TCRAP_Public/110509.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

              Monday, May 9, 2011, Vol. 14, No. 90

                            Headlines



A U S T R A L I A

BENDIGO & ADELAIDE: Fitch Affirms Individual Rating at 'B/C'
CENTRO PROPERTIES: Rules Out Liquidation to Restructure Assets


C H I N A

BUSINESS DEVELOPMENT: PKF Raises Going Concern Doubt
CHINA NETWORKS: CNH Partners Discloses 7.44% Equity Stake
LDK SOLAR: Fitch Assigns 'BB-' Issuer Default Rating
LDK SOLAR: Moody's Assigns B1 Corporate Family Rating
LDK SOLAR: S&P Assigns 'B+' Rating to Senior Unsecured Notes


H O N G  K O N G

AMCOR HOLDINGS: Court Enters Wind-Up Order
AUTUMN LIMITED: Lau Wu and Yuen Appointed as Liquidators
AVIVA ASIA: Court to Hear Wind-Up Petition on June 15
BYLAMSON & ASSOCIATES: Kam and Agnew Step Down as Liquidators
ELCON INDUSTRIAL: Court Enters Wind-Up Order

FISH & CHIPS: Keung and Morris Step Down as Liquidators
GAIN PROFIT: Court Enters Wind-Up Order
GETWAY LIMITED: Court Enters Wind-Up Order
GLORY BEST: Court Enters Wind-Up Order
GUARDECADE LIMITED: Hung and Keng Step Down as Liquidators

H. KEE: Ho and Kong Appointed as Liquidators
HILL DRAGON: Court Enters Wind-Up Order
K T ENTERPRISES: Court Enters Wind-Up Order
MAX TECH: Court Enters Wind-Up Order
SONIC ENTERPRISES: Court to Hear Wind-Up Petition on June 1

SUN CHEER: Court Enters Wind-Up Order
TCL PILING: Court to Hear Wind-Up Petition on June 8
TRADE GIANT: Court to Hear Wind-Up Petition on May 30
TULLY INTERNATIONAL: Court Enters Wind-Up Order
VEVION HK: Court to Hear Wind-Up Petition on June 1


I N D I A

A D ELECTRO: CRISIL Assigns 'BB-' Rating to INR120MM Cash Credit
AMAR PARTAP: CRISIL Assigns 'B' Rating to INR51.2 Mil. Term Loan
ANINDITA TRADES: CRISIL Reaffirms 'BB+' Rating on INR32MM LT Loan
B. RAMANAIAH: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
CHEMFILT: CRISIL Assigns 'BB+' Rating to INR20 Million Cash Credit

GOYAL AGENCIES: CRISIL Puts 'B-' Rating on INR175MM Bank Facility
HATIMI STEELS: CRISIL Assigns 'B' Rating to INR61.8MM Cash Credit
HYDROBATHS RAMCO: CRISIL Puts 'B+' Rating on INR92.5MM Cash Credit
INTERNATIONAL MARITIME: CRISIL Rates INR250 Mil. LT Loan at 'B-'
JALA SHAKTI: CRISIL Cuts Rating on INR200 Million LT Loan to 'D'

K.C. INDUSTRIES: CRISIL Rates INR60MM Cash Credit Limit at 'B+'
K.C. RICE: CRISIL Rates INR50.0 Million Cash Credit at 'B+'
K.C. SOLVENT: CRISIL Assigns 'B+' Rating to INR37.1MM Term Loan
SHRI SALASAR: CRISIL Assigns 'D' Rating to INR50MM Cash Credit
SUMMER INDIA: CRISIL Cuts Rating on INR1.00 Billion Loan to 'D'


I N D O N E S I A

INDIKA ENERGY: Moody's Assigns Definitive B1 to Sr. Secured Notes
INDO ENERGY: Fitch Assigns 'B+' Final Rating to 2018 USD Notes


K O R E A

KOREA INVESTMENT: Fitch Withdraws 'C' Individual Rating
WOORI INVESTMENT: Fitch Withdraws Individual Rating of 'C'


M A L A Y S I A

BANENG HOLDINGS: FY2010 Loss Deviates by 83.05% to MYR73.04 Mil.
SUMATEC RESOURCES: Auditors' Disclaimer Opinion Cues PN 17 Listing


N E W  Z E A L A N D

CAPITAL + MERCHANT: Liquidator to Decide on Civil Recovery Action


V I E T N A M

HOANG ANH: S&P Assigns 'B' Rating to Senior Notes Due 2016




                            - - - - -


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


BENDIGO & ADELAIDE: Fitch Affirms Individual Rating at 'B/C'
------------------------------------------------------------
Fitch Ratings has upgraded Bendigo and Adelaide Bank Limited's
Long-Term Issuer Default Rating (IDR) to 'A-' from 'BBB+'.  The
Outlook has been revised to Stable from Positive.  At the same
time, the agency has affirmed all other ratings.

"BEN has strengthened its Australian retail banking franchise in a
challenging operating environment for banks," said John Miles,
Senior Director and Head of Fitch Australia's Financial
Institutions Team.  "The upgrade of the Long-Term IDR reflects
this strengthening, taking into account BEN's conservative
approach to risk management and stable funding base, which
consists mostly of deposits," added Mr. Miles.

BEN compares well with other 'A' rated banks.  Improved operating
profitability is largely the result of a wider net interest margin
(NIM) and good asset quality, with the latter reflected in
relatively low loan impairment charges.  At the same time, BEN has
focused on expanding its customer deposit base, given that
wholesale funding has proven more difficult to access and more
expensive for Australia's regional banks since mid-2008.  Although
margins are facing pressure from intense deposit competition, BEN
has a well-developed retail banking franchise, which underpins a
good degree of customer loyalty and potential to extract further
cost efficiencies from integrations.

BEN's loan exposure to investors in managed investment schemes of
the failed Great Southern Limited remains one area of risk.
Arrears have risen following GSL's failure as a number of
investors who, according to BEN, have the capacity to make
repayments, have elected not to do so while they pursue a class
action.  Resolution will take time, but with total loan exposure
amounting to around 1% of gross loans, losses are likely to be
manageable.  At the same time, overall asset quality remains very
good: when GSL loans are taken into account, BEN's ratio of gross
impaired loans to gross loans rises from 0.71% in H111 to a still
modest 1.16%.

Compared with most Australian banks, BEN derives a greater portion
of its on-balance sheet funding from retail deposits which funded
87% of BEN's loans.  At the same time, liquid assets are high
quality, accounting for around 12% of on-balance-sheet assets,
while capital ratios remain adequate with the Tier 1 Capital Ratio
at 8.1% at end-December 2010.

Bendigo and Adelaide Bank Limited:

   -- Long-Term IDR upgraded to 'A-' from 'BBB+'; Outlook revised
      to Stable from Positive;

   -- Short-Term IDR affirmed at 'F2';

   -- Individual Rating affirmed at 'B/C';

   -- Support rating affirmed at '3';

   -- Support rating floor affirmed at 'BB';

   -- Commercial Paper upgraded to 'A-' from 'BBB+' and affirmed
      at 'F2',

   -- Senior unsecured debt upgraded to 'A-' from 'BBB+';

   -- Short-term Debt affirmed at 'F2';

   -- Subordinated Debt upgraded to 'BBB+' from 'BBB'.


CENTRO PROPERTIES: Rules Out Liquidation to Restructure Assets
--------------------------------------------------------------
The Australian Association Press reports that Centro Properties
Group said its board isn't considering a liquidation of the group
in order to restructure its assets.

According to the AAP, chief executive Robert Tsenin said the board
is still focused on achieving a "consensual" restructuring of the
group involving the sale of US assets, and holders of Centro's
debt making available $100 million to Centro stakeholders and
securityholders.  But Mr. Tsenin said Centro's lenders always had
the ability to consider alternatives such as liquidation, the AAP
relates.

"What actually happens, we'll have to see, but that's not the
basis of the negotiations to date," the AAP quotes Mr. Tsenin as
saying.  "It's not something that we as a company are considering
because we want to get a consensual outcome.  Whether the lender
group at some point or other, which is their prerogative, decides
to adopt a different approach, that's for them."

Mr. Tsenin was speaking after addressing an American Chamber of
Commerce in Australia luncheon, the AAP notes.

The AAP discloses that Centro Properties announced in March that
it would sell its US assets and, under an arrangement with its
senior creditors, exchange its Australian assets in order to
cancel its debt.

According to the AAP, Centro and its managed funds will sell the
US portfolio of about 600 shopping centres to BRE Retail Holdings
Inc, an affiliate of Blackstone Real Estate Partners, for
US$9.4 billion (AU$9.24 billion).

Under arrangements negotiated between Centro and its senior
lenders, the AAP notes, $100 million will be made available for
securityholders and other stakeholders who are junior to the
senior lenders after the US sale closes, and if other
restructuring measures are approved by securityholders and other
stakeholders.

Centro had also said it was in talks with senior lenders, the
Centro Retail Trust, and other Australian managed funds with a
view to amalgamating their respective portfolios to create a
listed fund owning a retail property portfolio of Australian
shopping centres, the AAP adds.

                       About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


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


BUSINESS DEVELOPMENT: PKF Raises Going Concern Doubt
----------------------------------------------------
Business Development Solutions, Inc., filed on May 2, 2011, its
annual report on Form 10-K for the fiscal year ended Dec. 31,
2010.

PKF, in Hong Kong, expressed substantial doubt about Business
Development Solutions' ability to continue as a going concern.
The independent auditors noted that the Company had a working
capital deficiency and accumulated deficit as of Dec. 31, 2010.

The Company reported a net loss of US$6.1 million on US$7.4
million of revenue for 2010, compared with a net loss of
US$667,863 on US$1.8 million of revenue for 2009.

The increase of net loss is primarily due to the substantial
increase of impairment of intangible assets and provision for
doubtful debts.

Impairment on intangible assets increased to US$1.7 million in
2010 from US$0 in 2009, representing a full impairment of
intangible assets in this year.  Provision for doubtful debts
increased to US$5.7 million in 2010 from US$4,480 in 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$1.6
million in total assets, US$6.2 million in total liabilities, and
a stockholders' deficit of US$4.6 million.

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

                       http://is.gd/4OI4TZ

Shanghai, China-based Business Development Solutions, Inc., is a
holding company that operates through its indirect wholly owned
subsidiary, Suzhou TripMart, a business-to-business e-commerce
travel services company in China, specializing in developing
products and services, marketing strategies and business solutions
and for small and medium sized, or SME, travel agents as well as
other e-commerce travel services providers.  The Company also
provides travel management services and products to corporate
clients throughout China, as well as online travel products and
services to the emerging class or free independent travelers or
FITs.


CHINA NETWORKS: CNH Partners Discloses 7.44% Equity Stake
---------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, CNH Partners, LLC, and CNH CA Master Account, L.P.,
disclosed that they beneficially own 3,049,704 shares of common
stock of China Networks International Holdings Ltd. representing
7.44% of the shares outstanding.  A full-text copy of the filing
is available for free at http://is.gd/EUAtmX

                       About China Networks

Headquartered in Beijing, China Networks International Holdings,
Limited, through China Networks Media Ltd., a British Virgin
Islands company, provides broadcast television advertising
services in the PRC, operating joint-venture partnerships with PRC
TV Stations in regional areas of the country.  The Company manages
these regional businesses through a series of joint ventures and
contractual arrangements to sell broadcast television advertising
time slots and so-called "soft" advertising opportunities to local
advertisers directly and through advertising agencies and brokers.

As reported by the TCR on July 6, 2010, UHY Vocation CPA Limited,
in Hong Kong, expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has a significant working capital deficit
and is dependent on obtaining additional financing to execute its
business plan.

The Company reported net income of US$2.4 million on
US$19.0 million of revenue for 2009, compared with a net loss of
US$3.4 million on US$4.3 million of revenue for 2008.

The Company's balance sheet at Dec. 31, 2009, showed
US$52.0 million in assets, US$54.0 million of liabilities, and
US$236,400 of common stock subject to repurchase, for a
shareholders' deficit of US$2.3 million.


LDK SOLAR: Fitch Assigns 'BB-' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned China's LDK Solar Co., Ltd., a Long-
Term Foreign-Currency Issuer Default Rating (IDR) of 'BB-' with
Stable Outlook and a Foreign-Currency senior unsecured rating of
'B+'.  The agency has also assigned an expected rating of
'B+(EXP)' to the company's proposed USD senior unsecured notes.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

"LDK's credit profile is constrained by its weak financial
metrics, increasing pressure on average selling prices (ASPs) and
margins due to capacity expansion and rising competition across
the industry, execution risks involved in achieving further
vertical integration and costs reduction in its operations," says
Jeong Min Pak, Senior Director in Fitch's Asia-Pacific Corporates
team. "However LDK's ratings are supported by a robust underlying
demand for solar energy and its status as a major global
photovoltaic (PV) product company, with presence in key phases of
the PV value chain as well as a diversified customer and
geographical revenue base," adds Ms. Pak.

LDK was the world's largest manufacturer of solar wafers in 2010
and will likely rank within top five in all key segments in the PV
value chain in 2011.  Starting off as a wafer manufacturer in
2005, the Chinese company has recently expanded its business both
upstream and downstream to include polysilicon, solar cells and
modules as well as solar systems.

LDK's credit metrics are weak for a company in a growth phase,
leaving it vulnerable in the current operating environment amid
increasing competition.  With ongoing capacity expansion, Fitch
does not expect major improvement in the company's credit metrics
in the next two to three years. According to Fitch's forecasts,
its net leverage ratio (adjusted net debt to operating EBITDAR) is
expected to remain above 2.0x and interest cover ratio (operating
EBITDAR over gross interest expense) is expected to remain below
or close to 5.0x.

Given its rapid expansion plans and high capex, LDK will face
execution risks in achieving further vertical integration and cost
reduction.  The company's current cost structure is still
relatively high compared with industry leaders.  Typical pure-play
upstream producers of polysilicon enjoy higher margins and the
protection of relatively higher barriers to entry compared with
downstream producers of wafers and modules.  In 2010, LDK's EBITDA
margin was 24% compared with 40-50% for leading upstream
polysilicon manufacturers in their solar business.

However Fitch notes that the underlying demand for solar energy
remains robust and the company has a well diversified customer and
geographical revenue base across Asia and Europe.  Furthermore the
company should be able to achieve additional cost reductions and
obtain a more stable source of raw materials as it gains track
record in upstream polysilicon manufacturing. Increasing vertical
integration has the potential to lead to EBITDA margin expansion.

Fitch believes LDK's liquidity is not an immediate concern as
evidenced by the company's recent longer term funding activities
including a rights issue and synthetic CNY bond issue.  The
company is also close to finalizing a minority stake sale of its
polysilicon business to a private equity consortium.  Furthermore,
with the proposed bond issue, Fitch expects the proportion of
short-term debt to fall from above 70% of total debt in 2010 to
less than 40% in 2011.

Fitch has rated the senior unsecured debt one notch down from the
IDR as a large proportion of the company's consolidated debt is at
the onshore operating companies' level.  This means holding
company unsecured debt, including the proposed notes, is
structurally subordinated.  In the next two to three years, Fitch
estimates that onshore debt/EBIDTA ratio will decline gradually
from above 3.0x in 2010 but still remain around 2.0x.

The Stable Outlook reflects Fitch's expectation that LDK's
business risks and financial profile would remain broadly within
the agency's expectations of a 'BB-' rated company for the next 12
to 18 months.

Negative rating actions could arise if the operating EBITDAR
margin falls below 20% on a sustained basis.  Fitch may also
consider a downgrade if any major delays in expansion and expected
cost reduction lead to market share erosion and decline in
competitiveness, or if interest cover ratio falls below 4.0x on a
sustained basis.

Positive rating actions could arise if the operating EBITDAR
margin rises above 25%, the net leverage ratio falls below 2.0x
and interest cover ratio exceeds 6.0x on a sustained basis.


LDK SOLAR: Moody's Assigns B1 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to LDK Solar Co Ltd. Moody's has also assigned a B2 senior
unsecured rating to LDK's proposed US$ bond.  The proceeds of the
bond will be used mainly to refinance LDK's short-term debt.  The
outlook for both ratings is stable.

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

Ratings Rationale

"The B1 rating reflects LDK's leading position as the world's
largest solar wafer manufacturer and its large-scale in-house
silicon operations which have moderately competitive cost
structure," says Chris Park, a Moody's Vice President/Senior
Analyst.

"However, the rating also recognizes the significant cyclicality
of the polysilicon and wafer businesses, the ever evolving
competitive and technological dynamics of the solar industry, and
the expected pressure on margins due to industry overcapacity over
the next two or three years," says Park.

The solar industry is fragmented and highly competitive, and
photovoltaic (PV) demand is subject to a considerable amount of
uncertainty because of changes to both solar policies and
incentives by authorities.

In addition, the looming overcapacity due to a significant
slowdown in PV demand growth and a massive capacity expansion by
current players could lead to significant pressure on
polysilicon/wafer prices and thus on LDK's profit margins.

"As a result of the industry overcapacity, the rating also
captures the challenge to LDK in cutting production costs to
levels comparable to the industry's cost leaders" says Park.

"Meanwhile, LDK has plans for vertical integration by expanding
its downstream operations, which will increase the execution
risk," adds Mr. Park.

"LDK has high level of short term debt, but refinancing risk is
mitigated partly by its good relationship with local banks, given
its leadership position in this high-tech industry, and partly by
the proposed bonds" continues Park.

The rating additionally incorporates Moody's expectation that
LDK's stronger earnings in the next 2 years will improve its
credit metrics to Debt/EBITDA of around 3-3.5x and EBITDA/interest
of 4-5x. Nevertheless, the company's debt/capitalization of around
60% will remain high.

The rating on the proposed bonds is one notch lower than the
corporate family rating, reflecting the significant structural
subordination arising from the sizeable amount of borrowings at
LDK's operating subsidiaries.

The stable outlook takes into account Moody's expectation that LDK
will be able to improve its cost structure and obtain bank support
over the next 12-18 months, despite the growing challenges for the
global PV industry.

The rating could be upgraded if LDK can (1) lower production costs
in its key processes to levels comparable to those of the
industry's cost leaders; and (2) improve its debt capital
structure with less reliance on short term debt, such that
Debt/EBITDA remains below 2.5-3x and EBITDA/interest, above 6x.

The rating could be downgraded if (1) LDK's financial profile
remains weaker than Moody's expectations because of its aggressive
expansion strategy or lower-than-expected earnings growth; (2) the
company fails to cut costs, impairing its profitability and
lagging behind competition; or (3) its access to local banks and
debt markets for funding weakens. The key credit metrics that
Moody's would consider for a downgrade include Debt/EBITDA
remaining above 4x and EBITDA/interest below 4x.

The principal methodology used in rating LDK Solar Co Ltd was the
Global Semiconductor Industry Methodology, published November
2009.

LDK is one of the world's leading PV manufacturers, with the
largest position in wafer production in 2010. Its plants in China
manufacture polysilicon, ingots, wafers, cells, and modules.


LDK SOLAR: S&P Assigns 'B+' Rating to Senior Unsecured Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to LDK Solar Co., Ltd.  The outlook is
positive.  "At the same time, we assigned our 'B' issue rating to
the company's proposed issue of senior unsecured notes.  The
ratings are subject to Standard & Poor's review of final
documentation for the bond issuance.  We also assigned a long-term
'cnBB' Greater China credit scale rating to LDK and a 'cnBB-'
Greater China credit scale rating to its proposed senior unsecured
bonds," S&P related.

"The rating on LDK reflects our view of the company's weak but
improving balance sheet, short financial and operating track
record, and susceptibility to the highly cyclical and volatile
nature of the photovoltaic industry," said Standard & Poor's
credit analyst Jerry Fang.  "The company's competitive cost
structure and vertical integration strategy temper these
weaknesses."

"LDK's financial risk profile is aggressive in our view. We
attribute the company's weak balance sheet to its very aggressive
historical expansion in production capacity and in other sub-
segments of the photovoltaic industry.  Despite beginning
operation in 2005, the company became a top-tier player globally
in 2010, in terms of production capacity in each sub-segment of
the industry, revenue, and operating income.  Due to its rapid
growth, LDK's ratio of total debt to capital increased to about
71% at the end of 2010, and 69% at the end of the first quarter of
2011 from about 61% at the end of 2008.  Its debt-to-EBITDA ratio
was 4.2x in 2010," S&P stated.

S&P continued, "We expect LDK's balance sheet to improve in the
next few quarters.  Standard & Poor's acknowledges that the
company has placed high emphasis on restoring its balance sheet,
including improving the debt maturity profile and reducing
leverage."

"In our view, LDK is exposed to significant risks associated with
the industry," said Mr. Fang. "Government subsidies are critical
for the industry until solar energy becomes price competitive with
other forms of power generation.  Such dependence increases
volatility in product prices globally and demand in various
countries."

Global economic conditions also affect the industry.  The price
and demand of key raw material for photovoltaic products
fluctuated dramatically from the second quarter of 2008 through
the first half of 2009. The volatility was due to a credit crunch
as a result of the global financial crisis and significant subsidy
cutbacks in Spain.  Many wafer manufacturers, including LDK, made
significant inventory write-offs in 2008 and 2009.

"We expect government policies to support the long-term outlook
for the industry. We also anticipate that demand for photovoltaic
products will increase from new markets.  Nevertheless, the
industry is likely to remain highly volatile in the next couple of
years due to potentially stiff price competition, overcapacity,
and regulatory influence," S&P noted.

LDK, like its domestic peers, has an advantage in non-polysilicon
costs over its overseas competitors due to its access to
inexpensive labor and electricity.  The company's cost structure
for polysilicon is sound and improving. Polysilicon accounts for
50%-70% of the cost of wafer production, or 20%-30% of the total
module production cost. LDK aims to increase polysilicon
production for internal consumption in the next 12 months and
continue to reduce in-house production costs.  It plans to lower
blended polysilicon cost significantly in the next two years.

"In our view, LDK's adoption of vertical integration enables the
company to better manage polysilicon procurement risk. This
strategy also enables the company to unlock opportunities in the
photovoltaic value chain to reduce costs," S&P stated.

According to S&P, "In our view, LDK has adequate liquidity.  Based
on our methodology and estimates, its liquidity sources will
likely remain more than 1.2x its uses in the next 12 months.  The
company's projected funds from operations, proposed bond issuance,
long-term bank facilities, and cash at hand support its liquidity.
LDK's existing Chinese yuan-linked bonds and its proposed bonds
have a financial covenant of a fixed-charge coverage ratio. We
believe the company has ample headroom in this regard."

"The positive outlook reflects our expectation that LDK will
improve its balance sheet and reduce debt. We also anticipate that
the company will roll over short-term debt and build its
operational record as a vertically integrated player in the global
market," said Mr. Fang.

"We may raise the rating if the company reduces its debt such that
its debt-to-capital ratio stays below 50% on a sustained basis
over the next few quarters. Conversely, we could revise the
outlook to stable or lower the rating if LDK fails to maintain its
profitability and cash flow, such that its debt-to-EBITDA ratio
exceeds 4x or its ratio of total debt to capital stays above 60%
for an extended period," S&P added.


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


AMCOR HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2011, to
wind up the operations of Amcor Holdings Limited.

The official receiver is E T O'Connell.


AUTUMN LIMITED: Lau Wu and Yuen Appointed as Liquidators
--------------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank on March 22, 2011,
were appointed as liquidators of Autumn Limited Limited.

The liquidators may be reached at:

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


AVIVA ASIA: Court to Hear Wind-Up Petition on June 15
-----------------------------------------------------
A petition to wind up the operations of Aviva Asia Pacific Limited
will be heard before the High Court of Hong Kong on June 15, 2011,
at 9:30 a.m.

Lee Shouk Yee Annie filed the petition against the company on
April 7, 2011.

The Petitioner's solicitors are:

          Yu & Associates
          2nd Floor, Hing Yip Commercial Centre
          272-284 Des Voeux Road
          Central, Hong Kong


BYLAMSON & ASSOCIATES: Kam and Agnew Step Down as Liquidators
-------------------------------------------------------------
Poon Hon Kam and Dermot Agnew stepped down as liquidators of
Bylamson & Associates (Enterprises) Limited on March 24, 2011.


ELCON INDUSTRIAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Elcon Industrial Co. Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


FISH & CHIPS: Keung and Morris Step Down as Liquidators
-------------------------------------------------------
Stephen Liu Yiu Keung and Robert Armor Morris stepped down as
liquidators of Fish & Chips Limited on April 14, 2011.


GAIN PROFIT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Gain Profit International Holdings
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


GETWAY LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 29, 2011, to
wind up the operations of Getway Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


GLORY BEST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 6, 2011, to
wind up the operations of Glory Best Development Limited.

The company's liquidator is Yuen Tsz Chun Frank.


GUARDECADE LIMITED: Hung and Keng Step Down as Liquidators
----------------------------------------------------------
Lau Siu Hung and Liang Yang Keng stepped down as liquidators of
Guardecade Limited on April 19, 2011.


H. KEE: Ho and Kong Appointed as Liquidators
--------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on March 22, 2011, were
appointed as liquidators of H. Kee Printing Company Limited.

The liquidators may be reached at:

          Ho Man Kit Horace
          Kong Sze Man Simone
          Unit 511, 5/F Tower
          1 Silvercord
          30 Canton Road
          Tsim Sha Tsui, Kowloon


HILL DRAGON: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 18, 2011, to
wind up the operations of Hill Dragon Limited.

The company's liquidator is Yuen Tsz Chun Frank.


K T ENTERPRISES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 29, 2011, to
wind up the operations of K T Enterprise Group Limited.

The company's liquidator is Yuen Tsz Chun Frank.


MAX TECH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 18, 2011, to
wind up the operations of Max Tech Trading Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


SONIC ENTERPRISES: Court to Hear Wind-Up Petition on June 1
-----------------------------------------------------------
A petition to wind up the operations of Sonic Enterprises Limited
will be heard before the High Court of Hong Kong on June 1, 2011,
at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on March 24, 2011.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


SUN CHEER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 11, 2011, to
wind up the operations of Sun Cheer Technology Limited.

The company's liquidator is Yuen Tsz Chun Frank.


TCL PILING: Court to Hear Wind-Up Petition on June 8
----------------------------------------------------
A petition to wind up the operations of TCL Piling Specialist
Limited will be heard before the High Court of Hong Kong on
June 8, 2011, at 9:30 a.m.

The Petitioner's solicitors are:

          LCP
          Suite 1203, 12th Floor
          Wing On House
          71 Des Voeux Road
          Central, Hong Kong


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

Cartorama (HK) Limited filed the petition against the company on
March 17, 2011.

The Petitioner's solicitors are:

          Norton Rose Hong Kong
          38th Floor, Jardine House
          1 Connaught Place
          Central, Hong Kong


TULLY INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2011, to
wind up the operations of Tully International Limited.

The company's liquidator is Yuen Tsz Chun Frank.


VEVION HK: Court to Hear Wind-Up Petition on June 1
---------------------------------------------------
A petition to wind up the operations of Vevion Hong Kong Limited
will be heard before the High Court of Hong Kong on June 1, 2011,
at 9:30 a.m.

Senco-Masslink Technology Limited filed the petition against the
company on March 28, 2011.

The Petitioner's solicitors are:

          ONC Lawyers
          15th Floor, The Bank of East Asia Building
          10 Des Voeux Road
          Central, Hong Kong


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


A D ELECTRO: CRISIL Assigns 'BB-' Rating to INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of A D Electro Steel Company Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR120 Million Cash Credit            BB-/Stable (Assigned)
   INR10 Million Export Packing Credit   P4+ (Assigned)
   INR50 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect ADEC's below-average financial risk profile,
marked by small net worth, weak debt protection metrics and low
profitability, marginal market share, and susceptibility to
intense competition in the steel castings industry.  These rating
weaknesses are partially offset by the established market record
and extensive industry experience of ADEC's promoters.

Outlook: Stable

CRISIL believes that ADEC will continue to benefit from the
extensive industry experience of its promoters and established
customer relationships, over the medium term.  The outlook may be
revised to 'Positive' if ADEC scales up its operations
significantly, while maintaining its profitability and gearing.
Conversely, the outlook may be revised to 'Negative' if ADEC's
financial risk profile deteriorates or the company undertakes a
larger-than-expected debt-funded capital expenditure programme.

                          About A D Electro

Set up in 1981 and based in Kolkata (West Bengal), ADEC
manufactures steel and iron castings of diverse specifications
that comprise low and high carbon steel, alloy steel, grey iron
casting, malleable iron casting, and ductile iron casting.  ADEC
is ISO 9001:2008 certified, and its foundry is also accorded the
Class 'A' status (specific to Railways) by the Research Designs
and Standards Organisation, Ministry of Railways.

ADEC reported a profit after tax (PAT) of INR1 million on net
sales of INR1021 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR1163 million for 2008-09.


AMAR PARTAP: CRISIL Assigns 'B' Rating to INR51.2 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Amar Partap Steels Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR57.4 Million Cash Credit Limit     B/Stable (Assigned)
   INR51.2 Million Term Loan             B/Stable (Assigned)

The rating reflects APSPL' weak liquidity, which constrains its
large debt obligations maturing over the medium term, small scale
and limited profitable track record of operations, and
vulnerability to downturns in the steel industry.  These rating
weaknesses are partially offset by APSPL's moderate capital
structure.

Outlook: Stable

CRISIL believes that APSPL's liquidity will be weak over the
medium term, but APSPL will receive support from its promoters in
the form of interest-free unsecured loans.  The outlook may be
revised to 'Positive' if APSPL's liquidity improves, mainly driven
by increase in cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company contracts more debt than
expected to fund its capital expenditure, or if there is further
deterioration in its liquidity.

                          About Amar Partap

APSPL was incorporated in 2004, promoted by Mr. Jaswant Singh.
The company manufactured only steel ingots till February 2010,
when it started manufacturing thermo-mechanically treated (TMT)
bars.  The company has steel ingot manufacturing capacity of
30,000 tonnes per annum (tpa) and TMT bars manufacturing capacity
of 75,000 tpa. Its plant is in Jaipur (Rajasthan).  The TMT bars
are sold under the brand Amco TMT.

APSPL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR273.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.6 million on net sales
of INR329.8 million for 2008-09.


ANINDITA TRADES: CRISIL Reaffirms 'BB+' Rating on INR32MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anindita Trades and
Investments Ltd continue to reflect ATIL's marginal market share,
exposure to risks related to uncertainties in the steel industry,
and limited financial flexibility, owing to its large working
capital requirements.  These rating weaknesses are partially
offset by the expected improvement in ATIL's business risk profile
through iron-ore linkages, and its moderate financial risk
profile, marked by moderate gearing and debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR32.00 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR53.00 Million Proposed LT Loan   BB+/Stable (Reaffirmed)
   INR120.00 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR25.00 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that ATIL will maintain its credit risk profile on
the back of the improved scale of its operations and the benefits
expected from the commencement of its in-house iron-ore mining
operations.  The outlook may be revised to 'Positive' if the
company reports strong revenue growth, most likely driven by the
new iron ore mining business, leading to more-than-expected cash
accruals, without deteriorating its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company contracts more-than-expected debt to fund its proposed
power plant capex or if the company reports significant decline in
revenues and profitability.

                        About Anindita Trades

Incorporated in 1995, Anindita was started as a financing company.
It remained non-operational until 2005, when it began
manufacturing sponge iron.  Its manufacturing unit in Hazaribagh,
Jharkhand has capacity to produce 400 tonnes of sponge iron per
day.

ATIL reported a profit after tax (PAT) of INR13.7 million on net
sales of INR158.4 million for 2009-10, against a PAT of INR13.2
million on net sales of INR129.5 million for 2008-09.


B. RAMANAIAH: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of B. Ramanaiah Constructions.

   Facilities                         Ratings
   ----------                         -------
   INR50.00 Million Cash Credit       B+/Stable (Assigned)
   INR100.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect BRC's large working capital requirements,
below-average financial risk profile, marked by small net worth
and weak debt protection metrics, and its exposure to risks
related to fragmentation in the civil construction industry.
These weaknesses are partially offset by the extensive industry
experience of BRC's promoters and healthy revenue visibility for
the firm.

Outlook: Stable

CRISIL believes that BRC will continue to benefit over the medium
term from its healthy order book and promoters' industry
experience.  The outlook may be revised to 'Positive' if the firm
diversifies its revenue profile geographically or in case of a
significant increase in accruals and net worth.  Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
larger-than-expected debt-funded capital expenditure programme,
faces delays in execution of orders, or in case of a significant
increase in receivables.

                         About B. Ramanaiah

Incorporated in 1986 as a sole proprietorship concern, Andhra
Pradesh-based BRC was reconstituted as partnership concern in
2001.  It undertakes civil contracts for road construction and
maintenance.  The firm is promoted by Mr. B Ramanaiah and his
family. The firm operates mainly in Andhra Pradesh and Karnataka.

BRC is expected to report net sales of INR240 million for 2010-
11(refers to financial year, April 1 to March 31). BRC reported a
profit after tax (PAT) of INR6 million on net sales of INR205
million for 2009-10, against a PAT of INR6 million on net sales of
INR265 million for 2008-09.


CHEMFILT: CRISIL Assigns 'BB+' Rating to INR20 Million Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Chemfilt.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         BB+/Stable (Assigned)
   INR80 Million Rupee Term Loan     BB+/Stable (Assigned)
   INR20 Million Proposed Long-Term  BB+/Stable (Assigned)
                 Bank Loan Facility

The rating reflects Chemfilt's susceptibility to project
implementation and off-take risks and cyclicality in the
engineering equipment industry, small scale of operations and
small net worth.  These rating weaknesses are partially offset by
Chemfilt's established industry track record, strong customer
base, and moderate financial risk profile, marked by comfortable
gearing and healthy debt protection metrics.

Outlook: Stable

CRISIL believes that Chemfilt will continue to maintain its
established position in the engineering and capital goods
industry, and benefit from its strong customer base, over the
medium term.  The outlook may be revised to 'Positive' if the firm
scales up its operations backed by earlier-than-expected
stabilisation of additional capacities while maintaining its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of significant delays in completion of its
ongoing project, or significant fund withdrawals by partners.

                           About Chemfilt

Chemfilt is a partnership firm set up in 1985 by Mr. Sudarshan
Amin and his wife, Mrs. Nitaben Amin at Anand (Gujarat).  The firm
manufactures various equipments such as sand mills, ball mills,
dryers, dispersers, and heat exchangers, used in the paint, ink,
resin, chemical, pigment, mineral filler, pesticide, and cement
industries, and also undertake turnkey projects for the paint,
ink, and resin industries.  Mr. Sudarshan Amin and his nephew, Mr.
Keyur Amin, look after Chemfilt's daily operations.

Chemfilt reported a profit after tax (PAT) of INR2.5 million on
net sales of INR118.6 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.5 million on
net sales of INR139.9 million for 2008-09.


GOYAL AGENCIES: CRISIL Puts 'B-' Rating on INR175MM Bank Facility
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Goyal Agencies
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR175.0 Million Overdraft Facility    B-/Stable (Assigned)
   INR140.0 Million Letter of Credit      P4 (Assigned)
   INR2.0 Million Bank Guarantee          P4 (Assigned)
   INR8.0 Million Proposed Short-Term     P4 (Assigned)
                   Bank Loan Facility

The ratings reflect GAL's below-average financial risk profile and
liquidity,large working capital requirements, and exposure to
risks related to small scale of operations in fragmented
industrial equipment trading business. These rating weaknesses are
partially offset by experience of GAL's promoters' in industrial
equipment trading business and established relationships with
principals.

Outlook: Stable

CRISIL believes that GAL's financial risk profile will remain weak
on account of the company's large working capital requirements;
however, the company will continue to benefit from its established
market position in the industrial equipment trading business and
its long-standing relationships with its vendors.  The outlook may
be revised to 'Positive' if GAL reports significant improvement in
its capital structure, mainly through fresh equity infusion or
more-than-expected increase in its cash accruals resulting in
lower debt level.  Conversely, the outlook may be revised to
'Negative' in case of continued pressure on the company's revenues
and net cash accruals, or deterioration in its working capital
management.

                           About Goyal Agencies

Set up in 1958 as a partnership firm and converted to a public
limited company in 1985, GAL trades in industrial machinery such
as welding, cutting, and grinding equipment.  The company is
managed by Mr. Rajinder Prashad and his nephew Mr. Girdhar Goyal.
The company's products have applications across industries.  GAL
buys most of its products from Panasonic Welding Systems Company
Ltd, Japan (Panasonic Welding Systems), and is the latter's sole
distributor in India.

GAL reported a profit after tax (PAT) of INR 14 million on net
sales of INR 571 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 0.2 million on net
sales of INR535 million for 2008-09.


HATIMI STEELS: CRISIL Assigns 'B' Rating to INR61.8MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Hatimi Steels.

   Facilities                          Ratings
   ----------                          -------
   INR61.8 Million Cash Credit         B/Stable (Assigned)
   INR438.2 Million Letter of Credit   P4 (Assigned)

The ratings reflect Hatimi's weak financial risk profile, marked
by small net worth and below-average interest coverage ratio, and
susceptibility to cyclicality in the shipping industry and
volatility in steel scrap prices and foreign exchange rates.
These rating weaknesses are partially offset by the established
track record of Hatimi's promoters.

Outlook: Stable

CRISIL believes that Hatimi will continue to benefit from its
ship-breaking operations and absence of any fixed debt obligation,
over the medium term.  The outlook may be revised to 'Positive' if
the firm achieves greater-than-expected revenue growth and
improves its profitability, or capital infusion by the promoters
improves its liquidity. Conversely, the outlook may be revised to
'Negative' if decline in profitability leads to significant
deterioration of the company's debt protection metrics or its
capital structure.

                         About Hatimi Steels

Hatimi, a proprietorship concern set up in 1999 by Mr. Amit Jain,
undertakes ship- breaking projects on its plot in Alang (Gujarat).
The firm has dismantled over 40 ships till December 2010, with
more than half the ships having originated in Japan.

Hatimi reported a profit after tax (PAT) of INR5.3 million on net
sales of INR395.8 million for 2009-10, as against a PAT of INR4.9
million on net sales of INR279.1 million for 2008-09.


HYDROBATHS RAMCO: CRISIL Puts 'B+' Rating on INR92.5MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Hydrobaths Ramco Marketing Pvt Ltd.

Facilities                          Ratings
   ----------                          -------
   INR92.50 Million Cash Credit        B+/Stable (Assigned)
   INR50.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect HRM's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection metrics,
large working capital requirements, and small scale of operations.
These rating weaknesses are partially offset by the extensive
experience of HRM's promoters in the sanitary ware trading
business.

For arriving at its ratings, CRISIL has treated the unsecured
loans of INR34.7 million provided by the promoters as neither debt
nor equity.  These unsecured loans are interest-free and the
management has provided an undertaking for retention of these
unsecured loans till the currency of bank borrowings to the bank.

Outlook: Stable

CRISIL believes that HRM will continue to benefit from its
promoters' extensive industry experience, over the medium term;
however, its financial risk profile will continue to remain
constrained by its large working capital requirements, and high
gearing.  The outlook may be revised to 'Positive' in case HRM
significantly scales up its operations and profitability,
resulting in larger-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected profitability and cash accruals or if the company's
liquidity is further constrained by larger-than-expected working
capital requirements.

                        About Hydrobaths Ramco

Set up in 2001 as a proprietorship firm by Mr. Vineet Bbhutani,
HRM was reconstituted as a private limited company in 2009-10
(refers to financial year, April 1 to March 31).  HRM is the sole
distributor of international luxury brands in sanitary ware,
faucets, tiles, and wellness products.  The company has been
promoting brands such as Cotto (Siam Cement Group, Thailand),
Atlas Concorde (Group Concorde, Italy), and Newform, Italy for the
past six years.  The company has six display centre-cum-showrooms
across India.

HRM reported a profit after tax (PAT) of INR2.48 million on net
sales of INR330.8 million for 2009-10, against a PAT of INR5.18
million on net sales of INR367.7 million for 2008-09.


INTERNATIONAL MARITIME: CRISIL Rates INR250 Mil. LT Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term loan
facility of International Maritime Academy.

   Facilities                          Ratings
   ----------                          -------
   INR250.00 Million Long-Term Loan    B-/Stable (Assigned)

The rating reflects IMA's deteriorating financial risk profile,
marked by a high gearing and constrained debt protection metrics,
susceptibility to adverse regulatory changes and to intense
industry competition.  These rating weaknesses are partially
offset by IMA's established position in the maritime courses
segment, and diverse course offerings.

Outlook: Stable

CRISIL believes that IMA will maintain its established presence
among the institutes offering maritime education in Tamil Nadu and
benefit from its diverse course offering, over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in IMA's liquidity because of more-than-expected cash
accruals, and sustainable improvement in the trust's capital
structure.  Conversely, the outlook may be revised to 'Negative'
in case of any larger-than-expected, debt-funded capital
expenditure programme, sharp decline in cash accruals, or adverse
regulatory changes.

                     About International Maritime

IMA offers maritime courses at its campus at Pudhuchatram (Tamil
Nadu). Set up in 1999 as an educational trust, IMA was
reconstituted as a private limited company in 2005 under
Section 25 of The Companies Act.  IMA was founded by Mr. J Senthil
Kumar and his wife Ms. S Hemalatha.  The college is affiliated to
Manonmaniam Sundaranar University, Tirunelveli (Tamil Nadu) and
offers bachelor in technology courses in marine engineering, and
naval architecture and ship building, besides bachelor of science
and diploma courses in nautical sciences, and general purpose
rating courses.  The daily operations of the company are managed
by its managing director, Mr. J Senthil Kumar.

IMA is expected to report an income of Rs 127 million in 2010-
11(refers to financial year, April 1 to March 31). IMA reported an
excess of income over expenditure of INR13 million on a net income
of INR94 million for 2009-10, against an excess of income over
expenditure of INR10 million on net sales of INR70 million for
2008-09.


JALA SHAKTI: CRISIL Cuts Rating on INR200 Million LT Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on Jala Shakti Limited's long-
term loan to 'D' from 'B/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Long-Term Loan    D (Downgraded from 'B/Stable')

The downgrade reflects JSL's delay in servicing its debt, which
has been caused by JSL's weak liquidity as a result of the company
facing delays in commissioning its power project.

JSL is setting up a mini hydro-electric power plant of 5-megawatt
capacity at district Chamba in Himachal Pradesh. The project is on
the Baleni ka Nallah, a tributary of the river Ravi.  The company
has signed a long-term power purchase agreement with Himachal
Pradesh State Electricity Board for the sale of electricity at a
fixed tariff of INR2.50 per unit for 40 years from the date of
commencement of commercial operations.


K.C. INDUSTRIES: CRISIL Rates INR60MM Cash Credit Limit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of K.C. Industries, part of the KC group.

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

The rating reflects the KC group's weak financial risk profile,
marked by a high gearing, a small net worth, and weak debt
protection metrics, large working capital requirements, small
scale of operations, and susceptibility to adverse regulatory
changes, to erratic rainfall, and to volatility in raw material
prices and in foreign currency rates.  These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the rice processing business, and the healthy growth
prospects for the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KCI and K.C. Rice Mills, together
referred to as the KC group.  This is because the two entities are
in the same line of business, have the same promoters and
management, and strong intra-group financial linkages. Also, both
the entities have provided guarantees for the other's bank lines.

Outlook: Stable

CRISIL believes that the KC group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements and small net worth.  The outlook may
be revised to 'Positive' if the group reports substantial
improvement in its operating margin and scale of operations, while
maintaining its incremental working capital requirements.
Conversely, the outlook may be revised to 'Negative 'if the KC
group's operating margin declines further, adversely affecting its
overall profitability, or in case of any large, debt-funded
capital expenditure programme.

                          About the Group

KCR is part of the KC group of Jalalabad (district Bhatinda
[Punjab]) managed by Mr. Raman Kumar and his brother Mr. Anil
Kumar; both KCR and KCI, the other group entity, process and sell
basmati rice.  The KCR group's facilities are in Jalalabad with
total milling and sortex capacity of 8 tonnes per hour.  Till
2007-08 (refers to financial risk profile), the group primarily
processed only non-basmati rice (parmal), after which, it began
processing the PUSA 1121 variety of basmati rice for its own sales
and as well as job work for outsiders. To support the processing
of basmati rice, the group has expanded its capacity (modernised
its plants by setting additional sortex machines and other
equipment) in 2008-09.

The KC group reported a profit after tax (PAT) of INR1.3 million
on an operating income of INR121 million for 2009-10, against a
PAT of INR1.4 million on an operating income of INR210 million for
2008-09.


K.C. RICE: CRISIL Rates INR50.0 Million Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
limit facility of K.C. Rice Mills, part of the KC group.

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

The rating reflects the KC group's weak financial risk profile,
marked by a high gearing, a small net worth, and weak debt
protection metrics, large working capital requirements, small
scale of operations, and susceptibility to adverse regulatory
changes, to erratic rainfall, and to volatility in raw material
prices and in foreign currency rates.  These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the rice processing business, and the healthy growth
prospects for the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KCR and K.C. Industries, together
referred to as the KC group.  This is because the two entities are
in the same line of business, have the same promoters and
management, and strong intra-group financial linkages. Also, both
the entities have provided guarantees for the other's bank lines.

Outlook: Stable

CRISIL believes that the KC group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements and small net worth.  The outlook may
be revised to 'Positive' if the group reports substantial
improvement in its operating margin and scale of operations, while
maintaining its incremental working capital requirements.
Conversely, the outlook may be revised to 'Negative 'if the KC
group's operating margin declines further, adversely affecting its
overall profitability, or in case of any large, debt-funded
capital expenditure programme.

                          About the Group

KCR is part of the KC group of Jalalabad (district Bhatinda
[Punjab]) managed by Mr. Raman Kumar and his brother Mr. Anil
Kumar; both KCR and KCI, the other group entity, process and sell
basmati rice.  The KCR group's facilities are in Jalalabad with
total milling and sortex capacity of 8 tonnes per hour.  Till
2007-08 (refers to financial risk profile), the group primarily
processed only non-basmati rice (parmal), after which, it began
processing the PUSA 1121 variety of basmati rice for its own sales
and as well as job work for outsiders. To support the processing
of basmati rice, the group has expanded its capacity (modernised
its plants by setting additional sortex machines and other
equipment) in 2008-09.

The KC group reported a profit after tax (PAT) of INR1.3 million
on an operating income of INR121 million for 2009-10, against a
PAT of INR1.4 million on an operating income of INR210 million for
2008-09.


K.C. SOLVENT: CRISIL Assigns 'B+' Rating to INR37.1MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of K. C. Solvent Extractions Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR312.90 Million Cash Credit Limit   B+/Stable (Assigned)
   INR37.10 Million Term Loan            B+/Stable (Assigned)

The rating reflects KCSE's weak financial risk profile, marked by
weak debt protection measures, large working capital requirements,
susceptibility to volatility in raw material prices and intense
competition in the edible oil industry, and ability to be
substituted with other edible oils.  These rating weaknesses are
partially offset by the extensive experience of KCSE's promoters
and diverse product mix.

Outlook: Stable

CRISIL believes that KCSE's financial risk profile will remain
weak because of its small net worth and large working capital
requirements.  The outlook may be revised to 'Positive' in case
its rice operations are successfully ramped up and its capital
structure improves significantly.  Conversely, the outlook may be
revised to 'Negative' in case of a delay in ramping up its rice
operations or the company undertakes a larger-than-expected debt-
funded capital expenditure programme, weakening its debt-
protection metrics.

                         About K. C. Solvent

KCSE primarily produces and processes rice bran oil, and has an
extraction and refining plant in Jalalabad, Bhatinda (Punjab).
The capacity of the extraction plant is 160 tonnes per day (tpd),
and that of the refining plant is 50 tpd.  The company has also
commenced the business of processing and selling basmati rice
(PUSA 1121 variety) with a milling and sorting capacity of 10
tonnes per hour.  The plant was commissioned in November 2010,
with the facilities located in the company's existing premises.

KCSE reported a profit after tax (PAT) of INR1 million on net
sales of INR242 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR382 million for 2008-09.


SHRI SALASAR: CRISIL Assigns 'D' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Shri
Salasar Steel Structurals Private Limited.

   Facilities                           Ratings
   ----------                           -------
   INR50 Million Cash Credit            D (Assigned)
   INR95 Million Rupee Term Loan        D (Assigned)
   INR24.1 Million Proposed Long-Term   D (Assigned)
                   Bank Loan Facility

The ratings reflect instances of delay by SSSSPL in servicing its
debt obligations; the delays have been caused by the company's
weak liquidity owing to start-up nature of operations and high
working capital requirements.

SSSSPL has a weak financial risk profile, marked by high gearing,
and weak debt protection metrics, and is exposed to risks related
to intense competition in the steel flats industry.  These
weaknesses are partially offset by the moderate business risk
profile of the company led by the differentiated products of
SSSSPL's products.

SSSSPL was established in 2005 by the Singla and Gupta families of
Mandi Gobindgarh, Punjab.  The company manufactures M.S. steel
flats at its plant located in Mandi Gobindgarh.  The plant
commenced commercial operations from July 2010 and has a
manufacturing capacity of 400MT/day.


SUMMER INDIA: CRISIL Cuts Rating on INR1.00 Billion Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Summer
India Textile Mills Pvt Ltd, part of the Summer India group, to
'D/P5' from 'C/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR1.0015 Billion Long-Term Loan      D (Downgraded from 'C')
   INR115.6 Million Working Capital      D (Downgraded from 'C')
                          Term Loan  
   INR290 Million Foreign Bill Purchase  P5 (Downgraded from P4')
   INR250 Million Packing Credit         P5 (Downgraded from 'P4')
   INR100 Million Letter of Credit       P5 (Downgraded from 'P4')

The downgrade reflects instances of delays by the Summer India
group in servicing its debt; the delays have been caused by the
group's weak liquidity, which is a result of its large working
capital requirements.

The Summer India group has a below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
revenues are concentrated in the hospitality segment. Furthermore,
the group's margins are susceptible to volatility in raw material
prices and foreign exchange rates.  The group, however, benefits
from its established market position and established customer
relationships.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SITM and Summer India Weaving and
Processing Mills Pvt Ltd.  This is because the two entities,
together referred to as the Summer India group, are in the same
line of business, under common management, and have fungible cash
flows.

                            About the Group

Promoted by Mr. K S Rangasamy, the Summer India group has been
exporting table and bed linen since 1997 under SITM.  Set up in
2007, SIWP undertakes job-work for SITM and other weaving
companies. SIWP is likely to start executing orders for third
parties directly.  The group exports its products mainly to
hospitality and retail chains in the US and Europe.  The group has
around 140 Jacquard looms and 40 weaving looms.

The Summer India group reported a net loss of INR40.7 million on
net sales of INR638.3 million for 2009-10, against a net loss of
INR246.8 million on net sales of INR535.1 million for 2008-09.


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


INDIKA ENERGY: Moody's Assigns Definitive B1 to Sr. Secured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
secured notes rating to the US$300 million, 7-year notes issued by
Indo Energy Finance B.V., and unconditionally guaranteed by
Indika, PT Indika Inti Corpindo, the Tripatra Entities, and Indo
Energy Capital B.V.

Moody's has also affirmed its B1 corporate family rating and
senior secured notes ratings on PT Indika Energy Tbk.

The outlook on all ratings is positive.

Ratings Rationale

The senior secured notes rating has been removed from its
provisional status following the completion of the bond raising
exercise.

Part of the proceeds from the notes, (up to US$185 million), will
be used to fund the bond exchange program -- to repay the
consenting holders of the 2012 notes. The balance (US$115 million)
has been earmarked for future debt repayment, capital expenditure,
and working capital purposes.

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

Indika is a listed integrated energy group based in Indonesia. Its
principal investment, a 46% stake in Kideco, is Indonesia's third-
largest domestic coal producer by tonnage. In addition, Indika is
involved in the EPC and O&M businesses through its wholly owned
subsidiary, Tripatra. In July 2009, Indika completed its
acquisition of a 98.6% stake in Petrosea, Indonesia's sixth-
largest mining services contractor. During April 2011, Indika also
acquired a 51.0% stake in MBSS -- an Indonesian coal transport and
logistics services company.


INDO ENERGY: Fitch Assigns 'B+' Final Rating to 2018 USD Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'B+' final rating and a Recovery
Rating of 'RR4' to the USD300 million senior unsecured notes due
2018 issued by Indo Energy Finance B.V.  The notes are guaranteed
by PT Indika Energy Tbk (Indika; 'B+'/Stable) and certain
subsidiaries.

The assignment of the final ratings follows a review of final
documentation materially conforming to the draft documentation
previously reviewed.


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


KOREA INVESTMENT: Fitch Withdraws 'C' Individual Rating
-------------------------------------------------------
Fitch Ratings has affirmed Korea Investment & Securities Co.,
Ltd's Long-Term Foreign Currency Issuer Default Rating (IDR) at
'BBB' with Stable Outlook.  At the same time, Fitch has revised
Korea Investment Holdings' Co. Ltd Outlook to Negative from Stable
and affirmed the Long-Term Foreign Currency IDR at 'BBB'.  The
agency has affirmed and withdrawn KIS/KIH's Individual Rating of
'C', Support Rating of '4' and KIH's Support Rating Floor of 'B',
as these are no longer considered analytically meaningful.

The affirmation of KIS's IDR reflects its franchise as Korea's
fifth-largest stockbroker, relatively well-diversified fee-based
operations, and sound capitalization.  KIS's credit metrics have
been stable since the company incurred losses in FY08 due to its
exposure to Lehman Brothers (a return on average equity of -5.2%).
Despite the still volatile operating environment and KIS's
reliance on the Korean markets for profit and funding, Fitch notes
KIS's relatively well-diversified operations into securities
brokerage, sales of wealth-management products, investment banking
and trading.

The Negative Outlook on KIH's IDR takes into account the ongoing
high double leverage (131% at end-2010) at the holding company
level and concerns over the weak credit profile of subsidiary
Korea Investment Saving Bank (KISB), a small sister company to
KIS.  While Fitch expects KIS's upstreamed dividend to KIH in 2011
will lower the double leverage ratio, some of these resources may
be needed to cover credit losses in KISB, thus keeping KIH's
double leverage ratio at relatively high levels for longer than
anticipated.  KISB has a high level of precautionary & below loans
(PBLs), which amounted to KRW454 billion at end-2010 (46% of KISB
loans or around 23% of KIH's consolidated equity at end-2010).
According to KIH, the significant increase in PBL from KRW226
billion in June 2010 was because of the loan reclassification from
normal to precautionary.  It remains uncertain as to the true
quality of these PBLs and whether they have peaked.

KIH's consolidated profits recovered in 2010 and Fitch expects
FY11 to remain comparable to FY10 with stable fee/interest income
covering some potential market-to-market losses on its securities
holdings amid rising market interest rates, and credit costs on
KISB's PBLs.  However, the full extent of KISB's credit losses
remains uncertain.

KIH's consolidated capitalization is adequate, in line with KIS's
net capital ratio (NCR) of 625% (versus the regulatory minimum of
300%) and KISB's Tier 1 ratio of 16.3% at end-2010.  KIH's capital
requisite ratio (296%) on a standalone basis was higher than the
regulatory minimum of 100% at end-2010. KIH's liquidity on a
consolidated basis is adequate, given generally liquid assets at
KIS and notable funding through equity capital.  However, KIH and
KIS are affected by market liquidity given their reliance on call
loans, borrowings and domestic bonds.

KIS's rating could be downgraded if its underlying profitability
and liquidity significantly deteriorate, and risk appetite
increases notably.  Upside potential for the ratings appears
limited given the competitive nature of the market.  However, the
persistently strong performance as well as structural improvement
in risk profile may lead to upward pressure.  The Outlook on KIH's
IDR could be revised to Stable, if the double leverage ratio
and/or the credit quality concerns at KISB are addressed.
Conversely, persistent high double leverage ratio and/or KISB's
weak loan quality could lead to a downgrade.

Established in 1974, KIS is one of the large securities brokerage
companies in South Korea with total assets of KRW13.8 trillion at
end-2010 and a 6.2% share in the brokerage commission market in
2010.  KIS is a 100%-owned flagship subsidiary of KIH. KISB is
also wholly owned by KIH. With total assets of KRW1.1 trillion,
the savings bank accounted for about 9% of KIH's consolidated
assets at end-2010.

The rating actions of KIS and KIH are:

KIS

   -- Long-term foreign currency IDR: affirmed at 'BBB' with
      Stable Outlook;

   -- Short-term foreign currency IDR: affirmed at 'F3';

   -- Individual Rating of 'C' affirmed and withdrawn; and

   -- Support Rating of '4' affirmed and withdrawn.

KIH

   -- Long-term foreign currency IDR: affirmed at 'BBB', Outlook
      revised to Negative from Stable;

   -- Individual Rating of 'C' withdrawn;

   -- Support Rating of '4' affirmed and withdrawn; and

   -- Support Rating Floor of 'B' affirmed and withdrawn.


WOORI INVESTMENT: Fitch Withdraws Individual Rating of 'C'
---------------------------------------------------------
Fitch Ratings has downgraded Woori Investment & Securities Co.,
Ltd's Long-Term Foreign Currency Issuer Default Rating (IDR) to
'BBB' from 'BBB+'.  The Outlook is Stable. Fitch has also
downgraded its Short-Term Foreign Currency IDR to 'F3' from 'F2'.
At the same time, Fitch has affirmed its Support Rating at '2'.
The agency has affirmed and withdrawn WIS's Individual Rating of
'C', as it is no longer considered analytically meaningful.
The downgrades reflect Fitch's view that WIS's underlying
profitability will be structurally lower over the longer-term,
given the inherently competitive nature of the Korean securities
market, pressure on trading income under rising market interests,
and potential losses on real estate project financing (PF) and
principal investments (PI) amid volatile market condition.
Considering the risk profile of WIS, its capitalization is
consistent with a 'BBB' range rating.

WIS's profitability has weakened, with its return on average
equity (ROAE) staying at 5% to 6% from 2009 (versus more than 10%
prior to the credit crisis), on account of lower brokerage and
trading income arising from declined volumes and market prices, as
well as higher loan loss charges particularly on real estate
project financing (PF).  The 9M10 profitability was further hit by
losses on stocks (KRW34 billion or 6% of total revenue), which
were acquired as a part of underwriting operations.

WIS's assets largely comprised low credit risk securities (61% of
assets), of which around 82% were bonds/commercial papers issued
by government, banks and highly-rated corporates, broker
loans/repos (14%), and cash/deposits (14%) at end-2010.  However,
Fitch notes that WIS's PFs/loans/receivables and PIs are riskier,
and its securities holdings are exposed to market risk.  This is
despite Fitch's expectation that potential losses from WIS's
loans/receivables would be reasonably well covered by income from
fee-based operations and interest income, and the fact that PIs
are diversified into private equity funds, Korean stocks and
bonds.

Fitch considers that WIS's capital is adequate for its rating
range, with its net capital ratio (NCR) of 413% (380% excluding
subordinated debts versus a regulatory requirement of 300%) and an
equity-to-asset ratio of 15.2% at end-2010. WIS's liquidity is
also considered adequate, given its liquid assets and notable
funding through clients and equity.  While liquidity would weaken
during periods of high capital market volatility, due to its
reliance on wholesale funding, Fitch believes such a risk would be
mitigated by likely liquidity support from Woori Finance Holdings
(WFH, 'BBB+'/Stable) and Woori Bank ('A-'/Stable), when needed.

Any additional negative rating action would likely arise from
further meaningful structural deterioration in underlying
profitability and liquidity, and/or notable increase in risk
appetite.  Upside potential for the ratings includes substantial
structural recovery in WIS's underlying profitability, including
sustainable improvement in operations conditions, and a
substantial strengthening of its capitalization.

WIS is a major securities firm in Korea with an approximately 9%
share of total securities firms' assets at end-2010. While WIS is
35% owned by WFH, it is controlled by and consolidated into WFH.


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


BANENG HOLDINGS: FY2010 Loss Deviates by 83.05% to MYR73.04 Mil.
----------------------------------------------------------------
Baneng Holdings Bhd disclosed that the Group's loss after taxation
and minority interest for the financial year ended Dec. 31, 2010,
has deviated by 83.05% from the unaudited loss after taxation and
minority interest of MYR39.9 million announced on Feb. 28, 2011.

Baneng said the audited loss after taxation and minority interest
for the financial year ended Dec. 31, 2010, now stands at
MYR73.04 million.  The deviation is primarily due to these
reasons:

   (a) Pursuant to the Debt Restructuring Agreement entered on
       July 16, 2010, finance interests amounting to MYR7.77
       million were suspended during the quarterly review.
       The Proposed Restructuring Scheme was retracted on
       March 17, 2011, and a revised scheme was tabled to
       lenders for further consideration, hence the interest
       expense is accrued in the audited financial statements.

   (b) Provision for crystallization of Corporate Guarantee
       granted to the associate amounting to MYR0.94 million.

   (c) In view of limited working capital, wherein the Group
       had temporarily downsized its capacities pending the
       completion of the proposed restructuring exercise,
       additional inventories were written off amounting to
       MYR8.3 million due to obsolescence and/or slow moving
       and/or costing error in inventories valuation.

   (d) Additional provision for amount due from associate
       amounting to MYR5.98 million.

   (e) Impairment of unused property, plant and equipment in
       conjunction to the scaling down of business activities
       amounting to MYR2.58 million.

   (f) Additional provision for doubtful debts on long
       outstanding receivables amounting to RM6.84 million.

   (g) Provision for unrealized foreign exchange losses
       amounting to RM2.70 million due to strengthening of
       Ringgit Malaysia.

   (h) Fair value adjustment on the investment in subordinated
       bonds amounting to MYR0.49 million.

   (i) Share of additional losses suffered by minority shareholder
       of Seri Azhimu Jaya Garments & Textiles (B) Sdn Bhd for the
       financial year end amounting to MYR1.48 million.

                         About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments and
provision of agency services; Seri Azhimu Jaya Garments & Textiles
(B) Sdn. Bhd., which is engaged in the manufacturing of apparels,
textiles and garments; Herizen Investment Pte Ltd, and Baneng
Lesotho (Proprietary) Ltd.

Baneng Holdings Bhd is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.


SUMATEC RESOURCES: Auditors' Disclaimer Opinion Cues PN 17 Listing
------------------------------------------------------------------
Sumatec Resources Berhad has been considered a PN 17 Company
pursuant to Paragraph 8.04 and Paragraph 2.1(d) of PN17 of the
Main Market Listing Requirements.

The PN17 criteria was triggered resulting from the Company's
latest audited account for the financial year ended Dec. 31, 2010,
that was announced on April 29, 2011, where Sumatec's auditors
have expressed a disclaimer opinion in the Company's latest
audited accounts.

As a listed company under the Amended PN17 of the Bursa
Securities, Sumatec Resources is required to submit a reform plan
to regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.  In the event the company fails to comply with all
the provisions of PN17, Bursa Securities may commence delisting
proceedings against the company.

The Company is in the midst of formalising a regularisation plan
to address its PN17 status.

Sumatec Resources Berhad (KUL: SUMATEC) is a Malaysia-based
investment holding company.  The Company, through its
subsidiaries, operates in two segments: engineering and
construction and shipping. It has 13 subsidiaries, including among
others, Sumatec Corporation Sdn. Bhd., which is engaged in
engineering and contracting; Mini Tankers Chartering Sdn. Bhd.,
which is engaged in renting of industrial building; Semua Shipping
Sdn. Bhd.; Semado Maritime Sdn. Bhd., and Semua Chemical Shipping
Sdn. Bhd., which are engaged in the business of shipping and the
provision of related services.  The Company acquired Untungwell
Sdn. Bhd. and Semua International Sdn. Bhd. on June 1, 2009 and
Sept. 10, 2009, respectively.


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


CAPITAL + MERCHANT: Liquidator to Decide on Civil Recovery Action
-----------------------------------------------------------------
The National Business Review reports that the liquidator of
Capital + Merchant said it expects to determine whether any civil
recovery action is possible by the third or fourth quarter of this
year.

Hamilton-based Official Assignee Les Currie was appointed
liquidator of the company on Dec. 15, 2009, following an
application from the Registrar of Companies.

According to NBR, receivers Tim Downes and Richard Simpson of
Grant Thornton have said debenture holders are likely to receive
nothing back from their investment once prior charge holder's debt
and receivership costs are taken into account.

Previously undisclosed related party loans have been cited as the
key reason for the wipe out of investor funds, NBR notes.

"In our view the only recoveries for debenture holders will be
from any legal claims against various parties," NBR cites the
receivers in their seventh report released in February.

On May 5, 2011, NBR says, the Official Assignee released his
latest liquidator's report saying an investigation was
progressing.

"An extensive amount of material has been collected and reviewed
and is undergoing further analysis by our forensic investigations
and solicitors," the liquidator said, according to NBR.  "The
Official Assignee as liquidator expects to be in a position by the
third or fourth quarter of this year to make a final determination
in respect of any civil recovery action that may be possible."

NBR notes that two former owners and directors of Capital +
Merchant are due to reappear in court on May 10 for a first
callover on Serious Fraud Office charges.

Neal Nicholls and Wayne Douglas face six charges under the Crimes
Act. brought by the Serious Fraud Office, relating to about $14.5
million of alleged related party lending between 2002 and 2004.

According to NBR, the Securities Commission has also laid charges
against the two men along with Colin Ryan, Robert Sutherland and
Owen Tallentire.

The charges laid by the commission allege the directors made
untrue statements in the company's 2006 prospectus and investment
statement, mainly by misleading investors about the investment
risks.

                      About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance, was
one of the bigger finance companies in New Zealand.  Capital +
Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007, due
to breaches in respect of general security agreements issued by
the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and Richard
Simpson of Grant Thornton, chartered accountants, while trustee
Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


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


HOANG ANH: S&P Assigns 'B' Rating to Senior Notes Due 2016
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed issuance of senior notes due 2016 by Hoang Anh Gia
Lai Joint Stock Co. (HAGL: B/Positive/--; ASEAN scale axBB-/--).

"HAGL's liquidity position is adequate, in our view. At Dec. 31,
2010, the company had a cash balance of Vietnamese dong (VND) 3.58
trillion (US$184.0 million) and short-term debt of VND3.09
trillion (US$158.5 million).  The company also had about VND2.00
trillion (US$102.6 million) in committed and undrawn bank
facilities. We expect HAGL's capital expenditure to be close to
VND3.8 trillion (US$196.0 million) in 2011, mainly to fund its
real estate projects, hydropower business, and rubber plantations.
The company's liquidity may come under pressure if it is unable to
raise funding for these projects, although we understand that the
company has the flexibility to scale back on some of them," S&P
related.

According to S&P, "We expect HAGL's ratio of total debt to EBITDA
to not exceed 4.0x for 2011--after factoring in the proposed bond
issuance. Our view is based on the following assumptions: (1)
residential property prices, particularly in Ho Chi Minh City, do
not drop by more than 15%; (2) HAGL's construction costs do not
exceed 5%; (3) refined iron ore price are about US$110 per ton;
and (4) HAGL's additional debt in 2011 does not exceed US$200
million. For the fiscal year ended Dec. 31, 2010, HAGL's ratio of
total debt to EBITDA was 1.9x."

The company intends to use the proceeds from the proposed notes to
finance development of its hydropower and rubber plantation
businesses, and for working capital. HAGL is primarily a Vietnam-
based real estate developer. It also develops and operates
hydropower plants, invests in rubber plantations, and operates
iron ore mines.


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***