TCRAP_Public/110506.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Friday, May 6, 2011, Vol. 14, No. 89

                            Headlines



A U S T R A L I A

ALSO FOUNDATION: Administration Looms as Company Awaits Advice
FAIRFAX MEDIA: S&P Affirms 'BB+' CCR; Outlook Revised to Stable


C H I N A

CHINA FORESTRY: Moody's Downgrades CFR to Caa2; Outlook Negative
CHINA QINFA: Moody's Assigns 'B1' Corporate Family Rating
CHINA QINFA: S&P Assigns 'B+' Long-term Corporate Credit Rating
LONGFOR PROPERTIES: Moody's Assigns Ba3 Sr. Unsecured Bond Rating


H O N G  K O N G

GLOBAL EQUITY: Members' Final General Meeting Set for June 13
MASTER MIND: Court to Hear Wind-Up Petition on May 25
NEW GAS: Court to Hear Wind-Up Petition on May 25
SINOWORLD CNW: Creditors' Meeting Set for May 25
SINOWORLD MEDIA: Creditors' Meeting Set for May 25

STERLING NATIONAL: Seng and Lo Step Down as Liquidators
SUNTRUST ASIA: Members' Final Meeting Set for May 30
TAI KONG: Creditors' Proofs of Debt Due June 3
UCB PHARMA: Ying and Chan Step Down as Liquidators
UPTRANS LOGISTICS: Tse Tong Kwan Steve Steps Down as Liquidator

V-TRAC (HK): Creditors' Proofs of Debt Due May 30
VENTURER HOLDINGS: Members' Final General Meeting Set for June 3
WELL FETCH: Law Yui Lun Steps Down as Liquidator
WHOLE POLICY: Members' Final Meeting Set for May 27
WING KEY: Members' and Creditors' Meetings Set for May 23


I N D I A

BABY MARINE: CRISIL Assigns 'P4+' Rating to INR60MM Packing Credit
BABY MARINE INT'L: CRISIL Puts 'P4+' Rating on Packing Credit
BALAJI INDUSTRIES: CRISIL Rates INR90MM Overdraft Facility at 'B+'
DECOR PAPER: CRISIL Assigns 'B+' Rating to INR68 Million Term Loan
DELUXE KNITTING: CRISIL Reaffirms 'P4' Rating on Adhoc Limit

DUTCH TECH: CRISIL Reaffirms 'B' Rating on INR26 Million Bank Loan
JET AIRWAYS: Ordered to Pay Sahara India INR478 Crore
KARNANI SOLVEX: CRISIL Reaffirms 'BB' Rating on INR87MM Term Loan
KOKILA COTTON: CRISIL Rates INR180 Million Cash Credit at 'BB+'
KUVARBA COTTON: CRISIL Rates INR130 Million Cash Credit at 'BB+'

LGW LTD: CRISIL Upgrades Rating on INR30 Million Loan to 'P4'
NAVNEET GINNING: CRISIL Rates INR140 Million Cash Credit at 'BB+'
ORIENT FASHIONS: Fitch Upgrades 'BB+(ind)' Rating to 'BBB-(ind)'
P.B. COTTON: CRISIL Rates INR130 Million Cash Credit at 'BB+'
P & S JEWELLERY: CRISIL Reaffirms 'P4+' Rating on INR450MM Loan

SHAKTI COTTON: CRISIL Rates INR90 Million Cash Credit at 'B+'
SHREE HARI: CRISIL Upgrades Rating on INR188.5MM Term Loan to 'B'
SRC PROJECTS: CRISIL Upgrades Rating on INR65 Million Loan to 'B+'
SUNSTAR MERCANTILE: CRISIL Puts 'B' Rating on INR40MM Demand Loan
TANIA INDUSTRIES: CRISIL Reaffirms 'BB' Rating to INR30MM LT Loan

UMIYA COT: CRISIL Rates INR130 Million Cash Credit at 'BB+'
V C MOTORS: CRISIL Assigns 'B-' Rating to INR14.5 Mil. Term Loan
VHB MEDISCIENCES: Fitch Cuts Rating on INR766.8M Loans to 'D(ind)'
WOCKHARDT LTD: Deposits INR1.15 Billion in Court


I N D O N E S I A

PT PERTAMINA: Fitch Assigns 'BB+' Issuer Default Rating


M O N G O L I A

* MONGOLIA: Moody's Says 'B1' Government Bond Ratings is Stable


N E W  Z E A L A N D

CROYDON AIRCRAFT: IRD Withdraws Liquidation Application
IRONGATE PROPERTY: Goes Into Receivership, Assets Goes to Deloitte
LOMBARD FINANCE: Receivers Block Directors' Plea for Docs
PIKE RIVER: Solid Energy Confirms Interest to Acquire Pike River
TAWERA LAND: Landcorp Acquires Firm's Assets

TE AUTE COLLEGE: May Go Into Receivership, Secret Report Says


T A I W A N

E.SUN FINANCIAL: Fitch Affirms, Withdraws All Ratings


V I E T N A M

HOANG ANH: Fitch Affirms IDRs at 'B'; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


ALSO FOUNDATION: Administration Looms as Company Awaits Advice
--------------------------------------------------------------
The Sydney Star Observer reports that The ALSO Foundation is
waiting on financial advice to determine if it will enter into
voluntary administration.

The Star Observer says ALSO has been reported to the Australian
Securities and Investments Commission (ASIC) for further
investigation.

According to the Star Observer, ALSO CEO Crusader Hillis said the
board had met to discuss the future of the two organizations, The
ALSO Foundation and its sister fund, ALSO Care.

"The most important thing about both organizations at the moment
is to establish the situation of solvency in each," the Star
Observer quotes Mr. Hillis as saying.

"So we've been waiting on advice from a CPA [Certified Public
Accountant] about that and he's now got all the papers and
accounts and will go through a process to come back with a
decision.

"If the organisations are insolvent, we'd go to a voluntary
administrator which would allow both organisations to continue to
run at the moment," Mr. Hillis added, the Star Observer relates.

The Star Observer had earlier reported that last week members
voted down a proposal for ALSO Care to prop up the near-insolvent
Foundation to keep it alive until mid-2012.

Mr. Hillis, as cited by the Star Observer, said if the Foundation
goes into voluntary administration it's likely the members'
resolution fund would be used to pay ongoing costs to keep one or
both organisations alive.

Established in 1980, The ALSO Foundation works to enhance the
lives of Victoria's diverse gay, lesbian, bisexual, transgender,
intersex and queer communities.


FAIRFAX MEDIA: S&P Affirms 'BB+' CCR; Outlook Revised to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit and related debt ratings on Australian-based
media company Fairfax Media Ltd.  "At the same time, we revised
the outlook on the long-term rating to stable from positive," S&P
said.

"The outlook revision reflects our growing concerns regarding the
volatility of the group's earnings, and the rate of structural
revenue erosion present in the group's businesses, particularly
from its metropolitan newspaper businesses," said credit analyst
Paul Draffin.

Fairfax anticipates that group EBITDA for fiscal 2011 will be
about A$600 million (before significant items), or about A$253
million for second half of fiscal 2011.  Accordingly, the second-
half result is expected to be significantly below the first
half's, and comparable with the cyclically low earnings generated
during the peak of the global financial crisis (GFC).  "Although
we had anticipated some ongoing deterioration of traditional print
advertising revenues, and acknowledge that cyclical and currency
influences will impact the fiscal 2011 result, the rate of
deterioration in the second half is outside our previous
expectations," said Mr. Draffin.  "As such, we have revised
Fairfax's business-risk profile to 'fair' from 'satisfactory',
reflecting this higher-than-expected level of earnings volatility
and challenges facing the group to replace structurally eroding
revenues with new revenue streams."

"The stable outlook reflects our view that Fairfax is adequately
positioned at the 'BB+' rating to continue to expand its online
businesses and adequately manage the structural challenges facing
the group's traditional print products.  This, together with a
disciplined approach to capital expenditure and dividends, should
allow the group to maintain a financial risk profile that is in
line with the 'BB+' rating in the next 12 months, which would
include debt to EBITDA being maintained below 3x. At the 'BB+'
rating, we would expect Fairfax to maintain fully adjusted debt-
to-EBITDA of around 2.5x or below throughout the advertising
cycle," S&P noted.

Downward rating pressure could occur if the structural erosion of
the group's print-based revenue materially accelerates and is not
offset by new and defensible revenue streams.  "In addition, we
may lower the rating on the group if debt-to-EBITDA is sustained
above 3.0x due to persisting weak operating performance, debt-
funded acquisitions, or a more shareholder-friendly approach to
capital management," stated S&P.

"Upward rating momentum is considered unlikely in the near term
due to: the degree of earnings volatility being exhibited by the
group, the expectation of ongoing restructuring costs associated
with repositioning the group's businesses, and the lack of clarity
surrounding the rate of structural erosion of the group's
revenues.  Any upgrade would be reliant on successfully
implementing strategies to counter these structural pressures,
together with significantly improved credit metrics and
conservative financial policies," S&P added.


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


CHINA FORESTRY: Moody's Downgrades CFR to Caa2; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded China Forestry Holdings
Co., Ltd's corporate family rating and senior unsecured bond
rating to Caa2 from B2.

The ratings outlook is negative.

The rating action concludes the review process that was initiated
on Jan., 27 2011.

Ratings Rationale

"The downgrade to Caa2 incorporates the negative financial impact
on China Forestry arising from the misrepresentation and
fraudulent behavior of its previous management team," says Ken
Chan, a Moody's Vice President.

Based on preliminary findings, China Forestry has material write-
offs with regard to its plantation assets and a provision on
suspense account totaling RMB3.1billion that has also resulted in
a 30% erosion in shareholders' equity.

Moody's continues to query the reliability of China Forestry's
financial statements.  The auditors of the company, KPMG, issued a
disclaimer of opinion on the announced FY2010 financial
statements.

The misrepresentation by the former management team - including
falsified bank statements and logging permits - and missing
documents have resulted in incomplete books and records, which in
turn make China Forestry fail to comply with the disclosure
requirements and listing rules of the Hong Kong stock exchange.

Trading in China Forestry's shares remains suspended.

"These events could materially affect China Forestry's access to
external funding to sustain its operations," says Chan.

"Furthermore, Moody's notes that there may be risk of payment
acceleration by the bondholders," says Chan.

"Despite the preliminary confirmation of its assets, there are
still doubts on China Forestry's revenue generation ability to
fully cover its committed payments and financial obligations,
especially given the fraudulent activities which post higher
uncertainty with respect to debt recovery," adds Chan.

The negative outlook reflects the uncertainties with regard to the
company's financial position and potential hidden liabilities upon
further findings from the independent investigation team, although
the chairman has given a personal indemnity against the losses of
the company.

The last rating action on China Forestry was on April 8, 2011 when
Moody's downgraded the company's corporate family rating and
senior unsecured bond rating from B1 to B2, and placed the ratings
on review for further possible downgrade.

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

China Forestry, listed on the Hong Kong Stock Exchange in 2009, is
one of the largest privately owned upstream forest operators in
China in terms of coverage area of owned forest rights. The
company's forestry assets are located mainly in Sichuan and Yunnan
provinces.


CHINA QINFA: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to China Qinfa Group Limited and a provisional (P)B2 rating
to its proposed senior notes.  The outlook for the ratings is
stable.

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

The proceeds of the bonds will be used to refinance existing debt
and for general corporate funding.  The provisional status of the
bond rating will be removed once the bonds are issued on
satisfactory terms and conditions.

Ratings Rationale

"The B1 rating reflects Qinfa's unique position as a vertically
integrated coal supply chain operator," says Jennifer Wong, a
Moody's AVP.

Qinfa's diversified coal supply network -- with increasing self-
sufficiency through upstream investments in coal mines -- ensures
stable supply. Its value-added filtering, storage and blending
capabilities enhance its overall margins.

"At the same time, the restricted capacity of transportation
infrastructure continues to act as a bottleneck for China's
domestic thermal coal industry," says Wong.

"Nevertheless, Qinfa is well positioned to achieve its necessary
allocations in railway capacity as it owns and operates two -- out
of a total of 41 -- coal loading stations along the Daqin
Railway," says Wong.

Qinfa also plans to lease two more loading stations in Shuozhou
which will add new railway capacity of 12mtpa.

"Qinfa currently has four Panamax bulk carriers with another four
to come into operation by 2012. This will meet the company's
seaborne transportation requirements as its coal trading volumes
are expected to rise over the next few years," says Wong.

The B1 rating also factors in China's strong demand for thermal
coal -- fuelled by strong electricity demand growth -- and China's
position as a net importer of thermal coal for the medium term.
All these factors support Qinfa's business growth.

Counterbalancing these credit strengths are a number of credit
challenges.

Qinfa has had a short track record in managing its current scale
while it continues to target grow fast.

"Its rapid expansion business plan -- including its investments in
transportation logistics and upstream expansion -- pose execution
risks and require a high amount of working capital, which could
strain its banking credit limits," says Wong.

"Moreover, Qinfa is exposed to thermal coal markets which are
cyclical and have exhibited large fluctuations in supply, demand
and prices," adds Wong.

However, the company's access to its self-owned mines, access to
transportation infrastructure, inventory planning and risk
management procedures help to mitigate partly the price risk of a
thermal coal logistics operator.

Qinfa's needs large working capital to fund its growth, but its
negative free cash flow could limit its financial flexibility. Its
projected credit metrics -- debt (adjusted for pledged
deposits)/EBITDA of around 3.5x and EBITDA/Interest of around 3x-
4x -- for the next two years are appropriately positioned at the
B1 rating level.

Qinfa's senior secured rating of (P)B2 -- which is one notch lower
than the corporate family rating -- reflects legal and structural
subordination. Moody's expects the company to continue to incur
secured debt exceeding 15% of its total assets over the next two
years, given the need to support its fast growing business volume
with working capital facilities. The latter usually comprise
onshore secured debt.

The outlook for the ratings is stable, reflecting Moody's
expectation that Qinfa will have adequate access to transportation
infrastructure and bank funding to meet its business growth.

The ratings are unlikely to be upgraded in the near term. However,
upward pressure could arise over time if Qinfa can:

(1) demonstrate a track record in implementing its vertical
    integration business model, including expansion plans and
    increased transportation infrastructure; and

(2) improve its credit metrics, such that debt (adjusted for
    pledged deposits)/EBITDA remains below 3.0x and
    EBITDA/interest over 5.0x on a sustainable basis.

On the other hand, the ratings could experience downward pressure
if the company's financial position weakens, such that debt
(adjusted for pledged deposits)/EBITDA increases above 4.5x and
EBITDA/interest stays below 3.0x -- 2.5x, as a result of:

(1) an inability to obtain enough transportation capacity, which
    would limit its revenue and cash flow growth;

(2) material delays or cost overruns in the development of the
    company's transportation infrastructure expansion; or

(3) it aggressively embarks on further debt-funded expansion.

In addition, any material change in regulations for the coal
industry that could adversely affect Qinfa's coal business would
be negative for the ratings.

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

China Qinfa Group Limited is the largest non-state-owned thermal
coal supplier in China. The company operates an integrated coal
supply chain, including mining and procurement, storage, filtering
and blending, transportation, and marketing and distribution.
Listed on the Hong Kong Stock Exchange in July 2009, Qinfa is
57.16% controlled by Mr Xu Jihua, the founder and CEO. Qinfa
generated revenue of RMB6.5 billion (US$1.0 billion) and EBITDA of
RMB700 million (USD107 million) in 2010.


CHINA QINFA: S&P Assigns 'B+' Long-term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to China-based thermal coal supplier China
Qinfa Group Ltd.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' issue rating to the company's
proposed senior notes. Standard & Poor's also assigned its Greater
China regional scale ratings of 'cnBB' to the company and 'cnBB-'
to the proposed senior notes.  The rating on the notes is subject
to our review of the final issuance documentation.

"The rating on China Qinfa reflects the business risks associated
with the company's aggressive growth strategy. It also reflects
China Qinfa's exposure to a fragmented thermal coal trading
industry, which is in turn tied to economic cycles, and an
aggressive financial risk profile," said Standard & Poor's credit
analyst Joe Poon.  "These weaknesses are tempered by the company's
vertically integrated supply chain, good operating efficiency, and
good growth potential due to China's robust economy."

"In our view, China Qinfa's aggressive growth strategy has higher
business risks. The company has been aggressively extending its
business through acquisitions and investments since its IPO in
July 2009.  It has invested in mining operations, new vessels, and
the Zhuhai terminal. China Qinfa's business model is transforming
from an asset-light trading operation to a more asset-heavy model,
in our opinion.  Nevertheless, the company's track record in China
and the competitive cost at which it secures coal supplies tempers
these risks," S&P related.

"China Qinfa has an aggressive financial risk profile, in our
opinion.  The company has substantial capital expenditure and is
likely to generate negative free operating cash flow in the next
12 months," S&P stated.

"Nevertheless, an improving integrated supply chain model could
give China Qinfa a competitive advantage over its competitors,"
said Mr. Poon.  "The company operates in a fragmented non-state-
owned coal industry and its vertically integrated model, which is
a rarity in the industry, contributes to its good operating
efficiency."

The proposed issue is rated one notch lower than the rating on
China Qinfa due to structural subordination risk. "We expect the
company's ratio of priority debt to total assets to exceed our 15%
threshold after the notes issue.  The ratio will likely remain at
more than 15% over the next 12 months. The proposed bond proceeds
will be primarily used for refinancing and for general corporate
purposes," S&P said.

According to S&P, "Under our criteria, China Qinfa's liquidity
will be adequate after the proposed bond issuance. The company has
substantial capital expenditure and we expect it to generate
negative free operating cash flow in 2011.  We expect cash on
hand, proceeds from the proposed notes, and cash flow from
operations to be sufficient to meet operating and working capital
needs.  We assume that the company will not make any additional
acquisitions and investments.  As at Dec. 31, 2010, the company
had cash and cash equivalent of about Chinese renminbi (RMB) 1.24
billion, of which RMB287.2 million was unrestricted cash, and
short-term debt of about RMB2.87 billion."

Historically, the company has had substantial short-term debt
comprising secured bank loans and bank advances. "We expect China
Qinfa to be able to roll over its short-term debt.  As at Dec. 31,
2010, the company has total banking facilities of about RMB4.43
billion, of which about RMB1.71 billion were undrawn. Some of the
company's existing bank loans have financial covenants," S&P said.

S&P continued, "The stable outlook reflects our expectation that
China Qinfa will maintain adequate liquidity while it pursues its
expansion plan.  Nevertheless, we believe the company's financial
risk profile will remain aggressive due to high capital spending
over the next 12 months."

"We could lower the rating if: (1) China Qinfa's adjusted ratio of
FFO to total debt deteriorates to about 10% or adjusted total debt
to total capital rises to more than 70%; (2) the company's capital
expenditure increases substantially beyond its current plan; (3)
it embarks on major debt-funded acquisitions; or (4) the bond
issue is delayed putting pressure on liquidity," S&P said.

Rating upside is limited for the next 12 months. "Nevertheless, we
could raise the rating if the company can successfully execute its
expansion plan and improve profitability, while demonstrating its
ability to manage a larger business along with prudent financial
management on a sustained basis. This could happen if the adjusted
ratio of FFO to total debt is more than 20%," S&P added.


LONGFOR PROPERTIES: Moody's Assigns Ba3 Sr. Unsecured Bond Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 senior
unsecured bond rating to the USD750 million, 9.5%, 5-year notes
issued by Longfor Properties Co. Ltd.  The outlook on the rating
is stable.

Moody's definitive rating on this debt obligation confirms the
provisional (P)Ba3 rating assigned on March 25, 2011.

Ratings Rationale

"Longfor's Ba2 corporate family rating reflects its well-
established market position in China's property market as well as
its diversified land bank across several major cities in China,"
says Kaven Tsang, a Moody's AVP/Analyst.

"Although China's domestic bank credit conditions may be tight in
2011, the bond issuance can improve Longfor's liquidity position
and extend its debt maturity profile which will mitigate this risk
to some extent," says Kaven Tsang, who is also Moody's lead
analyst for Longfor.

"Furthermore, due to its good access to funding, Longfor is able
to maintain an adequate liquidity position."

Mr. Tsang adds, "The rating also reflects the company's solid
operating track record in its core market -- Chongqing, Chengdu
and Beijing."

Counterbalancing these credit strengths, the Ba2 corporate family
rating is constrained by Longfor's fast growth resulting in both
financial and operating risks, especially when stricter regulatory
measures are being implemented in China.

However, Moody's expects Longfor's credit metrics - EBITDA
interest coverage and debt/cap ratio will stay at 5.5-7.5x and 45-
50% respectively for the next 2-3 years - are within its rating
level of Ba2.

Longfor's bond rating is notched down to Ba3 due to the structural
and legal subordination risk arising from the amount of secured
and subsidiary debt.

The stable outlook reflects Moody's expectation that Longfor's
liquidity, comprising its cash holdings, operating cash flow, and
borrowings, will be sufficient to fund its current projects.

Upgrade pressure could emerge over the medium term if the company
can (1) successfully implement its business plan and maintain
financial discipline; (2) maintain stable sales growth, with an
EBITDA margin between 30%-35% throughout the cycle; and (3)
maintain good liquidity, with a minimum cash balance of no less
than 10%-15% of total assets, and with access to the offshore bank
and debt markets.

Moody's would consider an upgrade if the company can strengthen
its credit metrics, that is adjusted debt/capitalization below
35%-40% and EBITDA/interest above 7-8x.

The ratings could be pressured downward if (1) Longfor's sales are
materially weaker than planned; (2) operating cash flow weakens
due to over-expansion of new projects; (3) liquidity deteriorates
because of aggressive land acquisitions; or (4) debt increases
substantially.

Moody's would consider adjusted debt/capitalization above 50-55%
or EBITDA/interest under 4-5x as indicators for a downgrade.

Moody's last rating action on Longfor was taken on March 25, 2011,
when Moody's assigned a first-time provisional (P)Ba3 senior
unsecured bond rating to the company.

The principal methodology used in rating Longfor Properties Co.
Ltd was the Global Homebuilding Industry Methodology, published
March 2009.

Longfor was founded in 1994 and listed on the Hong Kong Stock
Exchange in November 2009.  It is majority-owned (around 75.8%)
and controlled by its chairwoman, Madam Wu Yajun and her
associates.  The company is one of the leading developers in
China's residential and commercial properties sector, and has an
attributable land bank of 28.2 million sqm in gross floor area
(GFA) in 13 cities in three major regions in China as of
Dec. 31, 2010.  It also operates six retail malls in Chongqing and
Chengdu.


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


GLOBAL EQUITY: Members' Final General Meeting Set for June 13
-------------------------------------------------------------
Members of Global Equity Investments Limited will hold their final
general meeting on June 13, 2011, at 23 Jalan Novena Utara, 308501
Singapore.

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


MASTER MIND: Court to Hear Wind-Up Petition on May 25
-----------------------------------------------------
A petition to wind up the operations of Master Mind Resources
Limited will be heard before the High Court of Hong Kong on
May 25, 2011, at 9:30 a.m.

The Petitioner's solicitor is:

          Yu, Tsang & Loong
          Rooms 506-9, 5th Floor
          Yu To Sang Building
          37 Queen's Road
          Central, Hong Kong


NEW GAS: Court to Hear Wind-Up Petition on May 25
-------------------------------------------------
A petition to wind up the operations of New Gas (E & M)
Engineering Company Limited will be heard before the High Court of
Hong Kong on May 25, 2011, at 9:30 a.m.

Chubb Hong Kong Limited filed the petition against the company on
March 21, 2011.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor, 9 Des Voeux Road West
          Hong Kong


SINOWORLD CNW: Creditors' Meeting Set for May 25
------------------------------------------------
Creditors of Sinoworld CNW Publishing Limited will hold their
meeting on May 25, 2011, at 10:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.


SINOWORLD MEDIA: Creditors' Meeting Set for May 25
--------------------------------------------------
Creditors of Sinoworld Media Company Limited will hold their
meeting on May 25, 2011, at 2:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.


STERLING NATIONAL: Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Sterling National Asia Limited on April 16, 2011.


SUNTRUST ASIA: Members' Final Meeting Set for May 30
----------------------------------------------------
Members of Suntrust Asia Limited will hold their final meeting on
May 30, 2011, at 10:00 a.m., at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong.

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


TAI KONG: Creditors' Proofs of Debt Due June 3
----------------------------------------------
Creditors of Tai Kong Po Education Institute Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 3, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         To Siu Chiu
         Room 702-3, Yuen Long Trade Centre
         99-109 Castle Peak Road
         Yuen Long, N.T.


UCB PHARMA: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of UCB
Pharma Limited on April 19, 2011.


UPTRANS LOGISTICS: Tse Tong Kwan Steve Steps Down as Liquidator
---------------------------------------------------------------
Tse Tong Kwan Steve stepped down as liquidator of Uptrans
Logistics Limited on April 21, 2011.


V-TRAC (HK): Creditors' Proofs of Debt Due May 30
-------------------------------------------------
Creditors of V-Trac (HK) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 30,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2011.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


VENTURER HOLDINGS: Members' Final General Meeting Set for June 3
----------------------------------------------------------------
Members of Venturer Holdings Limited will hold their final general
meeting on June 3, 2011, at 10:00 a.m., at 4304, 43/F., China
Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.

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


WELL FETCH: Law Yui Lun Steps Down as Liquidator
------------------------------------------------
Law Yui Lun stepped down as liquidator of Well Fetch Garment
Limited on April 18, 2011.


WHOLE POLICY: Members' Final Meeting Set for May 27
---------------------------------------------------
Members of Whole Policy Limited will hold their final general
meeting on May 27, 2011, at 10:30 a.m., at Room 603, Alliance
Building, 130-136 Connaught Road Central, in Hong Kong.

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


WING KEY: Members' and Creditors' Meetings Set for May 23
---------------------------------------------------------
Members and creditors of Wing Key Construction Engineering Limited
will hold their annual meetings on May 23, 2011, at 10:00 a.m.,
and 10:15 a.m., respectively 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.


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


BABY MARINE: CRISIL Assigns 'P4+' Rating to INR60MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' ratings to the bank loan facilities
of Baby Marine Sarass, part of the Baby Marine group.

   Facilities                            Ratings
   ----------                            -------
   INR60.00 Million Packing Credit       P4+ (Assigned)
   INR30.00 Million Bills Discounting    P4+ (Assigned)

The ratings reflect the Baby Marine group's below-average
financial risk profile, marked by small net worth and weak debt
protection metrics, susceptibility to volatility in foreign
exchange rates and raw material prices, and geographical
concentration in its revenue profile.  These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the seafood industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BMS and Baby Marine International
(BMI), collectively referred to as the Baby Marine group.  This is
because both firms are in the same line of business, have fungible
cash flows, and a centralised marketing arrangement for the
products of both the entities.

BMS is based in Mangalore (Karnataka) and BMI is based in Kochi
(Kerala).  The group processes shrimps and other seafood,
including cuttlefish, squid, lobster, and octopus, and exports
them to Europe, Japan, and Africa.  The group has a total
processing capacity of 85 tonnes per day.

The promoters of the Baby Marine group have been in the seafood
business for more than three decades. The group was founded in
1977 by Mr. K C Ninnan. The daily operations of both firms are
managed by Mr. K C Ninnan's sons, Mr. Alex K Ninnan and Mr. George
K Ninnan.


BABY MARINE INT'L: CRISIL Puts 'P4+' Rating on Packing Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' ratings to the bank loan facilities
of Baby Marine International, part of the Baby Marine group.

   Facilities                           Ratings
   ----------                           -------
   INR55.00 Million Packing Credit      P4+ (Assigned)
   INR45.00 Million Bills Discounting   P4+ (Assigned)

The ratings reflect the Baby Marine group's below-average
financial risk profile, marked by small net worth and weak debt
protection metrics, susceptibility to volatility in foreign
exchange rates and raw material prices, and geographical
concentration in its profile.  These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the seafood industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BMI and Baby Marine Sarass,
collectively referred to as the Baby Marine group.  This is
because both firms are in the same line of business, have fungible
cash flows, and a centralised marketing arrangement for the
products of both the entities.

BMI is based in Kochi (Kerala) and BMS in Mangalore (Karnataka).
The group processes shrimps and other seafood, including
cuttlefish, squid, lobster, and octopus, and exports them to
Europe, Japan, and Africa.  The group has a total processing
capacity of 85 tonnes per day.

The promoters of the Baby Marine group have been in the seafood
business for more than three decades. The group was founded in
1977 by Mr. K C Ninnan. The daily operations of both firms are
managed by Mr. K C Ninnan's sons, Mr. Alex K Ninnan and Mr. George
K Ninnan.


BALAJI INDUSTRIES: CRISIL Rates INR90MM Overdraft Facility at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the Overdraft
facility of Balaji Industries.

   Facilities                           Ratings
   ----------                           -------
   INR90 Million Overdraft Facility     B+/Stable (Assigned)

The rating reflects Balaji's constrained financial flexibility,
marked by weak debt protection metrics and a small net worth,
because of regular withdrawal of funds by the firm's partners, and
exposure to risks related to unfavorable changes in regulatory
policies.  These rating weaknesses are, however, partially offset
by experience of Balaji's promoters in the cotton ginning and
pressing industry.

Outlook: Stable

CRISIL believes that Balaji will continue to benefit over the
medium term from its established relationship with its customers,
its promoters' industry experience, and its integrated nature of
operations.  The outlook may be revised to 'Positive' in case of
infusion of capital leading to improvement in capital structure,
or growth in the firm's profitability resulting in improvement in
debt protection metrics.  Conversely, the outlook may be revised
to 'Negative' if Balaji's operating margin declines further, or if
the firm's financial risk profile deteriorates because of increase
in working capital or larger-than-expected, debt-funded capital
expenditure, or significant withdrawal of capital by the partners,
or an adverse impact of monsoon or change in government policies
on the firm's operations.

                      About Balaji Industries

Balaji is engaged in ginning and pressing of raw cotton,
extraction of cotton seed oil and cotton seed oil cake, with
manufacturing facilities at Mehsana (Gujarat).  Balaji is a
partnership firm, which was set up in 2006 with six partners;
three of which retired in 2010, and were replaced by nine new
partners in the same year.  The business is jointly managed by
various business associates and family members, mainly the Modi,
Patel, and Chaudhri families. Balaji has cotton processing
capacity of 35,000 bales per annum and an oil expeller unit of 70
tonnes per day.

Balaji reported a book profit of INR0.03 million on net sales of
INR319.4 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR0.11 million on net sales
of INR222.9 million for 2008-09.


DECOR PAPER: CRISIL Assigns 'B+' Rating to INR68 Million Term Loan
------------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Decor Paper Mills Ltd and has assigned its
'B+/Stable/P4' ratings to the bank facilities of DPML.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      B+/Stable (Assigned;
                                    Suspension Revoked)

   INR7.5 Million Standby Line of   B+/Stable (Assigned;
                           Credit   Suspension Revoked)

   INR68.0 Million Term Loan        B+/Stable (Assigned;
                                    Suspension Revoked)

   INR30.0 Mil. Letter of Credit    P4 (Assigned; Suspension
                                        Revoked)

   INR4.5 Million Bank Guarantee    P4 (Assigned; Suspension
                                        Revoked)

The rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated Nov. 1, 2010, since DPML had not provided
necessary information required to take rating view. DPML has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The ratings reflect DPML's modest scale of operations in the
highly fragmented paper industry and its susceptibility to raw
material price volatility and industrial cycles. These weaknesses
are partially offset by the extensive experience of DPML's
promoters and its moderate financial risk profile, marked by
average gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that DPML will benefit over the medium term from
the extensive industry experience of its promoters. The rating may
be revised to 'Positive' if DPML achieves more-than-expected
revenues and profitability, leading to significant improvement in
its debt protection metrics.  The outlook may be revised to
'Negative' if DPML's revenues and profitability decline, leading
to pressure on its margins and debt protection metrics, or if its
working capital cycle stretches significantly.

                         About Decor Paper

Established as a closely held public limited company in 1992, DPML
is promoted by three brothers, Mr. Surajbhan Agarwal, Mr. Jai
Prakash Agarwal, and Mr. Sushil Kumar Agarwal.  The company, which
manufactures kraft paper, commenced commercial operations in
December 2007. The company's plant, in Medak district (Andhra
Pradesh), has a capacity of 60,000 tonnes per annum.  The business
is currently managed by Mr. Surajbhan Agarwal, Mr. Jai Prakash
Agarwal, Mr. Ritesh Agarwal, and Mr. Shelly Agarwal. The promoters
have around thirty years' experience in the kraft paper industry.

DPML reported a profit after tax (PAT) of INR20.1 million on net
sales of INR522 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR17.6 million on net
sales of INR514 million for 2008-09.


DELUXE KNITTING: CRISIL Reaffirms 'P4' Rating on Adhoc Limit
------------------------------------------------------------
CRISIL's ratings on Deluxe Knitting Mill's bank facilities
continue to reflect customer concentration in DKM's revenues, its
below-average financial risk profile and, small scale of
operations.  These weaknesses are partially offset by the benefits
that DKM derives from its experienced management.

   Facilities                         Ratings
   ----------                         -------
   INR60.00 Million Packing Credit    P4 (Reaffirmed)

   INR50.00 Million Foreign Bill      P4 (Reaffirmed)
                     Discounting

   INR10.00 Million Adhoc Limit       P4 (Reaffirmed)

Update

DKM is likely to witness a 45 per cent dip in its revenues in
2010-11 (refers to financial year, April 1 to March 31), because
of the sharp increase in the prices of cotton yarn and fabric in
2010-11 leading to cancellation of orders from its customers.  The
average price of cotton yarn (40s count) increased by 69 per cent
to INR260 per kg in March 2011 from INR154 per kg in March 2010.
The firm could not pass on the increase in the raw material prices
to its customers as the customers deferred their purchases making
it unviable for the firm to execute the orders.  The increase in
the prices of fabric and the dip in revenues also led to
deterioration in profitability which is expected to decline by 150
to 200 basis points in 2010-11.  However, in 2011-12, the firm is
likely to witness growth in revenues on account of the revival in
the demand for knitted garments reflected in orders worth INR100
million as on April 5, 2011 from its European customer which are
to be executed over the next four to six months. The firm
continues to have stretched liquidity marked by working-capital-
intensive operations resulting in high bank limit utilization. The
firm is heavily dependent on short-term bank borrowings to fund
its raw material and work-in-progress inventory. Hence, the firm's
average bank limit utilization has remained high, at around 99 per
cent, over the 12 months ended February 2011. However, there are
no term loans and hence no debt repayment obligations over the
medium term.

                         About Deluxe Knitting

Set up as a partnership firm in 1987 by Mr. V S P Prabhu and
Mr. V Raghupathi in Tirupur (Tamil Nadu), DKM produces and exports
knitted garments to Holland, Belgium, Mexico, and Europe. The
firm's key customer Teidem B.V., Netherland constitutes close to
50 per cent of the firm's revenues.

The firm is part of the Deluxe group, which consists of three
firms: DKM, Deluxe India Knits, and Deluxe Apparel House.  DKM has
300 stitching machines and five embroidery machines, DIK has 14
knitting machines, and DAH has three labelling machines. DKM
outsources knitting and labelling operations to the group
entities, and spinning, dyeing, and printing operations to
entities outside the group.

DKM reported a profit after tax (PAT) of INR3 million on net sales
of INR244 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR5 million on net sales of INR277
million for 2008-09.


DUTCH TECH: CRISIL Reaffirms 'B' Rating on INR26 Million Bank Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dutch Tech Tools Pvt
Ltd continue to reflect DTT's limited track record, small scale of
operations, and exposure to competition from established players
in the cutting tools industry.  These rating weaknesses are
partially offset by DTT's promoters' experience in the cutting
tools industry, and the company's strong distribution network.

   Facilities                     Ratings
   ----------                     -------
   INR30 Million Cash Credit      B/Stable (Reaffirmed)
   INR65 Million Term Loan        B/Stable (Reaffirmed)
   INR26 Million Proposed LT      B/Stable (Reaffirmed)
          Bank Loan Facility
   INR2 Million Bank Guarantee    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that DTT will maintain its business and financial
risk profiles over the medium term, supported by its promoters'
experience and position in the cutting tools industry.  The
outlook may be revised to 'Positive' if DTT's revenues increase,
and its profitability and net worth improve significantly.
Conversely, the outlook may be revised to 'Negative' if DTT's
financial risk profile deteriorates because of significant decline
in revenues and profitability, or if the company is unable to
stabilize its operations and achieve optimal capacity utilization.

Update

DTT's performance in 2009-10 (refers to financial year, April 1 to
March 31) has been in line with CRISIL's expectation.  The
company's turnover is estimated at around INR133.5 million for
2010-11. It has an order book of around INR42 million as on date,
which is expected to be completed by June 2011.

DTT's liquidity is expected to remain weak because of losses
incurred in 2009-10, its small net worth, weak current ratio,
large term debt repayments, and high bank limit utilization.  The
company has term debt obligations of around INR23 million maturing
in 2011-12.  Its bank limits of INR20 million have been utilized
at around 92 per cent on an average in the twelve months ended
September 30, 2010. However, the company does not have any
significant capital expenditure (capex) plan for the medium term.

DTT reported a net loss of INR10 million on net sales of INR37
million for 2009-10.

                             About Dutch Tech

Set up in 2007 as a private limited company, DTT specializes in
manufacturing precision solid carbide rotary metal cutting tools.
It has its registered office and manufacturing unit in West
Bengal.  The company has an installed capacity of 30,000 units of
solid carbide drills and endmills per month of sizes ranging from
0.20 millimetres (mm) to 32.0 mm.  The company commenced
commercial operations in July 2009.


JET AIRWAYS: Ordered to Pay Sahara India INR478 Crore
-----------------------------------------------------
The Hindu Business Line reports that the Bombay High Court on
May 4, 2011, directed Jet Airways to pay Sahara India INR478 crore
within two weeks to complete Jet's INR1,450cr-takeover of Sahara
Airlines (now JetLite).

Business Line relates that Justice Dhananjay Chandrachud held that
Jet Airways was liable to pay INR478 crore, which includes
interest at 95 per annum.  The amount was computed on the
principal amount of INR402 crore, the Court said in an oral order,
Business Line says.

The judge, however, rejected the petition filed by Sahara claiming
INR2,000 crore as the total sum for the takeover on account of
default in payment, instead of the initial amount of INR1,450
crore agreed between the two airlines, according to Business Line.

Since Jet Airways had already deposited INR275 crore with the
Court, the remaining INR203 crore will be paid in two weeks,
Business Line says.  This includes INR87 crore the airline has
already deducted as tax, and INR116 crore which is the interest
element.  "For the INR87 crore that we have paid to the Tax
Department, we have already got the refund from them so my cash
outflow is not going to be there at all on those counts," M. Shiva
Kumar, Senior Vice-President (Finance), Jet Airways, told Business
Line.

With the completion of the payment, Business Line notes, Jet
Airways will be released from all undertakings it had given Sahara
India and the airline can now resume normal business without any
impediment or having to go to the Court to get consent for land
deals or for sale and leaseback of aircraft among other things.

Business Line recalls that Jet Airways bought Sahara Airlines in
April 2007, for INR1,450 crore after an arbitration award.  It
paid INR900 crore and agreed to pay the balance in four
instalments.  However, a dispute arose between the two airlines on
payment of income-tax dues with each claiming it was the
responsibility of the other to pay.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR6.5 billion, INR9.6 billion and INR4.2 billion for the years
ended March 31, 2008 through 2010.


KARNANI SOLVEX: CRISIL Reaffirms 'BB' Rating on INR87MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Karnani Solvex
Pvt Ltd continues to reflect KSPL's below-average financial risk
profile, marked by a modest net worth and an aggressive gearing,
and vulnerability to volatility in raw material prices and to
adverse changes in government policies.  These rating weaknesses
are partially offset by the stabilization of operations at KSPL's
plant and its proximity to raw material sources.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR87.0 Million Term Loan            BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will maintain its business risk profile
over the medium term on the back of its stabilized operations and
good demand prospects in the edible oils industry.  The outlook
may be revised to 'Positive' if there is a significant and
sustained improvement in KSPL's profitability and capital
structure, supported by equity infusion from the company's
promoters. Conversely, the outlook may be revised to 'Negative' if
there is pressure on KSPL's profitability or topline, or if the
company undertakes any large, debt-funded capital expenditure
(capex) programme, thereby adversely affecting its financial risk
profile.

                        About Karnani Solvex

KSPL was set up in 2007 by Mr. Sanjay Karnani and Mr. Narayan
Karnani.  The company has a solvent extraction unit at Bassi in
Jaipur (Rajasthan), with capacity of 450 tonnes per day (tpd),
commissioned in October 2009.  KSPL extracts mustard oil
(contributes around 30 per cent to the operating income), and
produces de-oiled mustard cakes (DOC; contributes 70 per cent)
from mustard oil cake (left after the crushing of mustard
oilseed). The raw mustard oil is sold to refiners in the domestic
market, while DOC is exported (primarily to China and South East
Asia). KSPL sources its raw material from mustard seed crushers
(oil mills) located in the vicinity; Rajasthan is the biggest
producer (60 per cent of total production) of mustard seed in
India.

KSPL is currently forward integrating its operations by setting up
a refining plant with capacity of 50 tpd. The capex of INR30
million is to be funded through debt of INR20 million and internal
accruals for the rest. The capex is to be completed over the next
six months. After setting up the refinery, all the raw mustard oil
production (about 35 tpd) will be consumed in-house; KSPL will
also purchase raw mustard oil from the open market, in order to
fully utilise its refining capacity.

KSPL's profit after tax (PAT) and net sales are estimated at
INR13.9 million and INR1.65 billion respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR2.9 million on net sales of INR424.3 million
for 2009-10.


KOKILA COTTON: CRISIL Rates INR180 Million Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the Cash Credit
facility of Kokila Cotton Industries, part of the P I Patel group.

   Facilities                       Ratings
   ----------                       -------
   INR180 Million Cash Credit       BB+/Stable (Assigned)

The rating reflects the P I Patel group's average financial risk
profile, marked by modest net worth, average gearing, and weak
debt protection metrics, and susceptibility to adverse regulatory
changes. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the cotton
industry and moderate operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KCI, P B Cotton Industries, Kuvarba
Cotton Industries, Umiya Cot Fibres, and Navneet Ginning and
Pressing Pvt Ltd, collectively referred to as the P I Patel group.
This is because all the five entities are promoted and managed by
the Patel family of Vijapur (Gujarat), are in the same line of
business, and have significant operational linkages and fungible
cash flows between them.

Outlook: Stable

CRISIL believes that the P I Patel group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the cotton ginning industry,
and buoyant outlook for the cotton industry in the 2010-11 (refers
to October to September) cotton season.   The outlook may be
revised to 'Positive' if the group's capital structure improves
because of equity infusion by the promoters, or growth in
profitability improves its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capital expenditure, stretched working
capital cycle, or an adverse impact of the monsoon or changes in
government policy on the group's operations.

                          About the Group

The P I Patel group is one of Gujarat's large cotton ginning
groups with a combined ginning capacity of 1,400 bales per day
(bpd) and cotton seed crushing capacity of 21 tonnes per day
(tpd). In addition, some of its group firms also trade agri-
commodities such as mustard seed and castor seed from April to
September, which is the off-season for the cotton ginning
industry.

KCI was set up in 1999 in Vijapur.  The firm has a total ginning
capacity of about 300 bpd and cotton seed oil production capacity
of 11 tpd. In addition, the firm also trades agri-commodities such
as mustard seeds and castor seeds.  Trading operations contributed
approximately 20 per cent to its topline in 2009-10 (refers to
financial year, April 1 to March 31).

P B Cotton Industries was the first cotton ginning venture of the
P I Patel group and was set up in 1997 in Vijapur.  It has a
ginning capacity of about 270 bpd and cotton seed oil production
capacity of 9 tpd.  The firm also trades agri-commodities; the
trading operations contributed 12 per cent of its total revenues
in 2009-10.

Kuvarba Cotton Industries was set up in 2005 at Vijapur. The firm
has a total ginning capacity of 300 bpd.

Navneet Ginning and Pressing Pvt Ltd commenced commercial
operations in 2006. Its plant in Dhasa (Gujarat) has a ginning
capacity of 375 bpd.

Umiya Cot Fibres commenced commercial operations in December 2007
at Dhasa, and has a total ginning capacity of 350 bpd.

The firm reported a book profit of INR0.6 million on net sales of
INR835.4 million for 2009-10, as against a book profit of INR1.9
million on net sales of INR690.0 million for 2008-09.


KUVARBA COTTON: CRISIL Rates INR130 Million Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the Cash Credit
facility of Kuvarba Cotton Industries, part of the P I Patel
group)

   Facilities                     Ratings
   ----------                     -------
   INR130 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects the P I Patel group's average financial risk
profile, marked by modest net worth, average gearing, and weak
debt protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the cotton
industry and moderate operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kuvarba, P B Cotton Industries, Kokila
Cotton Industries, Umiya Cot Fibres, and Navneet Ginning and
Pressing Pvt Ltd, collectively referred to as the P I Patel group.
This is because all the five entities are promoted and managed by
the Patel family of Vijapur (Gujarat), are in the same line of
business, and have significant operational linkages and fungible
cash flows between them.

Outlook: Stable

CRISIL believes that the P I Patel group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the cotton ginning industry,
and buoyant outlook for the cotton industry in the 2010-11 (refers
to October to September) cotton season.  The outlook may be
revised to 'Positive' if the group's capital structure improves
because of equity infusion by the promoters, or growth in
profitability improves its debt protection metrics.  Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capital expenditure, stretched working
capital cycle, or an adverse impact of the monsoon or changes in
government policy on the group's operations.

                          About the Group

The P I Patel group is one of Gujarat's large cotton ginning
groups with a combined ginning capacity of 1,400 bales per day
(bpd) and cotton seed crushing capacity of 21 tonnes per day
(tpd).  In addition, some of its group firms also trade agri-
commodities such as mustard seed and castor seed from April to
September, which is the off-season for the cotton ginning
industry.

Kuvarba was set up in 2005 at Vijapur. The firm has a total
ginning capacity of 300 bpd.

P B Cotton Industries was the first cotton ginning venture of the
P I Patel group and was set up in 1997 in Vijapur.  It has a
ginning capacity of about 270 bpd and cotton seed oil production
capacity of 9 tpd.  The firm also trades agri-commodities; the
trading operations contributed 12 per cent of its total revenues
in 2009-10 (refers to financial year, April 1 to March 31).

Kokila Cotton Industries was set up in 1999 in Vijapur. The firm
has a total ginning capacity of about 300 bpd and cotton seed oil
production capacity of 11 tpd. In addition, the firm also trades
agri-commodities such as mustard seeds and castor seeds.  Trading
operations contributed approximately 20 per cent to its topline in
2009-10.

Navneet Ginning and Pressing Pvt Ltd commenced commercial
operations in 2006. Its plant in Dhasa (Gujarat) has a ginning
capacity of 375 bpd.

Umiya Cot Fibres commenced commercial operations in December 2007
at Dhasa, and has a total ginning capacity of 350 bpd.

The P I Patel group reported a book profit of INR0.5 million on
net sales of INR525.4 million for 2009-10, as against a book
profit of INR0.7 million on net sales of INR350.6 million for
2008-09.


LGW LTD: CRISIL Upgrades Rating on INR30 Million Loan to 'P4'
-------------------------------------------------------------
CRISIL has upgraded its short-term rating on the bank loan
facilities of LGW Ltd to 'P4' from 'P5'.  The rating on the
proposed long-term loan of INR30.0 million has been withdrawn, as
the loan has been repaid by the company in February 2010.

   Facilities                               Ratings
   ----------                               -------
   INR30.0 Million Term Loan                D (Withdrawn)

   INR30.0 Million Letter of Credit         P4 (Upgraded from
                                                'P5')
   INR40.0 Million Bank Guarantee           P4 (Upgraded from
                                                'P5')
   INR380.0 Million Export Packing Credit   P4 (Upgraded from
                                                'P5')
   INR30.0 Million Foreign Bill             P4 (Upgraded from
           Discounting                          'P5')

The rating upgrade reflects regularization of LGW's working
capital limits, driven by improved liquidity and reduction in
working capital requirements since January 2011.  This is because
of the restrictive policy on cotton exports by the Government of
India. Furthermore, the company is expected to report healthy
profitability in 2010-11 (refers to financial year, April 1 to
March 31), driven by more than 15 per cent increase in its trading
revenues as compared to 2009-10.

The rating reflects LGW's weak financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio, and
susceptibility to volatility in cotton prices and in foreign
exchange rates. These rating weaknesses are partially offset by
promoter's experience in the cotton business.

                           About LGW Ltd

Set up in 1984 by Mr. Sanjay Kumar Gupta, LGW exports raw cotton
primarily to Bangladesh, Vietnam, and Pakistan.  It commenced
commercial operations in 1988 by trading in cotton yarn. However,
this business was adversely affected in 2001 because of economic
infeasibility.  For the next two years, the company traded in
chemicals and machineries. From 2003 onwards, after the inclusion
of raw cotton export under the Open General License in the export
import policy of 2001-02, LGW has been exporting raw cotton to
meet the increasing global demand.

LGW reported a profit after tax (PAT) of INR60.0 million on net
sales of INR4.50 billion for 2009-10, against a net loss of
INR114.7 million on net sales of INR1.98 billion for 2008-09.


NAVNEET GINNING: CRISIL Rates INR140 Million Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Navneet Ginning & Pressing Pvt Ltd, part of the P I
Patel group.

   Facilities                     Ratings
   ----------                     -------
   INR140 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects the P I Patel group's average financial risk
profile, marked by modest net worth, average gearing, and weak
debt protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the cotton
industry and moderate operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Navneet, P B Cotton Industries, Kuvarba
Cotton Industries, Kokila Cotton Industries, and Umiya Cot Fibres,
collectively referred to as the P I Patel group.  This is because
all the five entities are promoted and managed by the Patel family
of Vijapur (Gujarat), are in the same line of business, and have
significant operational linkages and fungible cash flows between
them.

Outlook: Stable

CRISIL believes that the P I Patel group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the cotton ginning industry,
and buoyant outlook for the cotton industry in the 2010-11 (refers
to October to September) cotton season.  The outlook may be
revised to 'Positive' if the group's capital structure improves
because of equity infusion by the promoters, or growth in
profitability improves its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capital expenditure, stretched working
capital cycle, or an adverse impact of the monsoon or changes in
government policy on the group's operations.

                          About the Group

The P I Patel group is one of Gujarat's large cotton ginning
groups with a combined ginning capacity of 1,400 bales per day
(bpd) and cotton seed crushing capacity of 21 tonnes per day
(tpd).  In addition, some of its group firms also trade agri-
commodities such as mustard seed and castor seed from April to
September, which is the off-season for the cotton ginning
industry.

Navneet commenced commercial operations in 2006. Its plant in
Dhasa (Gujarat) has a ginning capacity of 375 bpd.

P B Cotton Industries was the first cotton ginning venture of the
P I Patel group and was set up in 1997 in Vijapur.  It has a
ginning capacity of about 270 bpd and cotton seed oil production
capacity of 9 tpd.  The firm also trades agri-commodities such as
mustard seeds and castor seeds; the trading operations contributed
12 per cent of its total revenues in 2009-10 (refers to financial
year, April 1 to March 31).

Kokila Cotton Industries was set up in 1999 in Vijapur.  The firm
has a total ginning capacity of about 300 bpd and cotton seed oil
production capacity of 11 tpd. In addition, the firm also trades
agri-commodities such as mustard seeds and castor seeds. Trading
operations contributed approximately 20 per cent to its topline in
2009-10.

Kuvarba Cotton Industries was set up in 2005 at Vijapur. The firm
has a total ginning capacity of 300 bpd.

Umiya Cot Fibres commenced commercial operations in December 2007
at Dhasa, and has a total ginning capacity of 350 bpd.

The company reported a profit after tax (PAT) of INR1.05 million
on net sales of INR672.9 million for 2009-10, as against a PAT of
INR1.0 million on net sales of INR439.3 million for 2008-09.


ORIENT FASHIONS: Fitch Upgrades 'BB+(ind)' Rating to 'BBB-(ind)'
----------------------------------------------------------------
Fitch Ratings has upgraded India's Orient Fashion Exports Private
Limited's National Long-Term rating to 'BBB-(ind)' from
'BB+(ind)'.  The Outlook is Stable. The agency has also upgraded
the ratings on OEFPL's bank loans:

   -- INR500m fund-based working capital bank lines: 'BBB-(ind)'
      from 'BB+(ind)';

   -- INR40m non-fund-based working capital bank lines: 'BBB-
      (ind)'/'F3(ind)' from 'BB+(ind)'/'F4(ind)'; and

   -- INR100m working capital limits (interchangeable between
      export packing credit and letter of credit): 'BBB-
      (ind)'/'F3(ind)' from 'BB+(ind)'/'F4(ind)'.

The upgrades reflect OEFPL's resilience through the FY08-FY10
economic slowdown and the consistent improvement in its credit
profile, marked by moderate leverage and improving working capital
norms. OEFPL sales (unaudited) grew at +25% yoy to INR2,389
million in the financial year ended March 2011 (FY11); Fitch
expects the company's sales to continue to grow, given its sound
order book position (INR813 million as on April 15, 2011). The
ratings also factor in OEFPL's conservative financial strategy and
improving leverage levels (FY10 net debt/EBITDA: 3.1x) compared to
4.8x at the peak leverage in FY08.

The ratings are supported by OEFPL's established operations with
over 35 years of experience in garments exports and its long-
standing relationships with a reputed clientele, which includes
large retailers such as GAP ('BBB-'/Stable), Target ('A'/Stable),
French Connection and JC Penny. Majority of the company's
production is exported. The ratings are also bolstered by the
improving demand in the textile export sector.

Fitch notes that OEFPL has reduced its working capital
requirements considerably by successfully implementing an improved
inventory management programme, which reduced its inventory days
cycle to 50 days in FY10 (FY07: 80 days).  As a cost savings
measure, OEFPL outsources some of its low-value added production
to Vietnam.  This is coupled with bad debts risk management via
100% credit insurance for overseas buyers.  Key rating sensitivity
factors include the company's ability to maintain profitability
amid high cotton prices (key raw material) during the cotton
season September 2010 to October 2011 and increasing wage rates.

The ratings continue to be constrained by OEFPL's low
profitability, vulnerability to forex movements, and reducing-yet-
high customer concentration and geographic concentration risks.

Pressure on profitability due to the company's inability to pass
on the raw material price increases to customers, which would lead
to a sustained deterioration in leverage, would be negative for
the ratings. In addition, loss of any key customer, which could
impact revenues significantly, could be negative for the ratings.
A significant improvement in revenues and operating profitability
coupled with sustained deleveraging would be positive for the
ratings.

Established in 1973, OEFL manufactures and exports readymade
garments to the US and Europe markets. It has three integral
subsidiaries, holding fixed assets and providing manufacturing
support to the company.


P.B. COTTON: CRISIL Rates INR130 Million Cash Credit at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the cash credit
facility of P.B. Cotton Industries, part of the P I Patel group.

   Facilities                     Ratings
   ----------                     -------
   INR130 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects the P I Patel group's average financial risk
profile, marked by average debt protection metrics, average
gearing and modest net worth, and susceptibility to adverse
regulatory changes.  These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the cotton
industry and moderate operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PB, Kuvarba Cotton Industries, Kokila
Cotton Industries, Umiya Cot Fibres, and Navneet Ginning and
Pressing Pvt Ltd, collectively referred to as the P I Patel group.
These is because all the five entities are promoted and managed by
the Patel family of Vijapur (Gujarat), are in the same line of
business, and have significant operational linkages and fungible
cash flows between them.

Outlook: Stable

CRISIL believes that the P I Patel group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the cotton ginning industry,
and buoyant outlook for the cotton industry in the 2010-11 (refers
to October to September) cotton season.  The outlook may be
revised to 'Positive' if the group's capital structure improves
because of equity infusion by the promoters, or growth in
profitability improves its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capital expenditure, stretched working
capital cycle, or an adverse impact of the monsoon or changes in
government policy on the group's operations.

                         About the Group

The P I Patel group is one of Gujarat's large cotton ginning
groups with a combined ginning capacity of 1,400 bales per day
(bpd) and cotton seed crushing capacity of 21 tonnes per day
(tpd). In addition, some of its group firms also trade agri-
commodities such as mustard seed and castor seed from April to
September, which is the off-season for the cotton ginning
industry.

PB was the first cotton ginning venture of the P I Patel group and
was set up in 1997 in Vijapur. It has a ginning capacity of about
270 bpd and cotton seed oil production capacity of 9 tpd.  The
firm also trades agri-commodities such as mustard seeds and castor
seeds; the trading operations contributed 12 per cent of its total
revenues in 2009-10 (refers to financial year, April 1 to
March 31).

Kokila Cotton Industries was set up in 1999 in Vijapur. The firm
has a total ginning capacity of about 300 bpd and cotton seed oil
production capacity of 11 tpd. In addition, the firm also trades
agri-commodities such as mustard seeds and castor seeds. Trading
operations contributed approximately 20 per cent to its topline in
2009-10.

Kuvarba Cotton Industries was set up in 2005 at Vijapur. The firm
has a total ginning capacity of 300 bpd.

Navneet Ginning and Pressing Pvt Ltd commenced commercial
operations in 2006. Its plant in Dhasa (Gujarat) has a ginning
capacity of 375 bpd.

Umiya Cot Fibres commenced commercial operations in December 2007
at Dhasa, and has a total ginning capacity of 350 bpd.

PB reported book profit of INR0.3 million on net sales of INR552.0
million for 2009-10, as against book profit of INR0.8 million on
net sales of INR399.4 million for 2008-09.


P & S JEWELLERY: CRISIL Reaffirms 'P4+' Rating on INR450MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of P & S Jewellery Ltd,
part of the P&S group, continues to reflect the P&S group's
subdued financial risk profile, marked by high gearing, and
exposure to intense competition in the jewellery industry.  These
rating weaknesses are partially offset by the benefits that the
group derives from its promoters' experience in the jewellery
industry, and its established relationships with its customers.

   Facilities                            Ratings
   ----------                            -------
   INR450.0 Million Packing Credit*      P4+ (Reaffirmed)
   INR150.0 Million Letter of Credit     P4+ (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PSJL and P&S Shringar Pvt Ltd, as the
two entities, together referred to as the P&S group, are under a
common management and in the same line of business, and have
fungible cash flows between them.

Update

The P&S group achieved revenues of INR3.95 billion in 2009-10
(refers to financial year, April 1 to March 31), significantly
higher than its revenues of INR2.03 billion in 2008-09.  Also, in
2010-11, the group's revenues are estimated at INR6.5 billion,
which translates into a growth of around 65 per cent over the
revenues in the previous year, partly driven by the increase in
gold prices.  This sharp growth in sales has resulted in a
significant increase in working capital requirements, which are
being primarily funded by contracting larger bank debt, which
resulted in a higher gearing in 2010-11, as compared to 2009-10.
The gearing as on March 31, 2011, is estimated at more than 3
times as compared to 1.92 times as on March 31, 2009. CRISIL
believes that the P&S group will maintain a stable business risk
profile over the medium term, even as its capital structure will
remain leveraged led by high incremental working capital
requirements.

                            About the Group

The P&S group, set up in 1992 by Mr. Chhabildas Shah and
Mr. Paresh Shah, manufactures diamond-studded gold jewellery.  The
group's entities, PSJL and PSSPL, cater primarily to the export
and domestic markets, respectively. PSSPL, set up in 2008, has its
manufacturing unit in Mumbai (Maharashtra), while PSJL, set up in
1992, has its export-oriented unit at Surat (Gujarat).

PSJL reported a profit after tax (PAT) of INR78.8 million on net
sales of INR2.65 billion for 2009-10, against a PAT of INR11.6
million on net sales of INR1.54 billion for 2007-08.


SHAKTI COTTON: CRISIL Rates INR90 Million Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Shakti Cotton Industries.

   Facilities                    Ratings
   ----------                    -------
   INR90 Million Cash Credit     B+/Stable (Assigned)

The rating reflects SCI's weak financial risk profile, marked by
weak debt protection metrics, average gearing, and small net
worth, and susceptibility to adverse regulatory changes. These
rating weaknesses are partially offset by the extensive experience
of SCI's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that SCI will continue to maintain its business
risk profile backed by its established customer relationships and
promoters' extensive experience in the cotton ginning industry.
The outlook may be revised to 'Positive' if SCI's debt protection
metrics improve because of improvement in profitability.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected debt-funded capital expenditure, stretched
working capital cycle, or an adverse impact of the monsoon or
changes in government policy on the firm's operations.

                         About Shakti Cotton

Set up in 1998 by Mr. Jayanti Patel and family, SCI is a
partnership firm based in Vijapur (Gujarat).  SCI is engaged in
ginning and pressing raw cotton and oil extraction. The firm has a
ginning capacity of 200 bales per day and crushing capacity of 17
tonnes per day.

SCI reported a book profit of INR0.12 million on net sales of
INR355.3 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR0.16 million on net
sales of INR331.3 million for 2008-09.


SHREE HARI: CRISIL Upgrades Rating on INR188.5MM Term Loan to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Hari Spintex Ltd to 'B/Stable' from 'B-/Negative'.  The
rating on the short-term facility has been reaffirmed at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR75.0 Million Cash Credit Limit   B/Stable (Upgraded from
   (Enhanced from INR50.0 Million)               B-/Negative')

   INR188.5 Million Term Loan          B/Stable (Upgraded from
   (Reduced from INR216.7 Million)               'B-/Negative')

   INR9.0 Million Bank Guarantee       P4
   (Enhanced from INR5.8 Million)

The upgrade reflects sharp improvement in SHS's business risk
profile, driven by a sustained increase in its scale of operations
amid a buoyant demand scenario, and its stable profitability.  The
company's sales are estimated to have more than doubled to INR510
million in 2010-11 (refers to financial year, April 1 to
March 31), while its operating profitability remained more than
17.5 per cent and net profitability at around 3 per cent. The
healthy growth in sales has been primarily driven by stabilization
of operations at its recently enhanced capacities, which increased
from 13,200 spindles to 18,000 spindles in October 2010.  The
growth momentum is expected to continue in 2011-12, as the
enhanced capacities will remain operational for the full financial
year.  The upgrade factors in the improvement in SHS's liquidity
with enhancement in its bank lines and equity infusion by its
promoters. The upgrade also reflects CRISIL's belief that SHS will
not undertake any major debt-funded capital expenditure (capex)
programme, thereby maintaining its capital structure, over the
medium term.

The ratings reflect SHS's weak financial risk profile marked by
high gearing, small net worth and inadequate debt protection
metrics, and its limited track record of operations. These
weaknesses are partially offset by the benefits that SHS derives
from the stable demand for cotton yarn.

Outlook: Stable

CRISIL believes that SHS will continue to benefit over the medium
term from the buoyant demand scenario in its end-user industry and
from its enhanced manufacturing capacity. The outlook may be
revised to 'Positive' if SHS scales up its operations
significantly, while improving its profitability and maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if SHS undertakes a larger-than-expected, debt-funded
capex programme, thereby weakening its capital structure, or if
its profitability declines, most likely because of pricing
pressures on account of rising cotton prices, thereby weakening
its liquidity.

                         About Shree Hari

SHS was promoted by Mr. Rakesh Kumar and began operations in 2007-
08; 2008-09 was the first year of its commercial production.  The
company manufactures cotton yarn (between 16 and 34 counts) and
has its manufacturing facility in Bhatinda (Punjab). Its plant has
an installed capacity of around 18,000 spindles. Indirect exports
through merchant exporters contribute close to 80 per cent to the
company's total revenues in 2010-11, while the rest comes from the
domestic market.

SHS reported a profit after tax (PAT) of INR1.1 million on net
sales of INR239 million for 2009-10, against a loss of INR24
million on net sales of INR190 million for 2008-09.


SRC PROJECTS: CRISIL Upgrades Rating on INR65 Million Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded the rating on the bank facility of SRC
Projects Pvt Ltd to 'B+/Stable' from 'C', while reaffirming the
rating on the short-term bank facility at 'P4'.

The upgrade reflects SRC's consistent track record of meeting its
hire purchase loan obligations on time. With a significant portion
of SRC's term debt repaid in 2010-11 (refers to financial year,
April 1 to March 31), the company's scheduled debt obligations
have reduced and are now adequately covered by cash accruals. The
upgrade also factors in CRISIL's belief that SRC will continue to
generate adequate cash accruals to fulfill its debt obligations
without delays, over the medium term.

   Facilities                            Ratings
   ----------                            -------
   INR65.00 Million Overdraft Facility   B+/Stable (Upgraded from
                                                     'C')
   INR400.00 Million Bank Guarantee      P4 (Reaffirmed)

The ratings reflect SRC's working-capital-intensive operations,
marked by high bank limit utilization, and geographical and
segmental concentration in revenue profile.  These rating
weaknesses are partially offset by SRC's above-average financial
risk profile, marked by a moderate gearing and healthy debt
protection metrics, and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SRC will benefit from its healthy order book
and maintain its above-average financial risk profile, supported
by its moderate cash accruals, over the medium term.  The outlook
may be revised to 'Positive' if SRC reports more-than-expected
revenue growth and maintains its profitability, and efficiently
manages its working capital. Conversely, the outlook may be
revised to 'Negative' if SRC faces significant delays in
delivering orders, or its liquidity weakens because of large,
incremental working capital requirements or a debt-funded capital
expenditure programme.

                         About SRC Projects

Set up in 1964, SRC undertakes construction and infrastructure
projects.  The company's operating segments include industrial
civil works, quarrying and crushing, and road projects. Over the
medium term, the company is expected to derive majority of its
revenues from the industrial civil works and quarrying and
crushing segments. Though SRC has a presence in other states,
including Andhra Pradesh and Karnataka, it undertakes projects
mainly in Tamil Nadu.

For 2009-10, SRC reported a profit after tax (PAT) of INR58.1
million on net sales of INR1.6 billion, against a PAT of INR49.1
million on net sales of INR1.8 billion for 2008-09.


SUNSTAR MERCANTILE: CRISIL Puts 'B' Rating on INR40MM Demand Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sunstar Mercantile Company Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Working Capital    B/Stable (Assigned)
                     Demand Loan
   INR132 Million Rupee Term Loan   B/Stable (Assigned)
   INR10 Million Letter of Credit   P4 (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect SMCL's limited industry track record, small
scale of operations, and weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience and resourcefulness of SMCL's promoters.

Outlook: Stable

CRISIL believes that SMCL will continue to benefit from its
promoter's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while maintaining its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if SMCL's financial risk profile deteriorates because
of stretched working capital or larger-than-expected debt-funded
capital expenditure.

                        About Sunstar Mercantile

SMCL was incorporated in 1999 by Mr. Kailesh Maheshwari and
commenced operations in 2010. SMCL texturises partially oriented
yarn (POY). It sources polyethylene terephthalate (PET) chips, the
key raw material for POY, from Sanghi Industries Ltd and Indorama
Synthetics (India) Ltd, and outsources it for processing into POY
on a job-work basis.  The POY is then texturised by SMCL and sold
in the market.


TANIA INDUSTRIES: CRISIL Reaffirms 'BB' Rating to INR30MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on Tania Industries Pvt Ltd continue to reflect
the risks related to its limited pricing flexibility due to
intense market competition in the trading of solvent oil and soya
de-oiled cakes (DOC) market, and the company's limited presence in
the value chain.  The ratings also continue to reflect the
company's small net worth, restricting its financial flexibility,
its exposure to adverse government regulations and the
susceptibility of its operating margin to volatility in raw
material prices. The weaknesses are partially offset by the strong
growth in Tania's operating income, coupled with its easy access
to raw materials, its comfortable debt protection measures, and
low working capital requirements.

   Facilities                          Ratings
   ----------                          -------
   INR120.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR30.0 Million Proposed LT Bank    BB/Stable (Reaffirmed)
                      Loan Facility
   INR6.5 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Tania's business risk profile will continue
to be constrained by its lack of presence in the value-added
products and its relatively small net worth.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
company's operating margin and cash accruals, coupled with
adequate capacity utilization and offtake.  Conversely, the
outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capex, or material deterioration in operating
margin.

Tania was incorporated in 1980 by Mrs. Kamladevi Mansinghka as an
investment company.  In 1998 the company switched over to soya
trading. Tania, based in Mumbai, is managed by Mr. K C Dawda, who
has been with the company since its inception. Since 2002, the
company has been in the business of manufacturing soybean solvent
oil and soya de-oiled cakes (DOC).  Tania buys soya seed from
mandis in Sailu, Nagpur, Kalol, and Parmeshar (Maharashtra).  The
company's production facility at Saoner (Maharashtra) has seed
crushing capacity of 500 tonnes per day (tpd).  The company sells
crude soy oil to nearby refineries; it sells soya DOCs in Orissa,
West Bengal, Tamil Nadu, Karnataka and Uttar Pradesh .

Tania is reported a profit after tax (PAT) of INR8.6 million on
net sales of INR2188.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR24.4 million on
net sales of INR1844.8 million for 2008-09.


UMIYA COT: CRISIL Rates INR130 Million Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Umiya Cot Fibres, part of the P I Patel group.

   Facilities                      Ratings
   ----------                      -------
   INR130 Million Cash Credit      BB+/Stable (Assigned)

The rating reflects the P I Patel group's average financial risk
profile, marked by modest net worth, average gearing, and weak
debt protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the cotton
industry and moderate operating efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Umiya, P B Cotton Industries, Kuvarba
Cotton Industries, Kokila Cotton Industries, and Navneet Ginning
and Pressing Pvt Ltd, collectively referred to as the P I Patel
group.  This is because all the five entities are promoted and
managed by the Patel family of Vijapur (Gujarat), are in the same
line of business, and have significant operational linkages and
fungible cash flows between them.

Outlook: Stable

CRISIL believes that the P I Patel group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the cotton ginning industry,
and buoyant outlook for the cotton industry in the 2010-11 cotton
season (refers to October to September).  The outlook may be
revised to 'Positive' if the group's capital structure improves
because of equity infusion by the promoters, or growth in
profitability improves its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected debt-funded capital expenditure, stretched working
capital cycle, or an adverse impact of the monsoon or changes in
government policy on the group's operations.

                          About the Group

The P I Patel group is one of Gujarat's large cotton ginning
groups with a combined ginning capacity of 1,400 bales per day
(bpd) and cotton seed crushing capacity of 21 tonnes per day
(tpd).  In addition, some of its group firms also trade agri-
commodities such as mustard seed and castor seed from April to
September, which is the off-season for the cotton ginning
industry.

Umiya commenced commercial operations in December 2007 at Dhasa
(Gujarat), and has a total ginning capacity of 350 bpd.

P B Cotton Industries was the first cotton ginning venture of the
P I Patel group and was set up in 1997 in Vijapur.  It has a
ginning capacity of about 270 bpd and cotton seed oil production
capacity of 9 tpd.  The firm also trades agri-commodities such as
mustard seeds and castor seeds; the trading operations contributed
12 per cent of its total revenues in 2009-10 (refers to financial
year, April 1 to March 31).

Kokila Cotton Industries was set up in 1999 in Vijapur. The firm
has a total ginning capacity of about 300 bpd and cotton seed oil
production capacity of 11 tpd. In addition, the firm also trades
agri-commodities such as mustard seeds and castor seeds. Trading
operations contributed approximately 20 per cent to its topline in
2009-10.

Kuvarba Cotton Industries was set up in 2005 at Vijapur. The firm
has a total ginning capacity of 300 bpd.

Navneet Ginning and Pressing Pvt Ltd commenced commercial
operations in 2006. Its plant in Dhasa has a ginning capacity of
375 bpd.

The firm reported a book profit of INR0.7 million on net sales of
INR516.2 million for 2009-10, as against a book profit of INR1.4
million on net sales of INR351.7 million for 2008-09.


V C MOTORS: CRISIL Assigns 'B-' Rating to INR14.5 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term bank
loan facilities of V C Motors Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR85.0 Million Cash Credit Limit    B-/Stable (Assigned)
   INR14.5 Million Term Loan            B-/Stable (Assigned)

The rating reflects VCM's below-average financial risk profile,
marked by high ratio of total outside liabilities to total net
worth, below-average debt protection metrics, and small net worth,
and susceptibility to intense competition in the automobile
dealership market and supplier concentration in revenue profile.
These rating weaknesses are partially offset by the extensive
industry experience and established market position of VCM's
promoters.

Outlook: Stable

CRISIL believes that VCM will continue to benefit from its
established market position in Kanpur (Uttar Pradesh) and strong
relationship with the Mahindra & Mahindra (M&M) group. However,
its financial risk profile is expected to remain below average
because of its highly leveraged capital structure and weak debt
protection measures.  The outlook may be revised to 'Positive' if
VCM improves its liquidity and capital structure or its scale of
operations improves substantially. Conversely, the outlook may be
revised to 'Negative' if VCM's cash accruals decline significantly
because of increased market competition or larger-than-expected
debt-funded capital expenditure adversely affects gearing and
liquidity.

                         About V C Motors

Incorporated in 2007, VCM is promoted by Mr. Tilak Raj Sharma and
Mr. Har Prasad Jaiswal. It is an authorised auto dealer for
passenger cars and utility vehicles of Mahindra & Mahindra Ltd
(rated 'AA+/Stable/P1+' by CRISIL). Its showroom and workshop is
based in Fatehpur, Kanpur, and it also has four sales outlets at
Unnao, Akbarpur-Ramabhai Nagar, Fatehpur and Fazalganj-Kanpur (all
in Uttar Pradesh) to support its sales. It also has a capacity of
servicing around 2500 cars per month.

VCM reported a loss of INR2.1 million on net sales of INR708.6
million for 2009-10 (refers to financial year, April 1 to
March 31) as against loss of INR5.5 million on net sales of INR
266.8 million for 2008-09.


VHB MEDISCIENCES: Fitch Cuts Rating on INR766.8M Loans to 'D(ind)'
-----------------------------------------------------------------
Fitch Ratings has downgraded India's VHB Medisciences Ltd's
National Long-Term rating to 'RD(ind)' from 'BB+(ind)' and
simultaneously migrated it to the "Non-Monitored" category.  The
rating will now appear as 'RD(ind)nm' on Fitch's website.  These
ratings of VMSL have also been downgraded and migrated to the
"Non-Monitored" category:

   -- INR766.8m long-term loans: downgraded to 'D(ind)' from
      'BB+(ind)' and migrated to 'D(ind)nm';

   -- INR400m fund-based cash credit limit: downgraded to 'D(ind)'
      from 'BB+(ind)' and migrated to 'D(ind)nm'; and

   -- INR100m non fund-based working limit: downgraded to
      'F5(ind)' from 'F4(ind)' and migrated to 'F5(ind)nm'.

The downgrades follow the restructuring of VMSL's debt. Fitch
notes that delays in capex completion coupled with lower-than-
expected profitability in FY10 impacted VMSL's debt servicing
capability. Its liquidity was also impacted by continued higher
working capital levels.

In FY10, VMSL recorded revenues of INR1.2 billion (FY09: INR1.1
billion), EBITDA of INR246 million (FY09: INR333 million) and
EBITDA margin of 20% (FY09: 30%).  Its overall profitability was
impacted by the loss on account of fire, which resulted in VMSL's
net income falling to INR4 million in FY10 from INR258 million in
FY09.

The ratings have been subsequently migrated to the "Non-Monitored"
category due to lack of adequate information post restructuring.
Fitch will no longer provide ratings or analytical coverage of
VMSL.  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".

VMSL is a formulation manufacturing company that was incorporated
in September 2007.  The company was set up to meet the
requirements of VHB Lifesciences Ltd ('BBB-(ind)nm'/'F3(ind)nm')
that undertook its manufacturing activities through loan licensing
and on a principal-to-principal basis.


WOCKHARDT LTD: Deposits INR1.15 Billion in Court
------------------------------------------------
The Hindu Business Line reports that Wockhardt Ltd has deposited
about INR1.15 billion to the department concerned at the Bombay
High Court.

According to Business Line, Wockhardt had been directed by the
High Court to pay 25% of the outstanding amount -- an estimated
INR1.15 billion -- in the Court by May 3 as part of the wind-up
petition brought against the company.

The company had paid this amount in late April, and the
confirmation has been sent to BNY Corporate Trustee, a legal
source familiar with the development told Business Line.

The case, however, did not come up as scheduled Wednesday,
Business Line notes.

Meanwhile, The Hindu Business Line reports that the company said
the Court had approved the demerger of its nutrition business --
Vinton Healthcare Ltd, a wholly owned subsidiary of the company --
from January 2011.

As reported in the Troubled Company Reporter-Asia Pacific on
March 25, 2011, Bloomberg News said the Bombay High Court granted
an interim stay on a petition filed by bondholders to liquidate
Wockhardt Ltd.  The company said on March 23 that it will deposit
INR1.15 billion in court by May 3, 2011.

According to Bloomberg, a group of three bondholders, including
U.S. hedge fund QVT Financial LP, and an overseas unit of Sun
Pharmaceutical Industries Ltd. filed the petition after Wockhardt
defaulted on payments of its $110 million convertible bonds that
matured in October 2009.  The claimants are looking to retrieve a
total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for
the creditors, said on March 14.

                      About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L.  In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.


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


PT PERTAMINA: Fitch Assigns 'BB+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has assigned Indonesian national oil company PT
Pertamina Persero a 'BB+' Long-Term Foreign-Currency Issuer
Default Rating (IDR) with a Positive Outlook.

"Under the agency's parent-subsidiary rating criteria, Fitch rates
Pertamina on the basis of the rating of its parent, the government
of Indonesia (GOI; 'BB+'/Positive).  Overall, the legal,
operational and strategic ties between the company and the
government are strong enough to warrant equalisation of
Pertamina's rating with the sovereign's," says Arnon Musiker,
Director with Fitch's Energy & Utilities team.

Whilst the GOI does not explicitly guarantee Pertamina's debt,
Fitch believes that the company's important role in executing
national energy policy will incentivise the GOI to support
Pertamina in a time of financial distress.  In addition to being
the dominant refiner in Indonesia, Pertamina is a significant
supplier of gas to state-owned national power utility PT
Perusahaan Listrik Negara (Persero) for power generation, as well
as to industry in general.

Pertamina was awarded a Public Service Obligation (PSO), through
an annual GOI tender, to retail the bulk of subsidised refined
product in Indonesia at below market prices.  The GOI pays
Pertamina a compensating subsidy, which provides tangible evidence
of the strong ties between Pertamina and GOI.  Whilst Pertamina's
EBITDA would be negative in the absence of the subsidy, Pertamina
would be able to charge market prices for product sales, and would
therefore not require the subsidy in the absence of the PSO.
Pertamina's dominant position in downstream infrastructure
ownership confers it a leading position in relation to winning
future PSO product tenders, which should result in its market
share of domestic retail fuel sales continuing to exceed 90%.

Pertamina's standalone credit profile is weaker than the
sovereign's due to its relatively low operating margins and
expected increases in leverage resulting from a large capex
programme. Pertamina is currently the second-largest crude
producer in Indonesia, and it aims to significantly increase
production and refinery operating flexibility.  Provided project
execution risk is successfully managed, the company's operating
margins should improve over the medium term as new production
comes on stream and refinery complexity increases.

In February 2011, Fitch assigned a Positive Outlook to the
sovereign's IDR (for more information please refer to the full
rating report entitled, "Indonesia", published March 2, 2011),
signalling its expectation that the country will be upgraded to
investment grade over its typical Outlook horizon of 12 to 18
months.  As Pertamina's rating is equalized with the sovereign's,
the company's rating will be upgraded in the event of a sovereign
upgrade, provided that the strength of the ties with the GOI
remains unchanged.


================
M O N G O L I A
================


* MONGOLIA: Moody's Says 'B1' Government Bond Ratings is Stable
---------------------------------------------------------------
Moody's Investors Service says that the outlook for Mongolia's B1
local and foreign currency government bond ratings is stable.
While the country's economic outlook is bright over the long term,
fiscal prospects are clouded by spending pressures in the near
term.

"Mongolia's government bond ratings are premised upon Moody's
Sovereign Bond Methodology scores of low economic and
institutional strengths, moderate government financial strength,
and high event risk relative to possible economic shocks arising
from commodity price volatility, or financial sector distress,"
says Tom Byrne, a Senior Vice President in Moody's Sovereign Risk
Group.

Byrne was speaking on the release of Moody's latest annual report
on Mongolia, and which he authored.

The report notes that Mongolia is a vast, sparsely populated
country, which is prone to destabilizing boom-bust cycles stemming
from (1) an undiversified, dual mining/agricultural economy
subject to mineral price vulnerability on one front and occasional
extremely severe winters on the other, and (2) pro-cyclical
monetary and fiscal policies.

"Currently, the wild card in Mongolia's economic outlook is the
development of Oyu Tolgoi -- a vast copper and gold deposit. The
project will likely start commercial shipments ahead of schedule
in early 2013, and although the benefits to the economy will be
transformational, the risks lie in the effective management of
boom periods in order to avoid busts," says Byrne.

"In addition, unless the key features of the recently enacted
fiscal stability law come into play as stipulated in 2013-2014,
fiscal policy will remain hamstrung by political pressures for
pro-cyclical spending," says Byrne.

The report says that a track record of adherence to the new fiscal
stability law would be credit positive, while a relapse into
macroeconomic instability would be credit negative.

Looking at the recent past, the report says that Mongolia pulled
through the latest bust period with the assistance of an 18-month
IMF Stand-by-Arrangement, successfully completed in the fall of
2010.

In addition, structural reforms put in place during this period
should allow Mongolia to better benefit from the country's
substantial mineral endowments.

But, while the successful completion of the IMF program has pushed
down inflation and rebuilt international reserves, nascent
overheating pressures are now present, although they do not as of
yet threaten the stable outlook on Mongolia's rating.

The principal methodology that Moody's uses in rating the
Government of Mongolia is 'Moody's Sovereign Bond Ratings
Methodology,' published in September 2008.


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


CROYDON AIRCRAFT: IRD Withdraws Liquidation Application
-------------------------------------------------------
The Southland Times reports that the Inland Revenue is to withdraw
a High Court application to put the Croydon Aircraft Company into
liquidation.

According to The Southland Times, IRD solicitor David Tasker
confirmed there would be a request to discontinue the application
at next week's scheduled High Court hearing in Invercargill.

The statement of claim shows the company had owed IRD NZ$61,060.32
in unpaid taxes, the report says.

The Southland Times relates that company co-owner Colin Smith said
he had been surprised to learn the IRD had publicly notified the
court action late last week because he had received correspondence
from the department, before Easter Weekend, confirming settlement.

The application for liquidation, according to The Southland Times,
was filed in the High Court on March 10 and the advertisement for
public notification put together on April 20.  However, it was not
published until April 28.

Based in Gore, New Zealand, The Croydon Aircraft Company --
http://www.croydonaircraft.com/-- is an internationally renowned
aircraft restorer.


IRONGATE PROPERTY: Goes Into Receivership, Assets Goes to Deloitte
------------------------------------------------------------------
Romy Udanga at Business Day reports that control of Irongate
Property's assets and 11 of its charging subsidiaries has been
turned over to receivers David Vance and Barry Jordan of Deloitte.
The pair is also receivers for St Laurence.

Irongate, one of the remaining units of the St Laurence Group, was
effectively placed in receivership after directors Kevin Podmore
and Andrew Walker approached Irongate's corporate trustee,
Perpetual Trust, according to Business Day.

Business Day discloses that Irongate asked its trustee to appoint
a receiver because its manager, St Laurence Funds Management, had
been unable to raise enough capital or sell enough assets to
remedy two breaches of trust deed ratios and couldn't pay money
due to bondholders on May 15.

Perpetual Trust told Irongate at the end of last year it wouldn't
grant a waiver for the breaches, but neither would it act
immediately against the company, the report recalls.

Perpetual Trust head of corporate trust, Matthew Lancaster, said
Perpetual had been working closely with Irongate for the past 12
months in difficult market conditions, Business Day notes.

"While Irongate fully repaid NZ$30 million of bonds in July 2010,
the directors have been unable to realize sufficient assets at
good value in order to make a repayment of US$45 million of bonds
due on May 15, this year.  We have spent considerable time
reviewing all possible avenues.... but regrettably, due to a
combination of factors including a weak property market, and
strict time constraints following on from the July 2010 payment,
Irongate has been unable to release sufficient cash from its
assets," Business Day quotes Mr. Lancaster as saying. Receivership
was the appropriate course of action, he added.

The receivers are expected to report to investors and the trustee
within six to eight weeks.

Formerly called St Laurence Property & Finance, Irongate has 1545
investors with NZ$45 million worth of bonds.


LOMBARD FINANCE: Receivers Block Directors' Plea for Docs
---------------------------------------------------------
BusinessDesk reports that receivers for Lombard Finance and
Investments are blocking access to documents vital to the defence
of its board, counsel for the directors, who include two former
Justice Ministers, Sir Doug Graham and Bill Jeffries, said.

BusinessDesk says the four directors face a range of criminal and
civil charges relating to Lombard's receivership, including
allegations that untrue statements appeared in the company's
prospectus ahead of its receivership on April 10, 2008.

Barrister Richard Laurenson told the High Court in Wellington
that the accused therefore needed access to a full record of the
company's e-mail records from July 1, 2007, until the date of
receivership, since they bore on both the accounts rendered for
the period to September 2007, and prospectuses issued and updated
between September and December that year.

One Lombard director from that time, Michael Reeves, remained a
director and would under normal conventions would expect access
"as of right" to company documents, the receivers were resisting
such requests, Mr. Laurenson told Judge Robert Dobson, who
described the application as "frighteningly broad."

However, Mr. Laurenson said the prosecution case rested on an
allegation of "an adverse deterioration in liquidity during the
period that the September 2007 financial statements were being
prepared.

"For the accused to properly consider their defence, they are
entitled to have access to the material that fed the September 30
accounts," he said.

"The receivers are not facilitating matters.  One of the reasons
we are in court today is the perceived reluctance on the part of
the receivers or their advisers to come to a commonsense solution
on this question."

Similarly broad applications had been allowed for defence counsel
in both the Bridgecorp and Nathan Finance cases.

                         About Lombard Finance

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

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


PIKE RIVER: Solid Energy Confirms Interest to Acquire Pike River
----------------------------------------------------------------
State-owned coal miner Solid Energy Ltd. said Thursday it has
submitted to the Pike River receivers an expression of interest to
acquire the assets of Pike River Coal's West Coast mine.

Solid Energy Chief Operating Officer, Barry Bragg, said Solid
Energy has a natural interest in Pike River Coal given its long
history and experience of coal mining on the West Coast.  "We
believe we have the knowledge, experience and track record to mine
the resource safely and economically.

"Through our long-term agreements with KiwiRail and Lyttelton Port
of Christchurch we have the capability to transport the coal from
the West Coast to the port for export.  We also have an agreement
in place to rail coal from the Pike River mine to Lyttelton, which
was put on hold following the explosion at the mine last November.

Solid Energy recently leased the land at the Pike River rail
loadout at Ikamatua to complement its development projects in the
Reefton and Greymouth area (as it is the only site locally which
can quickly load longer trains and provide additional stockpile
capacity).

"We believe Solid Energy is uniquely positioned to develop and
implement a sound mine management plan that would allow the mine
to be successfully operated, but we know that there is no short
term fix to get the mine up and running again," says Mr Bragg. "It
will take a long-term commitment of considerable resources and
capital over several years, as well as working with key parties
including the families of those who died in the mine and the West
Coast community.

"Solid Energy remains committed to recovering the bodies of the 29
miners, if possible, and to address the situation of the unsecured
West Coast creditors. We expect that any company seeking to
acquire the assets should be held to the same expectations. The
worst that could happen for the families and the West Coast is
that a speculator acquires the assets and banks them in their
resource portfolio. That really would be the worst possible
outcome for everyone." Mr Bragg says.

"While Solid Energy is keen to acquire the Pike River assets, we
are cautious about the prospect as we don't believe the resource
and its quality are characterised, or the geology understood, to
anywhere near the level required in these types of challenging
conditions, even in the areas that have been mined.  There was
also considerable damage to the mine from the explosions so we
also have doubts about how much of the existing infrastructure
will be useable.

"However, we are keen to work with the receivers of Pike River
Coal to see if an acceptable proposal can be put together for
Solid Energy to acquire the mine and bring it back into safe
production as soon as possible so that it can once again provide
jobs and contribute to the West Coast economy."

                          About Pike River

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

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


TAWERA LAND: Landcorp Acquires Firm's Assets
--------------------------------------------
James Weir at Business Day reports that state-owned Landcorp has
bought nearly 1,300 hectares of farmland near Feilding after the
NZ$45 million receivership of Tawera Land Company.

ANZ Bank and South Canterbury Finance are the main secured
creditors of failed farm business Tawera Land Company.

Landcorp bought 1270 hectares of high-quality land located near
Feilding, owned by Tawera Land, which is in receivership,
according to Business Day.

The report notes that the sale was another step in the process of
selling the former farming interests of bankrupt businessman Ken
Thurston.

The sale attracted bids from about 30 groups, in what was the
biggest land-holding sale by one owner in the district, Business
Day says.

Meanwhile, Business Day discloses, Landcorp Chief Executive Chris
Kelly said the corporation planned to invest "significant capital"
in the Feilding properties bought from Tawera's receivers.  The
land was earlier reported to lack fencing and water systems, the
report relates.

In total, Business Day notes, secured creditors are owed more than
NZ$45 million by Tawera.  The receivers were acting for ANZ
National Bank, owed NZ$29.5 million, the report relates.

Another secured creditor, South Canterbury Finance, is chasing
almost NZ$14.5 million across several Thurston companies,
including Tawera, Business Day notes.

Business Day says that unsecured creditors owed more than NZ$1
million were not expected to get any payout.

Receivers have already sold two large blocks from Tawera, near
Taumarunui, for about NZ$8.4 million, Business Day relates. Tawera
was put into liquidation by the Inland Revenue Department late
last year because of a NZ$530,000 GST bill, the report adds.


TE AUTE COLLEGE: May Go Into Receivership, Secret Report Says
-------------------------------------------------------------
Bernard Carpinter at The Dominion Post says a secret report
commissioned by Te Puni Kokiri showed that Te Aute College is in
danger of going into receivership.

"The current financial state of Te Aute is serious," the report,
by Maori lawyer and director Patsy Reddy, showed, according to The
Dominion Post.

In the 2010 financial year, the Te Aute Trust Board, which
oversees Te Aute and its sister school Hukarere Girls' College,
made a loss of NZ$2.18 million, The Dominion Post discloses.  Bank
debt and overdrafts totalled nearly NZ$10 million.

"The new trustees are working closely with the Bank of New Zealand
to manage the debt, but the risk of receivership is real," The
Dominion Post quotes Ms. Reddy as saying.

The Dominion Post notes that Te Aute has claimed that it has lost
millions of dollars over the years through having cheap leases
imposed on the endowment lands it owns.

Te Aute College is an Anglican Maori boys' school south of
Hastings.


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


E.SUN FINANCIAL: Fitch Affirms, Withdraws All Ratings
-----------------------------------------------------
Fitch Ratings has affirmed and withdrawn all ratings of E.SUN
Financial Holding Company and E.SUN Commercial Bank (ESB, a
wholly-owned subsidiary of ESFHC).  The Outlook for all Long-Term
ratings remains Stable.

The affirmation of the group's ratings reflects its resilience
amid the challenging operating environment, its ability to
maintain a reasonable credit profile and its parent company's
continuing modest leverage, while also recognizing its comparably
low tier 1 capital ratio in the region.

The ratings were withdrawn because the issuers are no longer
considered by Fitch to be relevant to the agency's coverage.

ESFHC is a mid-sized and bank-centric financial holding company.
It provides banking and securities brokerage, insurance brokerage
and venture capital services through its fully-owned subsidiaries
ESB, E.SUN Securities Corporation and other smaller subsidiaries.
ESFHC has a diversified shareholding structure, with management
and employees owning 20% to 25% of its shares. ESB commanded a
market share of 3.47% in system deposits at end-2010; ESS is a
small brokerage firm with a market share of 1.09% in Taiwan's
stock broking sector at end 2010.

The full list of ratings is:

ESFHC:

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

   -- Short-Term Foreign Currency IDR 'F3';

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

   -- National Short-Term rating 'F1(twn)';

   -- Individual Rating 'C';

   -- Support '5';

   -- Support Rating Floor 'NF'; and

   -- Subordinated debt rating 'BBB+(twn)'.

ESB

   -- Individual Rating 'C'; and

   -- Support '4'.


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


HOANG ANH: Fitch Affirms IDRs at 'B'; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Hoang Anh Gia Lai JSC's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B' with Stable Outlooks.  Simultaneously, Fitch has assigned a
'B' senior unsecured rating to HAGL, as well as an expected
'B(EXP)' rating and a Recovery Rating of 'RR4' to its proposed USD
notes, which are guaranteed by HAGL's main operating subsidiaries.
The final rating of the notes is contingent upon the receipt of
documents conforming to information already received.

HAGL's ratings are constrained by its large capex plans of over
USD400m until the end of 2013.  Also, the company plans to
diversify away from its established, but volatile, residential
property development business in Vietnam into hydropower
generation, iron ore mining and rubber plantations in Vietnam,
Cambodia and Laos, which would increase execution risks. This
concern is heightened by HAGL's high funding costs, a reflection
of Vietnam's current high interest rate environment.

A successful completion of the proposed USD Notes will help lower
funding costs while improving debt its maturity profile.  HAGL
also maintains high cash balances and undrawn committed facilities
to manage liquidity risks. There is also significant flexibility
in its capex plans to reduce, delay and/or cancel projects as they
are modular.

HAGL's ratings are also supported by its established residential
property development business, which focuses on the mid-tier
market in Ho Chi Minh City.  The company has a sufficient land
bank for proposed projects over the next five years.  This land
was acquired at materially lower costs than current market value,
which in addition to the reliance on in-house construction, allows
for high profit margins.

The Stable Outlook reflects Fitch's expectation that cash flows
from property development would be sufficient to cover funding
costs during HAGL's expansion phase up till the end 2013.  The
agency expects the company's funds from operations (FFO) interest
coverage to range between 2x-3x during this period.

Negative rating actions could be taken if the company's FFO
interest coverage is sustained below 2x and/or if it does not
scale back its capex without securing longer term lower cost
funding.  A positive rating action is not envisaged until the new
ventures contribute to at least half of total operating profits
and generate sufficient FFO to sustainably provide 2.5x coverage
of interest.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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