TCRAP_Public/110510.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

              Tuesday, May 10, 2011, Vol. 14, No. 91

                            Headlines



A U S T R A L I A

* WA Insolvencies Hit All-Time High, Taylor Woodings Report Shows


C H I N A

SHENZHEN HUIRUN: Shenzhen Int'l to Raise Stake in Shenzhen Air


H O N G  K O N G

EMH TRANSPORTATION: Creditors' Proofs of Debt Due May 20
ENRON (CHINA): Members' and Creditors' Meetings Set for May 20
ENRON (HK): Members' and Creditors' Annual Meetings Set for May 20
EVER TWINKLE: Members' Final Meeting Set for June 7
GLENEAGLES MARITIME: Members' Final Meeting Set for June 10

GLORYSON LIMITED: Muk and Cowley Step Down as Liquidators
HK AQUARIUM: Creditors' Proofs of Debt Due May 31
HK PROFESSIONAL: Members' Final Meeting Set for June 8
HOMA INTERNATIONAL: Members' Final Meeting Set for June 7
HSBC GUYERZELLER: Commences Wind-Up Proceedings

LIGHTEX TEXTILES: Members' and Creditors' Meetings Set for May 27
SUPERSHINE LIMITED: Creditors to Get 42% Recovery on Claims


I N D I A

ANANYA WOOD: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit
ANTILA CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan
M. K. GHARE: CRISIL Assigns 'BB' Rating to INR15MM LT Bank Loan
MUTNEJA RICE: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B'
PACIFIC HOSPITALS: CRISIL Assigns 'B+' Rating to INR900MM LT Loan

POLYHOSE INDIA: Fitch Affirms National LT Rating at 'BB+(ind)'
R.G. LOHA: CRISIL Assigns 'BB-' Rating to INR160MM Cash Credit
RAJESHREE COTEX: CRISIL Places 'BB' Rating on INR150MM Cash Credit
RAJESHREE FIBERS: CRISIL Rates INR150 Million Cash Credit at 'BB'
REPROMEN OFFSET: CRISIL Assigns 'D' Rating to INR114MM LT Loan

SHREE RAM: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit Limit
SUMMER INDIA WEAVING: CRISIL Cuts Rating on INR196.6M Loan to 'D'
SAKHUJA RESORTS: CRISIL Rates INR116.5 Million Term Loan at 'B-'
T.K. INT'L: CRISIL Downgrades Rating on INR40MM LT Loan to 'BB-'
UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Rating on INR13MM Loan

Z V STEELS: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit


J A P A N

TAKEFUJI CORP: Triples Debt to JPY1.5 Trillion on Rising Claims
* 66 Japanese Companies Go Bankrupt After March 11 Earthquake


N E W  Z E A L A N D

ALLIED NATIONWIDE: Allied Farmers Sells Remaining Sections
PIKE RIVER: Receiver Says Solid Energy Undermining Pike's Value
* Class Action Suit Against NZ Finance Firms Swamped


P H I L I P P I N E S

AOWA ELECTRONIC: High Court Upholds DTI Order to Shut Down Firm


S I N G A P O R E

ARROW ASIA: Creditors' Proofs of Debt Due June 7
AFFINITY PRECISION: Creditors' Proofs of Debt Due May 20
ASIA COACH: Creditors' Proofs of Debt Due May 20
IVORYCHEM PTE: Court to Hear Wind-Up Petition May 27
ONG & LIM: Creditors' Proofs of Debt Due June 6

O.C.C. HOLDING: Members' Final Meeting Set for June 8
PENTANUM GLOBAL: Court Enters Wind-Up Order
SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due May 20
WBG NETWORK: Creditors' Meetings Set for May 16


V I E T N A M

DOT VN: Vietnamese IDN Registrations Exceed 101,000


X X X X X X X X

* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
* BOND PRICING: For the Week May 2 to May 6, 2011




                            - - - - -


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


* WA Insolvencies Hit All-Time High, Taylor Woodings Report Shows
-----------------------------------------------------------------
Rebecca Lawson at PerthNow reports that company collapses in
Western Australia hit an all-time high, and it's not going to get
better, accounting firm Taylor Woodings said in its latest
Insolvency Insights report.

PerthNow relates that Taylor Woodings found that 72 WA companies
collapsed in March, slightly higher than the previous record of 70
that was recorded in May 2009.

According to PerthNow, Taylor Woodings Perth-based managing
partner Michael Ryan said the firm believes it is due to a
combination of three main factors:

(1) the effect of the two speed economy in WA on businesses
    that are not involved in the mining industry.  The demand
    for skilled workers in the mining industry is causing wage
    pressure in other parts of the economy;

(2) softness in a number of sectors including property
    development, residential building, retail and agriculture;
    and

(3) increased level of activity by the ATO petitioning for the
    winding-up of companies who have not paid tax debts.

PerthNow says WA's figures are in line with the national upward
trend, with company collapses jumping 14% from February's 852 to
968 in March, PerthNow says.

Taylor Woodings, as cited by PerthNow, said it was the second
highest level on record for the month of March, up 7% compared
with the same time last year.  The highest March figure of 1095
was recorded at the height of the global financial crisis in 2009.

PerthNow notes that the report also found that company failures on
the back of creditor winding up applications were also at an all-
time high, up 27% on March last year to 451.

However, Taylor Woodings said, voluntary administrations were at
their lowest levels, 129, in 10 years for the month of March.
This was due to a change in the Corporations Act in 2008 that
streamlined the voluntary liquidation process.


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


SHENZHEN HUIRUN: Shenzhen Int'l to Raise Stake in Shenzhen Air
--------------------------------------------------------------
Joanne Chiu at Dow Jones Newswires reports that Shenzhen
International Holdings Ltd. said it has agreed to raise its stake
in Shenzhen Airlines Ltd. to 49% for CNY788.6 million (US$121
million).

The Hong Kong-listed company, which currently owns a 24% stake in
the Shenzhen-based carrier, said in a statement it will buy a 25%
stake in Shenzhen Airlines from Shenzhen Huirun Investment Co.
Ltd., which is in receivership and has been declared bankrupt in
China's court, according to Dow Jones Newswires.

Hong Kong and Shanghai-listed Air China Ltd. owns a 51%
controlling stake in Shenzhen Airlines.


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


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

The company's liquidator is:

         Chan Kin Hang Danvil
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Kowloon


ENRON (CHINA): Members' and Creditors' Meetings Set for May 20
--------------------------------------------------------------
Members and creditors of Enron (China) Limited will hold their
annual meetings on May 20, 2011, at 2:30 p.m., and 3:00 p.m.,
respectively at 7/F., Allied Kajima Building, 138 Gloucester Road,
Wancahi, in Hong Kong.

At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ENRON (HK): Members' and Creditors' Annual Meetings Set for May 20
------------------------------------------------------------------
Members and creditors of Enron (HK) Limited will hold their annual
meetings on May 20, 2011, at 10:00 a.m., and 10:30 a.m.,
respectively at 7/F., Allied Kajima Building, 138 Gloucester Road,
Wancahi, in Hong Kong.

At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EVER TWINKLE: Members' Final Meeting Set for June 7
---------------------------------------------------
Members of Ever Twinkle Company Limited will hold their final
meeting on June 7, 2011, at 2:00 p.m., at 23rd Floor, Wheelock
House, 20 Pedder Street, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GLENEAGLES MARITIME: Members' Final Meeting Set for June 10
-----------------------------------------------------------
Members of Gleneagles Maritime Medical Centre (China) Limited will
hold their final general meeting on June 10, 2011, at 10:00 a.m.,
at Room 1708 Dominion Centre, 43-59 Queen's Road East, Wanchai, in
Hong Kong.

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


GLORYSON LIMITED: Muk and Cowley Step Down as Liquidators
---------------------------------------------------------
Jacky Chung Wing Muk and Patrick Cowley stepped down as
liquidators of Gloryson Limited on April 21, 2011.


HK AQUARIUM: Creditors' Proofs of Debt Due May 31
-------------------------------------------------
Creditors of Hong Kong Aquarium Association Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 25, 2011.

The company's liquidator is:

         Wong Yuek Keung
         Unit A, 12/F
         Nathan Commercial Building
         430-436 Nathan Road
         Kowloon


HK PROFESSIONAL: Members' Final Meeting Set for June 8
------------------------------------------------------
Members of Hong Kong Professional Art Supplies Limited will hold
their final meeting on June 8, 2011, at 2:25 p.m., at 25/F., Tern
Centre Tower 1, 237 Queen's Road Central, in Hong Kong.

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


HOMA INTERNATIONAL: Members' Final Meeting Set for June 7
---------------------------------------------------------
Members of Homa International Limited will hold their final
meeting on June 7, 2011, at 10:00 a.m., at Rm B 16/F Loyong Court
Commercial Bldg 212 Lockhart Rd, Wanchai, in Hong Kong.

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


HSBC GUYERZELLER: Commences Wind-Up Proceedings
-----------------------------------------------
Members of HSBC Guyerzeller Far East Limited, on April 26, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


LIGHTEX TEXTILES: Members' and Creditors' Meetings Set for May 27
-----------------------------------------------------------------
Members and creditors of Lightex Textiles Company Limited will
hold their annual meetings on May 27, 2011, at 11:00 a.m., and
11:30 a.m., respectively at Rm. 1402, On Hong Commercial Bldg.,
145 Hennessy Rd., Wanchai, in Hong Kong.

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


SUPERSHINE LIMITED: Creditors to Get 42% Recovery on Claims
-----------------------------------------------------------
Supershine Limited, which is in creditors' voluntary liquidation,
will declare the first and final ordinary dividend to its
creditors on May 16, 2011.

The company will pay 42% for ordinary claims.

The company's liquidator is:

         Chan Kin Hang Danvil
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Kowloon


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


ANANYA WOOD: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ananya Wood Pvt. Ltd.
continue to reflect the Rajgaria group's weak financial risk
profile, marked by small net worth, weak debt protection metrics,
and low profitability, and dependence on Malaysia and West Africa
for its timber supplies.  These rating weaknesses are partially
offset by the group's established market position, strong
relations with suppliers and customers, and promoters' extensive
industry experience.

   Facilities                          Ratings
   ----------                          -------
   INR60.00 Million Cash Credit        BB/Stable
   (Enhanced from INR40.00 Million)  
   INR140.00 Million Bank Guarantee    P4+
   (Enhanced from INR40.00 Million)

For arriving at its ratings, CRISIL has combined the financial
risk profiles of AWPL and Rajgaria Timber Pvt Ltd, collectively
referred to as the Rajgaria group.  This is because both RTPL and
AWPL have a common management team and are in similar lines of
business.

Outlook: Stable

CRISIL believes that the Rajgaria group's financial risk profile
will remain constrained by its weak debt protection metrics, over
the medium term, as a result of low profitability.  The outlook
may be revised to 'Positive' in case of considerable improvement
in the group's profitability, and if the promoters infuse
significant fresh equity to enhance the group's net worth.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large, debt-funded capital expenditure programme or
reports a decline in profitability.

                          About the Group

Set up as a partnership firm by the Kolkata (West Bengal)-based
Rajgaria family, RTPL was reconstituted as a private limited
company in 2000.  After a family division in 2004, Mr. Pawan Kumar
Rajgaria acquired a controlling stake in RTPL.  The company sells
sawed timber; it imports timber logs from Malaysia and Myanmar.

AWPL, also in the same line of business as RTPL, commenced
operations in 2006-07 (refers to financial year, April 1 to
March 31), and imports timber from West Africa.

The Rajgaria group reported a profit after tax (PAT) of INR6.5
million on net sales of INR1371 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of
INR3.4 million on net sales of INR999 million for 2008-09.


ANTILA CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Antila Ceramic Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR15 Million Cash Credit        B/Stable (Assigned)
   INR35 Million Rupee Term Loan    B/Stable (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)

The ratings reflect ACPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
advantageous location of ACPL's upcoming facility, marked by easy
access to raw material and skilled labor, expected to result in
healthy operating efficiencies.

Outlook: Stable

CRISIL believes that ACPL will benefit from the advantageous
location of its facility, in Morbi (Gujarat), and its promoters'
experience in the tiles industry.  The outlook may be revised to
'Positive' if ACPL reports better-than-expected revenue and
profitability.  Conversely, the outlook may be revised to
'Negative' if there is a delay in commissioning of its facility or
its revenues and profitability are less than expected, once the
project is commissioned.

Incorporated in 2010, ACPL is setting up a facility for
manufacturing glazed wall tiles with a capacity of 21,600 tonnes
per annum in Morbi.  ACPL is expected to commence operations by
June 2011.


M. K. GHARE: CRISIL Assigns 'BB' Rating to INR15MM LT Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of M. K. Ghare Jewellers.

   Facilities               Ratings
   ----------               -------
   INR62.50 Million Cash Credit         BB/Stable (Assigned)
   INR12.50 Million Bank Overdraft      BB/Stable (Assigned)
   INR15.00 Million Proposed LT Bank    BB/Stable (Assigned)
                     Loan Facilities

The rating reflects MKGJ's modest scale of operations and exposure
to intense competition in the gold jewellery retailing industry.
These rating weaknesses are partially offset by MKGJ's established
reputation and promoters' experience in gold jewellery retailing.

Outlook: Stable

CRISIL believes that MKGJ will benefit over the medium term from
its established market position and promoters' extensive
experience in the gold jewellery retailing industry.  The outlook
may be revised to 'Positive' if MKGJ reports significant and
sustainable improvement in its scale of operations and operating
margin, while maintaining or improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in MKGJ's gearing or debt protection metrics.

                         About M. K. Ghare

MKGJ, set up 1993, is the proprietorship of Mr. Uday Ghare. MKGJ
manufactures and retails gold and diamond-studded jewellery and
silverware at its outlet at Kandivali in Mumbai (Maharashtra).
The proprietor Mr. Uday Ghare hails from the Ghare family who have
been engaged in gold jewellery retailing in Mumbai since 1933. Mr.
Uday has more than three decades of experience in gold jewellery
retailing.

For 2009-10 (refers to financial year, April 1 to March 31), MKGJ
reported profit after tax (PAT) of INR12.0 million on net sales of
INR253.2 million, against a PAT of INR8.1 million on net sales of
INR161.1 million for 2008-09.


MUTNEJA RICE: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit limit
facility of Mutneja Rice Mills.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B/Stable (Assigned)

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

Outlook: Stable

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

                        About Mutneja Rice

MRM is engaged in the processing and sale of basmati rice. Its
facility in Jalalabad (district Bhatinda, Punjab) has milling and
sortex capacity of 5 tonnes per hour.  The firm was engaged
primarily in the processing of non-basmati rice till 2007-08
(refers to financial year, April 1 to March 31) and began
processing basmati rice on job-work basis in the second half of
2008-09.  To support the processing of basmati rice, the firm
expanded its capacity by modernising its plant over the past three
years.  The firm worked on job-work basis in the 2008-09 and 2009-
10 seasons and began processing the 1121 variety of basmati rice
on its own from October 2010.

MRM reported a profit after tax (PAT) of INR1 million on net sales
of INR8 million for 2009-10, against a PAT of INR1 million on net
sales of INR42 million for 2008-09.


PACIFIC HOSPITALS: CRISIL Assigns 'B+' Rating to INR900MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Pacific Hospitals Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR900.00 Million Long-Term Loan     B+/Stable (Assigned)
   INR3.50 Million Proposed Bank Loan   B+/Stable (Assigned)
                             Facility

The rating reflects PHPL's below-average financial risk profile,
marked by moderate gearing and weak debt protection metrics, and
exposure to risks related to implementation and commissioning of
its ongoing hospital project.  These rating weaknesses are
partially offset by the extensive experience of PHPL's promoters
in the healthcare industry.

Outlook: Stable

CRISIL believes that PHPL will commence commercial operations at
its upcoming multi-speciality hospital without any significant
time or cost overrun, and will continue to benefit from its
promoters' extensive experience in the healthcare industry, over
the medium term.  The outlook may be revised to 'Positive' if PHPL
reports more-than-expected cash accruals, most likely because of
sooner-than-expected commissioning of the ongoing project.
Conversely, the outlook may be revised to 'Negative' if PHPL
undertakes a larger-than-expected debt-funded capital expenditure
programme, demand for services of its hospital is less-than-
expected, or commencement of the hospital's operations gets
delayed.

                     About Pacific Hospitals

Set up in 2004 and based in Hyderabad (Andhra Pradesh), PHPL is a
100% subsidiary of Vitae Healthcare Pvt Ltd.  PHPL operates Vitae
Medical Centre, a day-care centre, and is currently setting up a
175-bed tertiary-care multi-specialty hospital in Gachibowli,
Hyderabad.  The total project cost is INR1.35 billion, being
funded in a debt-equity mix of 2:1. The hospital is expected to be
commissioned by March 2012.

PHPL reported a net loss of INR1.81 million on net sales of
INR23.7 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR65,800 on net sales of INR20.7
million for 2008-09.


POLYHOSE INDIA: Fitch Affirms National LT Rating at 'BB+(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed Polyhose India (Rubber) Private
Limited's National Long-Term rating at 'BB+(ind)' with a Stable
Outlook.  The agency has also affirmed the ratings on Polyhose's
bank facilities:

   -- INR230m long-term loans: 'BB+(ind)';

   -- INR70m fund-based working capital limits:
     'BB+(ind)'/'F4(ind)'; and

   -- INR35m non-fund based working capital limits:
      'BB+(ind)'/'F4(ind)'.

The affirmations continue to reflect Polyhose's market position of
a key supplier of rubber hoses to Caterpillar's ('A'/Stable/'F1')
Italy-based subsidiary - Rapisarda Srl.  The ratings also reflect
the involvement of Caterpillar as a joint venture (JV) partner for
providing equity capital (30.58% stake in the company by
Caterpillar Asia Pte Limited) and technical assistance, along with
a long-term arrangement with Rapisarda for the worldwide
distribution of Polyhose products.

The ratings also reflect the company's relatively small scale of
operations, vulnerability to raw material cost fluctuations and
the delay in completion of its capacity expansion project.  Fitch
notes that the company reported an improvement in its capacity
utilization in FY11 at 76% (FY10: 54%), which resulted in revenue
growth of 91% yoy to INR521.9 million in FY11 (FY10: INR273.6
million).  The ratings also reflect Polyhose's moderate credit
metrics (FY11 total adjusted debt/EBIDTAR at 4.2x and interest
coverage at 4.8x).

Positive rating guidelines include Polyhose's achievement of
projected levels of revenues and EBIDTA margins, resulting in a
sustained decline in its total adjusted debt/EBIDTAR to below
3.5x. Any sustained deterioration in the company's gross adjusted
debt/EBITDAR to above 4.5x and any adverse movements in the terms
of its tie-up with Caterpillar would be negative for the ratings.

Polyhose is a JV between the founders of Polyhose India Pvt Ltd.
and Caterpillar Asia Pte Ltd.  It manufactures rubber hoses at its
facility in Chennai.  In FY11 (provisional, un-audited), the
company reported EBITDA of INR68.2 million (FY10: INR57.1 million)
and net income of INR20.07 million (FY10: INR13.6 million).


R.G. LOHA: CRISIL Assigns 'BB-' Rating to INR160MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of R.G. Loha Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR160 Million Cash Credit          BB-/Stable (Assigned)
   INR90 Million Proposed Long-Term    BB-/Stable (Assigned)
                 Bank Loan Facility
   INR240 Million Letter of Credit     P4+ (Assigned)
   INR510 Million Proposed Short-Term  P4+ (Assigned)
                  Bank Loan Facility  

The ratings reflect RGL's subdued financial risk profile, marked
by small net worth and modest debt protection metrics coupled with
exposure to inventory price and counterparty risk inherent to the
trading activity.  These rating weaknesses are partially offset by
the extensive industry experience of RGL's promoters in the steel
trading industry.

Outlook: Stable

CRISIL believes that RGL will continue to benefit from the
extensive experience of its promoters in the steel trading
business, over the medium term.  The outlook may be revised to
'Positive' if RGL is able to generate better-than-expected
operating revenues and margin, and materially improves its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates because of
deterioration in its working capital cycle or significantly higher
than expected dependence on external debt funding.

                           About R.G. Loha

Set up in 2009 as a private limited company by the Gadodia family
of Mumbai, RGL trades flat steel products such as hot rolled coils
and sheets, and other steel products such as profile and
galvanised sheets.  It is also one of the authorized dealers of
JSW Steel Ltd (JSW) in Mumbai.  Apart from JSW, it also procures
steel products from other domestic and international steel
manufacturers.  The company has its stock point at Kalamboli
(Maharashtra) from where it caters to customers, mainly in
Maharashtra.  The Gadodia family has experience of more than three
decades in the steel trading business. Currently, Mr. Manmohan
Gadodia, the director of RGL, manages the day-to-day operations of
the company.

RGL reported a profit after tax (PAT) of INR40.0 million on net
sales of INR2.4 billion for 2010-11 (provisional figures, refers
to financial year, April 1 to March 31), as against a PAT of
INR11.5 million on net sales of INR1.62 billion for 2009-10.


RAJESHREE COTEX: CRISIL Places 'BB' Rating on INR150MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Rajeshree Cotex.

   Facilities                     Ratings
   ----------                     -------
   INR150 Million Cash Credit     BB/Stable (Assigned)

The rating reflects the Rajeshree group's modest scale of
operations in the intensely competitive cotton ginning industry,
low operating efficiency, 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, prudent working capital management, and average
financial risk profile, marked by comfortable debt protection
measures, moderate gearing constrained by low networth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Rajeshree Fibers and RC, together
referred to as the Rajeshree group.  This is because the two firms
are promoted and managed by the Khargone (Madhya Pradesh)-based
Mahajan family, are in the same line of business, and have
significant operational linkages.

Outlook: Stable

CRISIL believes that the Rajeshree group will maintain its credit
risk profile over the medium term, backed by its promoters'
extensive experience in the cotton ginning industry and its
average financial risk profile.  The outlook may be revised to
'Positive' if the group increases the scale of its operations
significantly while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's profitability declines or in case of more-than-expected
withdrawals, leading to deterioration in the financial risk
profile.

                          About the Group

Set up in 2003, RF, based in Khargone, is a partnership firm with
cotton ginning capacity of 500 bales per day and cotton oil
production capacity of 80 quintals per day.

Set up in 2005, RC, based in Jalgoan (Maharashtra), is a
partnership firm with cotton ginning capacity of 300 bales per
day.

Both firms also trade in ginned cotton and cotton seeds, which
account for around 35% of the turnover.  The group is promoted by
Mr. Narendra Mahajan and his brothers, Mr. Kailash Mahajan and Mr.
Rajendra Mahajan.

RC reported a book profit of INR6.60 million on net sales of
INR1230.4 million for 2009-10, as against a book profit of INR3.30
million on net sales of INR395.9 million for 2008-09.


RAJESHREE FIBERS: CRISIL Rates INR150 Million Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Rajeshree Fibers.

   Facilities                     Ratings
   ----------                     -------
   INR150 Million Cash Credit     BB/Stable (Assigned)

The rating reflects the Rajeshree group's modest scale of
operations in the intensely competitive cotton ginning industry,
low operating efficiency, 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, prudent working capital management, and average
financial risk profile, marked by comfortable debt protection
measures, moderate gearing constrained by low networth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RF and Rajeshree Cotex (RC), together
referred to as the Rajeshree group. This is because the two firms
are promoted and managed by the Khargone (Madhya Pradesh)-based
Mahajan family, are in the same line of business, and have
significant operational linkages.

Outlook: Stable

CRISIL believes that the Rajeshree group will maintain its credit
risk profile over the medium term, backed by its promoters'
extensive experience in the cotton ginning industry and its
average financial risk profile. The outlook may be revised to
'Positive' if the group increases the scale of its operations
significantly while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's profitability declines or in case of more-than-expected
withdrawals, leading to deterioration in the financial risk
profile.

                           About the Group

Set up in 2003, RF, based in Khargone, is a partnership firm with
cotton ginning capacity of 500 bales per day and cotton oil
production capacity of 80 quintals per day.

Set up in 2005, RC, based in Jalgoan (Maharashtra), is a
partnership firm with cotton ginning capacity of 300 bales per
day.

Both firms also trade in ginned cotton and cotton seeds, which
account for around 35% of the turnover.  The group is promoted by
Mr. Narendra Mahajan and his brothers, Mr. Kailash Mahajan and Mr.
Rajendra Mahajan.

RF reported a book profit of INR20.6 million on net sales of
INR960.8 million for 2009-10, as against a book profit of INR35.2
million on net sales of INR1071.0 million for 2008-09.


REPROMEN OFFSET: CRISIL Assigns 'D' Rating to INR114MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Repromen Offset Printers Madras Pvt Ltd.  The ratings reflect
instances of delay by ROPM in servicing its debt; the
delays have been caused by the company's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR114.00 Million Long-Term Loan      D (Assigned)
   INR6.00 Million Letter of Credit      P5 (Assigned)

ROPM's weak liquidity is attributed to the high working capital
intensity of operations owing to large inventory and receivable
levels.  ROPM also has a below-average financial risk profile,
marked by high gearing, and weak debt protection metrics, small
scale of operations in the printing and packaging industry, and
susceptibility to intense industry competition.  These weaknesses
are partially offset by ROPM's established regional position,
healthy customer relationships, and promoters' extensive industry
experience.

                         About Repromen Offset

Set up in 1998, ROPM undertakes printing activities across pre-
press, printing, and post-press functions in Chennai (Tamil Nadu).
The Chairman Mr. V. Parameswaran, has over three decades of
experience with James Walter Thompson, advertising agency.
Further, ROPM's director, Mr. S Ramesh, has experience of two
decades in the printing business.

ROPM reported a profit after tax (PAT) of INR0.24 million on net
sales of INR9.54 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.05 million on net
sales of INR6.61 million for 2008-09.


SHREE RAM: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit Limit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Shree Ram Lime Products Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR25.0 Million Bill Discounting     P4+ (Assigned)
                           Facility
   INR10.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect SRLP's small scale of operations and customer
concentration, and expected deterioration in its financial risk
profile because of its large, ongoing, debt-funded capital
expenditure (capex) towards capacity expansion and large working
capital requirements.  These rating weaknesses are partially
offset by the extensive industry experience of SRLP's promoters
and the funding support from the promoters.

Outlook: Stable

CRISIL believes that SRLP will continue to benefit from its
promoters' extensive industry experience and funding support over
the medium term.  The outlook may be revised to 'Positive' if SRLP
completes its ongoing capacity expansion project without time or
cost overrun, and increases its revenues and profitability after
the completion of the project.  Conversely, the outlook may be
revised to 'Negative' if SRLP's financial risk profile
deteriorates, most likely because of significant time or cost
overrun in the project or lower-than-expected increase in sales
and profitability.

                        About Shree Ram Lime

SRLP was set up by Mr. S K Lakhotia in 1994. The company
manufactures calcined (quick) lime, dolomite lime, and hydrated
lime, and trades calcined lime and fluorspar. The company has four
manufacturing units in Rajasthan, with a combined capacity of
139,200 tonnes per annum (tpa).  The company is setting up an
automated plant in Rajasthan, which is expected to increase the
company's capacity to 179,400 tpa. SRLP's clients include alloy
steel manufacturers, JSW Steel Ltd, Adhunik Metaliks Ltd, and
Ispat Industries Ltd.

SRLP is part of the Shree Ram group and was the first group entity
to be set up. Other group entities include SRC Chemicals Pvt Ltd
(rated 'BB+/Stable/P4+' by CRISIL), Shree Ram Cargo Pvt Ltd, and
SVC Carriers Pvt Ltd.

SRLP reported a profit after tax (PAT) of INR12.1 million on net
sales of INR495.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR12.3 million on net
sales of INR468.4 million for 2008-09.


SUMMER INDIA WEAVING: CRISIL Cuts Rating on INR196.6M Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Summer
India Weaving and Processing Mills Private Limited to 'D' from
'C'.

   Facilities                         Ratings
   ----------                         -------
   INR196.6 Million Long-Term Loan    D (Downgraded from 'C')

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 SIWP and Summer India Textile 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.

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.


SAKHUJA RESORTS: CRISIL Rates INR116.5 Million Term Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the term loan
facility of Sakhuja Resorts Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR116.5 Million Term Loan       B-/Stable (Assigned)

The rating reflects SRPL's weak liquidity following a delay in its
hotel project construction, and its exposure to risks inherent in
hotel operations, which are vulnerable to economic cyclicality.
These rating weaknesses are partially offset by the low funding
risk associated with the company's hotel project.

Outlook: Stable

CRISIL expects SRPL's hotel project to face liquidity constraints
during the initial years, due to delay in commencement of
operations and loan repayments starting prior to the commencement.
However, the loan repayments are expected to be made through
timely infusion of funds by the promoters, who have infused funds
to repay instalments due in December 2010 and March 2011.  The
outlook may be revised to 'Positive' if SRPL's hotel operations
witness higher-than-expected occupancy levels, leading to a
substantial improvement in its liquidity.  Conversely, the outlook
may be revised to 'Negative' if there are further delays in
commencement of operations, and/or a further stretch in the
company's liquidity, due to lack of timely support from the
promoters.

                        About Sakhuja Resorts

SRPL was promoted by Mr. Anil Sakhuja and his wife Mrs. Madhu
Sakhuja in December 2008. The company was incorporated to
construct a 3-star hotel at Chatarpur Road, Mehrauli (New Delhi).
The promoters are being assisted by their sons, Mr. Yogesh Sakhuja
and Mr. Nipun Sakhuja.  The hotel will have 40 rooms, with a
banquet hall, an open banquet area, a restaurant, a bar, and a
conference hall.  The project construction started in May 2009,
and was expected to be completed by April 2010; however, the
project has been delayed and is now expected to become operational
by May 2011. SRPL has tied up with the ITC group to provide
technical and operational assistance.  The hotel will operate
under the brand name of Fortune Park. The project cost of INR175
million is to be funded in a debt-to-equity ratio of 2:1.


T.K. INT'L: CRISIL Downgrades Rating on INR40MM LT Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of T.K.
International Ltd to 'BB-/Negative/P4' from 'BBB-/Negative/P3'.

   Facilities               Ratings
   ----------               -------
   INR65.5 Million Bank Overdraft    BB-/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR17.5 Million Cash Credit       BB-/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR40.0 Million Long-Term Loan    BB-/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR1.0 Mil. Buyer's Credit Limit  P4 (Downgraded from 'P3')

   INR3.0 Million Bank Guarantee     P4 (Downgraded from 'P3')

The downgrade reflects TKIL's stretched liquidity position because
of the large working capital requirements of its tour and travel
business, which accounts for 50% of TKIL's total revenues.  TKIL's
tour and travel business generates more than 90% of its revenues
from its corporate customers, wherein the collection period is up
to 120 days. Furthermore, the company undertook an expansion and
renovation programme at its resort in Puri (Orissa) in FY 2010-11,
further weakening its liquidity and resulting in high utilisation
of its bank limits.

The ratings reflect TKIL's limited financial flexibility because
of the large working capital requirements of its travel and tour
business, modest scale of operations, and susceptibility to
revenue concentration and cyclicality in the hospitality industry.
These rating weaknesses are partially offset by TKIL's low
gearing, sound debt protection metrics, and improved operating
margin on the back of high occupancy levels, average room
revenues, and decrease in proportion of timeshare travellers.

Outlook: Negative

CRISIL believes that TKIL's financial flexibility and liquidity
will remain weak over the near term because of the large working
capital requirements of its travel and tour business.  The outlook
may be revised to 'Stable' in case of better-than-expected
improvement in TKIL's revenues and profitability, leading to
improved cash accruals, and/or significant improvement in the
company's financial flexibility by way of fresh equity infusion by
the promoters, and improved working capital management.
Conversely, the rating may be downgraded if TKIL faces significant
pressures on its profitability and/or its liquidity deteriorates
because of weak working capital management or larger-than-expected
debt-funded capital expenditure.

                          About T.K. International

TKIL is in the hospitality business.  The company has a four-star
resort in Puri, Toshali Sands (set up in 1985), and a three-star
resort in Simla (Himachal Pradesh), Toshali Royal View (set up in
2003). The company has a travel and tours division, which sells
customised travel packages.

TKIL reported a profit after tax (PAT) of INR17.3 million on net
sales of INR222.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR17.1 million on net
sales of INR178.1 million for 2008-09.


UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Rating on INR13MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Umiya Flexifoam Pvt Ltd
continue to reflect UFPL's weak financial risk profile, marked by
high gearing and weak debt protection indicators, and small scale
of operations in the competitive aluminium composite panel (ACP)
industry.  These rating weaknesses are partially offset by the
company's stable profitability and improving marketing network.

   Facilities                           Ratings
   ----------                           -------
   INR52.0 Million Cash Credit Limit    BB-/Stable (Reaffirmed)
   INR13.0 Million Term Loan            BB-/Stable (Reaffirmed)
   INR17.5 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that UFPL will maintain its stable business risk
profile over the medium term, backed by a stable operating margin
and improving marketing network.  The outlook may be revised to
'Positive' if UFPL registers more-than-expected growth in volumes,
while maintaining its operating margin, and improves its financial
risk profile supported by promoter's equity infusion. Conversely,
the outlook may be revised to 'Negative' if UFPL's revenues are
adversely impacted by overall slowdown in the real estate sector,
or if the company's debt protection metrics deteriorate further
because of any large, debt-funded capital expenditure (capex).

                         About Umiya Flexifoam

UFPL, incorporated in 2003, manufactures ACPs in five different
finishes: brushed faced, fireproof, marble faced, mirror faced,
and wood textured.  The company's operations are currently being
managed by Mr. Rajesh Patel.  UFPL's facility in Sanand (Gujarat)
has capacity to manufacture 0.61 million square metres (msm) of
ACPs.  The management is currently incurring capex of INR17
million to increase its existing capacity to 1.51 msm. ACPs find
application in the building of interiors and exteriors for
commercial and residential premises in the real estate industry.

For 2009-10 (refers to financial year, April 1 to March 31),
UFPL's profit after tax (PAT) was INR5.6 million on net sales of
INR177 million, against a PAT of INR4.3 million on net sales of
INR150 million for 2008-09.


Z V STEELS: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on ZV Steels Pvt Ltd's bank facilities continues
to reflect ZVS's below-average financial risk profile, marked by
small net worth, high gearing and weak debt protection metrics,
low value-addition due to trading nature of business and
susceptibility to intense competition in the steel trading
business.  These rating weaknesses are partially offset by ZVS's
promoters' experience in the steel trading business and its
longstanding relationship with its major supplier, JSW Steel Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit          B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ZVS will continue to benefit from its
promoters' industry experience over the medium term.  The outlook
may be revised to 'Positive' if ZVS's financial risk profile
improves, most likely driven by equity infusion leading to
improvement in capital structure, or higher-than-expected
profitability leading to improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if a
significant decline in turnover or profitability constrains its
debt protection metrics.

Update

ZVS's revenues for 2010-11(refers to financial year, April 1 to
March 31) are estimated at about INR1.11 billion, which is
slightly more than CRISIL's earlier expectations, primarily driven
by better realization in steel prices.  Also, ZVS's operating
profitability for 2010-11 is estimated at 2.1%, which is slightly
higher than earlier expected, primarily driven by inventory gain.
However, the company's profitability is expected to remain
vulnerable to volatility in steel prices.  ZVS's liquidity is
expected to remain moderate; its bank limit utilization (including
ad hoc limit of INR30 million for the three months ended March
2011) was about 61% on an average for 2010-11. Liquidity was
partially supported by incremental unsecured loans of INR13.6
million in 2010-11.  However, the company's financial risk profile
continues to be weak, marked by small net worth of INR21.4 million
and high gearing of 6.1 times as on March 31, 2011; gearing is
high despite lowering in debt levels in March 2011 due to low
inventory holding in March end.

ZVS reported a profit after tax (PAT) of INR5.9 million on net
sales of Rs1112.3 million for 2010-11, against a PAT of INR2.5
million on net sales of INR851.9 million for 2009-10.

                           About ZV Steels

ZVS was set up in 1998 by Mr. Riyaz Lokhandwalla and his father
Mr. Karim Lokhandwalla; the company is based in Mumbai. ZVS trades
in cold-rolled commercial anneal (CRCA) and hot-rolled (HR) coils
and sheets. The promoters have more than three decades of
experience in steel trading business. ZVS is an authorized dealer
of JSW Steel Ltd for its CRCA products. ZVS has its stock point in
Taloja (Maharashtra), from where it caters to customers, mainly in
Maharashtra.


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


TAKEFUJI CORP: Triples Debt to JPY1.5 Trillion on Rising Claims
---------------------------------------------------------------
Takako Taniguchi and Shigeru Sato at Bloomberg News report that
Takefuji Corp. tripled its debt to JPY1.5 trillion, on rising
overcharged-interest repayment claims, its court-appointed lawyer
said.

Eiichi Obata, the lawyer overseeing the lender's debt-repayment
plan, said Takefuji has about 900,000 claims seeking repayment
valued at about JPY1.38 trillion, according to Bloomberg.
Takefuji's debt also includes JPY93 billion of corporate bonds,
Mr. Obata said.

Takefuji filed a bankruptcy petition with the Tokyo District Court
on Sept. 28, 2010, with debts of JPY433.6 billion.  Bloomberg has
said the company has become the biggest casualty of Japan's four-
year crackdown on coercive lending practices by consumer finance
companies.  The lender is seeking to restructure as borrower
claims of overpaid interest are estimated to exceed JPY1 trillion.

Takefuji last month decided to give South Korea's A&P Financial
Co. preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.

Bloomberg relates that Mr. Obata said Takefuji plans to compile
and submit its debt-repayment plan by July 15 to the Tokyo
district court.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


* 66 Japanese Companies Go Bankrupt After March 11 Earthquake
-------------------------------------------------------------
Bloomberg News, citing credit agency Teikoku Databank Ltd.,
reports that 66 companies in Japan declared bankruptcy after the
March 11 earthquake and tsunami with total liabilities of
JPY37.1 billion (US$461 million).

Teikoku Databank said in a report that's three times more than the
amount of companies bankrupted by the Kobe earthquake in 1995,
Bloomberg relates.  Twenty of the companies cited reduced consumer
spending as a cause, the report said.


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


ALLIED NATIONWIDE: Allied Farmers Sells Remaining Sections
----------------------------------------------------------
The National Business Review reports that Allied Farmers is
selling sections it owns at Clearwater, near Christchurch, to a
single buyer for an undisclosed sum.

The sections are some of the Hanover assets acquired by Allied
Farmers in December 2009, according to The National Business
Review.  Allied had sold four villas at Clearwater previously.

The National Business Review notes that Allied Farmers Chief
executive Rob Alloway declined to comment on the sale price or
identify the buyer but he said that in total the company had
realized NZ$4.7 million from assets at Clearwater.

Mr. Alloway said the earthquake had made it more difficult to sell
property in Christchurch because bank funding had become more
difficult and buyers were reluctant to make a commitment, The
National Business Review notes.

The National Business Review says that the unconditional contract
will settle later in the month, and all proceeds will be applied
against term debt, fully repaying ANZ Bank, the first mortgagee on
the property.

The balance will be used to help pay a term loan from Allied
Nationwide Finance, which is in receivership, The National
Business Review adds.


PIKE RIVER: Receiver Says Solid Energy Undermining Pike's Value
---------------------------------------------------------------
BusinessDesk reports that state-owned coal miner Solid Energy Ltd
is accused of playing "a clear commercial game" to sink the value
of the Pike River Coal mine, which it wants to buy.

BusinessDesk says PriceWaterhouseCoopers, the receivers of the
Pike River coal mine, has sought a High Court action against the
state-owned enterprise and two West Coast land owners.

"Pike's creditors will likely suffer significant detriment" if
Solid Energy's takeover of leases over crucial coalhandling
facilities at Ikamatua, near Greymouth, are allowed to stand,"
BusinessDesk quotes PricewaterhouseCoopers receiver John Fisk as
saying.

"Its actions appear to be an attempt to place Solid Energy in a
better commercial position than other prospective purchase of the
mine by taking over a key infrastructure asset, making the sale
process more complex and uncertain and adding a value-destructive
element."

Solid Energy has rejected the allegations in the receiver's
affidavit but said it couldn't respond in detail as the matter was
to come before the court, according to BusinessDesk.

BusinessDesk relates that Mr. Fisk's affidavit cites a March 20
statement by Solid Energy's chief executive, Don Elder, saying
"any solution to invest in and work the mine must address the
interests of the unsecured creditors on the West Coast as a top
priority."

"However," the affidavit said, "Solid Energy's actions in
obtaining leases over the land which holds key infrastructure for
the mine, at the expense of Pike, is in direct contrast to that
statement, BusinessDesk relates.

BusinessDesk says the receiver alleges Solid Energy's other
actions include:

   -- onerous penalties Solid Energy has looked to crystallize
      in respect of the Coal Transportation Agreement with Pike,
      under which Solid was to allow Pike to send up to one
      million tonnes of coal by rail to Lyttelton annually.
      Solid Energy effectively controls the rail links between
      the West Coast coalfields and Lyttelton;

   -- initial rejection of Pike's force majeure under the CTA
      and attempt to cancel the CTA; and

   -- a material variance in the actual versus market prices
      Pike has received for coal it has sold to Solid Energy
      which remains unexplained.

According to BusinessDesk, Solid Energy said Thursday it had
"recently leased the land at the Pike River rail loadout at
Ikamatua to complement its development projects in the Reefton and
Greymouth area."

BusinessDesk notes that Mr. Fisk's affidavit details the
receiver's efforts to keep paying rent on leased, disused farmland
where Pike had spent $7 million on new facilities and access
roads.

"The best value for Pike will be in its ability to sell the
Ikamatua facility as a working operation to the successful
purchase as part of the overall sale package," in order to
"extract the best value for the company and its creditors," Mr.
Fisk said, according to BusinessDesk.

Mr. Fisk said one of the two lessors, O'Malley Farming, had
counter-signed documents on January 31 varying the lease to allow
the receiver to keep paying the $50,000 annual ground rent, which
is currently paid up to June 16.

According to BusinessDesk, trustees of the R W Brown Family Trust,
which also owned part of the Ikamatua land, did not respond to the
receivers, but sought on March 21, 2011, to cancel its lease with
Pike, and an identical cancellation came that day from O'Malley
Farming.

"On April 1, 2011, the receivers were informed by solicitors
acting for O'Malley Farming and the Trust that they had entered
into new leases with Solid Energy on substantially similar terms,"
Mr. Fisk said in his affidavit.

While clearly a bidder for the whole Pike operation, Solid had
never indicated it had "specific interests in the Ikamatua
Facility or that it wished enter into arrangements for it outside
of a full purchase of the mine and associated assets."

The receivers want the O'Malley cancellation declared void, and to
overturn the Trust's cancellation on grounds that the Pike
receivership did not constitute grounds for breaking the lease,
BusinessDesk adds.

Solid Energy said last week it has submitted to the Pike River
receivers an expression of interest to acquire the assets of Pike
River Coal's West Coast mine.

                          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.


* Class Action Suit Against NZ Finance Firms Swamped
----------------------------------------------------
Interest.co.nz reports that law firm Turner Hopkins has announced
that a class action law suit to recover compensation for investors
in New Zealand finance companies has received more than 2,200
claims in the six weeks since it was launched.

Interest.co.nz says the class action backed by Australian law firm
Slater and Gordon is targeting the professional services firms
tasked with oversight of finance companies who have lost billions
of dollars in St Laurence, Hanover Finance, Capital + Merchant and
MFS Pacific.  Those firms targeted include trustees, the report
notes.

According to the report, Turner Hopkins Partner Andrew Hooker said
expressions of interest from around 940 individual claimants had
been received.

"The volume and the nature of claims that we received has been
significant.  We have had an extremely positive response,"
Interest.co.nz quotes Mr. Hooker as saying.

"Mum and dad investors and family trusts make up a considerable
portion of the claims so far, but we have also seen interest from
companies and institutional investors in a number of countries,"
Mr. Hooker said, Interest.co.nz relates.

Mr. Hooker, as cited by Interest.co.nz, said more than 30
financial companies were named in the claims received so far.  The
amounts lost varied, but some investors had registered losses in
the vicinity of NZ$1 million, the report says.

Mr. Hooker said the majority of investors were from Australia and
New Zealand, but claims had also been received from European,
Asian and North American investors, Interest.co.nz adds.

"We continue to seek interest from investors who sustained losses
following the collapses that took place within the New Zealand
financial sector between 2006 and 2009," Mr. Hooker said.

Slater and Gordon is helping Turner Hopkins to progress potential
claims against the trustees of the failed companies.

Turner Hopkins said expressions of interest were still open in
New Zealand.


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


AOWA ELECTRONIC: High Court Upholds DTI Order to Shut Down Firm
---------------------------------------------------------------
The Philippine Daily Inquirer reports that the Supreme Court has
junked the appeal of Aowa Electronic Philippines Inc., which was
barred by the Department of Trade and Industry from operating
nationwide because of its "overzealous marketing strategies" that
violated the Consumer Act.

According to the Inquirer, the high court upheld a 2008 DTI
decision ordering Aowa Electronic to cease and desist from
operating its business in all its outlets nationwide and to refund
complaining customers the amount they paid for the purchase of
Aowa products as a precondition to claiming the rewards or gifts
promised them.

"By reason of the special knowledge and expertise of the DTI over
matters falling under its jurisdiction, it is in a better position
to pass judgment on the issues," the Inquirer cited the high
tribunal's Second Division in a recent resolution penned by
Associate Justice Antonio Eduardo Nachura.

The Inquirer says the DTI received a total of 273 consumer
complaints from 2001 to 2007, which "consistently contained a
common thread" showing Aowa's sales agents announcing to an
unsuspecting customer that he had won a prize but to claim it, he
had to first buy a "substantially priced" item from the company's
showroom.

At the showroom, the Inquirer relates, the customer was told he
was qualified for a raffle and another gift but to claim it, he
again had to purchase another item.

The Inquirer adds that the complaints also alleged that Aowa's
representatives would surround the customers akin to "ganging up"
on them.

It was also alleged that when the customers claimed not to have
enough money, the sales agents encouraged them to withdraw from
their ATM accounts, or at times, even went to the customers'
houses to get the payment, the Inquirer says.

Aowa, according to the report, denied having violated the
provisions of the Consumer Act, saying it did not employ the
marketing schemes alleged by the complainants.

The Supreme Court, however, said the "law is clear" as cited by
the DTI--Articles 50 and 52 of the Consumer Act prohibit deceptive
sales acts or practices and unfair or unconscionable sales acts or
practices, the Inquirer reports.

Aowa Electronic Phils. Inc. sells electronics, computers, and
mobiles.


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


ARROW ASIA: Creditors' Proofs of Debt Due June 7
------------------------------------------------
Creditors of Arrow Asia Opportunity Fund Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 7, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Timothy James Reid
          c/o 8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


AFFINITY PRECISION: Creditors' Proofs of Debt Due May 20
--------------------------------------------------------
Creditors of Affinity Precision (S) Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by May 20, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Goh Thien Phong
          Chan Kheng Tek
          c/o PricewaterhouseCoopers LLP
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


ASIA COACH: Creditors' Proofs of Debt Due May 20
------------------------------------------------
Creditors of Asia Coach Builders Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by May 20,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


IVORYCHEM PTE: Court to Hear Wind-Up Petition May 27
----------------------------------------------------
A petition to wind up the operations of Ivorychem Pte Ltd will be
heard before the High Court of Singapore on May 27, 2011, at 10:00
a.m.

Changzhou Good-Job Imp. And Exp. Co., Ltd filed the petition
against the company on April 1, 2011.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


ONG & LIM: Creditors' Proofs of Debt Due June 6
-----------------------------------------------
Creditors of Ong & Lim Enterprise Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 6, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


O.C.C. HOLDING: Members' Final Meeting Set for June 8
-----------------------------------------------------
Members of O.C.C. Holding Pte Ltd will hold their final meeting on
June 8, 2011, at 10:00 a.m., at 1 Scotts Road, #21-08 Shaw Centre,
Singapore 228208.

At the meeting, Madam Chia Lay Beng, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PENTANUM GLOBAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 29, 2011, to
wind up the operations of Pentanum Global Corporation (Pte) Ltd.

Pacific Autocom Enterprise Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         19 Keppel Road #02-01
         Jit Poh Building
         Singapore 089058


SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due May 20
---------------------------------------------------------
Creditors of Singamip Enterprise Private Limited, which is in
court winding up, are required to file their proofs of debt by
May 20, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Sim Guan Seng
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


WBG NETWORK: Creditors' Meetings Set for May 16
-----------------------------------------------
WBG Network (Singapore) Pte Ltd, which is in liquidation, will
hold a meeting for its creditors on May 16, 2011, at 3:00 p.m., at
37 Geylang Lorong 23, #09-04 Yu Li Industrial Building, Singapore
388371.

Agenda of the meeting includes:

   a. to receive an update on the status of the liquidation;

   b. to approve both the liquidator's and lawyer's fees and
      disbursements; and

   c. discuss other business.

The company's liquidator is:

         Chian Yeow Hang
         c/o Abacus Business Advisory Pte Ltd
         6001 Beach Road
         #09-09 Golden Mile Tower
         Singapore 199589


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


DOT VN: Vietnamese IDN Registrations Exceed 101,000
---------------------------------------------------
Dot VN, Inc., announced that since its official launch on April
28, 2011, the Vietnamese Native Language Internationalized Domain
Names have exceeded 101,000 registrations.

The launch, hosted at VNNIC's headquarters in Hanoi, Vietnam on
April 28th, featured key note addresses from VNNIC, Key-Systems
and Dot VN with additional guests from the government, local
partners and resellers and the Vietnamese national media.

The Vietnamese IDN launch seems to be following the current trend
in native language domain name adoption by non-English speaking
countries.  Recent native language IDN launches by other countries
such as Russia have been well received with over 821,000 Russian
IDNs registered since its launch in November of 2010.

"We are amazed with the response that we have seen to the
Vietnamese IDNs," said Dot VN CEO Thomas Johnson.  "The number of
registrations has far exceeded both VNNIC's expectations and our
own.  Based on the response we expect to accelerate our plans to
capitalize on the wide spread adoption of the IDNs that we have
seen over the past 5 days."

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2011, showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


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


* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
---------------------------------------------------------------
Globally, five companies (four public and one confidentially
rated) defaulted in the first quarter of 2011, said an article
published May 6 by Standard & Poor's Global Fixed Income Research,
titled "Quarterly Default Update And Rating Transitions
(Premium)."

The volume of rated debt affected by defaulters in the first
quarter was $3.62 billion, and the U.S. accounted for $3.41
billion (94%) of the total.  Of the five defaults in first-quarter
2011, four were domiciled in the U.S., and one was based in the
Czech Republic.  For details about the defaults in the first
quarter, see "First-Quarter 2011 Default Synopses (Premium)," also
published May 6.

Globally, credit market conditions continue to improve.  The
quarterly default rate for speculative-grade-rated corporate
entities fell to 0.16% at the end of first-quarter 2011, compared
with 0.59% in the fourth quarter of 2010 and 0.98% in first-
quarter 2010.

"On a trailing-12-month basis, the global speculative-grade
default rate as of March 2011 was 2.1%, down from 8.4% at the same
time this past year and a high of 10% in November 2009," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research.  "The default rate is now at its lowest point since
August 2008, the last reading prior to the collapse of Lehman
Brothers and the ensuing recession in the U.S."

Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, though the number of downgrades has
increased slightly across all regions.  The downgrade-to-upgrade
ratio rose to 1.1% in first-quarter 2011 from 0.64% in the fourth
quarter of 2010, but it's still close to the parity level of 1%.


* BOND PRICING: For the Week May 2 to May 6, 2011
-------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
AMITY OIL LTD           10.00    10/31/2013   AUD       1.95
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.96
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.34
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.34
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.02
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.97
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.53
NEW S WALES TREA         0.50    09/14/2022   AUD      53.77
NEW S WALES TREA         0.50    10/07/2022   AUD      53.53
NEW S WALES TREA         0.50    10/28/2022   AUD      53.15
NEW S WALES TREA         0.50    11/18/2022   AUD      53.38
NEW S WALES TREA         0.50    12/16/2022   AUD      52.86
NEW S WALES TREA         0.50    02/02/2023   AUD      52.51
NEW S WALES TREA         0.50    03/30/2023   AUD      51.96
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.63
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      67.97
RESOLUTE MINING         12.00    12/31/2012   AUD       1.16
SUN RESOURCES            0.50    08/25/2022   AUD       0.50
TREAS CORP VICT          0.50    08/25/2022   AUD      54.88
TREAS CORP VICT          0.50    11/12/2030   AUD      53.11
TREAS CORP VICT          0.50    11/12/2030   AUD      36.20


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.94


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      58.00


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.25
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.75
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.36
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.26
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.41
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.75
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.27
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.95
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.76
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.69
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.73


  INDONESIA
  ---------
ADIRA FINANCE           14.00    05/13/2012   IDR      64.53


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      54.83
AIFUL CORP               1.74    05/28/2013   JPY      47.88
AIFUL CORP               1.99    10/19/2015   JPY      37.94
COVALENT MATERIA         2.87    02/18/2013   JPY      63.55
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.53
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.18
SHINSEI BANK             5.62    12/29/2049   GBP      73.68
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      74.86
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      72.59


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.52
CRESENDO CORP B          3.75    01/11/2016   MYR       1.47
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.36
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.41
ENCORP BHD               6.00    02/17/2016   MYR       0.93
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.13
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.90
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.56
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.29
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.30
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.51
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.80
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.85
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.78
WAH SEONG CORP           3.00    05/21/2012   MYR       3.82
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.37


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      24.84
DORCHESTER PACIF         5.00    06/30/2013   NZD      74.77
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.75
INFRATIL LTD             4.97    12/29/2049   NZD      60.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.28
NZF GROUP                6.00    03/15/2016   NZD      24.20
SKY NETWORK TV           4.01    10/16/2016   NZD       6.33
ST LAURENCE PROP         9.25    07/15/2010   NZD      30.66
TOWER CAPITAL            8.50    04/15/2014   NZD       0.96
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.55
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.50


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.95
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      75.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.02
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.95
COSMOS PLC CO            3.00    05/30/2011   KRW      16.27
DONGYANG TELECOM         6.00    07/02/2013   KRW      52.80
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      60.39
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      70.12
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      65.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      70.16
H K MUTUAL SAVIN         9.30    07/27/2011   KRW      72.66

HOPE KOD 1ST             8.50    06/30/2012   KRW      23.43
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.45
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.77
HOPE KOD 4TH            15.00    12/29/2012   KRW      34.13
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.13
IBK 17TH ABS            25.00    12/29/2012   KRW      62.19
KB 13TH ABS             25.00    07/02/2012   KRW      64.82
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      73.58
KEB 17TH ABS            20.00    12/28/2011   KRW      44.33
KOREA NAT HOUSING        3.00    05/31/2015   KRW       0.01
KOREA NAT HOUSING        3.00    12/31/2015   KRW       0.01
NACF 17TH ABS           20.00    06/03/2011   KRW      50.65
NACF 17TH ABS           25.00    07/03/2011   KRW      45.04
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      38.31
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.56
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      69.83
PUSAN MET SUBWAY         2.50    07/31/2015   KRW       0.01
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      20.86
SAM BU CONSTRUCT         7.70    03/11/2012   KRW      50.38
SEGYE TOUR CO            4.00    11/06/2012   KREW     68.97
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.80
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.79
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.74
SINBO 4TH ABS           15.00    12/16/2013   KRW      27.80
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.64
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.16
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      55.14
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      50.12
TOMATO MUTUAL SA         8.30    03/12/2012   KRW      70.30
TOMATO MUTUAL SA         7.90    07/18/2015   KRW      60.15


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       64.28


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.97


VIETNAM
--------

VIETNAM GOVT             8.20    01/15/2012   VND      60.36
VIETNAM MACHINE          9.20    06/06/2017   VND      69.96
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.62
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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.


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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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