TCRAP_Public/110505.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

              Thursday, May 5, 2011, Vol. 14, No. 88

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Sinofert, Four Others Emerge as Serious Buyers
EQUITITRUST CAPITAL: Faces Winding-Up Bid Amid Class Action
FINCORP CORP: "Spotter's Fee" a Sham, Crown Lawyer Says
TFS CORP: Moody's Assigns First Time (P)B3 Corp. Family Rating
TFS CORP: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable


C H I N A

SUNAC CHINA: Fitch Affirms Issuer Default Rating at 'BB-'


H O N G  K O N G

CLEAN GLOBAL: Court to Hear Wind-Up Petition on May 11
FIRST DRAGON: Contributories and Creditors to Meet on May 13
FULL BRILLIANT: Contributories and Creditors to Meet on May 6
GLORY POWER: Members' Final Meeting Set for May 23
GUANGDONG (H.K.): Lui and Leung Step Down as Liquidators

GUANGDONG TOURS: Lui and Leung Step Down as Liquidators
HK STATIONERY: Final Meetings Set for May 30
HOOVER CONSTRUCTION: Final General Meeting Set for May 31
HUA MAI: Creditors' Proofs of Debt Due May 13
IMAGE PRODUCTION: Creditors to Get 4.06% Recovery on Claims

JAUNTWALL LIMITED: Final Meeting Set for May 30
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MALABAR (HK): Members' Final General Meeting Set for May 30
MA SICONG: Members' Final General Meeting Set for May 30
MOULIN HOLDINGS: Members' and Creditors' Meetings Set for May 17

NEW CHINA: Creditors to Get 1% Recovery on Claims
NICOSIA COMPANY: Members' Final General Meeting Set for May 30
NTG LIMITED: Court to Hear Wind-Up Petition on May 18
PEACE CITY: Members' and Creditors' Meetings Set for May 17
PILKINGTON (ASIA): Ho and Yeung Step Down as Liquidators

RIGHT CONNECTION: Creditors' Proofs of Debt Due May 16


I N D I A

ADINATH MOTORS: CRISIL Assigns 'B-' Rating to INR35MM Cash Credit
AMSAL CHEM: CRISIL Reaffirms 'BB' Rating on INR6.4MM Loan
ASL INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on INR155MM Loan
ASSOCIATED MANUFACTURING: CRISIL Rates INR24.5MM Term Loan at 'B+'
CHAMPALAL MOTILAL: CARE Assigns 'CARE BB' Rating to INR10cr Loan

DANOPHARM CHEMICALS: CRISIL Puts 'BB' Rating on INR50M Cash Credit
DIX ENGINEERING: CRISIL Assigns 'D' Rating to INR15MM Corp. Loan
ESS ESS: CRISIL Cuts Rating on INR100 Million Cash Credit to 'D'
GANGETIC HOTELS: CRISIL Rates INR600MM Rupee Term Loan at 'B'
GATIMAN AUTO: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit

GEETA COTTON: CRISIL Reaffirms 'BB-' Rating on INR15.5MM Term Loan
GODFREY N ARENGH: CRISIL Assigns 'BB' Rating to INR1MM Cash Credit
GOPINATH SPINNINGS: CRISIL Reaffirms 'D' Rating on INR97.6MM Loan
JAYCON INFRASTRUCTURE: CARE Puts 'CARE B+' Rating on INR20M Loan
JUBILEE HILLS: Fitch Migrates Ratings to "Non-Monitored" Category

KRISHNA COTTON: CRISIL Assigns 'BB-' Rating to INR15MM LT Loan
KULAR CONSTRUCTION: CRISIL Rates INR110 Million Term Loan at 'D'
MARVELOUS METALS: CRISIL Reaffirms 'BB' Rating on INR41.6MM Loan
MIMANI AGRO: CRISIL Reaffirms 'B+' Rating on INR61 Mil. Term Loan
OVERSEAS TRADERS: CRISIL Cuts Rating on INR85MM Cash Credit to 'D'

SUPERMINT EXPORTS: Fitch Rates INR4.5 Mil. LT Loans at 'B+(ind)'


M A L A Y S I A

RANHILL BERHAD: Fitch Affirms Issuer Default Rating at 'B-'


N E W  Z E A L A N D

NATHANS FINANCE: Ex-Finance Director Chief Gives Evidence
SOUTH CANTERBURY: Receivers Strike Deal to Sell 79.7% Scale Shares


P H I L I P P I N E S

LIBERTY TELECOMS: Net Loss Widens to PHP1.15 Billion in 2010


S I N G A P O R E

DBS BANK: Fitch Affirms Individual Rating at 'B'
OVERSEA-CHINESE: Fitch Affirms Individual Rating at 'B'
SATS LTD: Places Myanmar Unit in Voluntary Liquidation
UNITED OVERSEAS: Fitch Affirms Individual Rating at 'B'




                            - - - - -


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


BURRUP FERTILISERS: Sinofert, Four Others Emerge as Serious Buyers
------------------------------------------------------------------
Andrew Burrell at The Australian reports that Sinofert Holdings
Limited, a Chinese state-owned fertilizer firm, has emerged as a
major contender in the five-way battle to buy Burrup Fertilisers.

According to The Australian, the $1 billion-plus auction for a
majority stake in the company formerly controlled by Indian tycoon
Pankaj Oswal will begin within weeks, when an information
memorandum is sent out to prospective buyers.

The Australian has confirmed that advisers working on the sale
believe there are five serious bidders -- Sinofert, Orica,
Wesfarmers-owned CSBP, Incitec Pivot and Norway's Yara
International.

More than 20 companies had originally made inquiries about buying
the company's assets, the report says.

The Hong Kong-listed Sinofert, a subsidiary of state-owned
Sinochem, is especially keen for a foothold in Australia after its
$2.8 billion bid for pesticide maker Nufarm was rejected in 2009,
The Australian notes, citing unnamed sources.

The Australian says receiver PPB Advisory is selling 65% of the
shares in Burrup Fertilisers' parent company, Burrup Holdings,
which also has a 50% stake in a planned US$500 million ammonium
nitrate facility to be built next to the existing ammonia plant.

According to the report, the 65% stake in Burrup was controlled by
Mr. Oswal and his wife Radhika.  The couple left Australia after
ANZ Bank placed Burrup Fertilisers in receivership in December in
a bid to recoup almost AU$900 million it is owed.

The Australian Competition & Consumer Commission said Tuesday that
it had started examining Incitec Pivot's proposed acquisition of
the Burrup stake, the report discloses.  The regulator is also
looking at Orica and Wesfarmers over the potential acquisition and
is due to report on those matters by May 12, 2011, The Australian
adds.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  ANZ is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.


EQUITITRUST CAPITAL: Faces Winding-Up Bid Amid Class Action
-----------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that a court
application has been made to wind up Equititrust Capital, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.

SMH says Equititrust confirmed on May 3 that the application was
filed by Rural Security Holdings, a company associated with Ian
Lazar.

"Equititrust is not indebted to RSH in any way," SMH cites
Equititrust chief executive, David Kennedy, in an e-mail on May 3
evening.  "Their alleged debt is AU$200,000, which we can satisfy
many times over from available cash but will not as there is no
debt due," Mr. Kennedy said, the report relates.

According to SMH, Mr. Kennedy said Equititrust advised RSH's
solicitors it would be making an application for an injunction to
restrain them from advertising and notifying the Australian
Securities & Investments Commission of the application, but RSH
filed anyway.  "The case is a clear abuse of process and is simply
commercial terrorism," Mr. Kennedy said.

SMH notes that the company has frozen investor redemptions and
income distributions at its AU$260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well as
a restructure.

Equititrust was forced to suspend payments and renegotiate terms
with NAB on the loan earlier this year when EIF was almost out of
cash, SMH discloses.

According to the report, NAB agreed to defer repayments for last
December until February while it considered a new proposal that
would match bank repayments with loan repayments by Equititrust
clients.

Last month, SMH recalls, Equititrust blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AU$12.3 million loss for the
half-year ending December 31.

Equititrust Capital is a specialist funds management and property
investment group.


FINCORP CORP: "Spotter's Fee" a Sham, Crown Lawyer Says
-------------------------------------------------------
The Sydney Morning Herald reports that the former finance director
of the Fincorp group, Jacob Quigley, has gone on trial in the NSW
District Court, charged with dishonestly using his position as a
director to pay himself and others AU$1.98 million in a sham
"spotter's fee".

According to the report, Robert Beech-Jones, SC, for the Crown,
said in his opening address that Fincorp was a property developer,
with an investment arm which raised money from the public through
prospectuses, and which used those funds to develop land.  In
2003, the group purchased a property called "Doreen" on
Melbourne's outskirts for AU$22.5 million.

SMH relates that Mr. Beech-Jones said that after the purchase, in
October 2003, Mr. Quigley and the Fincorp founder Eric Krecichwost
signed a cheque for AU$1.98 million payable to Prime Consulting,
which was owned by Mr. Krecichwost's brother, John.  From this,
AU$1.48 million was given to Eric Krecichwost and money was also
dispensed to other family members, the report said.  Mr. Quigley
and his family received AU$99,000, SMH says.

Mr. Beech-Jones, as cited by SMH, said they were not entitled to
the money, as none had provided any service to justify the
"significant amount of money" tied up in what was described as
spotter's fees and commissions.  Instead, he alleged, the fee was
to disguise an informal profit-sharing arrangement which they had,
to take money out of the group and distribute it because of the
"good deal" they had got on the Doreen property, SMH reports.

According to SMH, Ian Lloyd, QC, representing Mr. Quigley, said
the defence agreed with many of the facts of the case, but
disputed that his client had acted dishonestly.  He said in
Fincorp's financial accounts ending in June 2004 that the related
party dealing was disclosed, and that Prime Consulting had been
paid spotter's fees for "the identification of property deals --
plural, not singular," he said.

Mr. Lloyd said a few months after the purchase, the Doreen
property was valued at AU$30 million.  "There were many other
items of property purchases in Fincorp which also increased
massively in value."

The trial before Judge Donna Woodburne continues, SMH notes.

                             About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- is a boutique
funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


TFS CORP: Moody's Assigns First Time (P)B3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3
Corporate Family rating to TFS Corporation Ltd.  At the same time,
Moody's has assigned a provisional (P)B3 senior secured rating to
the proposed US$175 million 144A senior secured notes issuance.
The rating outlook is stable.  This is the first time that Moody's
has assigned ratings to TFS.

Proceeds from the proposed offering will be primarily used for
potential future land acquisitions and development, expansion of
MIS sales efforts and general corporate purposes, including
potential corporate acquisitions.

The Notes, issued by TFS Corporation Limited will rank equal to
all current and future senior secured indebtedness of the issuer
and guarantors.  The issuance is guaranteed by TFS wholly owned
subsidiaries, including, Tropical Forestry Services Ltd, TFS
Properties Ltd, TFS Leasing Pty Ltd, Arwon Finance Pty Ltd and
Mt. Romance Holdings Pty Ltd.

The ratings are provisional based on information contained in
draft documentation as at April 21, 2011.  The assignment of
definitive ratings is subject to a review of the final
documentation, and to successful issuance of the proposed notes.

Ratings Rationale

"TFS' (P)B3 rating reflects the company's reliance on continued
investment in its Indian Sandalwood plantations, exposing the
company to potential volatility in revenue and cash flow
generation, says Matthew Moore, a Moody's Assistant Vice
President -- Analyst.

TFS owns and manages Indian Sandalwood plantations in Western
Australia and generates the majority of its revenue and cash flow
from upfront and ongoing fees associated with the sale of its
investment products to retail and wholesale investors.  TFS has
two main investment products, Managed Investment Schemes, which
leases land and establishes and maintains Indian Sandalwood
plantations for high net worth retail investors and Beyond Carbon
(BC), which sells land and establishes and maintains Indian
Sandalwood plantations for global institutional investors.

The MIS segment has historically been very volatile reflecting
both the exposure to global economic conditions and uncertainty
around the tax treatment of the investments.  The attractiveness
of MIS investment is in large part driven by the favorable tax
treatment of the schemes, which allow investors to take deductions
for the fees charged to establish and maintain the plantations.
As a result of this volatility and declining industry sales, TFS
established BC as a product in 2009 to increase diversity, reduce
volatility and reliance on tax rulings, and to be the future
growth engine for the company.  While there has been some initial
success with the BC product, there is a limited track record for
this new product offering.

"In addition to potential volatility, the rating also reflects
uncertainty around the company's ability to continue to execute
its strategy to significantly grow the BC product", says Mr.
Moore.  "Also, the company's ability to generate revenue and cash
flow from investment products will be subject to various external
factors, including, global economic conditions, weather events and
potential regulatory changes, which could significantly impact the
credit profile in any given year", Mr. Moore adds.

TFS' rating is balanced by the company's large and valuable
plantation holdings, which are expected to begin maturing from
FY13 and the strong price environment for Indian Sandalwood
products as a result of growing demand and the limited supply of
authentic and legally harvested Indian Sandalwood.

Credit metrics are expected to strengthen if the company succeeds
in implementing its growth plans. However, we expect earnings to
remain volatile with the reliance on continuous investment in the
company's plantation assets to drive credit metrics going forward.

TFS' ongoing fees from previously sold investment products and
revenue generated from the sale of oils and heartwood should
provide some mitigation to potential volatility but currently
represent a low level of expected cash flow relative to debt for
the next several years. Cash flow from wood and oil sales should
increase following the initial harvest planned for FY13, however,
until the company begins harvesting execution risk in relation to
potential wood and oil yields remains.

"Following the bond issue, the rating benefits from meaningful
liquidity which should also help to mitigate potential cash flow
volatility", Mr. Moore says.

The stable outlook reflects Moody's view that the company should
have sufficient liquidity to fund its operations over the next 12
months, and support the ongoing development of salable plantations
in accordance with its strategy.

Moody's does not envisage positive rating pressure to emerge over
the next 12-to-18 months, given TFS' limited track record around
its wholesale BC products and the execution risk around the
initial harvest which is not expected until FY13.

"On the other hand, the rating could be downgraded if the company
is unable to execute its strategy to continue to grow its
wholesale product sales, there are adverse tax rulings affecting
its MIS business or yields and sales from its initial harvests
fall below expectations", says Mr. Moore.

Any of the above could reduce expected cash flow generation and
ongoing demand for its investment products such that credit
metrics fall outside of the range expected for the rating.  Credit
metrics that Moody's would look for on a continuing basis to
maintain the current rating include, FFO-to-Interest above 1.5x
and FFO-to-Debt above 10%.

This is a first time rating to TFS Corporation Limited.

The principal methodology used in rating TFS Corporation Limited
was the Global Paper and Forest Products Industry Methodology,
published September 2009.

TFS Corporation Limited is one of the world's largest vertically
integrated manager and grower of Indian Sandalwood plantations,
with 3,788 hectares under plantation as of Dec. 31, 2010 in the
East Kimberley region of Western Australia.  TFS' business
primarily comprises the cultivation, growth and processing of
Indian Sandalwood plantations through the sale of two investment
products to wholesale and retail investors.  TFS generated revenue
of AU$108.1 million and EBITDA of AU$62 million in FY2010.


TFS CORP: S&P Assigns 'B' Corporate Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to TFS Corp. Ltd., an Australian-based forestry
company that operates vertically integrated sandalwood plantation
and distillery operations.  The outlook is stable.  "At the same
time, we assigned a 'B' rating and a Recovery Rating of
'3' to TFS's proposed US$175 million bond issue, indicating the
expectation of meaningful recovery (50%-70%) in the event of
default," S&P stated.

"The 'B' rating on TFS reflects our opinion of the company's
exposure to regulatory risk and its dependency on potentially
volatile investment sales and fees for cash flow," Standard &
Poor's credit analyst Brenda Wardlaw said.  "Also underpinning the
rating is our view of TFS's limited geographic and business unit
diversity, plantations that are yet to reach harvest, and the
company's weak liquidity following repayment of its bank
facility."

Partly offsetting these negative rating factors is the scarcity of
global Indian sandalwood trees (which supports the attractiveness
of the asset class to investors), TFS's vertical integration
following the acquisition of a distillery in July 2008, and the
increasing diversity of the company's investor base (the recent
introduction of global institutional investors limits TFS's
exposure to the domestic Managed Investment Scheme [MIS]
investors).  TFS is also increasing its share of company-owned
plantations.

Ms. Wardlaw added: "The stable rating outlook is supported by our
view that continued investment sales and fees, especially from
more creditworthy global institutional investors, will support
TFS's interest payments and operating costs.  The rating may be
lowered if a decline in sales to MIS investors or institutional
investors hurts TFS's ability to meet its operating and financing
costs. This may occur due to regulatory or other reasons.  Upward
rating movement is unlikely while the company's cash flow is
predominantly dependant on investment sales and fee income."


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


SUNAC CHINA: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------
Fitch Ratings has revised the Outlook on Sunac China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Negative from Stable.  The property developer's IDR and senior
unsecured ratings have been affirmed at 'BB-'.  The 'BB-(EXP)'
expected rating of the proposed US Dollar senior unsecured notes
has been withdrawn following the cancellation of the notes issue.

The Outlook revision reflects Fitch's concern that the company's
financial liquidity and flexibility may be weakened by the
cancellation of the proposed notes issue, particularly in light of
Sunac's weak contracted sales year to date.

With the cancellation of the notes issue, Fitch estimates that
Sunac needs to achieve contracted sales of CNY11 billion in 2011
to maintain sound liquidity.  However, the company had to
reschedule some of its sales launches in Q111 due to increased
regulatory restrictions.  This resulted in contracted sales of
only CNY1.48 billion, materially below Fitch's expectation and the
company's target of CNY18.3 billion for 2011, as announced in
March 2011.

Fitch notes that Sunac has the ability to improve its liquidity
since the company expects its saleable resources in 2011 to reach
CNY29 billion with sales permit having been secured for
CNY7.5 billion worth of projects in 2010.  However, given tighter
regulatory restrictions, the company may have to discount property
prices materially to drive its sales, potentially compromising its
strong financial profile which is the key rating driver.  The
agency maintains that EBITDA margin below 25% and net
debt/inventory level above 35% are factors that may result in a
negative rating action.

Following the Outlook revision, the IDR may be downgraded if
Sunac's monthly sales performance suggests that contracted sales
of CNY11 billion is not achievable for 2011 and/or full year
average selling price (ASP) may fall below the Q410 figure of
CNY13,200 per square metre.  The Outlook may be revised back to
Stable if Sunac achieves these targets without compromising its
financial metrics mentioned above and/or improves its liquidity
via other sources of long-term funding.


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


CLEAN GLOBAL: Court to Hear Wind-Up Petition on May 11
------------------------------------------------------
A petition to wind up the operations of Clean Global Combustion
(HK) Limited will be heard before the High Court of Hong Kong on
May 11, 2011, at 9:30 a.m.

Mr. Andrew Ronald Taylor filed the petition against the company on
March 8, 2011.

The Petitioner's solicitors are:

          Oldham, Li & Nie
          Suite 503, St. George's Building
          2 Ice House Street
          Central, Hong Kong


FIRST DRAGON: Contributories and Creditors to Meet on May 13
------------------------------------------------------------
Creditors and contributories of First Dragon Fashion (Hong Kong)
Limited will hold their first meetings on May 13, 2011, at
2:30 p.m., and 3:30 p.m., respectively at the Official Receiver's
Office, 10th Floor, Queensway Government Offices, 66 Queensway, in
Hong Kong.

At the meeting, E T O'Connell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


FULL BRILLIANT: Contributories and Creditors to Meet on May 6
-------------------------------------------------------------
Contributories and creditors of Full Brilliant Limited will hold
their first meetings on May 6, 2011, at 3:00 p.m., and 3:30 p.m.,
respectively at 29/F., Caroline Centre, Lee Gardens Two 28 Yun
Ping Road, in Hong Kong.

At the meeting, Wong Tak Man Stephen and Osman Mohammed Arab, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GLORY POWER: Members' Final Meeting Set for May 23
--------------------------------------------------
Members of Glory Power (Asia) Limited will hold their final
meeting on May 23, 2011, at 9:00 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.


GUANGDONG (H.K.): Lui and Leung Step Down as Liquidators
--------------------------------------------------------
Kennic Lai Hang Lui and Ruby Mun Yee Leung stepped down as
liquidators of Guangdong (H.K.) Tours Company Limited on April 29,
2011.


GUANGDONG TOURS: Lui and Leung Step Down as Liquidators
-------------------------------------------------------
Kennic Lai Hang Lui and Ruby Mun Yee Leung stepped down as
liquidators of Guangdong Tours Transportation Limited on April 29,
2011.


HK STATIONERY: Final Meetings Set for May 30
--------------------------------------------
Members and creditors of Hong Kong Stationery Manufactury Company
Limited will hold their final meetings on May 30, 2011, at
3:00 p.m., and 3:30 p.m., respectively at Room 602, 3 Lockhart
Road, Wanchai, in Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HOOVER CONSTRUCTION: Final General Meeting Set for May 31
---------------------------------------------------------
Members of Hoover Construction Company Limited will hold their
final general meeting on May 31, 2011, at 11:30 a.m., at 19/F.,
Amtel Building, 144-148 Des Voeux Road Central, in Hong Kong.

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


HUA MAI: Creditors' Proofs of Debt Due May 13
---------------------------------------------
Creditors of Hua Mai Industries Limited, which is in liquidation,
are required to file their proofs of debt by May 13, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lau Wu Kwai King Lauren
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street
          Central, Hong Kong


IMAGE PRODUCTION: Creditors to Get 4.06% Recovery on Claims
-----------------------------------------------------------
Image Production Limited, which is in liquidation, will declare
the preferential payment to its creditors on May 13, 2011.

The company will pay 4.06% for ordinary claims.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East Hong Kong


JAUNTWALL LIMITED: Final Meeting Set for May 30
-----------------------------------------------
Creditors and contributories of Jauntwall Limited will hold their
final meetings on May 30, 2011, at 3:00 p.m., at the office of FTI
Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced April 29 that
investigation of over 99% of a total of 21,780 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,577 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,709 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 470 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 110 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?75e2

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MALABAR (HK): Members' Final General Meeting Set for May 30
-----------------------------------------------------------
Members of Malabar (HK) Corporation Limited will hold their final
general meeting on May 30, 2011, at 10:00 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

At the meeting, Anthony David Kenneth Boswell, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MA SICONG: Members' Final General Meeting Set for May 30
--------------------------------------------------------
Members of Ma Sicong International Music Foundation Limited will
hold their final general meeting on May 30, 2011, at 11:00 a.m.,
at 6/F., May May Building, Nos. 683-685 Nathan Road, Mongkok, in
Hong Kong.

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


MOULIN HOLDINGS: Members' and Creditors' Meetings Set for May 17
----------------------------------------------------------------
Members and creditors of Moulin Holdings (H.K.) Company Limited
will hold their meetings on May 17, 2011, at 3:30 p.m., at the
office of FTI Consulting (Hong Kong) Limited, 14th Floor, The
Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong.

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


NEW CHINA: Creditors to Get 1% Recovery on Claims
-------------------------------------------------
The New China Hong Kong Finance Limited, which is in creditors'
liquidation, will declare the second interim dividend to its
creditors on May 11, 2011.

The company will pay 1% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay
         Hong Kong


NICOSIA COMPANY: Members' Final General Meeting Set for May 30
--------------------------------------------------------------
Members of Nicosia Company Limited will hold their final general
meeting on May 30, 2011, at 10:00 a.m., at Unit 601, K. Wah
Centre, 191 Java Road, North Point, in Hong Kong.

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


NTG LIMITED: Court to Hear Wind-Up Petition on May 18
-----------------------------------------------------
A petition to wind up the operations of NTG Limited will be heard
before the High Court of Hong Kong on May 18, 2011, at 9:30 a.m.

Gary Bruce Solomon filed the petition against the company on
March 4, 2011.

The Petitioner's solicitors are:

          Gall
          12th Floor, Dina House
          Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


PEACE CITY: Members' and Creditors' Meetings Set for May 17
-----------------------------------------------------------
Members and creditors of Peace City Investment Limited will hold
their meetings on May 17, 2011, at 3:00 p.m., at the office of FTI
Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


PILKINGTON (ASIA): Ho and Yeung Step Down as Liquidators
--------------------------------------------------------
Ho Siu Pik and Yeung Betty Yuen stepped down as liquidators of
Pilkington (Asia) Limited on April 18, 2011.


RIGHT CONNECTION: Creditors' Proofs of Debt Due May 16
------------------------------------------------------
Creditors of The Right Connection 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


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


ADINATH MOTORS: CRISIL Assigns 'B-' Rating to INR35MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Adinath Motors.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        B-/Stable (Assigned)
   INR20 Million Proposed Long-Term B-/Stable (Assigned)
         Bank Loan Facility  
   INR5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect AM's weak financial risk profile, marked by
small net worth, high total outside liabilities to total net worth
ratio, and weak debt protection metrics, small scale of
operations, and low profitability.  The ratings also reflect AM's
weak bargaining power and exposure to intense competition in the
automobile dealership business.  These weaknesses are partially
offset by AM's moderate exposure to inventory and debtor risks.

Outlook: Stable

CRISIL believes that AM will maintain its credit risk profile over
the medium term, backed by its stable relationship with Maruti
Suzuki India Ltd (MSIL, rated 'AAA/Stable/P1+' by CRISIL).  The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly, because of substantial equity
infusion or sustained improvement in operating profitability.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a debt-funded capital expenditure programme, impacting
its debt servicing ability.

Established in 2000 by Mr. Mahesh Kumar Malaiya and his son,
Mr. Kapil Malaiya, AM is an authorized dealer of MSIL's light
motor vehicles.  It has showrooms in Sagar and Chhatarpur (both in
Madhya Pradesh).

AM reported a profit after tax (PAT) of INR1.02 million on net
sales of INR335.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.38 million on net
sales of INR217.0 million for 2008-09.


AMSAL CHEM: CRISIL Reaffirms 'BB' Rating on INR6.4MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Amsal Chem Pvt Ltd
continue to reflect Amsal Chem's weak financial risk profile
marked by small net worth and large working capital requirements;
and small scale of operations.  These rating weaknesses are
partially offset by Amsal Chem's established customer
relationships and strong track record in the drug manufacturing
business.

   Facilities                         Ratings
   ----------                         -------
   INR6.4 Million Rupee Term Loan     BB/Stable (Reaffirmed)
   INR72.5 Million Cash Credit        BB/Stable (Reaffirmed)
   INR14.0 Million Working Capital    BB/Stable (Reaffirmed)
           Demand Loan  
   INR51.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Amsal Chem will continue to benefit from its
established customer relationships and strong track record in the
drug manufacturing business over the medium term.  The outlook may
be revised to 'Positive' if Amsal Chem scales up its operations
without weakening its capital structure and maintains its
profitability, or if the promoters infuse fresh equity into the
company.  Conversely, the outlook may be revised to 'Negative' if
the company's operations get disrupted by adverse regulatory
changes, or if the company undertakes larger-than-expected, debt-
funded capital expenditure (capex) programme in the medium term.

Update

Amsal Chem's operations were adversely affected in 2010-11 (refers
to financial year, April 1 to March 31) because of increased
stringency in pollution control norms in Ankleshwar (Gujarat).
The company's common effluent treatment plant at the location of
its manufacturing unit was forced to operate at reduced levels to
adhere to the new discharge norms.  As a result, like all chemical
units in the vicinity, Amsal Chem also had to scale down its
operations, leading to its capacity utilisation dropping to about
50% in the second half of 2010-11 from about 80%.  Consequently,
the company's sales declined by about 13% to an estimated INR430
million in 2010-11 from INR492.3 million in 2009-10.  Its
operating margin sharply declined to around 8% in 2010-11 from 11%
in 2009-10 because of sub-optimal utilisation of capacities.  To
overcome the problem, Amsal Chem is setting up an in-house
effluent treatment plant (ETP) at a cost of about INR10 million,
funded by internal accruals; the plant is expected to commence
operations in June 2011.

Amsal Chem's profit after tax (PAT) and net sales for 2010-11 are
estimated at INR13.6 million and INR430.0 million respectively; it
reported a PAT of INR13.6 million on net sales of INR499.4 million
for 2009-10.

                         About Amsal Chem

Incorporated in 1992, Amsal Chem is a bulk drug manufacturer with
two chief products -- isoniazid and niacin/niacinamide.  The
company is promoted by members of the Majithia family.  The
company is a government-recognised one-star export house. Amsal
Chem's manufacturing unit in Ankleshwar (Gujarat) has installed
capacity of 1,200 tonnes per annum (tpa).  The company is one of
largest producers of isoniazid, which is used in standard multi-
drug tuberculosis treatment. Niacin/niacinamide is primarily used
in animal feed products and also in pharmaceutical formulations
and certain cosmetic products.


ASL INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on INR155MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of ASL Industries Pvt Ltd
continue to reflect ASL Industries' weak financial risk profile,
marked by a small net worth, weak pricing power, customer
concentration in revenue profile, and exposure to volatility in
raw material prices.  The impact of these rating weaknesses is
mitigated by ASL Industries' established relationship with its
largest customer, Tata Motors Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR155 Million Term Loan          BB+/Stable (Reaffirmed)
   INR140 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR5 Million Letter of Credit     P4+ (Reaffirmed)
                 /Bank Guarantee

Outlook: Stable

CRISIL believes that ASL Industries will continue to benefit over
the medium term from its established market position backed by
regular offtake from TML.  The outlook may be revised to
'Positive' if ASL Industries reduces its customer concentration,
while increasing its revenues and improving its profitability.
Conversely, the outlook may be revised to 'Negative' if ASL
undertakes a larger-than-expected, debt-funded capital expenditure
programme, leading to deterioration in its capital structure, or
if the company's profitability deteriorates from the current
level.

                          About ASL Industries

ASL Industries is part of the Jamshedpur (Jharkhand)-based ASL
group, which has interests in iron and steel, sheet metal, and
fibre-glass reinforced components, and is an authorised sales and
service dealer for TML.  Originally incorporated as Ajanta
Composite Pvt Ltd in 1992, the company got its current name in
2002. ASL Industries, which has a presence in the auto ancillary
industry, is managed by Mr. Dilip Kumar Goyal and Mr. Vipul Singh.

ASL Industries reported profit after tax (PAT) of INR4.2 million
on net sales of INR426.8 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR7.0 million
on net sales of INR348.3 million for the previous year.


ASSOCIATED MANUFACTURING: CRISIL Rates INR24.5MM Term Loan at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Associated Manufacturing Company.

   Facilities                        Ratings
   ----------                        -------
   INR45.00 Million Cash Credit      B+/ Stable (Assigned)
   INR24.50 Million Term Loan        B+/ Stable (Assigned)
   INR4.00 Million Letter of Credit  P4 (Assigned)
   INR3.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect AMC's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection metrics,
driven by large capital expenditure (capex) and working capital
requirements, small scale of operations, and susceptibility to
volatility in raw material prices.  These rating weaknesses are
partially offset by the extensive experience of AMC's promoters
and established customer relationships.

Outlook: Stable

CRISIL believes that AMC's financial risk profile will remain
weak, because of the firm's proposed capex and incremental working
capital requirements, and scale of operations will remain small
over the medium term. The outlook may be revised to 'Positive' if
AMC significantly scales up its operations or in case of larger-
than-expected cash accruals or large infusion of capital. The
outlook may be revised to 'Negative' in case of larger-than-
expected, debt-funded capex or if AMC's profitability deteriorates
leading to further deterioration in its financial risk profile.

                        About Associated Manufacturing

Set up in 1983 by Mr. Ashvin Shah, Mr. Subhash Chuttar, and
Mr. Shyam Jain, AMC manufactures stamped and pressed parts for
automobiles, including brake boosters, latch assemblies for seats,
header plates for radiators, and door lock assemblies, among
others, at its unit in Chakan (Maharashtra). AMC supplies to Tier-
1 players in the automotive industry such as Bosch Chassis Systems
Ltd, Tata Toyo Radiators Ltd (rated 'AA-/Stable/P1+' by CRISIL),
Tata Johnson Controls Automotive Ltd (rated 'AA-/Stable' by
CRISIL), Tata Autocomp Systems Ltd, Force Motors Ltd, and others.

AMC reported a net loss of INR2.6 million on an operating income
of INR172.1 million for 2009-10 (refers to financial year, April 1
to March 31), against a profit before tax of INR4.3 million on an
operating income of INR238.4 million for 2008-09.


CHAMPALAL MOTILAL: CARE Assigns 'CARE BB' Rating to INR10cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4+' ratings to the bank facilities
of Champalal Motilal Steel Co Pvt Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     10.00       'CARE BB' Assigned
   Short-term Bank Facilities    40.00       'PR4+' Assigned

Ratings Rationale
The ratings are constrained by CMSCPL's low profitability margins
due to trading nature of business, relatively modest networth &
cash accruals, higher utilization of working capital related bank
borrowings, customer concentration risk, supplier concentration
risk and inherently cyclical nature of the steel industry.  The
ratings derive strength from the promoter's experience in the
steel industry, growth in revenues in the past and financial
support from promoters through unsecured loans.

CMSCPL's ability to achieve the envisaged sales and profitability
and manage the working capital requirement efficiently are the key
rating sensitivities.

Incorporated in June 2000, Champalal Motilal Steel Company Pvt.
Ltd. is engaged in the business of trading of Hot Rolled (HR) and
Cold Rolled (CR) sheets/coils, mild steel (MS) sheets/plates and
colour coated sheets. CMSCPL is part of the Topworth group, which
has presence in metal, mining and power sectors. It is led by Mr.
Abhay Lodha (Chairman), who has more than a decade of experience
in steel trading and manufacturing.  CMSCPL conducts its business
operations in the domestic market only.


DANOPHARM CHEMICALS: CRISIL Puts 'BB' Rating on INR50M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Danopharm Chemicals Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       BB/Stable(Assigned)
   INR87.4 Million Proposed LT       BB/Stable(Assigned)
           Bank Loan Facility  
   INR2.5 Million Bank Guarantee     P4+(Assigned)
   INR60.0 Million Letter of Credit  P4+(Assigned)

The ratings reflect DCPL's modest scale of operations, product
concentration in its revenue profile, and risks associated with
working capital intensive nature of operations. These weaknesses
are partially offset by extensive experience of its promoters &
established relations with reputed pharmaceutical companies.

Outlook: Stable

CRISIL believes that DCPL will maintain its business risk profile
over the medium term, backed by established relations with its key
customers. The outlook may be revised to 'Positive' if DCPL is
able to significantly scale up its operations while maintaining
its margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if the company's working capital
requirements increase significantly, or if it undertakes a higher
than expected debt-funded capital expenditure programme
significantly weakening its capital structure.

                     About Danopharm Chemicals

DCPL, a Mumbai based pharmaceutical company, was originally
established in 1986 as a partnership firm by members of Das family
& later on converted to a private limited company in 2009. In
2009, Mr. Satish Nachane, earlier associated with Aarti Drugs Ltd.
acquired a stake in DCPL.  His stake in DCPL is held through
Synergy United Pharmachem Pvt. Ltd., a company controlled by
Nachane family. The shareholding is equally divided between Das
family & Synergy.

The change in management provided an impetus to operations of DCPL
on account of the established relationships of promoters with
Chinese suppliers, and big pharmaceutical companies like Dr.
Reddy's Laboratories Ltd., Glenmark Pharmaceuticals Ltd. etc. as
customers. DCPL manufactures active pharmaceutical ingredients
(also known as bulk drugs) and intermediates. DCPL's manufacturing
facilities are at Ankleshwar, Gujarat.

DCPL reported a profit after tax (PAT) of INR5.1 million on net
sales of Rs58.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.7 million on net sales
of INR15.1 million for 2008-09.


DIX ENGINEERING: CRISIL Assigns 'D' Rating to INR15MM Corp. Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Dix Engineering Project Services Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR15.00 Million Corporate Loan   D (Assigned)
   INR100.00 Million Cash Credit     D (Assigned)
   INR27.50 Million Bank Guarantee   P5 (Assigned)

The ratings reflect instance of delay by Dix in servicing its
debt; the delays are on account of the company's weak liquidity.

Dix has a weak financial risk profile, marked by a weak capital
structure, moderate debt protection measures and low net cash
accruals, is exposed to intense competition in the civil
construction industry, and has large working capital requirements.
The weaknesses are partially offset by the extensive experience of
Dix's promoters in the civil construction business.

Set up in 1998, Dix undertakes civil construction works mainly in
Karnataka. Dix is a 'Class 1' contractor, registered with
Karnataka Public Works Department, National Highways Authority of
India, Mangalore City Corporation, and Mangalore Special Economic
Zone Ltd, amongst other contracting authorities. It undertakes
projects related to road work (asphalting and concreting), site
grading, plot layout and development, and earth, irrigation,
sewage and drainage work. In February 2010, Dix commenced its
concrete mix manufacturing facility.

Dix reported a profit after tax (PAT) of INR18 million on net
sales of INR409 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11 million on net sales
of INR370 million for 2008-09.


ESS ESS: CRISIL Cuts Rating on INR100 Million Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ess
Ess Kay Engineering Company Pvt Ltd to 'D/P5' from 'B/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR100.00 Million Cash Credit     D (Downgraded From
                                    'B/Stable')
   INR10.00 Million Term Loan        D (Downgraded From
                                    'B/Stable')
   INR75.00 Million Working Capital  D (Downgraded From
           Term Loan                'B/Stable')
   INR40.00 Million Bank Guarantee & P5 (Downgraded From 'P4')
           Letter of Credit  

The rating downgrade reflects delays in servicing term loans by
EEK. The delays have been caused by the company's weak liquidity,
resulting from its large incremental working capital requirements
because of increase in its scale of operations in 2010-11 (refers
to financial year, April 1 to March 31).  EEK's liquidity has
weakened also because its bank limits have not increased
commensurately with its increasing working capital requirements.

EEK's weak financial risk profile is also marked by small net
worth, moderate gearing, and weak debt protection metrics. It has
small scale of operations, is susceptible to intense competition
in electrical equipment industry, and has large working capital
requirements. However, EEK continues to benefit from its
established market position, supported by its extensive dealer
network.

                         About Ess Ess Kay

EEK commenced operations in 1935 in Lahore (now in Pakistan) and
shifted its unit to India after the partition.  The company
manufactures electrical goods, electrical wires, roof-mounted air
conditioners for the railways, enclosures, panels, and bus bar
systems. EEK's key products include switches, sockets, regulators,
and blades.  The company has collaborated with Woehner GmbH &
Company for bus bar systems.  EEK also trades in flexible conduit
pipes, imported from Switzerland.  The company has an established
network of more than 3000 dealers.

EEK reported a profit after tax (PAT) of INR7.2 million on net
sales of INR485.1 million for 2009-10, against a net loss of
INR0.8 million on net sales of INR424.2 million for 2008-09.


GANGETIC HOTELS: CRISIL Rates INR600MM Rupee Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the rupee term loan
facility of Gangetic Hotels Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR600 Million Rupee Term Loan    B/Negative (Assigned)

The rating reflects GHPL's susceptibility to project
implementation and offtake risks, and cyclicality in the
hospitality industry.  These rating weaknesses are partially
offset by the extensive industry experience of GHPL's operation
and management partner, Marriott International Inc.

Outlook: Negative

CRISIL believes that GHPL will face significant time and cost
overruns over the medium term, constraining its liquidity. The
rating may be downgraded in case of more-than-expected time or
cost overruns, leading to liquidity pressures. Conversely, the
outlook may be revised to 'Stable' if the hotel is completed on
time and within the budgeted cost.

                         About Gangetic Hotels

GHPL is developing a four-star hotel in Agra (Uttar Pradesh),
named Courtyard by Mariott.  INR600 million of the project cost of
INR1019.7 million is being funded by debt.  The promoters have
already brought in equity of around INR390 million.  So far,
around INR320 million has been incurred toward the project.

GHPL is jointly promoted by Phoenix Hospitality Company Pvt Ltd of
the Ruia family of Mumbai, Mr. Priyank Tayal, and Mr. Amitabh
Tayal. The management has also brought in private equity players,
Leine River and Fushe River, who hold a combined 60% stake; this
is expected to reduce to around 40% in the future.


GATIMAN AUTO: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Gatiman Auto Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40.00 Million Cash Credit       B-/Negative (Assigned)
   INR6.00 Million Standby            B-/Negative  (Assigned)
            Line of Credit  
   INR14.50 Million Letter of Credit  P4 (Assigned)
   INR2.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect GAPL's below-average financial risk profile,
particularly its weak liquidity, marked by weak debt protection
metrics, a high gearing, and a small net worth, driven by a large
capital expenditure programme, subdued cash accruals, and large
working capital requirements.  The ratings also reflect GAPL's
small scale of operations and susceptibility to volatility in raw
material prices.  These rating weaknesses are partially offset by
the benefits that GAPL derives from its promoters' extensive
experience in the automobile components industry and its
established customer relationships.

Outlook: Negative

CRISIL believes that GAPL's liquidity will remain weak over the
medium term, on account of large debt obligations against subdued
cash accruals.  The ratings may be downgraded in case of further
deterioration in liquidity because of less-than-expected accruals
or larger-than-expected working capital requirements.  Conversely,
the outlook may be revised to 'Stable' if the company ramps up its
scale of operations and profitability, leading to better-than-
expected accruals and improvement in its liquidity.

                        About Gatiman Auto

Incorporated in 1988, GAPL manufactures sheet metal components,
mainly fuel tank and silencer assemblies for automobile and
industrial equipment original equipment manufacturers.  GAPL's
customers include VE Commercial Vehicles Ltd, Force Motors Ltd,
Man Force Trucks Ltd, Tafe Motors and Tractors Ltd, and L&T Case
Equipments Ltd.  The company's unit in Pithampur (Madhya Pradesh)
manufactured 1.15 million pressed components in 2009-10 (refers to
financial year, April 1 to March 31). GAPL has also recently set
up a unit to manufacture tippers to be supplied to VECVL. GAPL is
promoted by Mr. Ashvin Shah, Mr. Subhash Chuttar, Mr. Shyam Jain,
and Mr. Prafull Kothadiya, who also look after its operations and
management.

GAPL reported a profit after tax (PAT) of INR0.9 million on an
operating income of INR280.5 million for 2009-10, against a loss
of INR18.2 million on an operating income of INR209.3 million for
2008-09.


GEETA COTTON: CRISIL Reaffirms 'BB-' Rating on INR15.5MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geeta Cotton Company
continue to reflect the group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to changes in government policy with
regard to minimum support prices for raw cotton.  These weaknesses
are partially offset by the group's healthy business risk profile,
marked by the promoters' extensive experience in the cotton
processing industry.

   Facilities                        Ratings
   ----------                        -------
   INR15.50 Million Term Loan        BB-/Stable (Reaffirmed)
   INR150.00 Million Cash Credit     BB-/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the financial
risk profiles of GCC and Krishna Cotton Company, together referred
to as the Geeta group.  This is because both the entities have a
common management and are in the same line of business. Moreover,
both the firms sell under a common brand name.

Outlook: Stable

CRISIL believes that the Geeta group will continue to benefit over
the medium term from its promoter's experience in the cotton
ginning business.  However, the group's financial risk profile is
expected to remain constrained because of high gearing and weak
debt protection measures.  The outlook may be revised to
'Positive' if the group's capital structure improves because of
significant improvement in accruals or infusion of funds.
Conversely, the rating may be revised to 'Negative' if the group's
financial risk profile deteriorates because of lower-than-expected
operating margin or debt-funded capital expenditure.

Update

Geeta group is estimated to achieve revenues of around INR2.5
billion during the year 2010-11 (refers to financial year, April 1
to March 31). The better than expected growth in the top line is
attributed to the buoyant prices in raw cotton during the cotton
season(CS) 2009-10 &CS 2010-11. The cotton prices(S-6) have
increased to INR155 per kg in February 2011 vis-a-vis INR59 per kg
in February 2009.  The group purchased 360,418 quintals of kapas
(raw cotton) during the year 2010-11. This is lower than the
421,879 quintals of kapas purchased during 2009-10.  Further,
Geeta group is estimated achieve operating profitability of around
3.3% during 2010-11.  The improved operating profitability margins
are driven by a healthy off take coupled with the Government's
favorable policy towards cotton exports. However, the liquidity is
stretched as reflected in the fuller utilization of cash credit
limits during peak season and availment of adhoc cash credit
limits of around INR80 million during the peak season.  The
gearing are expected to deteriorate further to around 3.97 times
during 2010-11 mainly due to large working capital requirements,
which are, in turn, due to inventory stocking and high
receivables.  The larger than expected increase in its revenues
during 2010-11 has led to incremental working capital
requirements. This has led to the group availing adhoc limits
during peak season and also resorting to incremental support from
promoters to the extent of INR 57.6 million in the nature of
unsecured loans. The gearing is expected to be maintained at
similar levels over the medium term aided by lack of significant
debt funded capex plans.

                           About the Group

Set up as a proprietorship entity in 1983 by Mr. K Nagnath Patel,
GCC is engaged in cotton ginning operations.  The firm is involved
in cotton ginning operations and processing of cottonseed to
produce cottonseed oil and cottonseed oil cakes.

Set up as a proprietorship concern in 2006, KCC was reconstituted
into a partnership firm in 2006 after merger with Dhananjay
Industries. The firm is engaged in cotton ginning and processing
of cottonseed to produce cottonseed oil and cottonseed oil cake.


The promoters Mr. Kam Shetty Naganath Patel, Mr. K Shankar Rao
have a long standing experience of over 25 years in similar lines
of business. The manufacturing facilities of both the entities are
located at Bhainsa (Andhra Pradesh).

The Geeta group is estimated to report a profit after tax (PAT) of
INR24.56 million on net sales of INR2.51 billion for 2010-11
(refers to financial year, April 1 to March 31) against a PAT of
INR6.35 million on net sales of INR1.37 billion for 2009-10.


GODFREY N ARENGH: CRISIL Assigns 'BB' Rating to INR1MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Godfrey N Arengh.

   Facilities                        Ratings
   ----------                        -------
   INR1.00 Million Cash Credit       BB/Stable (Assigned)
   INR81.70 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect the GNA group's marginal scale of operations,
small net worth, geographic concentration, and susceptibility to
intense industry competition.  These rating weaknesses are
partially offset by the GNA group's diversified revenue profile
and the extensive industry experience of the group's promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GNA with those of the proprietorship
concerns Arengh Medical Suppliers, Arengh Industries and Arengh
Tea Industries, hereafter referred to as the GNA group. This is
because all the three entities have a common ownership and
management.

Outlook: Stable

CRISIL believes that the GNA group will continue to benefit over
the medium term from its diversified revenue profile and the
experience of its management.  The outlook may be revised to
'Positive' if the GNA group scales up its operations, while
improving its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if the GNA group's
profitability and revenues decline significantly, or in case of
significant withdrawal of capital by the promoter, or if the firm
undertakes a larger-than-expected, debt-funded capital
expenditure, thereby weakening its financial risk profile.

                           About the Group

Set up in 1980, GNA is a proprietorship firm engaged in the
business of civil construction. This business contributes about
52% of the overall turnover of the group.

Arengh Tea Industries is a proprietorship firm engaged in the
business of tea processing. Arengh Medical Suppliers is a
proprietorship firm engaged in trading over-the-counter drugs and
medical equipments.

Arengh Industries is a proprietorship firm engaged in fabrication
of steel furniture.

The GNA group reported consolidated profit after tax (PAT) of
INR8.5 million on net sales of INR113.9 million for 2009-10
(refers to financial year, April 1 to March 31), against a
consolidated PAT of INR9.6 million on net sales of INR118.6
million for 2008-09.


GOPINATH SPINNINGS: CRISIL Reaffirms 'D' Rating on INR97.6MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gopinath Spinning Pvt
Ltd continue to reflect instances of delay by GSPL in servicing
its term loan; the delays have been caused by GSPL's weak
liquidity and sub-optimal capacity utilisation.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit Facility   D (Reaffirmed)
   INR97.6 Million Term Loan              D (Reaffirmed)
   INR13.0 Million Inland/Foreign Bank    P5 (Reaffirmed)
                             Guarantee  

GSPL has a weak financial risk profile, limited track record, and
small scale of operations in the textiles industry. The company,
however, benefits from its improving operating efficiency.

Update

GSPL's sales grew year-on-year (y-o-y) by about 54% in 2009-10
(refers to financial year, April 1 to March 31) to INR102 million.
The growth continued into 2010-11, with estimated sales of INR170
million, translating into a 65% y-o-y growth, albeit on a small
base. Though the company's capacity utilisation levels have
improved since inception, the capacity continues to remain sub-
optimally utilised at less than 50%. As a result, in spite of
inception in 2008, GSPL has not been able to break even at the
operating level, though the quantum of losses has been reducing.
The company has been funding its losses through unsecured loans
from promoters in the past. The same has increased to INR260
million estimated as on March 31, 2011, from INR160 million as on
March 31, 2008. The sales growth is expected to remain healthy
over the medium term, backed by improving capacity utilisation.

                       About Gopinath Spinning

Set up in 2003 by the Yogin Patel group, the Atlas group and the
Shiva group, GSPL commenced commercial operations in July 2007.
It manufactures cotton combed and blended yarn for knitting and
weaving, and has capacity of 19,680 spindles (250 tonnes per
month) at its factory in Dadra (Union Territory of Dadra and Nagar
Haveli).

GSPL reported a net loss of INR39.2 million on net sales of
INR102.8 million for 2009-10, against a net loss of INR41.7
million on net sales of INR67 million for 2008-09.


JAYCON INFRASTRUCTURE: CARE Puts 'CARE B+' Rating on INR20M Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'PR4' ratings to the bank facilities of
Jaycon Infrastructure Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     20.00       'CARE B+' Assigned
   Short-term Bank Facilities    10.00       'PR4' Assigned
   Long-term/Short-term Bank     70.00       'CARE B+'/'PR4'
                  Facilities                  Assigned

Rating Rationale

The ratings take into account stretched liquidity position of
Jaycon, small scale of operations, order book concentration with a
single contract and a low networth base limiting the ability of
Jaycon to bid for larger and more complex projects.  The ratings
however draw comfort from experienced promoters, long track record
of operations and satisfactory profitability margins both at
operating as well as net levels.  Going forward, Jaycon's ability
to increase its scale of operations and profitability and manage
working capital requirements efficiently shall be the key rating
sensitivities.

Jaycon Infrastructure Ltd. is a public limited company
incorporated in February 2007.  Jaycon works as a civil contractor
and has executed various residential, commercial, institutional
buildings, bridges and road projects in Northern India.  Jaycon
was formed by Mr. Jatinder Mittal, Mr. Ravi Surinder Singh Sandhu
and Mr. Yoginder Mittal who have an experience of more than 15
years in handling construction contracts.

For FY10, Jaycon booked total operating income of INR128.77 cr
with PBILDT of INR18.19 cr and PAT of INR6.89 cr.  Jaycon has
achieved total operating income of INR98.0 cr with a PAT of
approximately INR6.86 cr in 9MFY11.


JUBILEE HILLS: Fitch Migrates Ratings to "Non-Monitored" Category
-----------------------------------------------------------------
Fitch Ratings has migrated the 'B-(ind)' National Long-Term rating
on India's Jubilee Hills Landmark Projects Limited and its INR4.7
billion term loans to the "Non-Monitored" category.  The ratings
will now appear as 'B-(ind)nm' on Fitch's website.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of JHLPL.  The ratings will remain
in the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


KRISHNA COTTON: CRISIL Assigns 'BB-' Rating to INR15MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Krishna Cotton Company.

   Facilities                         Ratings
   ----------                         -------
   INR15.00 Million Long-Term Loan    BB-/Stable (Assigned)
   INR150.00 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects the Geeta group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
measures, and susceptibility to changes in government policy.
These weaknesses are partially offset by the group's healthy
business risk profile, marked by the promoters' extensive
experience in the cotton processing industry.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of KCC and Geeta Cotton Company, together referred
to as the Geeta group.  This is because both the entities have a
common management and are in the same line of business. Moreover,
both the firms sell under a common brand name.

Outlook: Stable

CRISIL believes that the Geeta group will continue to benefit over
the medium term from its promoter's experience in the cotton
ginning business.  However, the group's financial risk profile is
expected to remain constrained because of high gearing and weak
debt protection measures.  The outlook may be revised to
'Positive' if the group's capital structure improves because of
significant improvement in accruals or infusion of funds.
Conversely, the rating may be revised to 'Negative' if the group's
financial risk profile deteriorates because of lower-than-expected
operating margin or debt-funded capital expenditure.

                         About the Group

Set up as a proprietorship concern in 2006, KCC was reconstituted
into a partnership firm in 2006 after merger with Dhananjay
Industries. The firm is engaged in cotton ginning and processing
of cottonseed to produce cottonseed oil and cottonseed oil cake.

Set up as a proprietorship entity in 1983 by Mr. K Nagnath Patel,
GCC is engaged in cotton ginning operations. The firm is involved
in cotton ginning operations and processing of cottonseed to
produce cottonseed oil and cottonseed oil cakes.

The promoters Mr. Kam Shetty Naganath Patel, Mr. K Shankar Rao
have a long standing experience of over 25 years in similar lines
of business. The manufacturing facilities of both the entities are
located at Bhainsa (Andhra Pradesh).

The Geeta group is estimated to report a profit after tax (PAT) of
INR24.56 million on net sales of INR2.51 billion for 2010-11
(refers to financial year, April 1 to March 31) against a PAT of
INR6.35 million on net sales of INR1.37 billion for 2009-10.


KULAR CONSTRUCTION: CRISIL Rates INR110 Million Term Loan at 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Kular Construction Ltd's
term loan facility.  The rating reflects instances of delay by KCL
in servicing its term loan; the delay has been caused by KCL's
weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR110.0 Million Term Loan      D (Assigned)

KCL has a weak financial risk profile, marked by high gearing and
accumulated losses. However, the company benefits from its
moderate operating margin.

Incorporated in 1984, KCL was promoted by Mr. Bhajan Singh. It was
into civil construction until 2004, when the company received a
franchisee from the ITC group of hotels to construct Fortune
Klassik Hotel in Ludhiana.  It then began constructing this hotel
and commercial property in Ludhiana (Punjab).  By this time,
Mr. Bhajan Singh's sons had joined the business.  The hotel was
opened partially in July 2006, but is expected to be fully
operational only by the end of 2011. The total cost of the project
was around INR400 million, funded through term loans of INR240
million and promoters' contribution.


MARVELOUS METALS: CRISIL Reaffirms 'BB' Rating on INR41.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Marvelous Metals Pvt
Ltd continue to reflect Marvelous' small-scale and working-
capital-intensive operations, limited financial flexibility
because of small net worth, expected deterioration in capital
structure caused by planned debt-funded capital expenditure
(capex) programme, and susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by Marvelous'
promoters' experience in the casting industry, its diversified
clientele, and improving operating efficiencies.

   Facilities                        Ratings
   ----------                        -------
   INR25.00 Million Cash Credit      BB/Stable (Reaffirmed)
   INR41.60 Million Term Loan        BB/Stable (Reaffirmed)
   INR5.00 Million Bank Guarantee    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Marvelous will continue to benefit from its
established clientele and buoyancy in demand in the automotive
industry.  The outlook may be revised to 'Positive' if Marvelous
scales up its operations, improves its profitability, or
significantly improves its capital structure through fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
Marvelous's profitability declines, or if the company contracts
more debt than expected, thereby weakening its capital structure.

                        About Marvelous Metals

Marvelous was promoted by the late Mr. Shankarrao Awadhoot Joshi,
the late Mr. Praful Krishnaji Deshpande, and Mr. Mansing
Shripatrao Pawar, in 1985. Subsequently, Mr. Deshpande's share was
taken over by Mr. Manshinghrao Jaysinghrao Jadhav, a relative of
the Pawar family. Marvelous manufactures cast-iron components and
sub-assemblies that are used in the automobile and engineering
industries, both in India and abroad.

To its original capacity of 6,000 tonnes per annum (tpa), the
company added 150 tpm capacity, for an outlay of about INR20
million, in March 2011. Marvelous plans to further increase its
moulding capacity by 140 tpm and also increase its machining
capacity, to cater to incremental demand from its export market
customers--the capex is expected to be about INR50 million.

Marvelous is estimated to report a profit after tax (PAT) of
INR6.3 million on estimated net sales of INR337.5 million for
2010-11 (refers to financial year, April 1 to March 31), against a
PAT of INR2.2 million on net sales of INR271.0 million for
2009-10.


MIMANI AGRO: CRISIL Reaffirms 'B+' Rating on INR61 Mil. Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mimami Agro Products
Pvt Ltd continue to reflect the Mimami group's weak financial risk
profile, marked by a high gearing, a small net worth, and
inadequate debt coverage metrics, and small scale of operations in
the intensely competitive agricultural commodity segment.  The
impact of these rating weaknesses is mitigated by the benefits
that the Mimani group derives from its promoters' experience in
the agricultural commodities industry.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Cash Credit Limit   B+/Negative (Reaffirmed)
   INR61.0 Million Term Loan           B+/Negative (Reaffirmed)
   INR1.0 Million Bank Guarantee       P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the financial
risk profiles of MAPPL and MAPPL's associate company, Ganesh
Spices Pvt Ltd (Ganesh Spices).  This is because the two
companies, together referred to as the Mimani group, have common
promoters, management, and banker, and fungible cash flows.
Moreover, Ganesh Spices procures its entire raw material
requirements from MAPPL.

Outlook: Negative

CRISIL believes that the Mimani group's financial risk profile
will remain weak over the medium term because of delays in
implementation of MAPPL's capex programme.  The ratings may be
downgraded if the group faces any further pressure on liquidity
owing to further time or cost overrun in project implementation.
Conversely, the outlook may be revised to 'Stable' if the group
completes its project on time as per the revised schedule,
stabilises its operations, and reports better cash accruals.

Update

On a consolidated basis, the Mimami group's sales grew by about
10% year-on-year (y-o-y) in 2010-11 (refers to financial year,
April 1 to March 31) at about INR290 million. The group's
operating margin is estimated at 6% in 2010-11, in line with the
past trends.

MAPPL is setting up an additional capacity for processing urad
dal, entailing an outlay of INR100 million; the unit which was
earlier envisaged to be commissioned by March 2011 has now been
delayed by about six months because of delays in building
construction; the same is now expected to be commissioned by
September 2011.  The company has availed a term loan of INR67
million and the rest is to be funded through internal accruals.
With the stabilization of the aforesaid capacities, the company is
expected to sustain its topline growth over the medium term.

The Mimami group's liquidity remains weak because of modest
accruals and high working capital intensity.  The net cash
accruals estimated at INR8.8 million in 2010-11 are tightly
matched against term debt obligations of INR6 million during the
year.  The net cash accruals are expected to be tightly matched
over the medium term against annually maturing term loan
obligations of INR12 million. The bank limits continue to be
utilized close to 100% on an average, thereby offering the group
with no financial cushion in times of exigency. Unsecured loans
from promoters which stood at INR4 million as on March 31, 2011 do
not offer interim cushion; hence, unless there is significant
equity infusion over the medium term, the pressure on the group's
liquidity is expected to remain.

MAPPL is expected to report a net loss of INR1.7 million on net
sales of INR290 million for 2010-11, against a reported profit
after tax of INR1.6 million on net sales of INR263.5 million for
2009-10.

                        About Mimami Agro

Incorporated in 1999, MAPPL manufactures agricultural products
such as besan, sattu, and dal.  Its flour mill at Jodhpur
(Rajasthan) has capacity to produce 4800 tonnes per day (tpd) and
2400 tpd of besan and sattu, respectively.  The company markets
its products under the Ganesh brand in East India, Rajasthan, New
Delhi, and Uttar Pradesh. The products are sold mainly in packages
of 25 kilogram (kg) to 100 kg to wholesalers and institutional
buyers.


OVERSEAS TRADERS: CRISIL Cuts Rating on INR85MM Cash Credit to 'D'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Overseas
Traders and Manufacturers to 'D' from 'BB+/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR85.00 Million Cash Credit     D (Downgraded from
                                       'BB+/Stable')

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, Vinayak
Enterprises, and OTM.  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.


SUPERMINT EXPORTS: Fitch Rates INR4.5 Mil. LT Loans at 'B+(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned India-based Supermint Exports Pvt. Ltd.
a National Long-Term rating of 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to SML's loans:

   -- INR4.5m long-term loans: 'B+(ind)'; and

   -- INR90m fund-based working capital limits:
      'B+(ind)'/'F4(ind)'.

The ratings reflect SML's limited operational history, small size
of operations and its volatile profitability margins.  The
ratings, however, draw comfort from the long experience of SML's
promoters in the industrial flavors and fragrance market.  Fitch
also notes the efforts made by the company to introduce more
value-added products from FY12.

The rating are also constrained by the working capital intensity
of the industry and raw material price fluctuations along with
SML's inability to pass on the cost increases in a timely manner
to its customers, leading to volatility in the profitability
margins.

A negative rating action could result from a debt-led capital
expenditure, an increase in working capital cycle and/or a fall in
profitability margins, leading to deterioration of financial
leverage.  Conversely, an increase in size of the company coupled
with an improvement in profitability resulting in improved
financial leverage on a sustained basis will be positive rating
guidelines.

As per SML's provisional FY11 figures, it reported revenues of
INR312 million (FY10: 158 million), operating EBITDA margin of
4.1% (FY10: 5.7%), and net financial leverage (total adjusted net
debt/operating EBITDA) of around 6.6x (FY10: 8.9x).

SML was established in 2007 and the production commenced in FY09.
The company is involved in the manufacturing of industrial flavors
and fragrances for use in industries like pharmaceuticals,
perfumes, essential oils, paints etc.  SML sells its products in
the domestic and in the international markets.


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


RANHILL BERHAD: Fitch Affirms Issuer Default Rating at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed Ranhill Berhad's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'B-' and Senior Unsecured
rating at 'B-' with a Recovery Rating of 'RR4'.  The Outlook is
Stable.

"The resolution of the Rating Watch Negative follows Ranhill's
recent announcement that it has obtained Securities Commission
approval for the issuance of a MYR800m Sukuk Musharakah in two
tranches by wholly owned subsidiary Ranhill Power Sdn Bhd
(issuer)", says Arnon Musiker, Director in the agency's Energy &
Utilities team.  "The proceeds will be used to refinance the
USD220m notes (notes) due October 2011 issued by Ranhill's wholly
owned subsidiary, Ranhill (L) Limited, and guaranteed by Ranhill,"
adds Mr. Musiker.

Whilst the sukuk is not underwritten, the Stable Outlook reflects
Fitch's view that the sukuk should be fully subscribed by virtue
of guarantees from Maybank Islamic Berhad, a subsidiary of Malayan
Banking Berhad, ('A-'/Stable), and Danajamin Nasional Berhad,
ultimately owned by the sovereign ('A-'/Stable). The guarantees
relate to the issuer's payment obligations under tranche one and
tranche two respectively, and are not joint and several.

Fitch placed Ranhill's ratings on Rating Watch Negative on
Feb. 11, 2011, due to increased liquidity risk flowing from the
impending maturity of the notes.  Ranhill informed Fitch at the
time that it was in discussions with a local bank regarding a
refinancing package.

Ranhill has also formally suspended the Tajura housing project in
Libya, which accounted for the bulk of its order book at 2010
financial year end.  Whilst Ranhill has informed Fitch that there
are no immediate cash flow implications to Ranhill from the
suspension, Ranhill's ratings also reflect the loss of future cash
flow from the project.

Fitch may take a negative rating action should Ranhill be unable
to achieve financial close on the sukuk as anticipated, or if the
company's trading position declines materially from the agency's
expectations.  In particular, these relate to Ranhill's receipt of
anticipated dividend flows from its regulated investments and
Ranhill's continuing ability to fund ongoing working capital
requirements.  The principal regulated investments in this regard
are SAJ Holdings Sdn Bhd (SAJH), a 56%-held subsidiary of Ranhill,
and two 190 megawatt (MW) gas-fired power generators located in
Sabah state in Eastern Malaysia. An upgrade is unlikely in the
medium term due to the company's weak financial and business
profile.


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


NATHANS FINANCE: Ex-Finance Director Chief Gives Evidence
---------------------------------------------------------
The New Zealand Press Association reports that former Nathans
Finance director John Hotchin has begun giving evidence against
three of his former colleagues at their High Court trial on
Securities Act charges.

NZPA relates that Mr. Hotchin was earlier this year sentenced to
11 months home detention, ordered to do 200 hours community work,
and ordered to pay NZ$200,000 to the receivers of Nathans Finance
after admitting similar charges laid following the failure of the
company.

On Wednesday, NZPA states, Mr. Hotchin went into the witness box
to give evidence against Kenneth Roger Moses, Donald Menzies Young
and Mervyn Ian Doolan, all on trial in the High Court at Auckland.

NZPA says the accused all deny charges of distributing an
advertisement with an untrue statement and of signing a prospectus
including an untrue statement.  Mr. Hotchin initially denied the
charges, then pleaded guilty this year.

According to NZPA, Mr. Hotchin on Wednesday told the court how he
set up VTL, a vending technology company, with Mr. Doolan in the
late 1990s, and the formation of Nathans Finance as a financing
vehicle in 2001.

Mr. Hotchin admitted in court that the finance company's offer
documents were wrong but said at the time they were registered he
believed they were correct, The New Zealand Herald reports.

The Herald relates that Mr. Hotchin told Crown lawyer Colin
Carruthers, QC, that he did not take "due care" when approving the
company's prospectus and investment statement of Dec. 13, 2006.

The Crown, according to NZPA, has alleged that documents and
marketing letters from December 2006 which painted a glowing
picture of Nathans Finance's financial worthiness were completely
divorced from the truth.  These included a marketing letter issued
just two weeks before Nathans Finance was placed into receivership
in August 2007.

                         About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


SOUTH CANTERBURY: Receivers Strike Deal to Sell 79.7% Scale Shares
------------------------------------------------------------------
The New Zealand Herald reports that the receivers of South
Canterbury Finance have secured a conditional deal to sell the
company's 79.7% stake in horticulture business Scales Corporation
for NZ$44 million.

According to the report, receivers Kerryn Downey and William Black
of McGrathNicol announced they had secured a conditional agreement
with New Zealand investment firm Direct Capital for the sale of
Scales.  The sale price of NZ$2 per share, of a 79.7% stake, works
out at about NZ$44 million for SCF's shareholding.

The Herald relates that McGrathNicol said the sale was subject to
a number of conditions and was expected to be completed in a few
months.

The Herald says Scales will hold a meeting with shareholders to
allow them to vote on the transaction, which needs to pass by
simple majority.  A report will also be produced on the fairness
of the transaction, the Herald notes.  Mr. Downey, according to
the Herald, said nothing was required of shareholders and that
Scales would provide further information.

"It [the deal] will provide increased certainty to all of Scales
Group's stakeholders, customers, suppliers and minority
shareholders. It's very pleasing to have found credible New
Zealand buyers for this leading multi-industry business," the
Herald quotes Mr. Downey as saying.

Scales chief executive Andy Borland said the deal would provide
certainty for Scales and help it move forward with its plans to
develop and grow the company, the Herald reports.

Scales is a horticulture and primary sector processing, exporter
and logistics business. It operates businesses including
Mr. Apple -- the largest grower, packer and exporter of apples in
New Zealand -- Meateor Foods, exporting processed meat used in
leading pet food brands, New Zealand's largest cold store network,
a bulk liquids storage business and a logistics business.

                        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.


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


LIBERTY TELECOMS: Net Loss Widens to PHP1.15 Billion in 2010
------------------------------------------------------------
BusinessWorld Online reports that Liberty Telecoms Holdings, Inc.,
which is partly owned by San Miguel Corp., widened its net loss in
2010 to PHP1.15 billion, roughly double that seen in the previous
year.  This was worse than the PHP557.04 million recorded in 2009,
the report says.

BusinessWorld says revenues in 2010 reached PHP219.18 million
versus none in 2009, but the gains were whittled down by expenses
which ballooned by 137% to PHP1.39 billion.  The biggest
contributor to the firm's expenses, depreciation, increased by 76%
to PHP390 million from PHO221.95 million.

                    About Liberty Telecoms

Manila-based Liberty Telecoms Holdings Inc. was incorporated on
January 14, 1994, and designed primarily to be the holding company
for Liberty Broadcasting Network Inc. and Skyphone Logistics Inc.
LIB was listed as a public company at the Philippine Stock
Exchange on October 17, 1994.

In April 2005, the management of LIB decided to suspend its
business operations due to lack of capital required to operate
and grow the business.  In August 2005, the group of companies
filed with a Regional Trial Court in Makati City a petition for
corporate rehabilitation as part of LIB's plan to resolve and to
continue normal operations.  The Court issued a stay order of
all the outstanding liabilities of LIB and its affiliates and
prevented creditors from foreclosing its assets.

The Makati City Regional Trial Court approved Liberty's
rehabilitation plan in December 2006.

The Troubled Company Reporter-Asia Pacific, citing The Manila
Times, reported on April 26, 2010, that the Court of Appeals
denied Rizal Commercial Banking Corp.'s petition to terminate the
implementation of Liberty Telecoms Holdings Inc.'s rehabilitation.

In May 2008, Liberty Telecoms asked a Makati regional trial court
to reject RCBC's motion to terminate the company's rehabilitation
and have it liquidated, saying it goes against the purpose of
corporate rehabilitation.


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


DBS BANK: Fitch Affirms Individual Rating at 'B'
------------------------------------------------
Fitch Ratings has affirmed DBS Bank Ltd's ratings, including the
Long-term Foreign-Currency Issuer Default Rating (IDR) at 'AA-'
with Stable Outlook and Individual Rating at 'B'.

DBS's ratings are premised on its strong balance sheet,
satisfactory earnings base and dominant presence in Singapore.
The Outlook is Stable as Fitch believes there to be limited upside
to the bank's ratings, which are already amongst the highest
globally.

DBS has a strong domestic franchise, accounting for 26% of
Singapore dollar-deposits in the country at end-2010.  This in
turn underpins the bank's stable funding profile and liquid
balance sheet.  DBS enjoys ample liquidity in Singapore dollars
relative to other currencies.  Its loans/deposits ratio in
Singapore dollars was 60% at end-2010, considerably lower than the
loans/deposits ratios in Hong Kong and US dollars, which have
exceeded 100% over the past three to four years. Nonetheless, the
bank's consolidated loans/deposits ratio has remained
satisfactory, at 80% at end-2010.

Another rating strength is DBS's capital base, with a core Tier 1
capital adequacy ratio (excluding hybrids and preference shares)
of 12% and a tangible equity/assets ratio of 7.8% at end-2010.
Solid capital, together with reasonably prudent risk management,
help buttress a credit profile that is subject to the volatility
of small, open economies such as Singapore and Hong Kong.
Operations in these countries contributed over 80% of profit after
tax over the past four years.  Nonetheless, Fitch highlights that
a weakened financial position, possibly due to unexpectedly rapid
asset quality deterioration and a significantly lower capital
buffer, would be negative for DBS's ratings. Such risks could
emerge from a fresh global slowdown scenario, or from a higher
exposure to lower-rated countries/entities, including through an
"event risk" of a large acquisition.

Thus far, stable domestic macroeconomic indicators have generally
continued into 2011 and should remain supportive of DBS's
performance and asset quality.  A drop in ROA to 0.68% in 2010 was
driven by a one-time write-off of goodwill, and Fitch estimates
that without this write-off, ROA would have been on the order of
1%, on par with pre-crisis levels.  The agency expects the bank's
profitability to be largely stable given its broad revenue base,
with low margins and moderate trading gains partly offset by a
likely increase in fee income. The stable operating climate,
together with satisfactory reserves on non-performing assets,
should enable credit costs to stay low in 2011.

The 'AA-' ratings of the senior notes are the same as DBS's IDR as
the notes constitute the bank's direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The subordinated Lower Tier 2
securities ratings of 'A+' are one notch below the bank's IDR to
reflect the subordinated status of the securities and the absence
of any going-concern loss-absorption feature.

The 'A' ratings of the hybrid Tier 1 preference shares and
subordinated Upper Tier 2 securities are two notches below DBS's
IDR based on the presence of mandatory triggers to defer
coupons/dividends on the securities. Such a coupon/dividend
deferral mechanism is a form of going concern loss absorption,
although Fitch currently believes this to be of low possibility in
the near term.

The list of rating actions is:

DBS

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

   -- Short-Term Foreign-Currency IDR affirmed at 'F1+';

   -- Individual Rating affirmed at 'B';

   -- Support Rating affirmed at '1';

   -- Support Rating Floor affirmed at 'A-';

   -- Ratings on senior unsecured notes affirmed at 'AA-';

   -- Ratings on subordinated Lower Tier 2 securities affirmed at
      'A+'; and

   -- Ratings on subordinated Upper Tier 2 securities and hybrid
      Tier 1 preference shares affirmed at A'.


OVERSEA-CHINESE: Fitch Affirms Individual Rating at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed Oversea-Chinese Banking Corp's ratings,
including the Long-term Foreign-Currency Issuer Default Rating
(IDR) at 'AA-' with Stable Outlook, Short-Term Foreign-Currency
IDR at 'F1+' and Individual Rating at 'B'.

OCBC's ratings reflect its strong local presence, diversified
earnings profile, good asset quality record and strong balance
sheet.  The Stable Outlook reflects a limited upward momentum to
the bank's already high ratings.

Being one of only three local banks in Singapore, OCBC has a
respectable domestic deposit franchise, which provides stability
to its funding base.  It has a liquid balance sheet, with a
satisfactory loans/deposits ratio of around 80%-85% in Singapore
and for most of its major overseas operations.

Fitch expects OCBC's performance to be satisfactory in 2011 amid
broadly stable economic environments in Singapore and Malaysia,
which combined accounted for 90% of the bank's pre-tax profits
over the past four years.  While the bank's fee income could
increase further, its ROA could moderate somewhat due to low
margins, trading gains and insurance income prospects. Stable
macroeconomic indicators also underpin low asset quality risks in
the near term.  This, together with reserves in excess of non-
performing assets, suggests low provisioning risks in 2011.

In the medium term, any major global event, possibly arising from
weaknesses of many Western economies, unrest in the Middle East
and Japan's nuclear crisis may have a material bearing on open
economies like Singapore and Malaysia, and in turn on OCBC's
performance and financial profile.  As the Indonesian and Chinese
markets become proportionately significant to the bank's
operations as a result of ongoing regionalization plans,
challenges in the operating environment typically found in
emerging economies could arise over a longer period.

Fitch highlights that negative rating actions could arise from an
increased exposure to markets of high credit and regulatory risks,
particularly if it leads to unexpectedly material asset quality
issues and is supported by weaker loss absorption capacity.  Yet,
at present the agency believes this to be of low possibility in
view of OCBC's strong capital base and prudent management.

OCBC's core Tier 1 capital adequacy ratio (excluding hybrids) was
high at 12.6% at end-2010 while its tangible equity/tangible
assets ratio was 7%.  While asset quality risks have borne out to
be of low threat to the bank's capital - as was the case during
the 2008/2009 global downturn - its equity had declined slightly
in 2008 from weaker market prices, which affected the valuation of
its minority-stake investments in financial institutions in China
and Vietnam.  Barring any unforeseen events, Fitch believes that
the bank is likely to remain well-capitalised, even if its core
capital base has to fully fund its insurance subsidiary, Great
Eastern Holdings (GEH) under the latest Basel III standards.
Despite impending capital regulation changes, Fitch notes GEH's
sound risk profile and well-capitalisation, reflecting its
conservative management.

The 'F1+' rating of the commercial papers is the same as OCBC's
IDR as the papers constitute the bank's direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The subordinated Lower Tier 2
securities ratings of 'A+' are one notch below the bank's IDR to
reflect the subordinated status of the securities and the absence
of any going-concern loss-absorption feature.

The 'A' ratings of the hybrid Tier 1 and subordinated Upper Tier 2
securities are two notches below OCBC's IDR based on the presence
of mandatory triggers to defer coupons/dividends on the
securities. Such a coupon/dividend deferral mechanism is a form of
going concern loss absorption although Fitch currently believes
this to be of low possibility in the near term.

The list of rating actions is:

OCBC

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

   -- Short-Term Foreign-Currency IDR affirmed at 'F1+';

   -- Individual Rating affirmed at 'B';

   -- Support Rating affirmed at '1';

   -- Support Rating Floor affirmed at 'A-';

   -- Rating on commercial papers affirmed at 'F1+';

   -- Ratings on subordinated Lower Tier 2 securities affirmed at
      'A+'; and

   -- Ratings on subordinated Upper Tier 2 and hybrid Tier 1
      securities affirmed at A'.


SATS LTD: Places Myanmar Unit in Voluntary Liquidation
------------------------------------------------------
SATS Ltd. announced that subsidiary Myanmar ST Food Industries
Limited, which is in members' voluntary liquidation, was dissolved
on May 2, 2011.  Myanmar ST Food Industries Limited ceased to be a
subsidiary of SATS with effect from May 2, 2011.

The voluntary liquidation of Myanmar ST Food Industries Limited is
not expected to have any material impact on the net tangible
assets or earnings per share of the SATS Group for the financial
year ending 31 March 2012.

SATS Limited provides integrated ground handling and in-flight
catering services at Singapore Changi Airport. The Company also
provides aviation security, airline laundry, and airport cargo
delivery management services.


UNITED OVERSEAS: Fitch Affirms Individual Rating at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed United Overseas Bank's ratings,
including the Long-term Foreign-Currency Issuer Default Rating
(IDR) at 'AA-' with Stable Outlook and Individual Rating at 'B'.

UOB's ratings reflect its strong local franchise, conservative
management, robust balance sheet and diversified earnings profile.
The bank's resilience through economic cycles, as was the case in
the 2008/2009 recession amid the global economic turmoil,
underpins the Stable Outlook.

While UOB's profitability could ease slightly in 2011 from a low
upside to margins and investment income, Fitch expects rising fee
income and low credit costs to support the bank's performance on
the back of the broadly stable economic backdrop for most of Asia.

UOB has identified Malaysia, Thailand and Indonesia as its three
key "South-East Asian pillars" to provide diversity from its home
market. Overseas operations contributed a fairly stable 25% of the
bank's pre-tax profit over the past three years, reflecting its
prudent approach towards regionalization, especially given typical
challenges in the operating environment usually found in emerging
markets, particularly in Thailand.

UOB posted a high core Tier 1 capital adequacy ratio (excluding
preference shares) of 13.3% and a tangible equity/assets ratio of
7.2% at end-2010, and is likely to remain well-capitalised even
under the Basel III regime. While the bank's equity investments
resulted in a capital decline in 2008 amid the global liquidity
crunch, their market prices have since mostly recovered.
Importantly, Fitch believes asset quality risks in comparison to
be of a fairly low threat to UOB's capital - as was the case in
the 2008/2009 global economic turmoil.

The bank's solid presence in Singapore underpins its stable
funding profile and liquidity balance sheet, with a satisfactory
loans/deposits ratio hovering between 80%-85%.  Nonetheless,
ongoing efforts to expand regional deposits remain crucial in view
of the fairly higher loans/deposits ratio of 90%-100%, which
reflect UOB's modest franchises in the overseas markets relative
to major local players.

Rating upside may be limited considering UOB's already high
ratings among banks rated by Fitch globally.  The agency
highlights that a weaker capital base supporting a significantly
riskier balance sheet, possibly due to a higher exposure to low-
rated countries, especially in a difficult operating environment,
could be negative for the bank's ratings.  However, Fitch ascribes
a low probability to such an event in view of management's prudent
record and the likely maintenance of a strong capital position.

The 'AA-' ratings of the senior notes are the same as UOB's IDR as
the notes constitute the bank's direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The subordinated Lower Tier 2
securities rating of 'A+' is one notch below the bank's IDR to
reflect the subordinated status of the securities and the absence
of any going-concern loss-absorption feature.

The 'A' ratings of the hybrid Tier 1 and subordinated Upper Tier 2
securities are two notches below UOB's IDR based on the presence
of mandatory triggers to defer coupons/dividends on the
securities. Such a coupon/dividend deferral mechanism is a form of
going concern loss absorption although Fitch currently believes
this to be of low possibility in the near term.

The list of rating actions is:

UOB

   -- Long-Term Foreign-Currency IDR affirmed at 'AA-', Outlook
      Stable

   -- Short-Term Foreign-Currency IDR affirmed at 'F1+'

   -- Individual Rating affirmed at 'B'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A-'

   -- Rating on senior notes at 'AA-'

   -- Rating on subordinated Lower Tier 2 securities at 'A+'

   -- Ratings on subordinated Upper Tier 2 and hybrid Tier 1
      securities affirmed at A'


                             *********

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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