin says.

But the Bulletin also reveals that a potential buyer could
negotiate "full naming and badging rights" for the property, which
implies that the Holiday Inn name could be removed from the
property.

According to the Bulleting, the hotel's sale campaign has been
ordered by receivers Justin Walsh and Shaun McKinnon, of Ernst &
Young, who have been in charge of the Holiday Inn since early
2009.

The Bulletin relates that marketing agent Jake Clarke, of MR
Sales, confirmed interest in the property had been strong.
The interest had come from hotel operators, management rights
operators and investors, Mr. Clarke told the Bulletin.

The property is owned by Raptis Group subsidiaries Colryan Pty Ltd
and Seasilver Hotels Pty Ltd.  Colryan owns the management rights
to the hotel, while Seasilver Hotels owns the real estate,
including any unsold strata-title hotel apartments within the
property.

While Holiday Inn has naming rights to the hotel, Colryan owns the
management rights, Weekly Times Now discloses.

                         About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AU$1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


ST HELENA VINEYARD: Placed in Mortgagee Sale
--------------------------------------------
The New Zealand Press Association reports that real estate firm
Bayleys is marketing the St Helena Vineyard in the Christchurch
suburb of Belfast as a mortgagee sale.

The vineyard, established in 1978 by the Mundy family, is
Canterbury's oldest commercial winery.  The 41.6 hectare winery
produces pinot blanc, pinot gris, pinot noir, riesling and
chardonnay styles.

The property was owned by MJ Mundy Ltd, which was placed into
liquidation in March after some 55 years in business, according to
NZPA.


UNIVERSAL ENGINEERING: In Liquidation; Blames Montara Oil Spill
---------------------------------------------------------------
Myles Morgan at ABC News reports that Universal Engineering Pty
Limited has gone into voluntary liquidation, saying it is in an
"unrecoverable position."

ABC News relates that Universal Engineering said legal disputes
and financial losses suffered during the Montara drilling rig fire
in 2009 have forced it to fold.

Last year, says ABC News, the Darwin-based company was forced to
sack 16 apprentices because of financial troubles.

According to the report, Universal chief Steve Tiley said he hopes
someone will buy its assets and rebuild the company.

ABC News recalls that an explosion and fire on the Montara rig,
operated by PTTEP Australasia, was followed by a big oil spill in
the Timor Sea that began flowing on Aug. 21, 2009.  The spill,
about 200 kilometres north-west of Western Australia's Kimberleys
coast, could not be plugged until November 3 in the same year.

Universal Engineering Pty Limited is a Northern Territory-based
engineering company.  The company has about 20 staff.


VALAD PROPERTY: Blackstone Agrees to Buy Valad for $207 Million
---------------------------------------------------------------
The Australian Associated Press reports that Blackstone Group LP
has agreed to buy Valad Property Group for $207 million in cash,
as Valad aims to maximise shareholder value.

Affiliates of Blackstone Real Estate Partners have offered $1.80
per stapled security, 56% more than the last closing price on
Wednesday, April 27, 2011, of $1.155.

According to AAP, Valad said its directors had unanimously
recommended the takeover scheme implementation deed in the absence
of a superior proposal.

"The Valad Board has been considering a range of strategic options
to maximize securityholder value, including maintaining the status
quo, a recapitalization via an equity raising, a series of select
asset sales and an orderly wind-up," the AAP quotes chairman
Trevor Gerber as saying.  "After receipt and assessment of the
Blackstone proposal, the Valad Board considers that it provides
the most certain value proposition for all Valad securityholders."

The AAP notes that the transaction needs approval from Valad
securityholders and certain regulatory and other conditions being
satisfied.

Valad Property Group (ASX:VPG) -- http://www.valad.com.au--
operates real estate investment management (REIM) in Australia and
Europe, and real estate ownership primarily in Australia and
New Zealand.  Its Real Estate Ownership also operates in Europe
through co-investment in the Company's managed funds. The Company
operates in four segments: Australia and New Zealand Real Estate
Ownership, European Real Estate Ownership, Australia and New
Zealand Real Estate Investment Management and European Funds Real
Estate Investment Management. The Australia and New Zealand Real
Estate Ownership consists of producing properties, properties held
for development and resale, property structured finance to
external parties and joint ventures, and investments held in
funds.  The European Funds Real Estate Investment Management
segment establishes and manages listed and unlisted property funds
within European region.

                           *     *     *

Valad Property Group reported three consecutive annual net losses
of AU$249.70 million, AU$1.49 billion and AU$165.77 million for
the years ended June 30, 2008, 2009, and 2010.


VIKING GROUP: McGrathNicol Quiet on Firm's Receivership
-------------------------------------------------------
Rob McKay at Trader Business Media reports that an unnamed Viking
Group spokeswoman said Viking Express and Viking Freight and
Logistics were running "business as usual" but Perth Freightlines
was at a halt due to the Viking Group's insolvency.

McGrathNicol Partner Johan Vorster was also tight-lipped about the
receivership that it was conducting of the Viking Group, according
to Trader Business Media.

A spokeswoman says the insolvency specialist would not be in a
position to comment until McGrathNicol Partner Johan Vorster
returned from a break in two weeks' time.

The firm has set up a hotline for creditors and debtors.

Trader Business Media notes that the Australian Securities and
Investments Commission database showed that the company appointed
a receiver.

However, in an advertisement in national daily newspapers,
McGrathNicol said receivers were appointed by a secured creditor
over "all fixed and floating assets" on April 20 and 21, the
report discloses.

One unconfirmed report indicated that the Commonwealth Bank may be
owed as much as AU$58 million, Trader Business Media adds.

Viking Group is a national freight operator with offices in all
states and services focused along the eastern and southern
coastlines.  It also handles container port logistics and truck
repair and maintenance.


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


CHAODA MODERN: Moody's Assigns Ba2 Rating to USD Senior Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed USD-denominated senior unsecured notes to be issued by
Chaoda Modern Agriculture (Holdings) Ltd.

Moody's has also affirmed Chaoda's Ba2 corporate family rating.

The outlook of the ratings is stable.

Chaoda plans to use the proceeds from the notes to finance its
capital expenditures -- mainly the expansion of its production
base, and for general corporate purposes.

Ratings Rationale

"The Ba2 rating reflects Chaoda's well-established market position
in agricultural produce in China attributed to its industrialized
farming business model, its diversified production bases, and its
extensive distribution network across China," says Jiming Zou, a
Moody's Analyst.

"The Ba2 rating also recognizes Chaoda's growth supported by the
Chinese government's agricultural policy and the favourable demand
for vegetable produce in China," continues Zou.

"In addition, Chaoda's credit metrics will remain strong for its
ratings after including the proposed note issuance. Moody's
expects Chaoda will show strong profitability -- EBITDA margin of
about 55% - and moderate debt leverage -- debt/EBITDA of 1.5-2.0x
for the next two years," says Zou.

The rating also takes into consideration Chaoda's history of
settling two major debt repayments in the last two years by
raising equity and reducing its discretionary capital expenditure.

Although Chaoda has a stronger financial profile compared to the
other Ba2-rated issuers in the region, its rating is constrained
by the lack of bank financing and material related-party
transactions.

The stable outlook reflects Moody's expectations that Chaoda's
management will take a prudent approach to managing its growth and
its cash position which is important for a company without term
banking facility support.

Upward rating pressure could be limited. However, over the long
term, upgrade pressure could emerge if the company shows a history
of substantially reducing related party transactions and
establishing sufficient bank financing to support its working
capital needs.

On the other hand, downward rating pressure would emerge if (1)
the company pursues a more aggressive debt-funded expansion plan
or engages in non-core investments that result in a deterioration
of its financial profile; (2) there is an operating environment
change that results in a material decline in its profit margin; or
(3) there is a decline in the company's liquidity position due to
cash leakage to fund-related companies or large cash dividend
payments.

Moody's last rating action on Chaoda was on Apr 13, 2010, when the
company's corporate family rating was upgraded from Ba3 to Ba2.

Chaoda's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (1) business risk and competitive position compared
with others within the industry; (2) capital structure and
financial risk; (3) projected performance over the near to
intermediate term; and (4) management's track record and tolerance
for risk. Moody's compared these attributes against other issuers
both within and outside Chaoda's core industry and believes
Chaoda's ratings are comparable to those of other issuers with
similar credit risk.

Chaoda Modern Agriculture (Holdings) Limited, headquartered in
Hong Kong and listed on the Hong Kong Stock Exchange, is
principally engaged in the cultivation and sale of agricultural
produce in China, mainly vegetables, which account for about 90%
of its revenue.


CHINA RESOURCES: Moody's Rates Perpetual Capital Securities 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
perpetual subordinated capital securities to be issued by China
Resources Power East Foundation Co Ltd and guaranteed by China
Resources Power Holdings Company Ltd.

At the same time, Moody's has affirmed CR Power's Baa2 corporate
family rating and Baa3 senior unsecured bond rating.

The outlook for all ratings is stable.

CR Power expects to use the proceeds from the hybrid to refinance
existing debt and fund capital expenditures and general working
capital requirement.

Ratings Rationale

"The Ba2 rating reflects the cumulative and deeply subordinated
nature of the hybrid," says Ivan Chung, a Moody's Vice President
and Senior Analyst.

In Moody's view, the hybrid will have sufficient equity-like
features to allow it to receive basket C treatment -- that is 50%
equity and 50% debt -- for the purposes of calculating financial
leverage. After the issuance, the company's projected adjusted
debt to capital ratio would be around 57-60% over the next two to
three years.

"Although these projected credit metrics remain weak for the Baa2
corporate family rating, the rising financial contributions from
its coal mining operations, its high operating efficiency, and the
credit uplift from its parent will offer some cushion against any
further deterioration in the operating environment," says Chung.

"The hybrid will also strengthen the company's near-term liquidity
profile," Chung adds.

Rising coal prices and the absence of predictable cost pass-
throughs in a regulated tariff regime have eroded the profit
margins of CR Power's coal-fired power generation.

However, the situation is mitigated partly by the high hours of
utilization and the rise in contributions from the coal mining
business. Moody's expects the company's EBITDA margin to stay at
about 25% over the next two to three years.

The ratings also factor in a one-notch uplift from the expectation
of support -- if needed -- from its parent, China Resources
Holdings Co Ltd ("CRH"; unrated), a conglomerate owned by China's
State Council. CRH has a stronger credit profile than CR Power's.

The ratings outlook is stable, based on Moody's expectation that
CR Power will maintain its financial discipline as it continues to
expand and that it will maintain its strong access to bank
funding.

Pressure for a ratings upgrade will be limited in the near team,
given the challenging nature of the operating environment.

However, the ratings could be downgraded if the company (1) fails
to meet its business plan targets and generate sufficient returns
on its new capital expenditures and investments; (2) takes on
aggressive debt-funded expansion projects or acquisitions; (3)
suffers a decline in profitability, such that the EBITDA margin
falls below 20%; or (4) experiences a material impact to its
operations due to environmental concerns or new regulatory
measures.

Such deterioration in the company's fundamentals would be
accompanied by weakening credit metrics of FFO/interest below
2.5x, debt/capitalization above 60%-65%, and RCF/debt below 10%.

Furthermore, a material deterioration in the credit profile of
parent CRH or evidence of a weakening in CRH's support for CR
Power would also pressure the ratings.

The principal methodology used in rating China Resources Power
East Foundation Co Ltd was the Regulated Electric and Gas
Utilities Industry Methodology, published August 2009.

China Resources Power Holdings Company Limited is an independent
power producer that invests in, develops, owns, and operates power
plants and coal mines in China. It started building its first
power plant in 1994 and was listed on the Hong Kong Stock Exchange
in November 2003. As of December 31, 2010, it had 42 consolidated
operating plants with a total attributable installed capacity of
19,358MW. Its 64%-shareholder, China Resources (Holdings) Co.,
Ltd., is a major Chinese conglomerate with business interests in
infrastructure and public utilities, consumer & retail,
pharmaceutical production & distribution, real estate development,
and financial services. CRH is 100%-owned by China Resources
National Corporation, which is ultimately owned by the Chinese
State Council.


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


BEAUTY SKY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on April 12, 2011,
creditors of Beauty Sky Holdings Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Liu Chi Tat Stephen
         Kwan Pak Kong
         Rm. 1405-8, 14/F
         C C Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


BOOKMAKERS (HK): Sole Member Final Meeting Set for May 25
---------------------------------------------------------
Sole member of Bookmakers (Hong Kong) Limited will hold a final
meeting on May 25, 2011, at 11:00 a.m., at Via Massimiliano,
Angelelli 6, 40137 Bologna, in Italy.

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


CIL COMPANY: Members' Final General Meeting Set for May 27
----------------------------------------------------------
Members of CIL Company Limited will hold their final general
meeting on May 27, 2011, at 1:05 p.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ELIMA FOUNDATION: Members' Final General Meeting Set for May 23
--------------------------------------------------------------
Members of Elima Foundation Limited will hold their final general
meeting on May 23, 2011, at 10:00 a.m., at Suite 1703, 17th Floor,
Office Tower, Convention Plaza, 1 Harbour Road, Wan Chai, in
Hong Kong.

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


EXPRESS BUILDERS: Members' and Creditors' Meetings Set for May 4
----------------------------------------------------------------
Members and creditors of The Express Builders Company Limited will
hold their annual meetings on May 4, 2011, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.

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


HIRISE DEVELOPMENT: Fok and Sutton Step Down as Liquidators
-----------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators of
Hirise Development Limited on April 21, 2011.


HONORWAY INDUSTRIAL: Fok and Sutton Step Down as Liquidators
------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators of
Honorway Industrial Limited on April 21, 2011.


HONTEX INT'L: Hong Kong Court Clears KMPG Auditor of Bribery
------------------------------------------------------------
Debra Mao at Bloomberg News reports that a KPMG senior manager was
cleared by a Hong Kong judge of accepting a HK$300,000 bribe for
his work on the listing prospectus of Hontex International
Holdings Co.

Bloomberg relates that District Court Judge Stephen Geiser said
April 28 that the prosecution failed to prove beyond reasonable
doubt that Leung Sze-chit intended to accept envelopes containing
cash as a reward from Chan Chau-wan, a consultant hired by Hontex
for its listing, in February 2010.

According to Bloomberg, KPMG resigned as Hontex's audit firm in
May amid an investigation by Hong Kong's Securities and Futures
Commission into alleged false statements made by the company in
its listing prospectus.  Bloomberg says the regulator had obtained
a court order freezing almost HK$1 billion in funds raised from
the company's 2009 IPO.  Shares have been suspended from trading
since March 2010, Bloomberg notes.

China-based Hontex International Holdings Company Limited
manufactures chemical fiber knitted fabrics, specializing in the
production of multi-functional and high quality fabrics.  The
Group develops and manufactures fabrics for sports and leisure
apparel in the PRC and produces garments on an OEM basis for some
overseas premium apparel brand owners such as Decathlon, Kappa and
Mizuno and some PRC apparel brand owners such as Li Ning and Anta.
The Group is also engaged in the design, development and marketing
of fashion and leisure apparel and accessory products sold under
the MXN brand.


INCHCAPE INSURANCE: Members' Final Meeting Set for May 23
---------------------------------------------------------
Members of Inchcape Insurance Holdings (HK) Limited will hold
their final general meeting on May 23, 2011, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


MOULIN GLOBAL: Files Restitution Claim for Overpaid Profit Taxes
----------------------------------------------------------------
Joyce Man at South China Morning Post reports that Moulin Global
Eyecare Trading, which is in liquidation, has filed a claim for
restitution over profits taxes which it said it overpaid because
former senior management fraudulently overstated its earnings.

Based in Hong Kong, Moulin Global Eyecare Trading Ltd, a wholly
owned subsidiary of Moulin Global Eyecare Holdings --
http://www.moulin.com.hk/-- was once the world's third-largest
maker of eyeglasses until it went into liquidation in 2005.  The
primary activity of the Company was manufacturing and designing
ophthalmic goods, the Company was also engaged in distribution
and retailing of optical frames and sunglasses.

Chairman Ma Bo-kee founded Moulin on 1960 as a spectacle
workshop with 12 workers.  It listed on the stock exchange in
1993 and was ranked by Forbes Global in 1998 among the 300 best
small firms in the world.  By 2005, it had more than 5,000
workers with business in the United States and Europe.

Moulin's debt problems surfaced shortly after its auditor,
Deloitte Touche Tohmatsu, resigned in April 2009.  Moulin went
bankrupt in June 2005 owing almost HK$3.6 billion, of which
HK$2.4 billion are owed from creditors in Hong Kong.


UNI-ARTS (HK): Wong and Arab Step Down as Liquidators
-----------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Uni-Arts (Hong Kong) Limited on April 12, 2011.


WAELCHLI & CO: Commences Wind-Up Proceedings
--------------------------------------------
Members of Waelchli & 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


WAYGOOD LIMITED: Creditors' Proofs of Debt Due May 23
-----------------------------------------------------
Creditors of Waygood Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 23,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2011.

The company's liquidator is:

         Fan Sheung Ha Debbie
         Room 2401, 24th Floor
         Regent Centre, 88 Queen's Road
         Central, Hong Kong


WEIDA SEMICONDUCTOR: Kong Chi How Steps Down as Liquidator
----------------------------------------------------------
Kong Chi How, Johnson stepped down as liquidator of Weida
Semiconductor Limited on April 7, 2011.


WINSOURCE INDUSTRIES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order Oct. 14, 2010, to
wind up the operations of Winsource Industries Limited.

The company's liquidator is Lau Siu Hung.


WISE GLOBAL: Creditors' Proofs of Debt Due May 20
-------------------------------------------------
Creditors of Wise Global Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 20,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2011.

The company's liquidator is:

         Ng Kam Chiu
         13A, Tak Lee Commercial Building
         113-117 Wanchai Road
         Wanchai, Hong Kong


YEUNG SHING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 13, 2011, to
wind up the operations of Yeung Shing Restaurant Limited.

The company's official receiver is E T O'Connell.


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AAREY DRUGS: CRISIL Assigns 'B+' Rating to INR70 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Aarey Drugs & Pharmaceuticals Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR70 Million Cash Credit          B+/Stable(Assigned)
   INR20 Million Proposed Long-Term   B+/Stable(Assigned)
                 Bank Loan Facility

The rating reflects ADPL's modest scale of operations, and the
risk associated with the company's ongoing capacity upgrade
project.  These rating weaknesses are partially offset by the
extensive industry experience of ADPL's promoters.

Outlook: Stable

CRISIL believes that ADPL will benefit over the medium term from
its promoters' extensive industry experience.  The outlook may be
revised to 'Positive' if ADPL successfully completes the rights
issue required for funding its proposed capacity upgrade project,
and also if the company commissions its project as per schedule
without significant time and cost overruns. Conversely, the
outlook may be revised to 'Negative' if ADPL's profitability
declines, leading to pressure on its cash accruals and weakening
of its debt servicing capability, or if changes in the customer's
procurement policies or adverse regulatory changes in key markets
affect the demand for ADPL's products.

                         About Aarey Drugs

ADPL, listed on the Bombay Stock Exchange, currently trades in
various chemical compounds.  The company has its administrative
office at Masjid Bunder in Mumbai (Maharashtra).  Mr. Mihir
Ghatalia is the managing director of ADPL, which is promoted by
the Ghatalia family; the company's management comprises a team of
professionals.  ADPL's manufacturing facility at Tarapur
(Maharashtra) is currently being upgraded.  The company plans to
commence manufacturing operations by the second quarter of 2011-12
(refers to financial year, April 1 to March 31).

ADPL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR465.0 million for 2009-10, against a PAT of INR7.7
million on net sales of INR275.3 million for 2008-09.


ACCURA VALVES: CRISIL Upgrades Rating on INR20MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Accura
Valves Pvt Ltd to 'B/Stable/P4' from 'D/P5'.

   Facilities                        Ratings
   ----------                        -------
   INR77.5 Million Cash Credit       B/Stable (Upgraded from 'D')
   INR20 Million Long-Term Loan      B/Stable (Upgraded from 'D')
   INR2.5 Million Letter of Credit   P4 (Upgraded from 'P5')
                  & Bank Guarantee

The rating upgrade reflects improvement in AVPL's debt repayments
since August 2010.  The improvement in debt repayments has been
driven by AVPL's improved liquidity during this period, driven
by the enhancement in cash credit limits in May 2010 to
INR140 million from INR90 million.

The ratings continue to reflect AVPL's working capital intensive
operations, susceptibility to volatility in raw material prices
and intense competition in the automotive tyre valve segment.
These rating weaknesses are partially offset by AVPL's established
customer base and healthy market position in the automotive tyre
valve segment.

Outlook: Stable

CRISIL believes that AVPL will continue to maintain its market
position in the automotive tyre valves segment, over the medium
term.  The outlook may be revised to 'Positive' in case of faster-
than-expected turnaround of receivables, inventory, and
improvement in AVPL's overall working capital management,
resulting in improved liquidity.  Conversely the outlook may be
revised to 'Negative', if AVPL's liquidity is weakened further
because of increase in its working capital requirements.

                         About Accura Valves

Set up in 1993 by Mr. Sanjeev S Sadhale, AVPL (formerly, Accura
Valves Manufacturing Company (India) Pvt Ltd), commenced
operations after acquiring the existing business of AVPL, a
proprietorship concern, in 2007.  AVPL was engaged in
manufacturing automotive valves since 1995. AVPL manufactures
automotive valves and supplies tyre valves to leading tyre
manufacturers in India.  The company also manufactures carburettor
products. AVPL is one of the top three automotive tyre valve
manufacturers in India, catering to the passenger car, truck, and
tractor segments, with a market share of around 22%.

AVPL reported a profit after tax (PAT) of INR24 million on net
sales of INR427 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR230 million for 2008-09.


ALVI TECH: CRISIL Reaffirms 'BB-' Rating on INR32.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Alvi Tech Services Pvt
Ltd continues to reflect risks related to customer concentration
in revenue profile, small scale of operations and susceptibility
to volatility in revenues because of inherent uncertainties in the
tender-based contract jobs business.  These rating weaknesses are
partially offset by the benefits that Alvi derives from its
promoters' experience in the contract jobs business and
established track record with key customers, and moderate
financial risk profile marked by low gearing.

   Facilities                        Ratings
   ----------                        -------
   INR32.5 Million Cash Credit       BB- /Stable (Reaffirmed)
   INR22.5 Million Bank Guarantee    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Alvi will maintain low gearing and moderate
debt protection indicators backed by stable profitability margin.
The outlook may be revised to 'Positive' if Alvi's scale of
operations increases substantially while maintaining its
profitability or if its financial risk profile improves because of
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
materially, because of a major debt-funded capital expenditure or
if its revenue and profitability decline considerably.

Update

The company has clocked revenues of INR130 million during April-
December 2010 and the revenues are estimated to grow by 60% to
around INR160 million.  The growth in revenues of the company is
attributable to the healthy order book.  The order book of INR240
million provides revenue visibility over the short term for the
company.  The operating margins of the company are expected to
remain stable at 8.5% in 2010-11 and are expected to remain
constrained over the medium term on the back of tender based
nature of the business and increasing competitive pressures.  The
operations of the company are working capital intensive in nature
as is reflected through the receivable collection cycle, which is
higher at around 120-180 days; this is because of its weak
bargaining power and high competitive pressures prevailing in the
EPC services industry. A large proportion of the company's
revenues are contributed by government organizations.

Alvi reported a profit after tax (PAT) of INR3.6 million on net
sales of INR96.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.1 million on net sales
of INR92.9 million for 2008-09.

                           About Alvi Tech

Alvi was incorporated in 2006 by Mr. Krishnand Trivedi.  Alvi took
over the business of Mr. Trivedi's proprietorship firm, Alvi Tech
Services, set up in 2001.  Alvi undertakes engineering and
construction of electrical and instrumentation components of
offshore projects in the oil and gas sectors.


AMIT SALES: CRISIL Upgrades 'BB' Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Amit Sales Corporation to 'BB/Stable' from 'BB-/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR100.0 Million Cash Credit    BB/Stable (Upgraded from
                                              'BB-/Stable')

The upgrade reflects the improvement in ASC's business risk
profile driven by change in its management's approach to lower
sales to group entities, Asha Sales Corporation and ANR Tubes Pvt
Ltd, in 2010-11 (refers to financial year, April 1 to March 31).
This has resulted in lower dependence of ASC's growth prospects on
the business and financial risk profiles of the aforementioned
group entities.  Furthermore, the utilization in cash credit
limits have always remained within sanctioned limits, with no
instance of ad-hoc facility obtained from the bank over the last
two to three years.  As a management policy, ASC's incremental
working capital requirements are met by additional fund infusions
in the firm through unsecured loans, reflecting the management's
conservative approach towards availing banks' finance for
incremental working capital requirements. CRISIL derives
considerable comfort from the management's conservative debt
approach.

The ratings reflect ASC's weak financial risk profile, marked by
small net worth, high ratio of total outside liabilities to
tangible net worth, and weak debt protection metrics, and large
working capital requirements.  These rating weaknesses are
partially offset by ASC's association with reputed domestic
suppliers and the extensive industry experience of ASC's
promoters.

Outlook: Stable

CRISIL believes that ASC will continue to benefit from its
established relationships with its principal suppliers and the
extensive industry experience of its promoters in the pipe trading
business, over the medium term.  The outlook may be revised to
'Positive' in case ASC's financial risk profile improves because
of more-than-expected improvement in operating income and
profitability.  Conversely, the outlook may be revised to
'Negative' if ASC's profitability deteriorates significantly,
putting pressure on its debt protection metrics and/or if the firm
undertakes a large debt-funded capital expenditure programme, and
that weakens its capital structure.

                         About Amit Sales

Set up in 1992, ASC is a proprietorship firm, and a distributor of
electrical resistance welding and seamless pipes. The firm is an
authorised distributor for Jindal Pipes Ltd (rated 'A+/Stable/P1'
by CRISIL), Jindal (India) Ltd (rated 'BBB+/Stable/P2' by CRISIL),
Maharashtra Seamless Ltd (rated 'AA+/Stable' by CRISIL), and
Jindal Industries Ltd (rated 'A-/Positive/P1' by CRISIL). ASC
operates through its five branches in New Delhi, Dehradun
(Uttaranchal), Kanpur (Uttar Pradesh), Ghaziabad (Uttar Pradesh)
and Haryana.

ASC reported a profit after tax (PAT) of INR7.2million on net
sales of INR595.4 million for 2009-10, as against a PAT of INR2.5
million on net sales of INR559.5 million for 2008-09.


BAJRANG COTTON: CRISIL Upgrades Rating on INR6.4MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bajrang Cotton to 'B+/Stable' from 'B/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    B+/Stable (Upgraded from
                                                   'B/Stable')

   INR6.4 Million Term Loan             B+/Stable (Upgraded from
                                                   'B/Stable')

   INR20.2 Million Proposed LT Bank     B+/Stable (Upgraded from
                      Loan Facility                'B/Stable')

The rating upgrade reflects improvement in Bajrang Cotton's
capital structure and debt protection metrics, because of capital
infusion of INR3.8 million and prepayment of term debt in 2009-10
(refers to financial year, April 1 to March 31), and improvement
in business risk profile with improvement in operating margin. In
the absence of term debt obligations, the cash accruals will be
available to fund incremental working capital requirements leading
to less reliance on short-term debt.  The upgrade reflects
CRISIL's belief that Bajrang Cotton's gearing will remain
moderate, at about 1.7 times, over the medium term in the absence
of any incremental debt-funded capital expenditure (capex).

The ratings reflect Bajrang Cotton's small scale of operations in
highly competitive industry, constrained financial flexibility due
to small size of net worth and exposure to risks relating to
unfavorable changes in regulatory policies. These weaknesses are,
however, partially offset by the benefits that the firm derives
from promoters' experience in the cotton ginning and pressing
industry.

Outlook: Stable

CRISIL believes that Bajrang Cotton will maintain its financial
risk profile over the medium term in the absence of any debt-
funded capex.  The outlook may be revised to 'Positive' in case
the firm achieves higher-than-expected growth, while maintaining
its profitability.  Conversely, the outlook may be revised to
'Negative' if Bajrang Cotton's financial risk profile gets
deteriorated because of substantial deterioration in its
profitability or due to withdrawal of capital in the partnership
firm.

                        About Bajrang Cotton

Incorporated in 2006, Bajrang Cotton is in the business of cotton
ginning and pressing at Amreli in Rajkot (Gujarat).  The firm's
plant, which has an installed manufacturing capacity of 50,000
bales per annum, operates at capacity utilisation of about 50%.

Bajrang Cotton reported a book profit of INR0.8 million on net
sales of INR395.8 million for 2009-10, against a book profit of
INR0.1 million on net sales of INR297.1 million for 2008-09.


BHANU INTERNATIONAL: CRISIL Rates INR160MM Proposed Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the proposed long
term loan facility of Bhanu International Resorts and Hotels Pvt
Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR160.00 Million Proposed LT Loan    B/Stable (Assigned)

The rating reflects Bhanu's exposure to risks related to funding,
implementation, and commercialization of its ongoing hotel project
in Porur (Tamil Nadu), and its vulnerability to cyclicality in the
hospitality industry.  These rating weaknesses are partially
offset by the experience of Bhanu's management in the construction
business and the favorable location of its hotel.

Outlook: Stable

CRISIL believes that Bhanu will complete its ongoing hotel project
without any significant time or cost overrun.  The outlook may be
revised to 'Positive' if Bhanu generates more-than-expected cash
accruals, most likely driven by sooner-than-expected completion of
the project or healthy occupancy after inauguration of the hotel.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected time or cost overruns in the ongoing project or
if the company undertakes any larger-than-expected debt-funded
capital expenditure programme , thereby weakening its financial
risk profile, or in case of any downturn in the economy, or any
force majeure event resulting in a slowdown in the hospitality
sector.

                      About Bhanu International

Incorporated in 2008, Bhanu is developing a 68-room, mid-market
hotel on the Chennai-Bengaluru highway in Porur.  The hotel's main
customers will primarily be business travellers to Chennai.  The
expected project cost is around INR237.7 million, which is being
funded in a debt-to-equity mix of 2:1.  Construction of the hotel
commenced in December 2010 and the hotel is expected to start
commercial operations in January 2013.  Bhanu's management is
currently in negotiations for a marketing tie-up with Peppermint,
a popular chain of restaurants and hotels in Gurgaon, Jodhpur and
Jaipur.

Bhanu is promoted by two families - Mr. Madhava Rao and family and
Shri Voora family, who have 70 and 30% shareholding respectively
in the company.  Mr. Madhav Rao and family are the owners of the
land on which the hotel project is coming up.  The day-to-day
operations of the company are managed by the Shri Voora family,
represented by Mr. Suman Voora, director of Bhanu.

The Shri Voora family has business interests in three other group
entities - namely Voora Property developers Pvt Ltd, Voora
Shreeram constructions Pvt Ltd and ISP Infrastructure Pvt Ltd.
VPDPL is engaged in the business of real estate property
development (commercial as well residential) and has completed
close to 15 projects thus far. VSCPL is a contractor, engaged
primarily in real estate projects and has thus far completed close
to 3 million sq.ft of construction.  VSCPL has been constructing
some of the projects of VPDPL and will also be undertaking the
construction work for the hotel project.  ISP is a special purpose
vehicle that is engaged in joint development of a real estate
residential project near Vyasarpadi in Chennai.


BRAR SEEDS: CRISIL Assigns 'B' Rating to INR32 Million Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Brar Seeds Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45 Million Cash Credit           B/Stable (Assigned)
   INR32 Million Term Loan             B/Stable (Assigned)
   INR29 Million Working Capital       B/Stable (Assigned)
                     Demand Loan
   INR11 Million Proposed Long-Term    B/Stable (Assigned)
                 Bank Loan Facility
   INR7 Million Letter of Credit       P4 (Assigned)

The ratings reflect BSPL's limited track record in the individual
quick freezing (IQF) segment, small scale of operations, weak
financial risk profile, marked by small net worth, high gearing,
large working capital requirements, and susceptibility to
cyclicality in the business.  These rating weaknesses are
partially offset by the extensive experience of BSPL's promoters
in the seed industry.

Outlook: Stable

CRISIL believes that BSPL will continue to benefit from its
promoters' extensive experience in the seed division and expected
stabilization of the IQF unit, over the medium term.  However,
BSPL's financial risk profile is expected to remain weak because
of its small net worth, large working capital requirements, and
debt-funded capital expansion undertaken.  The outlook may be
revised to 'Positive' in case of substantial improvement in BSPL's
financial risk profile, supported by more-than-expected net cash
accruals or timely infusion of subsidy or equity, or the IQF unit
stabilizes its operations earlier-than-expected.  Conversely, the
outlook may be revised to 'Negative' if BSPL's operating margin
deteriorates or there is lower-than-expected growth in revenues
because of a delay in stabilizing operations of the IQF unit or
delay in receivable of subsidy leads to constrained liquidity
profile.

                          About Brar Seeds

Incorporated in 1989, BSPL, based in Uttarakhand, modifies breeder
seeds into certified seeds.  The operations are managed by
Mr. Inderpreet Singh Sidhu.  In 2010-11 (refers to financial year,
April 1 to March 31), BSPL diversified into the frozen food
segment by setting up Brar Frozen Food, an integrated IQF and cold
storage unit.  The capital expansion was undertaken at a project
cost of INR98 million, with bank loans of INR61 million, fresh
equity of INR15 million, promoters' loans of about INR14 million,
and internal accruals.  The frozen food segment is expected to
commence commercial operations from May 2011. BSPL has been
sanctioned a capital subsidy of INR76.8 million by the central
government, and this is expected to be received by March 2012.

BSPL reported a profit after tax (PAT) of INR0.51 million on net
sales of INR81.0 million for 2009-10, as against a PAT of INR0.36
million on net sales of INR72.0 million for 2008-09.


BURGUNDY LIFESTYLE: CRISIL Puts 'BB-' Rating on INR52M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Burgundy Lifestyle Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR52.0 Million Cash Credit         BB-/Stable (Assigned)
   INR34.50 Million Packing Credit     P4+ (Assigned)
   INR62.50 Million Letter of Credit   P4+ (Assigned)

The rating reflects Burgundy's working-capital-intensive and
small-scale operations in a fragmented industry.  These rating
weaknesses are partially offset by Burgundy's promoter's extensive
experience in the garment industry.

Outlook: Stable

CRISIL believes that Burgundy will benefit over the medium term
from its promoters' extensive industry experience and its strong
relationships with customers and vendors.  The outlook may be
revised to 'Positive' if Burgundy significantly scales up its
operations, while maintaining its profitability.  Conversely, the
outlook may be revised to 'Negative' if Burgundy contracts more-
than-expected debt to fund its capital expenditure, or if there is
a steep decline in its profitability.

                      About Burgundy Lifestyle

Burgundy's production facilities were initially set up by Prime
Textiles Ltd in Tirupur, Tamil Nadu. In 2008, the entire
production facility was taken over by the Kolkata-based Jhawar
group.  Burgundy manufactures high-end T-shirts and innerwear
under various brands, including the brand Burgundy. It also
manufactures products under the brands of its customers.

Burgundy reported a profit after tax (PAT) of INR3.5 million on
net sales of INR574.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.2 million on net
sales of INR366.3 million for 2008-09.


D P JAIN: CRISIL Assigns 'BB+' Rating to INR300MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of D P Jain and Co Infrastructure Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       BB+/Stable (Assigned)
   INR300 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect DPJ's modest financial risk profile
characterized by weak capital structure and moderate debt
protection indicators.  These rating weaknesses are partially
mitigated by the established track record of DPJ's promoters
within construction industry and strong revenue visibility
resulting from a healthy order book.

Outlook: Stable

CRISIL believes that the DPJ will maintain a stable business
profile on the back of steady revenues from its existing order
book and established relations with reputed clients like Airport
Authority of India, Vidarbha Irrigation Development Corporation,
National Highways Authority of India Ltd. and others.  The outlook
may be revised to 'Positive' in case of a significant increase in
the DPJ's order book, coupled with maintenance of its
profitability and capital structure.  Conversely, a slowdown in
orders or deterioration in the capital structure and debt
protection metrics may result in the outlook being revised to
'Negative'.

                         About D P Jain and Co

DPJ was set up in 1974 by Mr Dharampal Jain and his uncle
Mr. Nemichand Jain, first generation entrepreneurs at Nagpur.  The
company is engaged in civil construction activities through mainly
three verticals, viz the roads and highways, the airports and
irrigation. Company constructs and widens roads, highways, builds
runways and hangars for airports and is also into construction of
dams, canals, jack wells etc in irrigation projects.  The
company's clients include NHAI, AAI, Military Engineering
Services, VIDC, State government Public Works Department.

DPJ reported a profit after tax (PAT) of INR20.5 million on net
sales of INR904 million for 2009 - 10 (refers to financial year,
April 1 to March 31), against a PAT of INR14.6 million on net
sales of INR451 million for 2008 - 09.


DHENU HYDRO: CRISIL Assigns 'B' Rating to INR50 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Dhenu Hydro Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.00 Million Cash Credit      B/Stable (Assigned)
   INR75.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect uncertainty in execution of DHPL's ongoing
contracts with IVRCL Ltd and Gammon India Ltd because of delay in
approvals by the Andhra Pradesh government, below-average
financial risk profile marked by a small net worth, and
susceptibility to hydropower project implementation risks.  These
rating weaknesses are partially offset by the extensive experience
of DHPL's promoters in the construction of irrigation structures.

Outlook: Stable

CRISIL believes that DHPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term.  The outlook may be revised to 'Positive' if DHPL reports
higher-than-expected cash flows, most likely because of speedy
execution of orders or earlier-than-expected commercialization of
its hydropower plant.  Conversely, the outlook may be revised to
'Negative' if there is a significant delay in the completion of
ongoing contracts and receivables from customers, or in case of
delay in receipt of approval from the irrigation department for
the hydropower plant, resulting in a delay in project
commercialization or if DHPL undertakes a larger-than-expected
capital expenditure programme resulting in further deterioration
in its financial risk profile.

                          About Dhenu Hydro

DHPL was incorporated in 2000 for generating hydropower in Andhra
Pradesh (AP), at a total project cost of about INR400 million.
Promoted by Mr. Yella Reddy and his family, the project is
awaiting approval from the AP government and is expected to
commence operations in 2013-14 (refers to financial year, April 1
to March 31).  Owing to initial delay in receipt of approval for
the hydropower project, DHPL undertook sub-contract work from
IVRCL for constructing canals and reservoirs in the Kadapa region
(AP) in 2010-11. The execution of the contract is currently on
hold because of the pending land acquisition by the AP government.

In 2010-11, DHPL acquired Rahul Constructions, a proprietorship
firm owned by Mrs. Yella Reddy.  The firm primarily undertook sub-
contracts for constructing canals and reservoirs in AP.  In
2006-07, RC signed a joint venture with Easwari Construction
Company (ECC), an entity owned by Mr. Yella Reddy's friend,
Mr. Ravindranath Reddy.  Named RC-ECC-JV, the joint venture was
set up to implement a sub-contract from Gammon India for
constructing a reservoir on a 33:67 revenue sharing basis.  The
execution of the contract is presently on hold because of pending
clearance of dues by the AP government.

DHPL reported a profit after tax (PAT) of INR1 million on net
sales of INR21 million for 2009-10, as against a PAT of INR4
million on net sales of INR14 million for 2008-09.


H R POLYCOATS: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of H R Polycoats.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      BB-/Stable (Assigned)
   INR54.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect HRP's average financial risk profile, marked
by small net worth and modest debt protection metrics, and
susceptibility to volatility in commodity prices and foreign
exchange rates.  These rating weaknesses are partially offset by
HRP's comfortable gearing and stable business risk profile, marked
by moderate growth.

Outlook: Stable

CRISIL believes that HRP will continue to benefit from its
satisfactory growth prospects and modest gearing, over the medium
term.  The outlook may be revised to 'Positive' if the firm
achieves greater-than-expected revenue growth, and improves its
profitability significantly while maintaining its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if any large debt-funded capital expenditure or stretched working
capital requirements lead to material deterioration of HRP's debt
protection metrics or its capital structure.

                        About H R Polycoats

Set up in 2004, HRP is a partnership firm. HRP manufactures
artificial leather or leatherette, a substitute fabric for leather
in shoes, upholstery, and clothing.  HRP's artificial leather
manufacturing unit in Bahadurgarh (Haryana) has an installed
capacity of 700,000 meters per month.

HRP reported a profit after tax (PAT) of INR1.1 million on net
sales of INR277.3 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR0.5 million on net
sales of INR152.1 million for 2008-09.


KAPLIN ENTERPRISES: CRISIL Reaffirms 'BB-' Rating on INR97MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaplin Enterprises Pvt
Ltd continue to reflect Kaplin's large working capital
requirements, small scale of operations, and weak financial risk
profile marked by a high gearing, a small net worth, and weak debt
protection metrics.  These rating weaknesses are partially offset
by the benefits that Kaplin derives from its promoter's experience
in the pharmaceuticals industry, and its established relationships
with its customers.

   Facilities                      Ratings
   ----------                      -------
   INR97.00 Million Cash Credit    BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kaplin's financial risk profile will remain
weak over the medium term, because of large working capital
requirements and a small net worth.  The outlook may be revised to
'Positive' if there is substantial improvement in Kaplin's capital
structure, most likely because of fresh equity infusion, or
improvement in accruals.  Conversely, further deterioration in
capital structure or pressures on profitability may drive a
revision in outlook to 'Negative'.

Update

Kaplin's operating income is expected to register healthy growth
in 2010-11 (refers to financial year, April 1 to March 31).  The
company is expected to register over 25% year-on-year growth in
revenues over 2009-10, in line with CRISIL's expectations.
Kaplin's operating margin, though modest, is expected to remain
stable at 4 to 5%, with the company's ability to pass on any
volatility in prices to its customers.  Also, Kaplin's capital
structure remains aggressive, with a gearing of over 3 times,
because of large, incremental working capital requirements funded
mainly through short-term debt.  The company's debt protection
metrics are also expected to remain weak because of the large
quantum of debt contracted to fund the company's incremental
working capital requirements.

                       About Kaplin Enterprises

Set up in 1984 as a proprietorship firm by Mr. Pradeep Thakur,
Kaplin was incorporated as a private company in September 2009.
The company initially operated as a chemist named Amit Medicos, at
Anand Parbat in New Delhi.  The company later started supplying
medicines and healthcare equipment to various institutions
including private hospitals, government hospitals, nursing homes,
clinics, and dispensaries, besides practicing doctors.  It has
also opened three extension counters at different hospitals.  The
company's operations are managed by Mr. Pradeep Thakur, Mr. Mohan
Thakur, Mr. Narender Arora, and Mr. Suresh Bajaj.

Kaplin reported a profit after tax (PAT) of INR4.30 million on an
operating income of INR393 million for 2009-10, against a PAT of
INR2.90 million on an operating income of INR243 million for
2008-09.


ROYAL REGENCY: CRISIL Upgrades Rating on INR20-Mil. Loan to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Royal Regency Fassions Pvt Ltd to 'BB/Stable' from 'BB-/Stable',
while reaffirming its rating on the short-term bank facility at
'P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR150.00 Million Cash Credit    BB/Stable (Upgraded from
                                              'BB-/Stable')

   INR20.00 Million Term Loan       BB/Stable (Upgraded from
                                              'BB-/Stable')

   INR250.00 Million Proposed LT    BB/Stable (Upgraded from
              Bank Loan Facility              'BB-/Stable')

   INR15.00 Mil. Letter of Credit   P4+ (Reaffirmed)

   INR65.00 Million Proposed ST     P4+ (Reaffirmed)
             Bank Loan Facility

The upgrade factors in Royal Regency's expected better-than-
projected performance for 2010-11 (refers to financial year,
April 1 to March 31), supported by the ramp-up in sales at the
retail outlets and the healthy growth in sales in the wholesale
business.  The company is expected to register over 50% year-on-
year growth in revenues over 2009-10, higher than projected
earlier. Royal Regency's operating margin, though modest, is
expected to remain stable at 5.5 to 6.0%, with the company's
ability to pass on any volatility in prices to its customers.
Also, the company's capital structure, however, continues to
remain aggressive with a gearing of over 2 times because of
capital expenditure (capex) and working capital funding
requirement for new stores; the same has been supported by equity
infusion by promoters.  The rating upgrade also factors in
CRISIL's belief that Royal Regency will sustain its topline growth
and maintain its profitability on the back of ramp-up in revenues
in the retail stores and the steady demand, over the medium term.

The ratings also factors in Royal Regency's large working capital
requirements, weak financial risk profile marked by a high
gearing, a small net worth, and weak debt protection metrics, and
small scale of operations.  These rating weaknesses are partially
offset by Royal Regency's healthy sales growth rate.

Outlook: Stable

CRISIL believes that Royal Regency's financial risk profile will
remain weak over the medium term, because of large working capital
requirements, large, debt-funded capex, and small net worth.  The
outlook may be revised to 'Positive' if there is substantial
improvement in the company's capital structure, most likely
through fresh equity infusions.  Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in Royal
Regency's capital structure or pressures on its profitability.

                        About Royal Regency

Set up in 2004 as a proprietorship firm by Mr. Mohan Thakur, Royal
Regency was reconstituted as a private company in 2007.  It
started with retailing of ready-made garments (RMG) under
Sportking brand at its showroom in New Delhi and wholesaling of
various textile items including fabric, sarees, and RMG.  In 2007,
Royal Regency also ventured into retailing of women's ethnic wear,
and suits, through its exclusive showrooms under the brand name,
Rudrakshi.  The company's operations are managed by Mr. Mohan
Thakur along with his brother, Mr. Pradeep Thakur, and two of
Mr. Pradeep's brothers-in-law, Mr. Narender Arora and Mr. Suresh
Bajaj.  Presently the company has three main business segments:
wholesaling of textile items (around 50% of its total sales),
retailing of women's ethnic wears (Rudrakshi, around 35%), and
retailing of RMG (Sportking, 15%).

Royal Regency reported a profit after tax (PAT) of INR6 million on
operating income of INR503 million for 2009-10, against a PAT of
INR3 million on operating income of INR331 million for 2008-09.


SIOMOND PHARMACEUTICALS: CRISIL Reaffirms 'BB-' Cash Credit Rating
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Siomond Pharmaceuticals
Pvt Ltd continue to reflect Siomond's large working capital
requirements, small scale of operations, and weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics.  These rating weaknesses are partially offset
by the benefits that Siomond derives from its promoters'
experience in the pharmaceuticals industry and its established
relationships with customers.

   Facilities                          Ratings
   ----------                          -------
   INR120.00 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR50.00 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Siomond's financial risk profile will remain
weak over the medium term because of its large working capital
requirements and small net worth.  The outlook may be revised to
'Positive' if there is significant improvement in Siomond's
capital structure, most likely through fresh equity infusion by
promoters or increase in cash accruals.  Conversely, further
deterioration in the company's capital structure or pressures on
its profitability may result in a revision in the outlook to
'Negative'.

Update

Siomond's operating income is expected to increase at a
comfortable rate in 2010-11 (refers to financial year, April 1 to
March 31) over previous year's level.  The company's revenues are
expected increase by 35% year-on-year (y-o-y) in 2010-11.
Siomond's operating margin, though modest, is expected to remain
stable at 5.5 to 6.0%, with the company's ability to pass on any
increase in raw material prices to its customers. Siomond reported
a profit after tax (PAT) of INR5.9 million on an operating income
of INR672.0 million for 2009-10, against a PAT of INR3.1 million
on an operating income of INR477.0 million for 2008-09.  Also, the
company's capital structure remains aggressive, with gearing of
over 2 times due to large incremental working capital
requirements, funded mainly through short-term debt.  The debt
protection metrics are also expected to remain weak, because of
sizeable debt contracted to fund incremental working capital
requirements.

                    About Siomond Pharmaceuticals

Set up in 1999 as a proprietorship concern by Narendra Arora,
Siomond was incorporated as a company in 2004. It markets various
generic drugs in the form of tablets, capsules, injectables, and
syrups.  The company markets 92 brands under five main therapeutic
segments, namely gynaecology (contributing around 25% of its total
revenues), orthopaedic (around 25%), anti-biotic (around 20%),
gastro oncology (around 15%) and anti-diabetic (around 15%).
Siomond also markets a few over-the-counter products such as I-Jal
(eye drops). The company's operations are managed by Mr. Pradeep
Thakur, Mr. Mohan Thakur, Mr. Narender Arora, and Mr. Suresh
Bajaj.

Siomond reported a profit after tax (PAT) of INR5.9 million on
operating income of INR672 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR3.1
million on operating income of INR477 million for 2008-09.


SRI BALMUKUND: CRISIL Reaffirms 'BB+' Rating on INR37MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balmukund Polyplast
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
   ----------                        -------
   INR180 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR27 Million Standby Line of     BB+/Stable (Reaffirmed)
                          credit
   INR37 Million Long-Term Loan      BB+/Stable (Reaffirmed)
   INR8.7 Million Letter of Credit   BB+/Stable (Reaffirmed)
   INR20 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBP, Joharilal Agarwala Sales Pvt Ltd,
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

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

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 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 reported a profit after tax (PAT) of INR7.6 million on net
sales of INR1.9 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.5 million on net
sales of INR686 million for 2008-09.


VISAKHA TRADES: Fitch Rates INR107.95MM LT Loans at 'B+(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's Visakha Trades a National Long-
Term rating of 'B+(ind)'.  The Outlook is Stable.  The agency has
also assigned these ratings to VT's bank facilities:

   -- INR30m fund-based limits: 'B+(ind)'/'F4(ind)';

   -- INR15m non-fund based limits: 'F4(ind)'; and

   -- INR107.95m long-term loans: 'B+(ind)'.

The ratings reflect VT's small size of business, robust order book
position (INR36.5 million, c.24% of FY11 sales), and its
relatively moderate leverage (total adjusted debt/EBITDA) of 4.7x
in FY11.  The ratings also reflect the company's nature of
business, which exposes it to volatility in raw material prices,
and limited market.

Positive rating guidelines include a sustained improvement in VT's
adjusted net debt/EBITDA to below 3.5x.  Negative rating
guidelines include a sustained deterioration in its adjusted net
debt/EBITDA to above 6x.  Also, a loss of the Indian Navy
Headquarter recognition would impair the company's ability to
secure further naval contracts and could impact its ratings
negatively.

Established in 1991, Visakha Trades is a sole proprietor concern
headed by CMD, Mr. KVBN Murthy.  The company is involved in the
refurbishment of the habitability area of naval ships, as well as
in the building and selling of porta cabins.  For FY10, VT
reported an operating income of INR105.7 million (FY09: INR87.7
million), operating EBITDA of INR10.3 million (FY09: INR12.9
million), interest coverage of 9.9x (FY09: 20.6x) and leverage of
0.7x (FY09: 0.1x).  For FY11, VT expects to generate revenues of
INR151.5 million and EBITDA of INR20.9 million.  Its promoter has
recently formed a joint stock company "Visakha Trades Marine
Modular Private Limited", and is transferring all its assets and
liabilities to the new company.


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


L-JAC 7: S&P Affirms Ratings on 14 Classes of Notes at 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on classes A to C, D-1, E-1, F-1
of trust certificates and a trust loan issued in March 2008 under
the L-JAC 7 Trust Beneficial Interest and Trust Loan (L-JAC 7)
transaction.  At the same time, Standard & Poor's affirmed its
ratings on the other 14 classes of trust certificates and the
interest-only class X trust certificates issued under the same
transaction.  "We had lowered the ratings on classes H-1, I-1,
J-1, and K-1 trust certificates to 'D (sf)' on July 26, 2010," S&P
noted.

The CreditWatch placements (six classes of trust certificates and
the trust loan) are based on these factors:

    * "In light of the progress in the sale of the collateral
      properties backing the three defaulted loans (originally
      representing about 44 % of the initial issuance amount of
      the trust certificates), which is now underway based on the
      servicer's business plan, we see growing uncertainties over
      the recovery prospects of these loans," S&P stated.

    * "We hold the view that uncertainty is also mounting over the
      recovery prospects of two other underlying loans
      (representing about 30 % of the transaction's initial issue
      amount) that are due to mature in and after September 2011,"
      S&P noted.

Standard & Poor's intends to review its ratings on the relevant
tranches after assessing the prospect for recovery from the
underlying properties backing the five loans.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction initially secured by four specified bonds and
four nonrecourse loans that were originally extended to eight
obligors.  The specified bonds and nonrecourse loans were
originally backed by 16 real estate properties and real estate
beneficial interests.  The transaction was arranged by Lehman
Brothers Japan Inc., and Premier Asset Management Co. is the
servicer for the transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in 2014 for the class A trust certificates and
the trust loan, the full payment of interest and ultimate
repayment of principal by the legal final maturity date
for the class B to K-1 certificates, and the timely payment of
available interest for the class X certificates.

Ratings Placed on CreditWatch Negative

L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion Trust certificates due October 2014
Class       To                   From       Initial amount  Coupon
A           AA (sf)/Watch Neg    AA (sf)    JPY11.75 bil.
Floating
Trust Loan  AA (sf)/Watch Neg    AA (sf)    JPY8.50 bil.
Floating
B           BBB+ (sf)/Watch Neg  BBB+ (sf)  JPY3.15 bil.
Floating
C           B+ (sf)/Watch Neg    B+ (sf)    JPY3.14 bil.
Floating
D-1         BB- (sf)/Watch Neg   BB- (sf)   JPY1.88 bil.
Floating
E-1         B+ (sf)/Watch Neg    B+ (sf)    JPY0.61 bil.
Floating
F-1         B (sf)/Watch Neg     B (sf)     JPY0.80 bil.
Floating

Ratings Affirmed
Class    Rating      Initial issue amount      Coupon type
D-2      CCC (sf)    JPY1.10 bil.              Floating rate
D-3      CCC (sf)    JPY0.60 bil.              Floating rate
E-2      CCC (sf)    JPY0.56 bil.              Floating rate
E-3      CCC (sf)    JPY0.27 bil.              Floating rate
F-2      CCC (sf)    JPY0.49 bil.              Floating rate
F-3      CCC (sf)    JPY0.26 bil.              Floating rate
G-1      CCC (sf)    JPY0.71 bil.              Floating rate
G-2      CCC (sf)    JPY0.48 bil.              Floating rate
G-3      CCC (sf)    JPY0.26 bil.              Floating rate
H-2      CCC (sf)    JPY0.64 bil.              Floating rate
H-3      CCC (sf)    JPY0.30 bil.              Floating rate
I-2      CCC (sf)    JPY0.62 bil.              Floating rate
I-3      CCC (sf)    JPY0.33 bil.              Floating rate
J-2      CCC (sf)    JPY0.53 bil.              Floating rate
X        AAA (sf)    JPY38.96 bil.*

*Initial notional principal


L-JAC FIVE: S&P Affirms Ratings on 12 Classes of Notes to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
A and B issued under the L-JAC Five Trust Beneficial Interest (L-
JAC Five) transaction and kept them on CreditWatch with negative
implications, where they were placed on Feb. 4, 2011.  "At the
same time, we placed the rating on class D-3 on CreditWatch
negative and affirmed the ratings on classes C to D-2 and E-1 to
J-1. On Aug. 17, 2010, we withdrew the rating on the interest-only
class X based on the revised criteria for rating interest-only
securities issued on April 15, 2010," S&P noted.

Of the effectively 13 loans that initially backed the trust
certificates, two loans have been repaid, and 10 of the 11
remaining loans have defaulted.

"So far, we have lowered our assumption with regard to the likely
collection amount from the properties backing the transaction's
remaining loans as required, and have reviewed our ratings on the
trust certificates accordingly," S&P said.

"On Feb. 4, 2011, we placed our ratings on classes A and B on
CreditWatch with negative implications. because: (1) We saw
uncertainty with regard to the recovery prospects of the
properties backing three underlying loans, which had defaulted;
and (2) we believed that uncertainty was clouding the recovery
prospects of the property backing another underlying loan that was
to mature in April 2011," noted S&P.

The rating actions on classes A and B are based on these factors:

    * "We have lowered our assumption with respect to the likely
      collection amount from the properties backing two of the
      three defaulted loans (the two loans originally represented
      about 20% of the initial issuance amount of the trust
      certificates)--mentioned above under (1)--from our revised
      estimate as of August 2010 after considering a number of
      factors, including the progress of collection procedures as
      well as the situation regarding real estate deals involving
      similar asset types. We currently estimate the combined
      value of the properties to be about 41% of our initial
      underwriting value. Meanwhile, we have maintained our
      revised assumption as of August 2010 with respect to the
      likely collection amount from the property backing the other
      of the three defaulted loans, because the estimate of the
      property value shown in the property liquidation plan
      provided by the servicer is in line with the assumption that
      we made at that time," S&P related.

    * "We have lowered our assumption with regard to the likely
      collection amount from the property backing another
      underlying loan (the loan originally represented about 5% of
      the total initial issuance amount of the trust
      certificates) that in fact matured and defaulted in April
      2011. We currently estimate the value of the property to be
      about 62% of our initial underwriting value," S&P noted.

The Great East Japan Earthquake and ensuing tsunami that struck on
March 11, 2011, caused damage to some of the collateral properties
backing the underlying loans of this transaction. Indeed,
operations have even stopped at some of the properties.  "We
maintained the ratings on classes A and B on CreditWatch negative
and placed the rating on class D-3 on CreditWatch negative because
we may need to lower our assumptions again with respect to the
likely collection amounts from the underlying properties of this
transaction, given the extent of the damage," S&P related.

"We intend to review our ratings on the classes that we kept or
placed on CreditWatch negative after ascertaining the full extent
of the damage caused by the earthquake and tsunami," according to
S&P.

L-JAC Five is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  The trust certificates were
originally backed by 13 loans (effectively 13 loans), and the
loans were originally backed by 81 real estate properties and real
estate beneficial interests.  Premier Asset Management Co. acts as
the servicer for this transaction.  Standard & Poor's ratings
address the full payment of interest and the ultimate payment of
principal on the class A to J-1 trust certificates by the
transaction's legal final maturity date in August 2015.

Ratings Lowered and Kept on CreditWatch Negative

L-JAC Five Trust Beneficial Interest
JPY63.63 billion Floating-rate trust certificates due August 2015

Class  To                  From               Initial amount
Coupon
A      BBB (sf)/Watch Neg  A- (sf)/Watch Neg  JPY41.5 bil.
Floating
B      B (sf)/Watch Neg    B+ (sf)/Watch Neg  JPY7.2 bil.
Floating

Rating Placed on CreditWatch Negative
Class  To                 From     Initial issue amount  Coupon
D-3    B- (sf)/Watch Neg  B- (sf)  JPY0.64 bil.          Floating

Ratings Affirmed
Class  Rating    Initial issue amount    Coupon type
C      CCC (sf)  JPY6.1 bil.             Floating rate
D-1    CCC (sf)  JPY1.7 bil.             Floating rate
D-2    CCC (sf)  JPY1.75 bil.            Floating rate
E-1    CCC (sf)  JPY0.5 bil.             Floating rate
E-2    CCC (sf)  JPY0.8 bil.             Floating rate
F-1    CCC (sf)  JPY0.5 bil.             Floating rate
F-2    CCC (sf)  JPY0.58 bil.            Floating rate
G-1    CCC (sf)  JPY0.5 bil.             Floating rate
G-2    CCC (sf)  JPY0.4 bil.             Floating rate
H-1    CCC (sf)  JPY0.53 bil.            Floating rate
I-1    CCC (sf)  JPY0.56 bil.            Floating rate
J-1    CCC (sf)  JPY0.37 bil.            Floating rate


MAZDA MOTOR: Incurs JPY60.04 Billion Net Loss in Fiscal 2010
------------------------------------------------------------
Kyodo News reports that Mazda Motor Corp. incurred a consolidated
net loss of JPY60.04 billion in fiscal 2010 ended last month due
to damage from the March 11, 2011, earthquake and tsunami and
other factors.

Kyodo relates the automaker said the net loss was much larger than
JPY6.48 billion in group net loss logged the previous year.
However, Mazda's group operating profit jumped 152% from the
previous year to JPY23.84 billion on sales of JPY2.33 trillion, up
7.5%, Kyodo relates.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.


SHIZUOKA BANK: S&P Affirms 'B+' Fundamental Strength Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlooks to
negative from stable on its long-term counterparty ratings on
Shizuoka Bank Ltd. and Seven Bank Ltd., following the revision of
the outlook on the 'AA-' long-term sovereign rating on Japan. "At
the same time, we affirmed our long- and short- term counterparty
ratings, our bank fundamental strength ratings, and long-term
senior unsecured debt ratings on Shizuoka Bank and Seven Bank.
Meanwhile, Standard & Poor's affirmed its 'AA-' long-term
counterparty rating and the stable outlook on JPMorgan Securities
Ltd., based on our view that the company's debt servicing is
unlikely to be directly restricted by the sovereign risk at this
point. We also affirmed our short-term counterparty rating on the
company at 'A-1+'," S&P related.

Standard & Poor's holds the view that, in general, banking is more
likely than any other industry to be directly or indirectly
affected by any sovereign default or other such crisis. This
vulnerability is due to the extremely high leverage of banks
compared to corporates, the volatile valuation of their assets and
liabilities in a crisis, and their typically large direct exposure
to their sovereigns. In addition, banks are faced with a risk that
their debt servicing may be directly restricted, as they are
subject to deposit freezes, debt payment moratoriums, and exchange
controls. "For these reasons, we believe that bank ratings should
not exceed those of their sovereigns, with few exceptions, such as
ratings on banks with highly diversified assets and/or revenue
sources internationally," S&P said.

The outlook revision on Shizuoka Bank reflects that the stand-
alone credit profile, which does not account for extraordinary
support from the government, of the bank may be negatively
affected by a deterioration in Japan's sovereign risk profile. The
long-term counterparty rating on the bank is currently equal to
the stand-alone credit profile of the bank and does not
incorporate government support uplift.

The outlook revision on Seven Bank reflects the possibility that
extraordinary group support from its parent Seven & I Holdings Co.
Ltd. (AA-/Stable/--) will be negatively affected by the
deterioration in Japan's sovereign risk profile.  Standard &
Poor's considers Seven Bank as the core subsidiary of the Seven &
I group. As such, the long-term counterparty rating on the bank is
higher than its stand-alone credit profile, reflecting potential
extraordinary support from the parent group. "Nevertheless, we
take the view that the long-term counterparty ratings on the bank
will not exceed the long-term sovereign rating on Japan, in light
of the size of exposure to the sovereign as well as the regulatory
and supervision authority that the sovereign has over the bank,"
according to S&P.

The current stand-alone credit profile and the rating on Shizuoka
Bank mainly reflect the bank's strong capitalization in terms of
both quality and quantity, good asset quality backed by its track
record in managing credit costs, and extremely solid business
franchise and high liquidity in its home market in Shizuoka
Prefecture. On the other hand, Standard & Poor's considers that
the bank's profitability is relatively weak for the current
ratings. "Standard & Poor's may lower its stand-alone credit
profile and its ratings on Shizuoka Bank if we see increased risks
in relation to the bank's profitability and capitalization. In
addition, if the sovereign rating on Japan is lowered, the rating
and stand-alone profile on the bank are likely to be lowered to
the same level as that on the sovereign," S&P added.

The ratings on Seven Bank may be lowered if either of this occurs:

    * The stand-alone credit profile of the bank is lowered as a
      result of deterioration in the bank's profitability,
      capitalization, or liquidity;

    * Standard & Poor's determines that the probability of the
      group's providing extraordinary support to the bank
      diminishes, due to a decline in its positions within the
      group; or

    * The long-term sovereign rating on Japan is lowered.

Conversely, the likelihood of upward revisions of the outlooks on
these two banks is constrained as long as the sovereign rating and
the outlook on Japan remains at the current levels.

"We affirmed our ratings and outlook on JPMorgan Securities.  The
company is the Japanese securities subsidiary of JP Morgan Chase
Bank N.A. (AA-/Stable/A-1+) and the current ratings on the company
are higher than the stand-alone credit profile, reflecting
potential extraordinary support from the JP Morgan group.
However, the company's debt servicing is unlikely to be directly
restricted by the sovereign risk at this point, given that
securities firms are less likely to be intervened in by the
government in the form of deposit freezes, debt payment
moratoriums, and exchange controls.

Ratings Affirmed, Outlook Revised

                        To                   From
Shizuoka Bank Ltd.
Counterparty Rating     AA-/Negative/A-1+    AA-/Stable/A-1+
Bank Fundamental Strength Rating
                        B+                   B+

Seven Bank Ltd.
Counterparty Rating     AA-/Negative/--      AA-/Stable/--
Bank Fundamental Strength Rating
                        B                    B

Ratings Affirmed
JPMorgan Securities Ltd.
Counterparty Rating     AA-/Stable/A-1+


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


SAMHO: Applies for Receivership, Owes US$60 Million
---------------------------------------------------
Tanker Operator reports that shipping sources said Samho was
believed to have applied for receivership on April 25.

The company reportedly had debts amounting to more than US$60
million last year and whose vessels had been the victim of at
least two pirate attacks, according to Tanker Operator.

One attack, the report notes on the VLCC 'Samho Dream', resulted
in a ransom of about US$9.5 million being paid to release the
vessel.

Samho is a South Korean tanker owner.


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


ALLIED FARMERS: Managing Director Steps Down from Allied Board
--------------------------------------------------------------
BusinessDesk reports that Allied Farmers managing director Rob
Alloway has resigned the board and will stay on with the company
as chief executive until his contract expires.

BusinessDesk says the company faces an uphill battle to action a
portfolio of under-performing loans and meet looming calls on its
own capital.

According to the report, Mr. Alloway had crossed swords with
Hanover Finance director Mark Hotchin and the two companies are in
dispute over a deal that has wiped out hundreds of millions of
dollars of supposed value in property development loans.

He stayed on longer than initially intended as the deal went sour,
BusinessDesk says.  Mr. Alloway, according to the report, leaves
all his directorships of the group effective immediately.

BusinessDesk relates that the company said in an unsigned
statement to the NZX that it acknowledged "the extensive
contribution Mr. Alloway has made as a director during a
challenging time for the company."

On April 11, the company said it isn't realizing assets fast
enough to be confident it can meet an NZ$8.9 million loan facility
repayment due by July 1.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2011, The New Zealand Herald said Allied Farmers, the
finance company hobbled by the collapse in value of its loan book,
may not be able to repay NZ$7.5 million owed to its failed Allied
Nationwide Finance unit when it comes due on July 1.   The NZ
Herald related that Mr. Alloway is seeking talks with the
receivers of ANF about the potential default, which would be the
third of such event.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


SOUTH CANTERBURY: Receivers Collect NZ$299 Million
--------------------------------------------------
Business Day reports that receivers of South Canterbury Finance
Limited have collected NZ$299 million of the company's loans and
interest payments in the six months since it was placed in
receivership.

The figure was revealed in the receivers' sixth monthly report
released that covers the period from August 31, 2010, to February
28, 2011, according to Business Day.

The report discloses that collections have been from scheduled
principal and interest installments, early repayments and
settlements negotiated by the company's Asset Management Unit that
looks after the companies' bad loans.  Thirteen subsidiary
companies within the SCF group are included in the report.

Business Day says the receivers have collected NZ$238.7 million in
loan book repayments, interest of NZ$926,273, intercompany loans
of NZ$59 million, and bad debts of NZ$66,112.  Business Day
relates that the report showed the receivers had repaid a NZ$175
million loan from the Crown, NZ$5.51 million to Inland Revenue,
and just over NZ$900,000 to employees.

A further NZ$118,200 was owned to IRD and that was expected to be
paid in full by May 31, the report notes.

"At this stage in the receivership we do not expect there will be
any surplus funds available from the realization of assets under
the Receivers' control to meet the claims of unsecured creditors,"
Business Day quotes the receivers as saying.

Business Day recall that when the receivers were appointed on
August 31 they said there were 16 parties that had registered
financing statements against the company a search of the Personal
Property Securities Register had shown.

An updated search in early April revealed that six of those
parties have discharged their financing statements.
Receivers' fees had amounted to NZ$3.73 million and legal fees
NZ$1.92 million, the report relates.

The balance with receivers was NZ$53 million at Feb. 28 of which
NZ$40 million was in term investments and NZ$12.83 million in
short term investments, the report adds.

                     About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


OMD HOLDINGS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 15, 2011, to
wind up the operations of OMD Holdings Pte Ltd.

The Comptroller of Income Tax filed the petition against the
company.

The company's liquidator is:

         Aw Eng Hai
         Foo Kon Tan Grant Thornton LLP
         47 Hill Street, #05-01
         Singapore Chinese Chamber Of Commerce & Industry Building
         Singapore 179365


PACIFIC SOURCE: Creditors' Proofs of Debt Due May 13
----------------------------------------------------
Creditors of Pacific Source Pte Ltd, which is in court winding up,
are required to file their proofs of debt by May 13, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

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


SINO-ENVIRONMENT TECHNOLOGY: Creditors' Proofs of Debt Due May 13
-----------------------------------------------------------------
Creditors of Sino-Environment Technology Group Limited, which is
under judicial management, are required to file their proofs of
debt by May 13, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Ee Meng Yen Angela
          c/o Ernst & Young LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


TRU-LINE BEAUTY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 15, 2011, to
wind up the operations of Tru-Line Beauty Consultants Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


UNITED BUILDING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 15, 2011, to
wind up the operations of United Building Materials Pte Ltd.

The Comptroller of Income Tax filed the petition against the
company.

The company's liquidator is:

         Aw Eng Hai
         Foo Kon Tan Grant Thornton LLP
         47 Hill Street, #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365

                             *********

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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