TCRAP_Public/110504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Wednesday, May 4, 2011, Vol. 14, No. 87

                            Headlines



A U S T R A L I A

OPES PRIME: Liquidators Seek to Recoup Millions from Executives


H O N G  K O N G

ALEPPO INTERNATIONAL: Members' Final Meeting Set for June 2
BETTER BUSINESS: Members' Final Meeting Set for May 23
CELLOPARK ASIA: Creditors' Proofs of Debt Due May 16
CHINA ENTERPRISE: Commences Wind-Up Proceedings
EVADA FOUNDATION: Creditors' Proofs of Debt Due May 31

EXCEL INTERNATIONAL: Sutton and Fok Step Down as Liquidators
EXTRAGAIN TRADING: Members' Final Meeting Set for May 27
GOLD HARVEST: Members' Final Meeting Set for May 30
GOLDEN DOLPHINS: Members' Final Meeting Set for May 30
GOLDEN UNIT: Placed Under Voluntary Wind-Up Proceedings

PEDDERSON INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
RAINBOW TRADE: Members' Final Meeting Set for May 30
SENNO COMPANY: Creditors' Proofs of Debt Due May 30
STD ELECTRIC: Creditors' Proofs of Debt Due May 31
STRATEGIC VALUE: Ying and Chan Step Down as Liquidators

TIME CIRCLE: Creditors' Proofs of Debt Due June 3
WEBER SHANDWICK: Members' Final General Meeting Set for May 30


I N D I A

ALBRIGHT & WILSON: ICRA Reaffirms 'LBB' Rating on INR20cr Limits
ASSOCIATED HOTELS: ICRA Assigns 'LB' Rating to INR13.76cr Loan
HARESH OVERSEAS: ICRA Assigns 'LBB+' Rating to INR2.5cr Bank Loan
KETAN PLASTIC: CRISIL Assigns 'LBB' Rating to INR8.25cr Term Loans
MAGNUM ESTATES: ICRA Reaffirms 'LBB' Rating to INR1.63cr Loan

MICA INDUSTRIES: ICRA Revises Rating on INR12.5cr Loan to 'LB-'
MEKKO STEEL: CRISIL Reaffirms 'D' Rating on INR96.4MM Term Loan
P.R. FASTENERS: ICRA Assigns 'LB+' Rating to INR2.58cr Term Loan
PREMIER MARINE: CRISIL Cuts Rating on INR7.9MM Term Loan to 'D'
PUJA ISPAT: ICRA Assigns 'LB+' Rating to INR7.5cr Bank Facilities

RITCO LOGISTICS: CRISIL Upgrades Rating on INR50MM Loan to 'BB+'
RIVAA EXPORTS: CRISIL Downgrades Rating on INR87.8MM Term Loan
SHARAVATHY CONDUCTORS: CRISIL Raises Rating on Term Loan to 'BB-'
SHIVPRIYA CABLES: ICRA Reaffirms 'LB+' Rating to INR10.23cr Loan
SHREE JEE: CRISIL Rates INR80.0 Million Cash Credit at 'B-'

SHREE MARUDHAR: CRISIL Rates INR100 Million Cash Credit at 'BB-'
SRI KARPAGAM: CRISIL Reaffirms 'BB+' Rating on INR40.3MM LT Loan
TRIDENT MINERALS: ICRA Assigns 'LBB+' Rating to INR25cr Facilities
VI MICRO: ICRA Assigns "LB-' Rating to INR12.59cr Term Loan
VINAYAK ENTERPRISES: CRISIL Cuts Rating on INR1 Mil. Loan to 'D'

VINAYAK WOOL: CRISIL Cuts Rating on INR77.5MM Cash Credit to 'D'


K O R E A

* SOUTH KOREA: Loan Delinquency Ratio Drops to 1.41% in March


M A L A Y S I A

NGIU KEE: Mohd Yusof Resigns as Chairman
SATANG HOLDINGS: Kaypi Tech Serves Writ of Summons Against Unit
TRANSMILE GROUP: Unit Gets Writ of Summons and Statement of Claims


N E W  Z E A L A N D

DESIGNLINE INTERNATIONAL: Liquidation Hearing Adjourned to May 31
GFNZ GROUP: S&P Raises Counterparty Credit Rating to 'CCC-'
PIKE RIVER: Receivers Expect to Select Buyer by August


S I N G A P O R E

MITSUI OIL ASIA: Completes Liquidation Process


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


OPES PRIME: Liquidators Seek to Recoup Millions from Executives
---------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that John Lindholm
and Peter McCluskey of Ferrier Hodgson are attempting to claw back
millions of dollars paid out to Opes Prime directors and
executives in the months leading up to the broker and stock
lender's collapse.

According to the report, the liquidators are seeking almost
AU$5 million from two companies in which Opes Prime directors
invested.

In addition, SMH relates, the liquidators have taken Supreme Court
action for about AU$117,000 from Sefe Emini, believed to be a
cousin of Opes Prime chief executive Laurie Emini, and more than
AU$100,000 from company executives including chief operating
officer Dean Boyle.

SMH, citing court documents, says Ferrier Hodgson alleges that
Mr. Emini and the executives removed money from their accounts at
Opes Prime less than six months before the group collapsed in
March 2008.

In separate Supreme Court proceedings, SMH reports, Ferrier
Hodgson is also attempting to recover money paid to Opes Prime
executives.

SMH notes that the liquidators are seeking about AU$8,400 from
Dean Boyle, about AU$68,000 from Gwen Hanniker, former operations
manager of online broking division Trader Dealer, and more than
AU$27,000 from former business analyst Shane Murray and his
family.

While those cases are set to return to court for a directions
hearing on June 17, action against Sefe Emini have stalled because
Ferrier Hodgson's lawyers, Mallesons Stephen Jacques, have been
unable to serve him with court papers, according to SMH.

                          About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AU$1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


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


ALEPPO INTERNATIONAL: Members' Final Meeting Set for June 2
-----------------------------------------------------------
Members of Aleppo International Company Limited will hold their
final meeting on June 2, 2011, at 11:00 a.m., at Unit 408, Harbour
Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon, in
Hong Kong.

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


BETTER BUSINESS: Members' Final Meeting Set for May 23
------------------------------------------------------
Members of Better Business International Hong Kong Limited will
hold their final meeting on May 23, 2011, at 9:30 a.m., at
Room 602, The Boy's and Girl's Clubs Association of Hong Kong,
3 Lockhart Road, Wan Chai, in Hong Kong.

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


CELLOPARK ASIA: Creditors' Proofs of Debt Due May 16
----------------------------------------------------
Creditors of Cellopark Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 16, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Cosimo Borrelli
         Yuen Lai Yee
         Level 17, Tower I
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CHINA ENTERPRISE: Commences Wind-Up Proceedings
-----------------------------------------------
Sole Member of China Enterprise Communications (Hong Kong)
Corporation Limited, on April 21, 2011, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Lung Shun Vincent
         Room 2302, 23/F
         Chung Kiu Commercial Building
         47-51 Shantung Street
         Mongkok, Kowloon


EVADA FOUNDATION: Creditors' Proofs of Debt Due May 31
------------------------------------------------------
Creditors of The Evada Foundation Limited, which is in members'
voluntary liquidation are required to file their proofs of debt by
May 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 18, 2011.

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


EXCEL INTERNATIONAL: Sutton and Fok Step Down as Liquidators
------------------------------------------------------------
Roderick John Sutton and Fok Hei Yu stepped down as liquidators of
Excel International Development Limited on April 20, 2011.


EXTRAGAIN TRADING: Members' Final Meeting Set for May 27
--------------------------------------------------------
Members of Extragain Trading Limited will hold their final general
meeting on May 27, 2011, at 10:00 a.m., at Room 603, Alliance
Building, 130-136 Connaught Road Central, in Hong Kong.

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


GOLD HARVEST: Members' Final Meeting Set for May 30
---------------------------------------------------
Members of Gold Harvest Limited will hold their final general
meeting on May 30, 2011, at 10:00 a.m., at Room 602, 447 Lockhart
Road, in Hong Kong.

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


GOLDEN DOLPHINS: Members' Final Meeting Set for May 30
------------------------------------------------------
Members of Golden Dolphins Enterprises Limited will hold their
final general meeting on May 30, 2011, at 10:30 a.m., at Room
3206, 32/F., Lippo Centre, Tower Two, 89 Queensway, in Hong Kong.

At the meeting, Hugo Stefan August Cox, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOLDEN UNIT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on April 15, 2011,
creditors of Golden Unit Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is Chim Fun Lung.


PEDDERSON INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on April 20, 2011,
creditors of Pedderson Investment Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Man Fai
         Flat A, 17/F
         36 Nassau Street
         Mei Foo Sun Chuen
         Lai Chi Kok
         Kowloon, Hong Kong


RAINBOW TRADE: Members' Final Meeting Set for May 30
----------------------------------------------------
Members of Rainbow Trade Company Limited will hold their final
general meeting on May 30, 2011, at 10:00 a.m., at 5/F., Dah Sing
Life Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


SENNO COMPANY: Creditors' Proofs of Debt Due May 30
---------------------------------------------------
Creditors of Senno Company Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 30,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 18, 2011.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


STD ELECTRIC: Creditors' Proofs of Debt Due May 31
--------------------------------------------------
Creditors of STD Electric (H.K.) Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 31, 2011, to be included in the company's dividend
distribution.

The company's liquidator is Toshimichi Takano.


STRATEGIC VALUE: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Strategic Value Partners Hong Kong Limited on April 19, 2011.


TIME CIRCLE: Creditors' Proofs of Debt Due June 3
-------------------------------------------------
Creditors of Time Circle International Co. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 3, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 18, 2011.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit F, 12/F
         Seabright Plaza, 9-23 Shell Street
         North Point, Hong Kong


WEBER SHANDWICK: Members' Final General Meeting Set for May 30
--------------------------------------------------------------
Members of Weber Shandwick Worldwide (Taiwan) Limited will hold
their final general meeting on May 30, 2011, at 10:00 a.m., at the
offices of FTI Consulting, 14th Floor, The Hong Kong Club
Building, 3A Chater Road Central, in Hong Kong.

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


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I N D I A
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ALBRIGHT & WILSON: ICRA Reaffirms 'LBB' Rating on INR20cr Limits
----------------------------------------------------------------
ICRA has reaffirmed long term rating of 'LBB' to the INR20 crores
fund-based limits of Albright & Wilson Chemicals India Limited.
ICRA has also reaffirmed 'A4' rating to the INR5 crores Non-Fund
based limits of AWCIL.  The outlook on the long term ratings is
stable.

The rating reaffirmation on a standalone basis takes into account
the company's high financial risk profile as reflected in the
continued losses and weak coverage indicators, high competitive
intensity in the industry as well as vulnerability of the
profitability to any adverse fluctuations in the cost of key raw
materials.  The company reported operating profits during CY'2010
as against the operating loss in the previous period, with
improvement in surfactant volumes as well as relatively better
margins from the traded sales.  The company however reported net
loss during CY'2010 with high interest & depreciation burden, and
with increased working capital requirements, the leveraging level
increased to 0.96 time as on December 2010.  ICRA notes that the
company's ability to improve further the operating utilization of
the expanded capacity, as well as to conclude the sale of land
available at Ambarnath unit (where the operations are
discontinued), so as to improve the financial performance, will be
critical from credit perspective.  The ratings however favorably
factor in the benefits to the company from its superior parentage,
reputed customer profile and favorable demand prospects for the
surfactants business.

                        About Albright & Wilson

Albright & Wilson Chemicals India Ltd was incorporated in 1965. It
became a subsidiary of Rhodia SA, France in 2000, as part of a
global acquisition of Albright and Wilson Plc, UK by Rhodia SA,
France.  The company initially was into manufacturing of Sodium
Tripolyphosphate (STPP) used as raw material for the production of
home and personal care items like shampoos, detergents,
toothpastes, etc.  The company subsequently diversified its
chemical intermediates portfolio by starting manufacturing of
Linear Alkyl Benzene Sulphonic Acid (LABSA) and Surfactants which
also had similar end use. In 2008, the company discontinued the
STPP operations due to its unviable nature as a result of
competition from the cheap imports, and also in line with the
promoters' exit from the business worldwide.  The company
subsequently has shifted its focus to production of Surfactants.
The company has increased its surfactant capacity from 10,000 TPA
to 24,500 TPA at Roha, in Maharashtra, which is operational from
June 2009.  The surfactants manufactured by the company are mainly
of a) Lauryl Alcohol based products (Sodium Lauryl Sulphate - SLS
and Sodium Lauryl Ethoxy Sulphate-SLES) b) Alpha Olefin based
products (Alpha Olefin Sulphate - AOS) and c) LABSA.

During CY 2010, AWCIL recorded operating income of INR163 Cr. and
loss of 3.7 Cr., as against that of INR97 Cr. and 20.6 Cr.
respectively in the previous corresponding period.


ASSOCIATED HOTELS: ICRA Assigns 'LB' Rating to INR13.76cr Loan
--------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR13.76 crore long-term
loans and INR1.00 crore fund based limits of Associated Hotels
Private Limited.  ICRA has also assigned an 'A4' rating to the
INR1.00 crore short-term non-fund based bank facilities of AHPL.

The ratings take into consideration the moderate scale of
operations of the company with high concentration of revenues
towards the Ahmedabad hospitality market.  The financial profile
of the company is weak characterized by large corporate guarantees
extended on behalf of its associate company and large cross
holdings/inter-linkages between the group companies.  However,
ICRA draws comfort from its multiple revenue streams, the
management tie-up the hotel has with the international group
Starwood Hotels & Resorts Worldwide Inc. for the Le Meridien
brand, the benefits it receives from the global marketing and
advertising network of Starwood, and the high operational
parameters exhibited by the hotel as compared to its peers. The
hotel is however expected to face competitive pressure with the
incremental supply coming up in Ahmedabad especially with the
entry of international players with stronger brand and deeper
resources.

                      About Associated Hotels

Associated Hotels Private Limited, incorporated on May 31, 1988,
is a subsidiary of DB Hospitality Private Limited, the hospitality
arm of Dynamix Balwa Group.  The company has multiple presence in
the hospitality space in Ahmedabad with it owning the 63 room 'Le
Meridien' in the city, and running Bica Lounge, Conwood Snacks
Counter and Conwood in-flight at Ahmedabad airport.  While the
Airport business was started in 2007, the hotel was built in
1992-93.  It was started as Hotel Royal Balwas and was
subsequently run as Holiday Inn from 1996-2003 under a management
contract with InterContinental Hotels Group.  AHPL then, in 2003,
entered into a management contract with Starwood Hotels & Resorts
Worldwide Inc. to operate the hotel under their European brand Le
Meridien for a ten year period ending 2013.

Recent Results

AHPL reported a net profit of INR0.2 crore in 2009-10 on an
operating income of INR14.2 crore. The same for 9M 2010-11
(provisional) stood at a profit of INR0.0 crore on an operating
income of INR10.2 crore.


HARESH OVERSEAS: ICRA Assigns 'LBB+' Rating to INR2.5cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the fund based working capital
facility, aggregating to INR2.5 crore, of Haresh Overseas Private
Limited.  ICRA has also assigned 'A4+' rating to the non fund
based facility, aggregating to INR52.5 crore, of HOPL.  The long
term rating carries stable outlook.

The ratings are constrained by low profitability levels, high
financial risk profile as reflected in high total outside
liabilities in relation to the networth of the company and risks
inherent in trading business like exposure to inventory and
commodity price risks.  ICRA further notes that the profitability
of the company remains vulnerable to foreign currency fluctuation
to the extent it remains unhedged.  The ratings, however, draw
comfort from the long standing experience of the promoter in
trading of petrochemicals and specialty chemicals business and
diversified reputed customer base across various industries, which
partly insulates the company from downturn in any particular
industry.

                         About Haresh Overseas

Haresh Overseas Private Limited was incorporated in 1983 and is
currently managed by Mr. Kailash S. Kasat.  The company is
headquartered in Mumbai with branch offices in Cochin, Gandhidham
& Jodhpur. HOPL is engaged in the business of trading, marketing
and distribution of petrochemicals and solvents (industrial
alcohols, ketons, monomers, chlorinated solvents, plasticizers).
The company is also a manufacturer and supplier of Guar Gum powder
and has a state-of-the art manufacturing unit of 4500 MTPA
capacity with in-house laboratory at Boronada Agro park Jodhpur
(Rajasthan) which started production in 2006.


KETAN PLASTIC: CRISIL Assigns 'LBB' Rating to INR8.25cr Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the term loans and fund based
facilities of Ketan Plastic Industries Private Limited aggregating
to INR8.25 crore and INR4.50 crore respectively.  The rating
carries a stable outlook. ICRA has also assigned an 'A4' rating to
the non-fund based facilities of KPIPL aggregating to INR3.50
crore1.  ICRA has also assigned LBB (stable) / A4 ratings to the
proposed limits of KPIPL aggregating to INR8.50 crore.

The ratings are constrained by the modest scale of operations of
the company, its weak profitability indicators in a highly
fragmented industry and vulnerability of the company's
profitability to fluctuations in inventory prices as well as
foreign exchange rates.  The company has carried out significant
capital expenditure in the recent past that has been largely debt-
funded leading to a highly leveraged capital structure. The
ratings however favorably take into account the extensive
experience of the promoters in the business, wide customer base
and established relationship of the company with its key
customers.  Also, ICRA notes that while the raw material prices
are highly volatile, the company's profitability is protected to
some extent due to the price variation clauses present in sales
through tender route as well as regular price revision for order-
based sales.

                         About Ketan Plastic

Ketan Plastic Industries Private Limited was constituted on
Aug. 18, 1995, and it commenced commercial production from
Dec. 10, 1996.  KPIPL is engaged in manufacturing of Woven Sacks.
The company has its manufacturing facility located in Daman,
Maharashtra.  The current capacity of the company is 6840 MTPA.
In FY 2010, KPIPL reported Profit After Tax (PAT) of INR1.04 crore
on an operating income of INR41.16 crore.


MAGNUM ESTATES: ICRA Reaffirms 'LBB' Rating to INR1.63cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating to the INR1.63 crore term
loan and INR2.20 crore cash credit facilities of Magnum Estates
Limited.  The outlook on the long term rating is stable. ICRA has
also re-affirmed the 'A4' rating to the INR8.30 crore (increased
from INR5.30 crore) export packing credit and INR0.30 crore
(increased from INR0.15 crore) non fund based bank facilities of
MEL.

In arriving at the rating, ICRA has evaluated MEL on a
consolidated basis along with Magnum Sea Foods Limited (MSFL,
rated at LBB/ Stable and A4 by ICRA), its group company, both of
which are in the business of export of sea food.  The ratings take
into consideration the promoters' long standing experience in the
business of sea food export, conservative capital structure and
moderate coverage indicators of the company.  The ratings are,
however, constrained by the fragmented nature of the industry with
low entry barriers, significant competition in the export market
from other countries and vulnerability of the company's business
to disease outbreaks.  However, ICRA observes that no such
instance has been experienced by MEL in the past and the company
has observed various quality checks to address such risks.  The
ratings also factor in the volatility in foreign currency rates
which impacts cash flows and profits of shrimp exporters including
MEL, the company's high sales concentration risk and declining and
weak operating profitability.


MICA INDUSTRIES: ICRA Revises Rating on INR12.5cr Loan to 'LB-'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR12.5 crore bank facilities of Mica Industries Limited from
'LB+' to 'LB-'.  ICRA has reaffirmed the 'A4' rating earlier
assigned to the INR28.0 crore bank facilities of MIL.

The rating downgrade factors in MIL's stretched liquidity position
on account of increase in working capital intensity owing to
lengthening receivable period.  The same has led to continued
delays in debt servicing.  The ratings continue to be constrained
by MIL's modest scale of operations, low value added nature of
business, weak financial profile as reflected in high gearing
modest debt coverage indicators and intense competition.  The
ratings continue to favorably factor MIL's established position in
the industry reflected in its reputed client base, planned revenue
diversification through new product introduction and favorable
demand prospects in the long term.  The company's ability to
manage its working capital cycle and timely service its debt
obligations would be key rating sensitivities going forward.

                         About Mica Industries

Mica Industries Limited is a closely held limited company based in
New Delhi.  The company is primarily engaged in the production of
G.I. Wires & Strips.  MIL was promoted by Mr. V.N. Gupta along
with his sons Mr. Vinay Gupta and Mr. Vikas Goel, having a
background in the trading business.  The company is certified by
the Bureau of Indian Standards IS: 3975:1999 and is also ISO 9001
certified. MIL's registered office is located in New Delhi.  MIL
has two manufacturing plants in Bhiwadi (District Alwar) Rajasthan
having a combined manufacturing capacity of over 50,000 tpa.

For the financial year ending March 31, 2010, the company reported
an operating income of INR121.45 crore with a net profit of
INR1.56 crore, as compared to an operating income of INR102.34
crore and net profit of INR1.21 crore in the preceding year.


MEKKO STEEL: CRISIL Reaffirms 'D' Rating on INR96.4MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mekko Steel and Power
Pvt Ltd continue to reflect instances of delay by Mekko in
servicing its term loan; the delays have been caused by the
company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         D (Reaffirmed)
   INR96.4 Million Term Loan         D (Reaffirmed)
   INR3.2 Million Letter of Credit   P5 (Reaffirmed)
   INR3 Million Bank Guarantee       P5 (Reaffirmed)

Update

Mekko's operations were stalled in February 2010 because of
unfavourable market conditions and lack of working capital
funding; the operations are yet to recommence.  The company was
initially delaying the payment of its principal instalments;
however, since June 2010, the company stopped paying interest and
the account has been declared a non-performing asset for more than
six months. Mekko's application for corporate debt restructuring
is yet to be approved.

Mekko, set up in 2005 by Mr. Yusuf Mekkoth as a closely held
company, manufactures sponge iron. It commenced commercial
production in December 2008.  The company has a total capacity of
around 30,000 tonnes per annum at its manufacturing unit in
Raigarh (Chhattisgarh).


P.R. FASTENERS: ICRA Assigns 'LB+' Rating to INR2.58cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR2.58 Crore bank term loan,
INR2.50 Crore of fund based limits and INR4.92 Crore of proposed
fund based limits of P.R. Fasteners Private Limited.

The rating takes into account the relatively modest scale of
PRFPL's operations ,inadequate capitalization and debt coverage
indicators as reflected by gearing of 2.68 times as on March 31,
2010 and interest coverage of times for FY 2010 and tight
liquidity position of the company as indicated by negative fund
flows from the operations.  The rating action also factors in
highly competitive and fragmented nature of the industry and
susceptibility of PRFPL's margins to raw material price
fluctuations.  The rating is however supported by the adequate
experience of the promoters in the industry, its increasing
revenue base and positive demand outlook for PRFPL's products.

PR Fasteners Private limited was incorporated as a partnership
firm named P.R. Industries in 1996 which was later changed to a
private limited company in April 1, 2009.  The Company is an
ISO/TS 16949:2002 certified company engaged in the manufacturing
of variety of turned components and cold forged bolts & Screws in
stainless steel and aluminium for automobile industry.  The
company is having two manufacturing facilities, in Gurgaon and
Kashipur.

Recent Results

As per the FY 2010 results, the company reported an operating
income of INR12.96 Crore with a net profit of INR0.84 Crore.


PREMIER MARINE: CRISIL Cuts Rating on INR7.9MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Premier Marine Foods to 'D/P5' from 'B-/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR7.9 Million Rupee Term Loan     D (Downgraded from
                                          'B-/Stable')
   INR4.1 Million Proposed LT Bank
                     Loan Facility    D (Downgraded from
                                          'B-/Stable')

   INR60 Million Packing Credit       P5 (Downgraded from 'P4')

   INR60 Million Bill Purchase-       P5 (Downgraded from 'P4')
           Discounting Facility

The downgrade reflects instances of delay by PMF in servicing its
term debt; the delays have been caused by PMF's weak liquidity
arising out of the firm's large working capital requirements.

The PMF group also has a weak financial risk profile, marked by a
high gearing and weak debt protection metrics, and is exposed to
risks inherent in the seafood industry.  The PMF group, however,
benefits from its promoters' industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PMF and AM Fisheries (AMF), a
partnership firm set up in 2010 by the promoters of PMF to carry
out operations in the same line of business.  The entities are
together referred to as the PMF group. Both the entities have a
common management, and are expected to have significant
operational and financial linkages.

PMF, a partnership firm, was set up in 2002 by Mr. A Mustaffa and
his family. The firm is a Kerala-based exporter of seafood, mainly
cuttlefish, octopus, and squid.  Its main markets are Italy and
the US. The firm has an installed capacity to process 1000 tonnes
of seafood per month. Mr. M Nizam, son of Mr. A Mustaffa, is the
current managing partner of the firm.

Set up in 2010 as a partnership firm by the promoters of PMF, AMF
is setting up its maiden marine food processing facility at a
total capital expenditure of INR70 million, which is to be funded
in a debt-to-equity mix of 1:1.  The firm is expected to commence
commercial operations in June 2011.

For 2009-10 (refers to financial year, April 1 to March 31), PMF
reported a profit after tax (PAT) of INR1.37 million on net sales
of INR314 million, against a PAT of INR0.8 million on net sales of
INR304 million for 2008-09.


PUJA ISPAT: ICRA Assigns 'LB+' Rating to INR7.5cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR7.50 crore fund based
bank facilities of Puja Ispat Trading Private Limited.

The rating takes into account the fragmented nature of the
industry with low entry barriers, resulting in high competition
and therefore thin profit margin for players including PITPL. The
rating also factors in the company's small scale of operations at
present, low bargaining power against established suppliers and
vulnerability of margins to fluctuation in the prices of steel
inventory maintained.  The rating also takes into consideration
PITPL's weak financial profile characterized by low profitability,
adverse capital structure and weak coverage indicators.  The
rating, however, derives comfort from the experience of the
promoters in steel trading business, PITPL's established
relationships with large steel manufacturers like Steel Authority
of India Limited, J.S.W. Steel Limited and Lloyds Steel Industries
Limited ensuring regular supply, and its diverse customer base,
reducing sales concentration risk.

                          About Puja Ispat

PITPL was incorporated as a proprietorship firm by Mr. Pawan Kumar
Ghiria as M/s Puja & Company and was subsequently converted into a
private limited company in 2007. The company is an authorized
distributor/ dealer of established steel manufacturers like SAIL,
JSWSL and LSIL.  The company is involved in the trading of various
steel products.

Recent Results

The company reported a net profit of INR0.12 crore in 2009-10 on
an operating income of INR41.31 crore, as compared to a net profit
of INR0.04 crore on an operating income of INR21.95 crore during
2008-09.


RITCO LOGISTICS: CRISIL Upgrades Rating on INR50MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the INR400-million cash credit
limit of Ritco Logistics Pvt Ltd to 'BB+/Positive' from
'BB-/Stable', and has assigned its 'BB+/Positive' rating Ritco's
INR50-million working capital demand loan, while reaffirming the
rating on the company's INR50-million bank guarantee facility at
'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR400 Million Cash Credit Limit    BB+/Positive (Upgraded from
   (Reduced from INR420 Million)                     'BB-/Stable')

   INR50 Million Working Capital       BB+/Positive (Assigned)
                     Demand Loan

   INR50 Million Bank Guarantee        P4+ (Reaffirmed)
   (Reduced from INR60 Million)

The rating upgrade has been driven by improvement in Ritco's
capital structure and liquidity because of its promoters extending
about INR48 million as share application money and unsecured loans
over 2009-10 (refers to financial year, April 1 to March 31) and
2010-11.  The promoters plan to further infuse equity of INR50
million in 2011-12, which would further strengthen the company's
liquidity.  The improvement in liquidity comes amidst company's
ongoing efforts to reduce its debtor level to less than 100 days
from about 120 days as on March 31, 2010.  Moreover, to improve
Ritco's liquidity, its management has been disposing of properties
not related to the company's core business of logistics.

The ratings reflect Ritco's large working capital requirements,
significant dependence on the low-margin transportation business
for revenues, and customer concentration.  These rating weaknesses
are partially offset by Ritco's comfortable market position in the
full-truck-load (FTL) segment, its promoters' experience in the
transportation business, and its moderate, but improving,
financial risk profile.

For arriving at its ratings, CRISIL has considered the outstanding
unsecured loans of INR25.5 million that Ritco's promoters have
extended to the company and the pending share application money of
INR58.4 million as equity.  The unsecured loans from promoters do
not carry any interest.  The promoters have provided an
undertaking stating that the loans would be converted into equity
once the authorised share capital of the company is increased.

Outlook: Positive

CRISIL believes that Ritco's liquidity, which has improved in the
past two years because of funding support from promoters, will
improve further with the promoters' planned equity infusion and
money inflow from sale of property during 2010-11.  The ratings
may be upgraded if there is more-than-expected improvement in
Ritco's financial risk profile, most likely through better-than-
expected working capital management or fresh disposal of a few
real estate properties. Conversely, the outlook may be revised to
'Stable' if Ritco's liquidity does not improve as expected, most
likely because of large working capital requirements.

                       About Ritco Logistics

Set up in 2001, Ritco is engaged in the FTL bulk transport
service, warehousing, air cargo, and parcel businesses.  It has a
fleet of 36 owned vehicles, and hires around 150 trucks on a daily
basis.  It has more than 100 branches across India with, a major
presence in the metro cities. Ritco also has a three-year contract
with the Indian Railways (IR) for 8,000 tonnes parcel van units
(VPUs) per month for the major metro routes, which it has sub-
leased to Gati Ltd.  In 2008-09, Ritco started the express cargo
and freight-forwarding businesses, which were relatively new
business lines for the company. Due to the economic slowdown and
lower-than-expected response, it closed down these businesses in
2009-10.

Ritco is promoted by the R S Chadha family and Mr. Sanjeev Kumar.
In April 2006, Ritco Kirti Associates Pvt Ltd (a company under the
same management) was amalgamated with Ritco.  In April 2008, Ritco
took over the parcel business of Rajdhani Interstate Transport Co
(RITC) in Uttar Pradesh and Gujarat; RITC was set up as a
proprietorship concern by Mr. R S Chadha in 1971. Ritco is
currently being managed by Mr. Chadha's three sons and Mr. Sanjeev
Kumar.

Ritco reported a profit after tax (PAT) of INR20.4 million on net
sales of INR1.7 billion for 2009-10, against a PAT of INR10.4
million on net sales of INR1.8 billion for 2008-09.


RIVAA EXPORTS: CRISIL Downgrades Rating on INR87.8MM Term Loan
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rivaa
Exports Ltd to 'D/P5' from 'BB-/Stable/P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    D (Downgraded from
                                            'BB-/Stable')

   INR87.8 Million Term Loan            D (Downgraded from
                                           'BB-/Stable')

   INR30.0 Million Packing Credit       P5 (Downgraded from 'P4+')
   INR45.0 Mil. Foreign Bill Purchase   P5 (Downgraded from 'P4+')
   INR10.0 Million Letter of Credit     P5 (Downgraded from 'P4+')

The downgrade reflects Rivaa's delays in servicing its debt; the
delays have been caused by Rivaa's weak liquidity because of its
large working capital requirements. Rivaa's sales growth is
estimated to be healthy-a year-on-year level of more than 70% for
2010-11 (refers to financial year, April 1 to March 31), leading
to a significant increase in its working capital requirements. The
company's fund-based bank limits have increased by INR40 million,
which is inadequate for meeting its working capital needs, over
the past one year, thereby adversely affecting its liquidity.

Rivaa has a moderate financial risk profile marked by marked by
small net worth and moderate debt coverage ratios. Also, the
company's scale of its operations is small in the intensely
competitive textile industry.  Rivaa however, benefits from the
industry experience of its promoters and from its improving
operating profile following amalgamation of its associate
companies.

                          About Rivaa Exports

Based in Surat (Gujarat), Rivaa was incorporated in 2004, promoted
by the Virmani family, with Mr. Harikishan Virmani owning over 50%
equity shares.  The company manufactures blended fabric for the
salwar, kameez, and dupatta segment, commonly known as the SKD
segment, in the textile industry. Rivaa sells its products in
north Gujarat, and exports to the UK, the UAE, Pakistan, and
Afghanistan, and other countries.  Rivaa also undertakes job-work
for other blended fabric manufacturers.

Rivaa reported a profit after tax (PAT) and net sales of INR16.05
million and INR666.7 million respectively for 2009-10 (refers to
financial year, April 1 to March 31), and a PAT of INR28.6 million
on net sales of INR645.7 million for 2008-09.


SHARAVATHY CONDUCTORS: CRISIL Raises Rating on Term Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sharavathy Conductors Pvt Ltd to 'BB-/Stable/P4+' from
'B+/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR34.50 Million Cash Credit      BB-/Stable (Upgraded from
                                               'B+/Stable')

   INR40.00 Million Term Loan        BB-/Stable (Upgraded from
                                                 'B+/Stable')

   INR74.50 Million Proposed LT      BB-/Stable (Upgraded from
             Bank Loan Facility                  'B+/Stable')

   INR46.00 Mil. Bill Discounting    P4+ (Upgraded from 'P4')

   INR40.00 Million Line of Credit   P4+ (Upgraded from 'P4')

   INR70.00 Mil. Letter of Credit    P4+ (Upgraded from 'P4')

   INR315.00 Million Bank Guarantee  P4+ (Upgraded from 'P4')

The upgrade reflects improvement in SCPL's business risk profile,
marked by better-than-expected growth in its revenues, backed by
improvement in its order book position and the addition of new
customers.

SCPL is expected to report an increase of 92% in its operating
income in 2010-11(refers to financial year, April 1 to March 31)
over 2009-10, driven by more-than-expected sales of aluminium
conductors to various electricity boards in Karnataka, such as
Bangalore Electricity Supply Company and Chamundeswari Electricity
Supply Company.  The company also continues to make a concerted
effort to expand its customer base and currently has an order book
of INR1 billion to supply aluminium conductors to Power Grid
Corporation of India Ltd (PGCIL).  Driven by the addition of new
customers and its healthy current order book, CRISIL believes that
SCPL's revenues will grow at a healthy 19% over 2011-12. Its
operating margin is also expected to increase to around 4% over
the medium term, from around 2.1% for 2010-11, on the back of
increased sales to PGCIL, wherein the realisations are higher.

The upgrade also reflects the expectation of improvement in SCPL's
financial risk profile, driven by increasing cash accruals,
resulting in improvement in the debt protection metrics. CRISIL
believes that SCPL's interest coverage ratio will increase to 2.5-
3 times over the medium term, from an estimated 1.74 times for
2010-11. The net cash accruals to total debt ratio is likely to be
comfortable at 14-15% and its capital structure is likely to
remain at a comfortable 0.9-1 times over the medium term.

The ratings continue to reflect SCPL's moderate financial risk
profile, marked by small net worth, concentration in its revenue
profile, and its susceptibility to volatility in raw material
prices. The impact of these weaknesses is mitigated by SCPL's
established presence in the aluminium conductor business.

Outlook: Stable
CRISIL believes that SCPL will maintain its stable credit risk
profile on the back of its established presence in the domestic
aluminium conductor business and its healthy order book. The
outlook may be revised to 'Positive' if SCPL further diversifies
its revenue profile and scales up its operations, leading to
substantial increase in margins and accruals, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company's revenues and margins
decline, or if it undertakes a large, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

                     About Sharavathy Conductors

SCPL was established in 1967 in Bangalore by Mr. Shantilal Patel;
his son Mr. Kaardam Patel is the managing director of the company.
SCPL manufactures aluminium conductors of up to 800 kilovolts in
three different categories: aluminium conductor steel reinforced,
all-aluminium conductors, and all-aluminium alloy conductors. The
company also undertakes construction of turnkey projects in the
overhead transmission line and substation segment, and trades in
transformer parts, control panels, and substation equipment.

SCPL reported a provisional profit after tax of INR11.4 million on
net sales of INR345.7 million for 2009-10, against a loss of
INR9.2 million on net sales of INR1.69 billion for 2008-09.


SHIVPRIYA CABLES: ICRA Reaffirms 'LB+' Rating to INR10.23cr Loan
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR10.23 crore fund based
bank facilities and INR4.77 Crore term loan of Shivpriya Cables
Private Limited.  ICRA has also assigned "A4" rating to the
Rs. 5.00 Crore1 non fund based facilities of the company.

ICRA's rating action takes into account the stressed cash flow
position of the company on account of low profitability and
working capital intensive nature of business.  The rating is also
constrained by the modest scale of operations, weak debt coverage
indicators and exposure to raw material price fluctuations. The
rating is however supported by strong experience of promoters in
the cable manufacturing business, satisfactory turnover growth
over the past few years and satisfactory order book position.

About Shivpriya Cables

Shivpriya Cables Private Limited was incorporated on Feb. 3, 2006;
however the operations of the company commenced in December, 2008.
SCPL is ISO 9001-2000 certified company and is engaged in the
manufacturing of power cables, control cables, Aerial Bunched
Cables, instrumentation cables and house wires under the brand
name of "SPC" Cables. It has one manufacturing unit at Chopanki in
Bhiwadi (Rajasthan).

Recent Results For FY 2010, the company reported an operating
income of INR18.45 Crore and Profit after Tax (PAT) of INR0.28
Crore.


SHREE JEE: CRISIL Rates INR80.0 Million Cash Credit at 'B-'
-----------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the cash credit
facility of Shree Jee Trading Company.

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

The rating reflects SJTC's weak financial risk profile, marked by
weak debt protection metrics, high total outstanding liabilities
to total net worth, and its exposure to high fragmentation in the
agro commodities trading business. These weaknesses are partially
offset by SJTC's established market position in the agro
commodities business.

Outlook: Stable

CRISIL believes that SJTC will maintain its credit risk profile on
the back of its established market position in the agro-
commodities trading business. The outlook may be revised to
'Positive' if improvement in profitability or equity infusion
leads to considerable improvement in the firm's net worth and
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates due
to a large, debt-funded capital expenditure programme or in case
of deterioration in working capital management.

About Shree Jee Trading

SJTC was established as proprietorship firm in 2001. The firm
trades in pulses, such as moong, masoor, channa, and urad, and is
managed by Mr. Sanjay Bansal.

SJTC reported a book profit of INR13.9 million on net sales of
INR1133.7 million for 2009-10 (refers to financial year, April 1
to March 31), against a book profit of INR13.9 million on net
sales of INR471.7 million for 2008-09.


SHREE MARUDHAR: CRISIL Rates INR100 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Shree Marudhar Jewellers Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR100 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects the Om group's average financial risk profile,
marked by modest net worth, high gearing, and average debt
protection metrics. This rating weakness is partially offset by
the extensive experience of the group's promoters in the wholesale
jewellery industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMJL and Om Jewellers (OJ),
collectively referred to as the Om group. This is because both
entities have a common management, significant operational
linkages, and fungible cash flows.

Outlook: Stable
CRISIL believes that the Om group will continue to benefit from
its promoters' extensive experience in the jewellery business and
established customer relationships, over the medium term. The
outlook may be revised to 'Positive' if the group reports
significantly higher-than-expected growth in revenues and margins,
and maintains or improves its debt-protection metrics. Conversely,
the outlook may be revised to 'Negative' if there is a significant
decline in its debt-protection metrics, working capital cycle, or
margins.

About the Group

The Om group, based out of Mumbai and promoted by Mr. Om Prakash
Khatri, is in the wholesale plain gold jewellery business. The
group supplies gold jewellery to established and leading retail
jewellers in South India, such as Bhima Jewellers group, Joy
Allukas group, and Ganga Jewellers.

OJ, a proprietorship concern of Mr. Om Prakash Khatri, was set up
in 1987 whereas SMJL was set up in 2004. OJ manufactures plain
gold jewellery on job work basis whereas SMJL designs and
manufactures gold jewellery by procuring its gold from the open
market. Both entities have several common customers.

The Om group reported a profit after tax (PAT) of INR25.7 million
on net sales of INR698.4 million for 2010-11 (provisional figures,
refers to financial year, April 1 to March 31), as against a PAT
of INR18.2 million on net sales of INR410.1 million for 2009-10.


SRI KARPAGAM: CRISIL Reaffirms 'BB+' Rating on INR40.3MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Karpagam Mills
India Ltd continue to reflect SKMPL's below-average financial risk
profile, marked by high gearing, and susceptibility to volatility
in raw material prices and power shortage.  These rating
weaknesses are partially offset by the benefits that SKMPL derives
from its diverse product-mix, and its promoters' experience in the
textile industry.

   Facilities                         Ratings
   ----------                         -------
   INR40.30 Million Long-Term Loan    BB+/Stable (Reaffirmed)
   INR122.50 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR5.00 Million Bank Guarantee     P4+ (Reaffirmed)
   INR9.50 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SKMPL will maintain its business risk profile
over the medium term, supported by its established position in the
spinning industry. The outlook may be revised to 'Positive' if
SKMPL reports a significant improvement in its capital structure
and increase in its scale of operations, while maintaining its
profitability. Conversely, the outlook may be revised to
'Negative' if SKMPL undertakes a larger-than-expected debt-funded
capital expenditure (capex) programme, or if its profitability
declines significantly, thereby weakening its financial risk
profile.

Update

SKMPL's sales in 2010-11 (refers to financial year, April 1 to
March 31) are estimated to be 18% more than CRISIL's earlier
expectation.  This has been largely due to the increase in cotton
yarn prices, with an average realization of INR243 per kilogram
(kg) of cotton in 2010-11 vis-a-vis INR170 per kg in 2009-10. The
company's profitability has marginally declined in 2010-11 to 16%
from 17.9% in 2009-10 on account of higher cotton prices.  The
company's liquidity remains adequate, with an increase in its bank
lines to INR222.5 million in December 2010 from INR122.5 million
while the average utilization has been high at 94% for the 12
months ending March 2011 being the cotton season. The cash
accruals of INR70 million per year are adequate to meet its debt
obligations of INR40 million per annum.  SMKPL has a debt-funded
capex plan of INR165 million to enhance its windmill power
generation capacities over the medium term.  The capex is expected
to be funded in a debt-equity ratio of 75:25; promoters are
expected to infuse fresh equity to fund the project. SKMPL's
profit after tax (PAT) and net sales are estimated at INR23.2
million and INR650.0 million for 2010-11; it reported a PAT of
INR17.3 million on net sales of INR475.0 million for 2009-10.

                       About Sri Karpagam Mills

SKMPL was originally set up in 1994 as a partnership concern, Sri
Karpagam Mills, by Mr. Krishnasamy and his brothers; the firm was
reconstituted as a private limited company with the current name
in January 2005.  SKMPL manufactures cotton yarn of counts ranging
from 10s to 60s.  Its current capacity is 35,264 spindles, and it
produces different types of yarns, including compact yarn, doubled
yarn, and slubbed yarn. Its spinning mill is located in
Udayampalyam (Tamil Nadu).


TRIDENT MINERALS: ICRA Assigns 'LBB+' Rating to INR25cr Facilities
------------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to INR25 Crore fund based
facilities of Trident Minerals - 100% EOU (TME).  The outlook
assigned on the rating is Stable.

ICRA's rating action is constrained by the high regulatory
intensity as in the recent ban on iron ore exports by the state
government of Karnataka, as well as recent hike duties on export
of iron ore fines, which would directly impact the business
profile of TME.  Due to 100% export oriented nature and due to the
fact that the iron ore sourcing network of the company is
presently completely located in Karnataka, affect the
sustainability of the business of TME.  Further even if the iron
ore ban is lifted due to absence of its own trucking fleet and
substantial dependence on railways for the inland transport affect
the profitability of the company, due to scarce availability of
the transportation facilities as well as need to maintain iron ore
inventory at the port before securing the in order from the
customers. Further the capital structure is also limited by the
partnership model and exposure to considerable drawals to support
the capex plans of other group companies.  However the rating
draws comfort from strong linkage with the iron ore mines as a
part of Minera group, which has partnership interest in few iron
ore mines located in Bellary, Karnataka and good trading network
and as a result the profitable operations since inception. The
counterparty risk is also limited as company mainly trades with
few well known traders based out of Singapore and on irrevocable
Letter of Credits.

Trident Minerals-100% EOU is 100% export oriented unit promoted by
the Mr. Noor Ahmed to export iron ore mainly to China.  It
received 100% Export Oriented Unit status in 2007 which is valid
till 2012. It mainly sources iron from Hothur iron ore mine (20
Ha) and Kariganur Mineral Mining Industry (198 Ha) in which the
promoters of TME have partnership stake. Further it also sources
iron ore from few iron ore mines located in Bellary district of
Karnataka.

In FY2010, it traded INR164.15 Cr and recorded INR35 Cr PAT and in
FY2011, in 9 months it has traded INR145 Cr and recorded PAT of
INR55.46 Cr.


VI MICRO: ICRA Assigns "LB-' Rating to INR12.59cr Term Loan
-----------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR12.59 crore term loan
facilities of Vi Micro Educational Trust.  The rating considers
the small scale of operations, which is likely to restrict the
financial flexibility, and the high competition, which is expected
to challenge its ability to attract and retain experienced
faculty.  The financial profile of the trust is expected to be
characterized by stretched capital structure and coverage
indicators over the medium term, owing to the aggressive debt-
funded capital expenditure and start-up nature of operations. The
rating however considers the favorable demand for the education
sector driven by factors like increasing population and disposable
income, and the favorable location of the college which is likely
to attract the rural masses and thereby drive revenue growth.

Vi Micro Educational Trust was registered on Nov. 27, 2007, with
two trustees.  The trust is promoted by R. Vijayarajeswaran and
his wife Mrs. V. Revathy.  The trust started the engineering
college Vi Micro Institute of Technology at Srikundram Village,
Chengalpattu Taluk, Kancheepuram District (about 50 kms from
Chennai, Tamil Nadu), on Sept. 6, 2009.  The college currently
offers engineering courses in four specializations namely -
mechanical, electronics and communication, electrical and
electronics and computer science.  The college currently has 341
students and is affiliated to the Anna University, Chennai.


VINAYAK ENTERPRISES: CRISIL Cuts Rating on INR1 Mil. Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayak Enterprises to 'D/P5' from 'BB+/Stable/P4+.

   Facilities                       Ratings
   ----------                       -------
   INR55.00 Million Cash Credit     D (Downgraded from
                                       'BB+/Stable')

   INR1.00 Million Proposed LT      D (Downgraded from
            Bank Loan Facility         'BB+/Stable')

   INR27.50 Mil. Letter of Credit   P5 (Downgraded from 'P4+')

The rating downgrade is driven by instances of delays by the
Vinayak group in servicing its rated debt.  The earlier ratings by
CRISIL were predicated on the Vinayak group's declaration that it
was meeting, and continued to meet, all its financial obligations
on a timely basis.  However, CRISIL now understands that the group
has delayed in servicing its debt for some time; this indicates
that the Vinayak group's management had provided incorrect
declarations to CRISIL regarding timely debt servicing.

The Vinayak group also has a weak liquidity, marked by large
working capital requirements with debtor default risk, below-
average financial risk profile marked by low profitability, and
susceptibility to heavy dependence on imported wool and to sharp
volatility in prices of raw wool. The Vinayak group, however,
benefits from its healthy revenue growth and its promoters'
experience in the wool industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vinayak Wools India Pvt Ltd (VWIPL), VE
and Overseas Traders and Manufacturers (OTM; formerly, Blessings
Global). This is because the three entities, collectively referred
to as the Vinayak group, are under a common management and in the
same line of business. Furthermore, the group has plans to merge
VE into VWIPL.

The Vinayak group was set up in 2000 by Mr. Mohinder Lal Saggar
through VE, a proprietorship concern set up for trading in raw
wool and woollen products. Currently, the group includes three
entities: VWIPL, VE, and OTM which trade in raw wool and woollen
products. Mr. Mohinder Saggar's sons, Mr. Deepak Saggar and
Mr.Vineet Saggar, manage the group.

VWIPL was incorporated in 2002 for trading in raw wool, woollen
tops, woollen yarn, and knitted cloth. The company outsources
manufacturing work to other players and also sells knitted fabric
synthetic yarn and other woollen products.

VE was set up in 2000 as a proprietorship concern, with Mrs.
Neelam Saggar (Mr. Mohinder Lal Saggar's wife) as proprietor. VE
is now a partnership firm held by Mr. Deepak Saggar and Mr. Vineet
Saggar with equal profit sharing.

OTM trades in raw wool, woollen tops, woollen yarn, and knitted
cloth. It was set up in 2007 as a partnership firm by Mrs. Neelam
Saggar and Mr. Deepak Saggar. Mr. Deepak Saggar and Mr.Vineet
Saggar are the current partners.

The Vinayak group plans to restructure the group into two
entities. It plans to merge VE into VWIPL and convert OTM into a
private limited company. The group will then comprise two
companies, with one trading in wool and woollen products and the
other manufacturing cotton acrylic yarn.

The Vinayak group reported (provisional) a profit after tax (PAT)
of INR9.0 million on net sales of INR2411.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR7.5 million on net sales of INR1500.2 million for 2008-09.


VINAYAK WOOL: CRISIL Cuts Rating on INR77.5MM Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayak Wool India Pvt Ltd to 'D/P5' from 'BB+/Stable/P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR77.5 Million Cash Credit        D (Downgraded from
                                        'BB+/Stable')

   INR1.0 Million Proposed LT         D (Downgraded from
           Bank Loan Facility           'BB+/Stable')

   INR12.5 Million Letter of Credit   P5 (Downgraded from 'P4+')

The rating downgrade is driven by instances of delays by the
Vinayak group in servicing its rated debt.  The earlier ratings by
CRISIL were predicated on the Vinayak group's declaration that it
was meeting, and continued to meet, all its financial obligations
on a timely basis.  However, CRISIL now understands that the group
has delayed in servicing its debt for some time; this indicates
that the Vinayak group's management had provided incorrect
declarations to CRISIL regarding timely debt servicing.

The Vinayak group also has a weak liquidity, marked by large
working capital requirements with debtor default risk, below-
average financial risk profile marked by low profitability, and
susceptibility to heavy dependence on imported wool and to sharp
volatility in prices of raw wool. The Vinayak group, however,
benefits from its healthy revenue growth and its promoters'
experience in the wool industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VWIPL, Vinayak Enterprises (VE), and
Overseas Traders and Manufacturers (OTM; formerly, Blessings
Global). This is because the three entities, collectively referred
to as the Vinayak group, are under a common management and in the
same line of business. Furthermore, the group has plans to merge
VE into VWIPL.

                            About the Group

The Vinayak group was set up in 2000 by Mr. Mohinder Lal Saggar
through VE, a proprietorship concern set up for trading in raw
wool and woollen products. Currently, the group includes three
entities: VWIPL, VE, and OTM which trade in raw wool and woollen
products. Mr. Mohinder Saggar's sons, Mr. Deepak Saggar and
Mr.Vineet Saggar, manage the group.

VWIPL was incorporated in 2002 for trading in raw wool, woollen
tops, woollen yarn, and knitted cloth. The company outsources
manufacturing work to other players and also sells knitted fabric
synthetic yarn and other woollen products.

VE was set up in 2000 as a proprietorship concern, with Mrs.
Neelam Saggar (Mr. Mohinder Lal Saggar's wife) as proprietor. VE
is now a partnership firm held by Mr. Deepak Saggar and Mr. Vineet
Saggar with equal profit sharing.

OTM trades in raw wool, woollen tops, woollen yarn, and knitted
cloth. It was set up in 2007 as a partnership firm by Mrs. Neelam
Saggar and Mr. Deepak Saggar. Mr. Deepak Saggar and Mr.Vineet
Saggar are the current partners.

The Vinayak group plans to restructure the group into two
entities. It plans to merge VE into VWIPL and convert OTM into a
private limited company. The group will then comprise two
companies, with one trading in wool and woollen products and the
other manufacturing cotton acrylic yarn.

The Vinayak group reported (provisional) a profit after tax (PAT)
of INR9.0 million on net sales of INR2411.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR7.5 million on net sales of INR1500.2 million for 2008-09.


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


* SOUTH KOREA: Loan Delinquency Ratio Drops to 1.41% in March
-------------------------------------------------------------
Yonhap News reports that the Financial Supervisory Service said
South Korean banks' loan delinquency ratio declined in March from
the previous month as banks ramped up efforts to clear defaulted
lending.

The FSS said eighteen local banks' loans that are overdue one day
or more totaled 1.06 percent of their total lending at the end of
March, down from 1.14 percent as of end-February, Yonhap says.

According to Yonhap, the FSS said the fall follows two straight
monthly gains as banks increased sales or write-offs of defaulted
loans ahead of their quarterly accounting reports at the end of
March.

The FSS, Yonhap notes, added that the average delinquency ratio on
corporate loans fell to 1.41% in March from 1.53% the previous
month while that on household lending fell 0.05 percentage point
to 0.63 percent.

The delinquency rate on property loans to builders, which are
cited as a major risk factor to the financial system, also fell to
6.04% in March from 6.62% a month earlier, the FSS said.


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


NGIU KEE: Mohd Yusof Resigns as Chairman
----------------------------------------
Ngiu Kee Corporation (M) Berhad said that Dato' Haji Mohd Fauzi
Bin Yusuf resigned as Company's Chairman and Director effective
April 29, 2011.

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company's subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.

                           *     *     *

Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.


SATANG HOLDINGS: Kaypi Tech Serves Writ of Summons Against Unit
---------------------------------------------------------------
Kaypi Technologies Sdn Bhd has served a Writ of Summons and
Statement of Claim against Satang Jaya Sdn Bhd, a wholly-owned
subsidiary of Satang Holdings Berhad.

The Writ of Summons and Statements of Claim dated April 22, 2011,
was served April 28, 2011, by Messrs Ainul Azam & Co., the
solicitor of the Plaintiff.

Kaypi Technologies is claiming for:

   i) outstanding amount of MYR60,000.00;

  ii) interest as at March 18, 2011, amounting to MYR13,452.02
      at 0.8% per month on MYR60,000.00 and will be further
      increase until the date of judgment;

iii) interest at 8% per annum on MYR60,000.00 from the date of
      judgment;

  iv) interest of late payment amounting to MYR96,465.48 claimed
      by the sub-contractor of the Plaintiff; and

   v) interest at 8% per annum on MYR96,465.48 from the date of
      judgment.

Satang said the Writ of Summon will not have any additional
financial and operational impact on the Group.

Satang said it will seek the necessary legal advice from its
solicitors with regards to the claim and will instruct its
solicitors to defend the claim.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

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


TRANSMILE GROUP: Unit Gets Writ of Summons and Statement of Claims
------------------------------------------------------------------
Transmile Air Services Sdn Bhd, a wholly-owned subsidiary of
Transmile Group Berhad, has been served with a writ of summons and
statement of claim dated April 26, 2011, by Malaysian Trustees
Berhad.

Malaysian Trustees Berhad has claimed that, among others, TAS
had breached Clause 10.1(cc) of the Trust Deed dated Aug. 8,
2003, between the Defendant and the Plaintiff in relation to
the MYR150 million Commercial Papers/Medium Term Notes Programme
by the Defendant for the issuance of promissory notes, whereby the
Defendant must ensure that all or any advances by any of the
shareholders, its directors and/or related corporations or any
permitted inter-company loan and advances made after the Trust
Deed are subordinated to the Defendant's liabilities under the
CP/MTN Programme.

As such, the Plaintiff claims against the Defendant are:

   (i) a sum of MYR321,450,556.00, which is the sum required
       to put the Plaintiff in the same position as a creditor
       under the Company's and TAS' proposed scheme of arrangement
       had there been no Breach;

  (ii) an indemnity for all losses and damages as a result of
       the Breach;

(iii) an order that the Defendant recognize the Proof of Debt
       in the sum of MYR433,225,638.21 as at Dec. 31, 2010,
       which Proof of Debt was affirmed by the Plaintiff on
       March 18, 2011, for the purposes of the TAS' proposed
       scheme of arrangement;

  (iv) interest from Jan. 1, 2011, until the date of full
       realization;

   (v) damages;

  (vi) costs; and

(vii) such further or other order as the High Court of Malaya
       at Kuala Lumpur deems fit and just.

The High Court has fixed May 24, 2011, for the hearing of the
suit.  The Company has appointed solicitors for legal advice and
to defend the suit.

                        About Satang Holdings

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

                          *     *     *

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


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


DESIGNLINE INTERNATIONAL: Liquidation Hearing Adjourned to May 31
-----------------------------------------------------------------
BusinessDay.co.nz reports that two applications for liquidation of
Designline International were adjourned in the High Court in
Christchurch Tuesday for four weeks.

BusinessDay.co.nz says the applications were made by suppliers of
windows, Lysaght Limited, and by engineering company ENI
Engineering.

Jackie Frampton of White Fox and Jones, representing Lysaght and
ENI, said the parties had last time asked for an adjournment of a
couple of weeks for discussions with Designline and would like
another adjournment until May 31 to continue the discussions.

Appearances in support of the applications was made by CablePrice
NZ and PricewaterhouseCoopers, BusinessDay.co.nz notes.

The first application for liquidation against Designline was
lodged by Reflex Industrial Fibreglass of Bromley in Christchurch,
a supplier of bus body parts, and withdrawn after the parties
reached a confidential settlement six weeks ago.

DesignLine International was founded in 1985 by Ashburton
entrepreneur John Turton.   The buses were sold locally and also
exported.  BusinessDay says Mr. Turton sold a large part of the
company to U.S. investors Buster and Brad Glosson at the end of
2006.  DesignLine has about 80 staff at its Rolleston operations.


GFNZ GROUP: S&P Raises Counterparty Credit Rating to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
counterparty credit rating on New Zealand finance company GFNZ
Group Ltd. (GFNZ; formerly Geneva Finance) to 'CCC-' from 'SD'.
At the same time, the insurer financial strength rating on GFNZ's
captive insurer, Quest Insurance Group Ltd., was raised to 'CCC-'
from 'CC/Positive'. The outlook for the ratings on both entities
is negative.

The rating action follows the successful completion of a debt-for-
equity exchange, which in Standard & Poor's view has led to an
improvement in GFNZ's capital adequacy position, boosting GFNZ's
capital resources by about NZ$5 million and improving the group's
prospects of meeting regulatory capital adequacy requirements and
cash flow needs on an ongoing basis in the near term.

"In our view, the debt-for-equity swap is also supportive to
GFNZ's earnings profile and will result in an interest saving of
about NZ$588,000 for the fiscal year to March 2012," Standard &
Poor's credit analyst Peter Sikora said.

The negative rating outlook reflects the ongoing business and
financial challenges facing GFNZ.

"In our view, GFNZ is sufficiently, although delicately, placed to
meet its debt obligations over the next 12 months. The rating
could be lowered if this position weakens or if, in our view, GFNZ
was unable to demonstrate sufficient business and financial
success to meet its obligations or support its future business
viability," Mr. Sikora said.

"A revision of the rating outlook to stable would require evidence
and establishment of a track record that GFNZ is able to meet the
challenges that are underpinning its current negative outlook," he
said.


PIKE RIVER: Receivers Expect to Select Buyer by August
------------------------------------------------------
BusinessDay.co.nz reports that receivers of Pike River Coal
Company hope to have the sale of the mine largely resolved by the
beginning of August bar any Government and regulatory approvals.

The deadline for expressions of interest in buying the mine is
tomorrow, May 5, 2011, BusinessDay.co.nz says.

According to BusinessDay.co.nz, receiver John Fisk, of
PricewaterhouseCoopers, has been contacted by more than 30
interested parties since the mine was put up for sale a month ago,
but it remains to be seen how many translate into more formal
expressions of interest.

BusinessDay.co.nz relates that Mr. Fisk said parties who expressed
definite interest in a purchase had to sign confidentiality
agreements to move to the next stage of carrying out "due
diligence" on the company where they would be given access to a
"data room" of information about the company and its business.

Mr. Fisk expected the first due diligence process would take about
four weeks and from that the interested parties would prepare
indicative bids which are not binding.

The receivers would select a few who would be asked to go through
to a final bidding stage.

"The end game is we would like to have contracts agreed (even) if
they are subject to final consent from government authorities by
the beginning of August."

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


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


MITSUI OIL ASIA: Completes Liquidation Process
----------------------------------------------
Atsuko Kawasaki at Platts reports that Mitsui & Co. completed
liquidation of Mitsui Oil Asia Singapore in March this year, a
company official said Monday.

According to Platts, MOA Singapore had incurred huge losses in
naphtha trading in 2006.  And when the company discovered the true
state of affairs and liquidated the positions, the losses
snowballed to $81 million.

Mitsui decided to liquidate MOA Singapore in February 2007, Platts
discloses.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***