TCRAP_Public/110512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, May 12, 2011, Vol. 14, No. 93

                            Headlines



C H I N A

CHINA FRUITS: Restates 2009 Annual Report to Correct Errors
CHINA SHANSHUI: Fitch Assigns 'BB-' Issuer Default Rating
CHINA SHANSHUI: S&P Assigns 'BB' Corporate Credit Rating
EAST STAR AIRLINES: Parent Sues Aviation Regulator Over Grounding
GALAXY CASINO: Moody's Withdraws 'B3' Corporate Family Rating

MIDLAND HOLDINGS: To Close All Midland Realty Stores in China
QINGDAO FOOTWEAR: Sherb & Co. Raises Going Concern Doubt
SINO-FOREST: Fitch Affirms Issuer Default Rating at 'BB+'


H O N G  K O N G

ASIA TIME: Creditors' and Contributories' Meeting Set for May 17
HANG SANG: Court to Hear Wind-Up Petition on May 18
INTERNATIONAL AGENCIES: Members' Final Meeting Set for June 9
LIMMARK KNITWEAR: Creditors' Proofs of Debt Due June 8
ORIENT KING: Creditors' Proofs of Debt Due June 15

PRO-ONE COMPUTER: Final Meeting Set for June 8
RECOTON (HK): John Howard Batchelor Appointed as New Liquidator
RESTAURANT KANETANAKA: Creditors' Proofs of Debt Due June 7
SPEECHPOWER ALLIANCE: Commences Wind-Up Proceedings
UNICREDIT ADVISORY: Ying and Chan Step Down as Liquidators

WEI YIT: Members' Final General Meeting Set for June 9
WESTLB SECURITIES: Middleton and Power Step Down as Liquidators
WISE ELITE: Creditors Get 9.2% Recovery on Claims


I N D I A

ARAN KITCHENWORLD: CRISIL Puts 'B-' Rating on INR30MM Cash Credit
BENGAL SHELTER: CRISIL Reaffirms 'D' Rating on INR472.5MM Loan
C.L. INTERNATIONAL: CRISIL Assigns 'B-' Rating to INR112.5MM Loan
DEV EDUCATIONAL: CRISIL Cuts Rating on INR55MM Term Loan to 'D'
GARG INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR75.9MM Loans

LULU INTERNATIONAL: CRISIL Reaffirms 'B+' Rating on INR7.5BB Loan
M.K. ENGINEERING: CRISIL Cuts Rating on INR10MM Loan to 'BB-'
MAWANA SUGARS: CRISIL Cuts Rating on INR5.53BB Term Loan to 'D'
MRG PROMOTERS: CRISIL Cuts Rating on INR350MM Term Loan to 'B+'
MUNISH KUMAR: CRISIL Assigns 'B' Rating to INR45MM Cash Credit

NITHIN TEXTILES: CRISIL Upgrades Rating on INR318.5MM Loan to 'B+'
R G SHAW: CRISIL Rates INR480 Million Cash Credit at 'BB'
RAIPUR POWER: CRISIL Upgrades Rating on INR250MM Loan to 'BB-'
SANDEEP SEEDS: CRISIL Upgrades INR220 Million Cash Credit to 'BB-'
SARVAHITHA EDUCATIONAL: CRISIL Puts 'D' Rating on INR81.5MM Loan

SPECTRUM ETHERS: CRISIL Reaffirms 'BB' Rating on INR35.4MM LT Loan
SRI RAJESHWARA: CRISIL Assigns 'D' Rating to INR65.3MM LT Loan
TATA MOTORS: Fitch Assigns 'BB' Issuer Default Ratings
VASAVI POWER: CRISIL Cuts Rating on INR54.2MM Bank Loan to 'BB+'
VRAJ PACKAGING: Fitch Affirms 'BB+(ind)' National LT Rating


I N D O N E S I A

PERTAMINA (PERSERO): Fitch Rates Proposed Senior Notes 'BB+(EXP)'
PERTAMINA (PERSERO): Moody's Assigns First-Time 'Ba1' Rating
PERTAMINA (PERSERO): S&P Rates Senior Unsecured Notes at 'BB+'
PERTAMINA (PERSERO): S&P Assigns 'BB+' Corp. Credit Rating


J A P A N

TOKYO ELECTRIC: To Sell More Than JPY500 Billion of Assets


M A L A Y S I A

CIMB BANK BERHAD: Fitch Affirms Individual Rating at 'B/C'
EON BANK: Fitch Maintains 'C/D' Individual Rating on RWP
HONG LEONG: Fitch Maintains Support Rating Floor on RWP


N E W  Z E A L A N D

AORANGI SECURITIES: Hubbards File Judicial Review Proceedings
HANOVER FINANCE: Former Boss Assets to Remain Frozen, Judge Rules
NZF MONEY: S&P Cuts Long-term Issuer Credit Rating to 'CCC-'
PIKE RIVER: Receivers Get Multiple Bidders for Pike River Assets
* 30 Rotorua Firms Closed in 2010; More Expected to Follow Suit


T A I W A N

TAIWAN INTERNATIONAL: Fitch Withdraws 'B'/RWP Short-Term IDR




                            - - - - -


=========
C H I N A
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CHINA FRUITS: Restates 2009 Annual Report to Correct Errors
-----------------------------------------------------------
China Fruits Corporation filed on May 3, 2011, Amendment No. 1 to
its Form 10-K for the fiscal year ended Dec. 31, 2009, to correct
errors in the presentation of the consolidated statements of
operations and the consolidated statements of cash flows regarding
the issues from discontinued operations.

According to the Company's management, the consolidated statement
of operation for 2009 was not properly presented according to ASC
205-20, Discontinued Operations, and the consolidated statement of
cash flows was not properly presented according to ASC 230,
Statement of Cash Flows, regarding cash flows from discontinued
operations.  The Form 10-K was originally filed with the
Securities and Exchange Commission on April 15, 2010.

In addition, this Amendment No. 1 is being filed to incorporate
certain changes to the Company's financial statements and
corresponding amendments to the Item entitled "Management's
Discussion and Analysis of Financial Condition and Results of
Operations."

The Company reported a net loss from continuing operations of
$170,438 on $1.9 million of sales for 2009 (Restated), compared
with net income from continuing operations of $79,777 on
$1.7 million of sales for 2008.

Including discontinued operations, net loss was $246,361 for 2009,
compared with net income of $161,902 for 2008.

The Company's balance sheet at Dec. 31, 2009, showed $4.1 million
in total assets, $1.8 million in total liabilities, and
stockholders' equity of $2.3 million.

As reported in the TCR on April 21, 2010, Lake & Associates CPA's
LLC said that in 2009 the Company suffered accumulated deficit and
negative cash flow from operations that raised substantial doubt
about its ability to continue as a going concern.

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

                       http://is.gd/2maD1g

Based in Jiang Xi Province, China, China Fruits Corporation was
incorporated in the State of Delaware on Jan. 6, 1993, as Vaxcel,
Inc.  The Company is engaged in the manufacturing, trading and
distributing of fresh tangerine and other fresh fruits in the PRC.


CHINA SHANSHUI: Fitch Assigns 'BB-' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned a 'BB-' Long-Term Foreign-Currency
Issuer Default Rating (IDR) to China Shanshui Cement Group Limited
(Shanshui), a leading Chinese cement producer. The Outlook is
Stable.  At the same time, Fitch has assigned a Foreign-Currency
senior unsecured rating of 'BB-' to the company, and an expected
rating of 'BB-(EXP)' to Shanshui's proposed USD senior unsecured
notes.

Shanshui's ratings are constrained by its relatively aggressive
financial profile, with a high leverage (net debt/operating
EBITDAR) level of around 2.5x in the past three years.  Higher
leverage coupled with lower historical profit margin, relative to
some peers, means Shanshui may be more affected by any major fall
in demand.  Fitch believes that the company's capex will remain
high over the next few years as it expands to new markets in
Shanxi, Inner Mongolia, and Xinjiang, as well as strengthens its
market position in Liaoning.  Factors supportive of Shanshui's
ratings are its relatively strong market position in its core
Shandong market, which contributed to 80% of its 2010 revenue and
almost all of its profit. Also, the company is one of 12 Chinese
cement companies supported by the State (as mentioned in a
statement made by China's National Development and Reform
Commission).

Operating in a fragmented and competitive environment, Shanshui
had average selling price (ASP) for cement of below CNY240/ton
over the past three years, compared to other top Chinese cement
producers which had ASPs of around CNY250/ton or higher.  This
lower price level also means that Shanshui's gross profit margin
has historically been in the low 20%, and compares unfavorably
with 28%-32% for the other major Chinese cement producers such as
Anhui Conch Cement Company Limited and Tangshan Jidong Cement Co
Ltd, which are of similar or larger size.

Shanshui has a strong presence in its core Shandong market with
over a third market share province-wide, and over 50% in the
regional markets it operates within the province.  The company has
support from the local government given its position as a key
cement enterprise which helps to consolidate the fragmented cement
industry within Shandong.  Indirect support given to Shanshui can
be seen from the company's ease of obtaining domestic funding. For
example, the relatively low yield of the domestic bonds issued by
the company -- 4.2% CNY1,000 million 3-year bond in 2010 and 5.78%
CNY900m 3-year bond in Q111 -- despite a relatively high leverage
level is a reflection of investors' perception of potential
government support.

The Stable Outlook reflects Shanshui's significant headroom to
remain within its existing rating level and an improving operating
environment (due to continued plant closure and industry
consolidation).

Negative rating drivers include EBITDAR margin falling below 20%
on a sustained basis, a failure to maintain its market position in
Shandong province while keeping EBITDAR margin for the segment
above 25%, leverage sustained above 3.5x and Operating
EBITDA/Gross Interest expense (interest coverage) below 4.0x.
Factors that could lead to positive rating actions include
Shanshui maintaining consolidated EBITDAR margin above 30%, and/or
maintain leverage below 2.0x, and/or interest coverage above 6.0x
on a sustained basis.


CHINA SHANSHUI: S&P Assigns 'BB' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating and 'cnBBB-' Greater China credit scale
rating to China Shanshui Cement Group, a China-based
cement producer. The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating and 'cnBB+'
Greater China credit scale rating to the company's proposed issue
of senior unsecured notes due 2016.  "The rating on the notes is
subject to our review of the final documentation for the notes
issuance," S&P said.

"The rating on Shanshui reflects our opinion of the company's
aggressive growth strategy and its sensitivity to volatile product
prices and input costs," said Standard & Poor's credit analyst
May Zhong.  "The company is also exposed to the competitive,
cyclical, and high capital- and energy-intensive nature of the
industry in which it operates. Shanshui's strong market position,
reasonable geographic diversity, and relatively efficient
operations partly offset these weaknesses."

The proposed issue is rated one notch lower than the rating on
Shanshui due to structural subordination risk.  "We note the
company's ratio of priority debt to total assets will exceed our
15% threshold after the notes issue.  The ratio will likely remain
at more than 15% over the next one to two years," S&P stated.

"In our opinion, Shanshui's aggressive growth strategy is likely
to continue to weigh on its financial risk profile. Nonetheless,
we recognize that the company's strategy is in line with its
peers'. Some acquisitions and capacity additions are likely as
part of a defensive rather than opportunity-led move," according
to S&P.

"We believe that Shanshui's large capital expenditure requirements
are likely to impede significant improvement in the company's
aggressive financial risk profile in the next 12 months at least,
unless cement prices materially and sustainably improve. Due to
Shanshui's aggressive funding approach, its debt has increased
significantly in the past two years.  For the past three years,
its ratio of funds from operations to debt has averaged about 24%
and the ratio of debt to EBITDA about 3.4x.  In addition to a
Chinese renminbi (RMB) 900 million domestic bond issued in early
2011, the company's proposed U.S. dollar bond issue in the market
will help fund the construction of new production capacity and
downstream expansion, and to refinance debt maturing in 2011," S&P
related.

"Despite China's favorable demographics and long-term growth
potential for demand, we view the cement industry as having
higher-than-average risks.  This reflects the high degree of
competition, companies' susceptibility to increases in input costs
and volatile product prices, and cyclicality," S&P noted.

Shanshui's competitive advantage is underpinned by its strong
market position in its core markets.  The company is the second
largest cement producer in China with 30.9 million tons of clinker
and 66.5 million tons of cement nameplate capacity at the end of
2010.  In 2010, sales revenue reached RMB11.8 billion. It has a
particularly strong position in Shandong province, where it
is a leading player with about 40% market share (based on
nameplate capacity).

Compared with its domestic peers, Shanshui also benefits from good
and rapidly expanding geographic diversification.  Its current
operations spread across three provinces and two autonomous zones
in China: Shandong, Liaoning, Inner Mongolia, Shanxi and Xinjiang.
All of Shanshui's production lines are using New Suspension Pre-
Heater Technology (NSP).

Shanshui's customer base is well diversified, with its top 10
customers accounting for less than 10% of revenue.  About 43% of
Shanshui's cement sales are exposed to government infrastructure
projects, 39% to real estate, and 17% to rural customers.

"The stable outlook reflects our expectation that Shanshui is
likely to strengthen its market position over the next 24 months.
We also expect the company to have adequate liquidity and cash
flow to cope with capacity expansion and industry competition,"
said Ms. Zhong.  "We expect Shanshui's ratio of adjusted total
debt to EBITDA to increase to about 3.0x-3.5x following the
proposed notes issuance; the ratio is likely to gradually decline
thereafter with the increase in cash flow from newly commissioned
capacities."

Downward rating action could be precipitated by a significant
erosion of Shanshui's market position (particularly in Shandong)
or more aggressive-than-expected expansion.  The rating may also
be lowered if the company's financial risk profile weakens; for
example, if the ratio of funds from operations to debt is
consistently lower than 20% or the debt-to-EBITDA ratio remains at
the high 3x level for a prolonged period.

The rating is unlikely to be raised unless there is a sustained
improvement in market dynamics in Shanshui's major markets,
particularly in Shandong and Liaoning; for example, overcapacity
in these cement markets falls and competition stabilizes. "We
believe these scenarios could translate into a better profit
margin for Shanshui," S&P added.


EAST STAR AIRLINES: Parent Sues Aviation Regulator Over Grounding
-----------------------------------------------------------------
China Daily reports that the East Star Group, the parent company
of East Star Airlines, sued the Civil Aviation Administration's
Central and South Bureau for its allegedly improper grounding of
the company's planes, which the company says led to its bankruptcy
in the wake of the 2008 global financial crisis.

A court in South China's city of Guangzhou city heard the case.

According to China Daily, the airline was deep in debt after being
battered by the financial crisis.  China Daily recounts that the
airline rejected a government-initiated takeover by the parent
group of national flag carrier Air China on March 12, 2009, just
three days before it was grounded by regional civil aviation
authorities.

China Daily relates that the plaintiff said the grounding was
improper and unfounded, as the airline passed annual safety tests
conducted at the end of 2008.

The aviation agency, China Daily notes, responded by saying that
East Star Airlines had raised serious safety concerns.  The agency
said the airline's planes were flown too frequently and that its
pilots were unqualified, among other concerns.  The agency cited
the Law on Work Safety as its legal base for the grounding, saying
that the measure was intended to counter a serious safety threat,
China Daily adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2009, Xinhua News Agency said East Star Airlines
officially went bankrupt after its restructuring application was
rejected.  The Intermediate People's Court in Wuhan City said the
plan submitted by the East Star Group and ChinaEquity was
unfeasible and failed to meet the conditions for a legal
restructuring.  ChinaEquity had promised to invest CNY200
million to CNY300 million for the restructuring plan but the court
found it did not specify the source of the funding and failed to
provide certificates and documents, and lacked measures to protect
creditors.

East Star Airlines, with registered capital worth CNY80 million,
has debts of more than CNY752 million when it filed for
bankruptcy.

                        About East Star

Headquartered in Wuhan, Hubei Province, East Star Airlines is
China's fourth registered private airline.  East Star flew its
first flight on May 19, 2006.  The airline has 10 rented planes,
seven A320 and three A319, and operated more than 20 domestic
passenger routes between key cities including Shanghai, Guangzhou,
Hong Kong, Macao.


GALAXY CASINO: Moody's Withdraws 'B3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating of Galaxy Casino S.A.

Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Moody's does not rate any of Galaxy's long-term debt obligations.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau. In July 2004, Galaxy opened the Galaxy Casino
at the Waldo Hotel, the group's first casino operation.


MIDLAND HOLDINGS: To Close All Midland Realty Stores in China
-------------------------------------------------------------
China Daily reports that Midland Holdings Ltd will close all eight
of its Midland Realty brokerages in Shanghai by the end of this
month.

According to China Daily, analysts said that though Midland's
departure from the pre-owned housing market resulted largely from
its poor adaptation to the mainland market, the plummeting
transaction volume also played a role.

"Our headquarters in Hong Kong decided to close all the Midland
Realty chain stores in Shanghai on May 31, leaving only the
Shanghai head office on North Sichuan Road open for future
development," Ding Wei, head of Midland Realty Shanghai division,
told China Daily on Thursday.

Mr. Ding said the headquarters didn't explain the reason for its
decision and that up to 90 employees had been informed of the
situation in late April, China Daily relates.

Since entering the Chinese mainland in 1997, China Daily recounts,
Midland had more than 50 branches across Shanghai in 2008.
However, China Daily notes, the rapid network expansion didn't
translate into increased revenue because of both the poor
localization strategy and tightening housing policies.  Last year,
the company further reduced its agencies from around 20 to the
current eight.

                        About Midland Holdings

Hong Kong-based Midland Holdings Limited is an investment holding
company.  The principal activities of the Company and its
subsidiaries are provision of property agency services in Hong
Kong, the Mainland China and Macau.  The Company operates in three
business segments: residential properties, commercial and
industrial properties and others.


QINGDAO FOOTWEAR: Sherb & Co. Raises Going Concern Doubt
--------------------------------------------------------
Qingdao Footwear, Inc., filed on May 5, 2011, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2010.

Sherb & Co., LLP, in New York, expressed substantial doubt about
Qindao Footwear's ability to continue as a going concern.  The
independent auditors noted that the Company has assumed fiscal
responsibilities related to tax liabilities and penalties for
periods prior to Dec. 31, 2009, related to VAT tax payable and
income tax payable.

"These liabilities are significant as the Company has a working
capital deficiency, and a shareholders' deficiency, as of Dec. 31,
2010, and 2009, subsequent to the Company's assumption of these
liabilities.  In addition, although the Company operations have
provided cash from operating activities, these operations might
not be sufficient to satisfy VAT tax payable and income tax
payable assumed by the Company."

The Company reported net income of $4.0 million on $21.3 million
of net revenue for 2010, compared with net income of $5.1 million
on $17.9 million of net revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed $10.2 million
in total assets, $16.8 million in total liabilities, and a
stockholders' deficit of $6.6 million.

A complete text of the Form 10-K is available for free at
http://is.gd/HLgQ9u
                       http://is.gd/HLgQ9u

Qingdao Footwear, Inc., is a designer and retailer of branded
footwear in Northern China.  The Company was organized to service
what it believes is an unmet and increasing demand for high
quality formal and casual footwear throughout the PRC.

The Company's principal business includes (1) designing and
selecting designs for men's and women's leather shoe lines; (2)
sourcing and purchasing contract-manufactured footwear; and (3)
selling these lines of footwear under the Company's proprietary
brand, "Hongguan".  The Company does not manufacture or assemble
any shoes.  The Company operates a number of flagship stores
throughout greater Qingdao.


SINO-FOREST: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has affirmed Sino-Forest Corporation's Long-Term
Foreign-Currency (FC) Issuer Default Rating (IDR) at 'BB+' and
FC senior unsecured rating at 'BB+.'  The Outlook on the IDR
remains Stable.

"The affirmation of Sino-Forest's ratings reflects the company's
stable business profile underpinned by a solid plantation asset
base, adequate corporate liquidity, and sound credit metrics,"
says Ms. Ying Wang, Director in Fitch's Asia-Pacific corporate
team.  "However, Sino-Forest's ratings are constrained by its
persisting negative free cash flow (FCF) due to significant
capex."

Sino-Forest has maintained a proven track record in expanding
commercial plantations through acquisitions.  At end-2010, Sino-
Forest had a sizeable plantation area under management of 788,700
hectares which are primarily in southern and eastern China. Fitch
estimates that Sino-Forest's existing timber inventory is
sufficient to support about five years of fibre supply.
Additionally, the agency notes Sino-Forest has the right to
acquire an additional 625,000 hectares of plantation area under
its long-term master agreements in the provinces of Hunan, Yunnan,
Fujian, Jiangxi and Guizhou as well as the Guangxi region. In
March 2011, Sino-Forest signed an MOU to acquire 150,000 hectares
of plantation area in central and western China and plans to sign
a second MOU to acquire another 150,000 hectares of plantation
area in those regions.

Sino-Forest's ratings are further backed by favourable industry
dynamics driven by supportive government policies and the domestic
wood-fibre supply shortage, as well as its management's solid
experience in forestry management with strong business and
government relationships in China.

Sino-Forest has maintained comfortable financial flexibility and
healthy liquidity despite being a net acquirer of assets.  Funds
from operations (FFO) have covered about 80% of annual capex in
the past three years. At end-2010, Sino-Forest enjoyed solid FFO
adjusted net leverage of 0.7x and FFO interest coverage of 12.9x.

Sino-Forest has a back-ended maturity profile with most debt due
after 2013. The company has demonstrated its ability to refinance
and/or extend debt maturities through a variety of funding
channels across debt and equity. Meanwhile, Sino-Forest has
established a Co-operative Framework Agreement with the China
Development Bank Corporation Guangdong Branch. The latter will
provide project financing of up to CNY10 billion (USD1.5 billion)
at competitive onshore interest rates.

Sino-Forest's ratings are constrained by its aggressive capex
programme which has resulted in consistently negative free cash
flow (FCF) over recent years. Fitch expects the negative FCF to
persist in the near term given the company's continued expansion
of plantation area. However, Sino-Forest has the right but not the
obligation to purchase trees under its long term master purchase
agreements, providing it some flexibility to slow down purchases
if necessary.

The ratings are also constrained by the long-term nature of Sino-
Forest's timber inventories, which exposes the company to price
risk and cash margin compression. The ratings reflect the inherent
risks of weather and natural disasters, the industry's sensitivity
to construction and property development cycles, a lack of pricing
power, and a high geographic concentration in China.

The Stable Outlook reflects Fitch's expectation that Sino-Forest's
financial profile will remain healthy and within a range
consistent with its rating category.  Sustained positive FCF and a
significant increase in revenue contribution from a sustainable
integrated business model could lead to a positive rating action.
Negative rating actions may result from prolonged delays in
harvesting/replanting trees, or FFO/net adjusted leverage
exceeding 2.0x on a sustained basis, or FFO interest coverage
below 5.0x on a sustained basis.


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


ASIA TIME: Creditors' and Contributories' Meeting Set for May 17
----------------------------------------------------------------
Creditors and contributories of Asia Time Technologies Limited
will hold their meeting on May 17, 2011, at 3:00 p.m., at 14/F,
The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


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

The Petitioner's solicitors are:

          Messrs. Chan & Tan
          Room 1601, 16th Floor
          No. 160-174 Lockhart Road
          Wanchai, Hong Kong


INTERNATIONAL AGENCIES: Members' Final Meeting Set for June 9
-------------------------------------------------------------
Members of International Agencies Limited will hold their final
general meeting on June 9, 2011, at 4:00 p.m., at Room 1428,
New World Tower 1, 18 Queen's Road Central, in Hong Kong.

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


LIMMARK KNITWEAR: Creditors' Proofs of Debt Due June 8
------------------------------------------------------
Creditors of Limmark Knitwear Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 8, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fung Chun Kai
         Room 901-902, 9/F
         Bank Centre, 636 Nathan Road
         Kowloon, Hong Kong


ORIENT KING: Creditors' Proofs of Debt Due June 15
--------------------------------------------------
Creditors of Orient King Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 15,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2011.

The company's liquidator is:

         Liu, Wing Ting, Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road West
         Sheung Wan, Hong Kong


PRO-ONE COMPUTER: Final Meeting Set for June 8
----------------------------------------------
Members and creditors of Pro-One Computer Limited will hold their
final meetings on June 8, 2011, at 3:30 p.m., at Unit 4, 20/F.,
Far East Consortium Building, 121 Des Voeux Road Central, in
Hong Kong.

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


RECOTON (HK): John Howard Batchelor Appointed as New Liquidator
---------------------------------------------------------------
John Howard Batchelor on April 28, 2011, was appointed as
liquidator of Recoton (Hong Kong) Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Rod Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road, Hong Kong


RESTAURANT KANETANAKA: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------------
Creditors of Restaurant Kanetanaka Company 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 commenced wind-up proceedings on April 26, 2011.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre
         Tower I, 18 Harcourt Road
         Hong Kong


SPEECHPOWER ALLIANCE: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Speechpower Alliance Limited, on April 6, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is Tse Ka Leung.


UNICREDIT ADVISORY: Ying and Chan Step Down as Liquidators
----------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Unicredit Advisory Limited on April 26, 2011.


WEI YIT: Members' Final General Meeting Set for June 9
------------------------------------------------------
Members of Wei Yit Investment Limited will hold their final
general meeting on June 9, 2011, at 10:00 a.m., at 42/F, Central
Plaza, 18 Harbour Road, Wanchai, in Hong Kong.

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


WESTLB SECURITIES: Middleton and Power Step Down as Liquidators
---------------------------------------------------------------
Edward Simon Middleton and Fergal Thomas Power stepped down as
liquidators of Westlb Securities Pacific Limited on April 28,
2011.


WISE ELITE: Creditors Get 9.2% Recovery on Claims
-------------------------------------------------
Wise Elite Holdings Limited, which is in liquidation, will declare
dividend to its creditors on May 20, 2011.

The company will pay 9.2% for ordinary claims.

The liquidators may be reached at:

          FTI Consulting
          14/F, The Hong Kong Club Building
          13 A Chater Road, Central
          Hong Kong


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I N D I A
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ARAN KITCHENWORLD: CRISIL Puts 'B-' Rating on INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Aran Kitchenworld India Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR30.00 Million Cash Credit        B-/Negative (Assigned)
   INR20.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect AKIPL's working capital intensive nature of
operations as reflected in its frequently overdrawn bank lines for
the past one year and its small scale of operations in an
intensely competitive industry of modular kitchens.  The rating
also factors in AKIPL's below average financial risk profile
marked by moderate gearing and weak debt protection measures.
These rating weaknesses are partially offset by AKIPL's
established brand backed by its joint venture (JV) partner Aran
Cucine, Italy and the promoters' industry experience in the home
furnishings industry.

Outlook: Negative

CRISIL believes that AKIPL's liquidity will remain weak over the
medium term owing to its large working capital requirements,
subdued cash accruals and high utilization of bank lines.  The
rating may be downgraded if AKIPL's liquidity deteriorates further
on account of further delays in realisation of receivables and
lesser than expected revenues and profitability or if the company
undertakes a large, debt funded capital expenditure programme
leading to deterioration in the financial risk profile.
Conversely, the outlook may be revised to 'Stable' if the
company's cash accruals improve while prudently managing its
working capital requirements resulting in an improvement in its
liquidity.

                        About Aran Kitchenworld

AKIPL was incorporated as a joint venture between Aran Cucine of
Italy (49%) and Bohra Kitchenware Pvt Ltd (51%) in 2008.  AKIPL
procures Italian modular kitchens from Aran and sells the products
through its franchise and owned retail outlets in India.  The
company follows a franchisee-based retail network and has 15
retail outlets across India.  AKIPL's product portfolio comprises
traditional and contemporary-styled modular kitchens and derives
around 60% of its sales through its retail stores. The company
derives the rest of its revenues from tie-ups with various
residential real estate developers for supplying modular kitchens.
AKIPL's day to day operations are managed by Mr. Rajesh Bohra and
his brother, Mr. Ashok Bohra.  The JV partner Aran Cucine, Italy
has 7 production facilities in Italy with over 2000 showrooms in
123 countries including Italy, Spain, France, Germany & USA.

AKIPL, posted a provisional profit after tax (PAT) of INR1.3
million on net sales of INR138.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.7
million on net sales of INR109.9 million for 2009-10.


BENGAL SHELTER: CRISIL Reaffirms 'D' Rating on INR472.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bengal Shelter
Housing Development Ltd continues to reflect instances of delay by
the company in servicing its term loans; the delays have caused by
Bengal Shelter's weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR472.5 Million Rupee Term Loan        D (Reaffirmed)
   INR118.5 Million Proposed Long-Term     D (Reaffirmed)
                    Bank Loan Facility
   INR1419.0 Mil. Cash Credit Facilities   D (Reaffirmed)

Bengal Shelter is part of the Kolkata (West Bengal)-based Shelter
group.  The company was set up in 2003 as a 50:50 joint venture
between Shelter Projects Ltd and West Bengal Housing Board.  The
Shelter group has been in the real estate development business for
nearly two decades; it has been present mainly in residential
development and has developed over 1.5 million square feet of
residential space.  The group has completed over 25 residential
projects in Kolkata and in other suburban towns of West Bengal.

For 2009-10 (refers to financial year, April 1 to March 31),
Bengal Shelter reported a profit after tax (PAT) of INR0.9 million
on sales of INR625.4 million, against a PAT of INR6.3 million on
net sales of INR459.6 million for the previous year.


C.L. INTERNATIONAL: CRISIL Assigns 'B-' Rating to INR112.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of C.L. International.

   Facilities                             Ratings
   ----------                             -------
   INR112.5 Million Cash Credit Limit     B-/Stable (Assigned)
   INR75.0 Million Packing Credit         P4 (Assigned)
   INR60.0 Mil. Foreign Bill Purchase     P4 (Assigned)
   INR2.5 Million Bank Guarantee/Letter   P4 (Assigned)
                              of Credit

The ratings reflect CLI's weak financial risk profile, marked by
high gearing, weak debt protection metrics and small net worth,
small scale of operations, and susceptibility to intense market
competition and adverse regulatory changes.  These rating
weaknesses are partially offset by CLI's established position in
the rice trading business and the healthy growth prospects of the
rice industry.

Outlook: Stable

CRISIL believes that CLI will continue to maintain its established
position in the rice trading industry, over the medium term.
However, its financial risk profile will continue to remain weak
because of its large working capital requirements.  The outlook
may be revised to 'Positive' if CLI's net worth improves
substantially, driven by equity infusion, or in case of more-than-
expected improvement in net cash accruals.  Conversely, the
outlook may be revised to 'Negative' if CLI's financial risk
profile deteriorates because of withdrawal of capital or weak
working capital management.

                     About C.L. International

Based in New Delhi, CLI is a trader of basmati and non-basmati
rice; both varieties contribute equally to the turnover.  Started
in 1995, a partnership firm, CLI is being managed by Mr. Abhishek
Gupta and his brother, Mr. Abhinav Gupta.  About 90% of CLI's
turnover is from trading rice; the balance 10% is from trading
commodities such as ghee, spices, and pulses, among others. CLI
exports basmati rice to the US, Thailand, and the United Arab
Emirates (UAE). CLI's exports to the UAE are through a group
concern, Pushpa General Trading LLC, which acts as a marketing
arm.

CLI reported a profit after tax (PAT) of INR0.71 million on net
sales of INR649.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.10 million on net
sales of INR556.2 million for 2008-09.


DEV EDUCATIONAL: CRISIL Cuts Rating on INR55MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Dev
Educational Society to 'D' from 'B+/Negative'.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Term Loan           D (Downgraded from
                                         'B+/Negative')

The rating downgrade reflects instances of delays by the DES in
servicing its debt.  The delays have been caused by the society's
weak liquidity, on account of less-than-expected revenues in 2010-
11 (refers to financial year, April 1 to March 31), resulting in
less-than-expected accruals.  DES's revenues were less than
expected because of the decline in the number of students enrolled
in 2010-11, due to the establishment of five new colleges in
Ambala (Punjab), leading to intense competition.

Moreover, the tuition fess of students hailing from low income
families and the subsidies given to schedule caste/schedule tribe
category students, amounting to INR4-5 million, are yet to be
received by the Government of Punjab, thereby adding to the
liquidity crunch faced by the society.

The rating reflects DES's exposure to risks related to start-up
nature of its operations, limited track record in providing
technical education, regulated nature of the industry, its weak
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics, and the society's weak financial
management system.  These rating weaknesses are partially offset
by the benefits that DES derives from the healthy demand prospects
for its higher education courses.

DES operates Dev Polytechnic College (DPC), which is spread across
125,000 square feet in Ambala.  The college offers diploma courses
in civil, computer, electrical, mechanical, and electrical and
computer engineering.  The college offers 66 seats for each
course. Moreover, the society is also eligible to accept an
additional 10 students per course every year in the form of
lateral placements in the second year of the course. The society's
managing committee comprises nine members, including Mr. Vijay
Kumar, Ms. Gurmeet Kaur, Mr. Jagjeet Singh, and Mr. Jang Bahadur
Dahia, who run schools in Yamuna Nagar (Punjab) and Ambala. DPC is
the society's first venture into the higher education sector.

DES reported an excess of income over expenditure of INR0.3
million in 2009-10 (refers to financial year, April 1 to March 31)
on revenues of INR12.6 million as against INR0.17 million and
INR4.67 million, respectively in 2008-09.


GARG INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR75.9MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Garg Industries Ltd
continue to reflect GIL's small scale of operations, exposure to
intense competition in the steel industry, the vulnerability of
its operating margin to raw material price volatility, and its
average financial risk profile, marked by small net worth. These
weaknesses are partially offset by GIL's established market
position, and its promoters' industry experience.

   Facilities                         Ratings
   ----------                         -------
   INR125 Million Cash Credit         BB/Stable (Reaffirmed)
   INR75.9 Million Term Loans         BB/Stable (Reaffirmed)
   INR55 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GIL will continue to benefit from its
established market position in Ludhiana district (Punjab). The
outlook may be revised to 'Negative' if GIL's gearing deteriorates
or if its operating profitability is less than expected.
Conversely, the outlook may be revised to 'Positive' if the
company reports more-than-expected cash accruals on a sustained
basis, or in case fresh equity is infused into the company,
leading to improvement in its financial risk profile.

About the Company

Incorporated in 1991, GIL was promoted by Mr. Balraj Garg. It is
into production of wire rods, squares, thermo-mechanically-treated
bars, steel ingots, and rounds. The company has two divisions:
induction furnace and hot-rolling mill. The induction-furnace
division has a total capacity of 6 tonnes per hour. The rolling
mill has an installed capacity of 200 tonnes per day.


LULU INTERNATIONAL: CRISIL Reaffirms 'B+' Rating on INR7.5BB Loan
-----------------------------------------------------------------
CRISIL's rating on the rupee term loan of Lulu International
Shopping Mall Pvt Ltd continues to reflect LISMPL's exposure to
implementation-related risks associated with its aggressive
development plan and to moderate demand-related risks associated
with its upcoming shopping-cum-hotel complex's large, leasable
carpet area of 3,88,000 square feet (sq ft).

   Facilities                          Ratings
   ----------                          -------
   INR7.5 Billion Rupee Term Loan      B+/Stable (Reaffirmed)

The rating also factors in LISMPL's weak financial risk profile
marked by absence of operating cash flows, as the project
completion has been delayed by a year to March 2012. These rating
weaknesses are partially offset by the operational and financial
support that LISMPL receives from the promoters of the EMKE group
(of which LISMPL is part). The promoters are also likely to infuse
fresh equity into LISMPL to ensure that the company services its
debt in a timely manner, in case the moratorium on interest and
principal repayment (currently till June 2011) does not get
extended to accommodate the delay in the ongoing project.

Outlook: Stable

CRISIL believes that LISMPL will commence operations at its
upcoming shopping mall-cum-hotel without further time or cost
overrun. The company is likely to receive financial support from
the promoters for servicing its debt in a timely manner. The
outlook may be revised to 'Positive' if LISMPL completes its
ongoing project ahead of schedule and generates healthy
operational cash flows. Conversely, the outlook may be revised to
'Negative' if the company faces any further delay in its project,
or if the promoters do not infuse equity on time.

About the Company

LISMPL was established in September 2004 by Mr. Yusuf Ali and Mr.
Ashraf Ali. The company is part of the three-decade-old EMKE
group, which operates 69 hypermarkets and five shopping malls in
the Middle East ( Qatar, Oman, Bahrain, Kuwait, the United Arab
Emirates, and Saudi Arabia. The company is developing the Lulu
International Shopping Mall, a mega shopping mall-cum-hotel
complex, in Kochi (Kerala) for INR8.32 billion. The project has a
total carpet area of around 10,03,000 sq ft, which includes a mall
with a carpet area of 3,88,000 sq ft (to be leased), while the
company would manage a hypermarket of 2,40,000 sq ft and a
premium-category hotel of 3,75,000 sq ft.


M.K. ENGINEERING: CRISIL Cuts Rating on INR10MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on M.K. Engineering's long-term
bank facilities to 'BB-/Stable' from 'BB/Stable'; the rating on
the short-term bank facility has been reaffirmed at 'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         BB-/Stable (Downgraded from
                                                   'BB/Stable')

   INR10.0 Million Proposed Long-Term  BB-/Stable (Downgraded from
                   Bank Loan Facility           'BB/Stable')

   INR80.0 Million Bank Guarantee      P4+ (Reaffirmed)

The downgrade reflects significant deterioration in MK Engg's
business risk profile, marked by a decline of more than 25
% in its operating income during 2010-11 (refers to financial
year, April 1 to March 31).  CRISIL had expected significant
growth in its revenues as it had a large unexecuted order book.
However, due to insurgency in North East India, where the
activities of the firm are concentrated, there was a delay in
execution of its projects. The downgrade also reflects CRISIL's
belief that MK Engg's revenues and accruals will be volatile, as a
result of the uncertainty associated with timely execution of the
order book. The firm's unexecuted order book is currently INR420
million, apart from the unexecuted order book of its joint venture
(JV), amounting to INR400 million.

The ratings reflect the decline in MK Engg's scale of operations,
its small net worth, geographical and customer concentration in
its revenue profile, and its exposure to intense competition in
the civil construction industry.  These rating weaknesses are
partially offset by MK Engg's moderate financial risk profile,
marked by moderate gearing and healthy debt protection metrics,
and the benefits that the firm derives from its experienced
management team.

Outlook: Stable

CRISIL believes that MK Engg will continue to benefit from its
promoters' experience in the civil construction industry and its
healthy unexecuted order book.  The outlook may be revised to
'Positive' if the firm diversifies its geographic and customer
base while achieving sustained growth in its revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the firm faces time or cost overruns in its
projects, its revenues decline further, or it undertakes any
large, debt-funded capital expenditure programme.

                       About M.K. Engineering

MK Engg was set up by Mr. Dhiroomal in 1981.  The firm is now
managed by the second-generation promoters.  MK Engg undertakes
contracts in North East India, mainly for the Indian Railways.
The firm undertakes construction of bridges, tunnels, bore-pile
bridges, and station buildings, as well as supply of boulders and
ballast.  The firm enters into JVs to undertake larger projects.

MK Engg has posted a net profit of INR7.1 million on net sales of
INR165 million for 2009-10, against a profit after tax (PAT) of
INR10.8 million on net sales of INR111 million for 2008-09.


MAWANA SUGARS: CRISIL Cuts Rating on INR5.53BB Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on Mawana Sugars Ltd's bank
facilities to 'D/P5' from 'B-/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR3159.8 Million Cash Credit Limit    D (Downgraded from
                                            'B-/Stable')
   INR5537.9 Million Term Loan            D (Downgraded from
                                            'B-/Stable')
   INR600 Million Bank Guarantee/Letter   P5 (Downgraded from
                              of Credit     'P4')

The downgrade reflects current delays in servicing term loan
instalments by Mawana Sugars; Mawana Sugars' liquidity continues
to be weak because of low cash accruals. Mawana Sugars has
submitted a proposal to rework its corporate debt restructuring
package, which envisages, among other things, the sale of its non-
core assets for reduction of its debt.

The ratings reflect Mawana Sugars' weak financial risk profile,
marked by high gearing and sub-par debt protection metrics, and
its susceptibility to adverse regulatory changes and cyclicality
in the sugar industry. However, Mawana Sugars has a moderate
business risk profile, supported by its integrated manufacturing
operations.

                        About the Company

Mawana Sugars (formerly known as Siel Ltd), was promoted by Mr.
Siddharth Shriram. It is an integrated sugar manufacturer, with
capacity of 29,500 tonnes of cane crushed per day. It has a
capacity to produce 47 megawatt of exportable power and 120
kilolitres per day of ethanol. The company also has capacities to
manufacture chlor-alkali chemicals such as caustic soda, caustic
flakes, chlorine, hydrogen, hydrochloric acid, stable bleaching
powder, and sodium hypochlorite. Its sugar production units are in
Mawana, Titawi, and Nanglamal (all in western Uttar Pradesh). Its
chemical unit is in Rajpura (Punjab).

For 2008-09 (refers to financial year, October 1 to September 31),
Mawana Sugars reported a net loss of INR0.57 billion on net sales
of INR6.8 billion. For the 15 months ended December 31, 2010,
Mawana Sugars reported a net loss of INR0.77 billion on net sales
of INR13.5 billion.


MRG PROMOTERS: CRISIL Cuts Rating on INR350MM Term Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of MRG Promoters Pvt Ltd to 'B+/Stable' from 'BB/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR350.0 Mil. Proposed Term Loan     B+/Stable (Downgraded from
                                                   'BB /Stable')

The downgrade is driven by significant time and cost overruns in
MPPL's ongoing project.  The delay has been caused by lack of
funding, as MPPL is yet to receive sanction for a term loan for
the project. Furthermore, a slump in demand for real estate in the
project vicinity has also stumped cash inflows from booking of
shops.

MPPL's project is now expected to commence in December 2011,
subject to timely sanction of term loan. MPPL's project was
earlier expected to have a soft launch in October 2010 to coincide
with the 2010 Commonwealth Games in New Delhi, and have a full
commercial launch in January 2011. The project cost has escalated
to INR850 million from the earlier estimate of INR740 million. The
rating revision also reflects significant funding risk, attributed
to financial closure of the project pending for more than a year.

The rating reflects MPPL's susceptibility to risks related to
project implementation, intense competition, and cyclicality in
the hotel industry. These rating weaknesses are partially offset
by MPPL's tie-up with the Hotel Inn brand and the financial
support that the company receives from AMR Infrastructures Ltd
(AMR).

Outlook: Stable

CRISIL believes that MPPL's credit risk profile will remain
constrained over the near to medium term, driven by high project
completion risks and liquidity pressures. The outlook may be
revised to 'Positive' in case of timely completion of the project
within revised budget and the company reports higher-than-expected
cash accruals from ramp-up in operations. Conversely, the outlook
may be revised to 'Negative' if MPPL's project faces further time
and cost overruns, or delay in ramp-up of sales and profitability,
thereby adversely affecting the company's liquidity.

About the Company

MPPL was set up by Mr. Mahesh Kumar and Mr. Ravi Goyal in 2004. It
was allocated 7034 square metres of land at Kundli in May 2006
from Haryana State Industrial & Infrastructure Development
Corporation (HSIIDC) for a total consideration of INR281 million,
to be paid over a period of four years (Rs.70 million at the time
of booking, and eight instalments of INR26.3 million thereafter
excluding interest charged at 11%). The company was acquired in
May 2007 from its erstwhile promoters Mr. Bharat Anand and Mr.
Rakesh Ahuja by AMR in order to develop Park Inn, a shopping mall
cum three-star service apartment at Kundli (Haryana). AMR is owned
equally by the Ram Chander Soni family, the Brij Mohan Gupta
family, the Manoj Kumar family, and by Mr. Krishan Kumar.


MUNISH KUMAR: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to the bank
facilities of Munish Kumar Bansal Contractor.

   Facilities                            Ratings
   ----------                            -------
   INR45.0 Million Cash Credit Limit  B/Stable (Assigned)
   INR25.0 Million Bank Guarantee  P4 (Assigned)

The rating reflects MKB's moderate financial risk profile, marked
by high gearing, moderate debt protection metrics and small net
worth, small scale of operations, and geographical concentration
in its revenue profile. These weaknesses are partially offset by
the experience of MKB's promoters in the construction industry and
its comfortable order book, ensuring revenue visibility.

Outlook: Stable

CRISIL believes that MKB will maintain a stable business risk
profile, backed by the industry experience of its promoters and
its healthy order book position. Its financial profile is,
however, expected to be constrained by high gearing and small net
worth. The outlook may be revised to 'Positive' if MKB's scale of
operations and capital structure improves, most likely because of
equity infusion. Conversely, the outlook may be revised to
'Negative' if MKB's financial risk profile deteriorates further,
due to a large, debt-funded capital expenditure programme, or in
case of withdrawals from the firm.

About the Firm

MKB was established in 2001, by Mr. Munish Kumar Bansal and
members of his family. At present, the firm has three partners,
Mr. Munish Bansal, Mr. Gopal Bansal, and Mr. Gaurav Bharti,
sharing profits in the ratio of 40:35:25. The firm constructs
buildings and roads for government undertakings. The construction
activities of the firm are mainly in and around Bhatinda (Punjab).

For 2009-10 (refers to financial year, April 1 to March 31), MKB
reported book profit of INR9.3 million on net sales of INR230
million, as against a book profit of INR8.4 million on net sales
of INR234 million for the previous year.


NITHIN TEXTILES: CRISIL Upgrades Rating on INR318.5MM Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nithin Textiles Pvt Ltd to 'B+/Stable' from 'B/Stable', while
reaffirming its rating on the company's short-term facility at
'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR75 Million Cash Credit          B+/Stable (Upgraded from
                                                 'B/Stable')

   INR318.5 Million Long-Term Loan    B+/Stable (Upgraded from
                                                'B/Stable')

   INR30 Million Bank Guarantee       P4 (Reaffirmed)

The upgrade reflects Nithin's strong operating performance in
2010-11 (refers to financial year, April 1 to March 31), marked by
significant growth in revenues and healthy profitability and cash
accruals, resulting in improvement in its debt protection metrics.
For the nine months ended December 31, 2010, Nithin posted revenue
of INR480 million, up from INR400 million for 2009-10; Nithin's
operating margin remained comfortable at around 18% for the nine
months ended Dec. 31, 2010.  Nithin's healthy business performance
has been driven largely by the favorable movement in cotton yarn
prices.  Consequent to the improvement in its operating margin and
cash accruals, the company's net cash accruals to total debt and
interest coverage ratios improved to 0.21 times and 3.52 times,
respectively, for the nine months ended Dec. 31, 2010, from 0.08
times and 2.38 times, respectively, for 2009-10.

The ratings reflect Nithin's weak financial risk profile, marked
by high gearing, and its exposure to risks related to volatility
in raw material prices and to power shortage. These weaknesses are
partially offset by the benefits that the company derives from its
promoters' experience in the textile business.

Outlook: Stable

CRISIL believes that Nithin will maintain its market position over
the medium term on the back of its promoters' industry experience.
The outlook may be revised to 'Positive' if the company sustains
its revenue growth and margins and improves its capital structure
significantly. Conversely, the outlook may be revised to
'Negative' if Nithin's profitability and volumes decline steeply,
or if it undertakes a large, debt-funded capital expenditure
programme.

                       About Nithin Textiles

Set up in 2006 by Mr. K Jaikumar and his wife, Mrs. J. Vanitha,
Nithin commenced commercial operations in 2008.  The company
undertakes spinning of cotton and viscose yarn at its unit at
Dindigul (Tamil Nadu), which has a capacity of 23,808 spindles.
Nithin posted a profit after tax of INR1.1 million on net sales of
INR396 million for 2009-10, as against a net loss of INR11 million
on net sales of INR210 million for 2008-09.


R G SHAW: CRISIL Rates INR480 Million Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating on the cash credit
facility of R G Shaw & Sons Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR480 Million Cash Credit         BB/Stable (Assigned)

The rating reflects RGSSPL's average financial risk profile,
marked by weak debt protection metrics.  The rating also factors
in the company's exposure to risks related to working-capital-
intensive operations and susceptibility to the regulatory nature
of the Indian spirits industry.  These rating weaknesses are
partially offset by the benefits that RGSSPL derives from the
experience of its promoters and from its established position in
the liquor distribution business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RGSSPL, Johal & Co (Wine sales) Pvt
Ltd, Madhusala Drinks Pvt Ltd, and Madan Wine Stores Pvt Ltd,
collectively referred to as the Johal group, herein.  This is
because these entities are under a common management, and have
strong operational and financial linkages.

Outlook: Stable

CRISIL believes that the Johal group will continue to benefit over
the medium term from its healthy liquor distribution network and
the experience of its promoters in the Indian-manufactured foreign
liquor (IMFL) distribution business.  The outlook may be revised
to 'Positive' if the group scales up its operations, and improves
its profitability sustainably.  Conversely, the outlook may be
revised to 'Negative' if the group's profitability declines
considerably, if there is a deterioration in the group's financial
risk profile on account of any larger-than-expected capital
expenditure (capex) programme, or if it extends support to any
other group company apart from JCPL, MDPL and MWSPL.

                         About R G Shaw & Sons

The Kolkata-based Johal group primarily manufactures and trades in
IMFL, exclusively for United Spirits Ltd and United Breweries Ltd
(UB group) and accounts for almost 45% of the UB Group's sales in
West Bengal. Mr. Joginder Singh Johal and his brothers, Mr. Surjit
Johal and Mr. Devinder Johal, founded the group in Dhanbad
(Jharkhand) in 1971 as a partnership concern, Johal & Co.  In
1979, the firm was reconstituted as a private limited company,
JCPL, and the operations were shifted to Kolkata.  In 2007, MDPL
was acquired to undertake contract manufacturing of IMFL.
Currently, the business is managed by the second generation of the
promoters, Mr. Sarbjit Johal and Mr. Maninder Johal.  The group
took over RGSSPL in 1993; this company is also engaged in the
trading of IMFL. The Johal group's other company, MWSPL, also
trades in IMFL.

The Johal group reported a provisional profit after tax (PAT) of
INR71 million on net sales of INR5282 million for 2009-10 (refers
to financial year, April 1 to March 31) against a PAT of INR48
million on net sales of INR4156 million for 2008-09.


RAIPUR POWER: CRISIL Upgrades Rating on INR250MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Raipur Power and Steel Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR250 Million Term Loan       BB-/Stable (Upgrade from
                                              'B+/Stable')

The rating upgrade is driven by expectation of sustained
improvement in RPSL's financial performance, supported by the
commencement of commercial operations of its third sponge iron
kiln with capacity of 30,000 tonnes per annum (tpa). Furthermore,
its 12-megawatt (MW) power plant is expected to commence
operations shortly, thereby enabling the company to further
improve its profitability through the generation of revenues from
sale of power.

The rating continues to reflect RPSL's small scale of operations
in the intensely competitive sponge iron industry, susceptibility
to volatility in raw material prices, and below-average financial
risk profile marked by high gearing.  These rating weaknesses are
partially offset by RPSL's healthy raw material sourcing
capability, and its promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that RPSL will increase the capacity utilization
of its sponge iron kilns, over the medium term.  This, along with
the revenues generated from sale of power, is expected to improve
the company's cash accruals.  The outlook may be revised to
'Positive' if the company significantly scales up its operations
and generates significant revenues from sale of power, leading to
marked improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if RPSL
reports lower-than-expected cash accruals or if its debt
protection metrics weaken significantly.

RPSL is a closely held company, set up in October 2007 by Mr.
Narsi Dass Garg and Mr. Balraj Garg.  The company manufactures
sponge iron, and has production capacity of 90,000 tpa.  RPSL
commenced commercial operations in June 2009 at Borai Industrial
Growth Centre Village in Durg (Chhattisgarh).


SANDEEP SEEDS: CRISIL Upgrades INR220 Million Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sandeep Seeds and Farms Pvt Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                            Ratings
   ----------                            -------
   INR220.00 Million Cash Credit         BB-/Stable (Upgraded from
   (Enhanced from INR150.00 Million)                'B+/Stable')

The upgrade reflects improvement in the SSF group's financial risk
profile, driven by sharp lowering in its gearing to around 2 times
as on March 31, 2011, from 5.38 times as on March 31, 2009.  The
improvement in capital structure has been driven by equity
infusion of INR89 million and accretion to net worth of INR38
million over the aforementioned period.  The upgrade also factors
in improvement in the group's business risk profile, with an
increase in SSF's operating capacity to about 40 tonnes per hour
(tph) from 16 tph, and increase in its scale of operations.

The rating reflects the SSF group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
large working capital requirements, susceptibility to volatility
in raw material prices and seasonality in the seeds industry, and
the constraints it faces because of its tender-driven business.
These rating weaknesses are partially offset by the group's
healthy market position in the seeds industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSF, Ajay Seed Processing Plant,
Sandeep Seed Processing Plant, and Santosh Seed Processing Plant,
collectively referred to as the SSF group. This is because all the
entities are owned and managed by the same promoter and in the
same line of business. Furthermore, SSF has extended corporate
guarantee to the debt facilities of the other three entities.

Outlook: Stable

CRISIL believes that the SSF group will continue to benefit over
the medium term from its established relationships with farmers
for sourcing seeds and healthy association with government nodal
agencies for the offtake of its processed seeds. The outlook may
be revised to 'Positive' if the group sustains the improvement in
its capital structure and working capital management, thereby
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if the group's financial risk profile
weakens, most likely because of a sharp decline in its revenues
and profitability, or larger-than-expected debt-funded capital
expenditure.

                           About the Group

The SSF group processes and sells self-pollinated seeds such as
paddy, Bengal gram, ground nuts, and soya bean.  SSF, before being
reconstituted as a private limited company in April 2009, was a
proprietary concern, Sandeep Seeds and Farms, promoted by Mr. S
Venkat Rao. Mr. Rao has experience of 15 years in similar lines of
business.  Seed production through the self-pollination process is
organised through tie-ups with individual farmers and organizers
in different districts of Andhra Pradesh.  The processed seeds are
supplied to government nodal agencies, including Andhra Pradesh
State Co-Operative Marketing Federation Ltd, Andhra Pradesh State
Seeds Development Corporation Ltd, National Agricultural Co-
Operative Marketing Federation of India Ltd, The Hyderabad
Agricultural Co-Operative Association Ltd, A.P. Cooperative
Oilseeds Growers' Federation Ltd, and Karnataka State Seeds
Corporation Ltd, under the tender-based system.  SSF has eight
seed processing plants, with a combined installed capacity of
about 16 tonnes per hour (tph).

Furthermore, the promoters have promoted Ajay Seed Processing
Plant, Sandeep Seed Processing Plant, and Santosh Seed Processing
Plant, which are in the same line of business as SSF.  Each entity
has its seed processing-cum-warehousing facility in Nandyal
(Andhra Pradesh), with an installed capacity of around 8 tph.  The
total seed processing capacity of the group is around 40 tph
(approximately 850,000 quintals per annum).

The SSF group reported a profit after tax (PAT) of INR22 million
on net sales of INR917 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR4 million on net
sales of INR622 million for 2008-09. The SSF group's estimated
revenues for 2010-11 are about INR1.1 billion.


SARVAHITHA EDUCATIONAL: CRISIL Puts 'D' Rating on INR81.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank loan facilities of
Sarvahitha Educational Society.  The rating reflects instances of
delay by SES in servicing its debt; the delays have been caused by
the society's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR81.50 Million Long-Term Loan       D (Assigned)
   INR25.00 Million Overdraft Facility   D (Assigned)
   INR23.50 Million Proposed Long-Term   D (Assigned)
                    Bank Loan Facility

SES is also susceptible to adverse regulatory changes, and intense
competition in the educational sector.  These rating weaknesses
are partially offset by its diversified revenue profile, and
promoters' extensive experience in the education sector.

Set up in 1995, SES is managed by its promoter-director
Mr. Madhukar Reddy, who took over the society in 2002.  The
society runs 35 institutes, including those offering the MBA, MCA,
and BE qualifications, a junior college for commerce and science
streams, and schools with classes from nursery to Class 10. The
institutes are approved by the All India Council for Technical
Education, New Delhi, and affiliated to the Jawaharlal Nehru
Technological University, Hyderabad, and approved by the
Government of Andhra Pradesh (GoAP).  The society has a total
24,683 students.

SES reported a surplus (excess of income over expenditure) of
INR35 million on net revenues of INR240 million for 2009-10, as
against a surplus of INR17 million on net revenues of INR166
million for 2008-09.


SPECTRUM ETHERS: CRISIL Reaffirms 'BB' Rating on INR35.4MM LT Loan
------------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' on the bank
facilities of Spectrum Ethers Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR35.4 Million Long-Term Loan      BB/Stable (Reaffirmed)
   INR71.2 Million Cash Credit         BB/Stable (Reaffirmed)
   INR35.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee       P4+ (Reaffirmed)

The ratings reflect the expected weakening of SEL's financial risk
profile due to large debt-funded capital expenditure (capex), and
the company's exposure to risks relating to its small scale of
operations.  These weaknesses are partially offset by the benefits
that SEL derives from its established customer base.

Outlook: Stable

CRISIL believes that SEL will continue to derive benefit from its
established customer relationships and vast experience of its
promoters in the pesticide industry. The outlook may be revised to
'Positive' if there is an improvement in company's working capital
management, while sustaining the improvement in operating margins.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in company's operating margins or if there is a
deterioration in the company's financial risk profile undertakes
large debt funded capex.

Update

The revenues of the company are estimated to grow by 40% in
2010-11 to INR690 million on the back of increased demand from
formulators as a result of better than expected monsoon in the
western and central regions.  The company is also expected to
maintain its revenue growth trajectory over the medium term on the
back of commissioning of a new fungicide line in January 2011. The
operating margins of the company are estimated to be marginally
higher at around 10.6% in 2010-11 as compared to 8.9% in 2009-10
on the back of lower raw material prices.  The operations of the
company continue to remain working capital intensive in nature as
is also reflected by the high utilization of its bank facilities
and gross current asset (GCA) days estimated to be in excess of
200 days.  The high incremental working capital requirement and
seasonal nature of sales continues to constrain the liquidity of
the company.

SEL reported a net loss of INR8.6 million on net sales of
INR451 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR4.1 million on net sales of
INR473 million for 2008-09.

                        About Spectrum Ethers

Incorporated in 1993 by Mr. Milind Kolhe, SEL manufactures
formulated and technical-grade organo-phosphorous pesticides such
as phorate, ethion, and profenofos.  The company's plant in Nashik
(Maharashtra) has the capacity to manufacture 9600 tonnes per
annum (tpa) of formulations and 2500 tpa of technical-grade
pesticides.


SRI RAJESHWARA: CRISIL Assigns 'D' Rating to INR65.3MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Sri
Rajeshwara Educational Society.  The ratings reflect instances of
delay by SRES in servicing its debt; the delays have been caused
by the society's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR65.30 Million Long-Term Loan       D (Assigned)
   INR30.00 Million Overdraft Facility   D (Assigned)
   INR6.20 Million Proposed Long-Term    D (Assigned)
                   Bank Loan Facility

SRES is also susceptible to adverse regulatory changes in the
education sector and changing educational preferences of students.
These weaknesses are partially offset by SRES's diversified
revenue profile, and its promoters' extensive industry experience.

Set up in 1991, SRES is managed by its promoter-director Mr.
Madhukar Reddy.  The society runs seven institutions offering
junior college education, and courses in engineering, information
technology, and pharmacy.  The institutes are approved by All
India Council for Technical Education, New Delhi, affiliated to
Kakatiya University, Warangal (Andhra Pradesh), and approved by
the Government of Andhra Pradesh.  The society has 7,116 students.

SRES reported a surplus (excess of income over expenditure) of
INR5 million on net revenues of INR133 million for 2009-10, as
against a surplus of INR10 million on net revenues of INR123
million for 2008-09.


TATA MOTORS: Fitch Assigns 'BB' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned UK-based Jaguar Land Rover PLC and its
India-based parent Tata Motors Ltd Long-term Foreign Currency
Issuer Default Ratings (IDR) of 'BB-' and 'BB', respectively.  The
Outlook on both IDRs is Stable.

Simultaneously, the agency has also assigned JLR's proposed
GBP1 billion senior unsecured notes an expected rating of 'BB-
(exp)'.  The final issue rating is contingent on the receipt of
final documents confirming to information already received.

Using the top-down approach under its "Parent and Subsidiary
Rating Linkage Criteria", Fitch has notched JLR's rating to a
level down from TML's, reflecting the strong linkages between the
two manufacturers. The agency believes that JLR remains strategic
to TML, as reflected in its share of EBITDA contribution and the
direct/indirect support provided by TML since the acquisition in
FY09.

The rating of TML reflects its dominant position in the Indian
automobile market and the sharp improvement in margins and
leverage over the financial year ended March 31, 2010 and three
quarters of FY11.  The improvement was driven primarily by the
turnaround of its operations at JLR, which contributes the bulk of
TML's consolidated revenues and net profits (58% and 81%
respectively, for the period April-December 2010).  Consequently,
EBITDA margins recovered sharply to 14.8% for the nine months
ended Dec. 31, 2010, from 9.3% in FY10 (FY09: 3.9%).  Financial
leverage (net adjusted debt/EBITDAR) also improved to 3.3x for
FY10 from 14.8x for FY09, and Fitch base case forecast sees this
to be sustained below 2.0x for the next three years.

TML's rating is further underpinned by a favourable outlook on the
Indian auto industry and Fitch's expectation that premium car
manufacturers in Europe will outperform volume segment players
over the next two years.  It also factors in JLR's strong brand in
both developed and emerging markets, its strong design teams, its
readiness for meeting tightening emission regulations, and product
development capabilities.  However, the rating also takes into
account JLR's smaller size and scale of operations relative to
Fitch-rated peers and its limited product diversification. Fitch
notes that product synergies between TML and JLR remain limited;
however cost benefits on account of its various initiatives and
announced plans to set up manufacturing in China and knock down
assembly in India to cater to JLR's requirements will help TML
offset input cost increases to an extent, supporting EBITDA
margins at over 10% over the medium term.

The rating of TML also benefits from a one notch uplift on account
of potential support from the Tata group. Fitch has assessed the
ability of the Tata group to provide support to TML and draws
comfort from the strategic importance of TML to the group. Any
weakening of linkages between the group and TML and/or the group's
inability to provide support would act as a negative rating
guideline.

Similarly for JLR, any weakening of linkages between TML and JLR
and/or inability of TML to provide support would be a negative
rating guideline.

Other negative rating guidelines for TML would include an economic
downturn in JLR's key markets (UK, Europe and USA), significantly
lower volumes from key models and impediments to its product
development plans.  Consolidated financial leverage (excluding
TML's financial subsidiary Tata Motor Finance Limited) exceeding
2.0x on a sustained basis would also act as a negative rating
guideline for the unsupported rating of TML.  On the other hand,
positive rating action could result from JLR establishing
significant market share in the smaller luxury cars and SUVs
segment, and higher-than-expected growth in traditional markets on
a sustained basis while maintaining its low leverage.  Substantial
improvement in JLR's geographic and product diversification,
together with successful product development plans would also be
positive rating guidelines.

Established in 1945, TML is India's largest automobile company,
with a leadership position in commercial vehicles, and is a top
three player in the passenger cars segment. The company is the
world's third largest bus manufacturer and fourth largest truck
manufacturer.


VASAVI POWER: CRISIL Cuts Rating on INR54.2MM Bank Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vasavi
Power Services Pvt. Ltd to 'BB+/Negative/P4+' from 'BBB-
/Stable/P3'.

   Facilities                            Ratings
   ----------                            -------
   INR54.2 Million Overdraft Facility    BB+/Negative (Downgraded
   (Enhanced from INR48.0 Million)            from 'BBB-/Stable')

   INR220 Million Bank Guarantee         P4+ (Downgraded from
                                              'P3')

The downgrade reflects CRISIL's concerns arising from weakening of
liquidity profile due to stretched receivables from projects in
Saudi Arabia & Sudan.  Medium term revenue visibility has also
been affected due to slower than expected pace of execution
regards Sudan project which forms major part of Vasavi's current
order book.

The ratings continue to reflect risks relating to customer
concentration in Vasavi's revenue profile, risks associated with
project execution and its exposure to risks related to tender-
based nature of business.  These weaknesses are partially offset
by Vasavi's established track record in undertaking projects
related to power sector.

Outlook: Negative

CRISIL believes that Vasavi's credit profile is likely to be
constrained on account of elongation of working capital cycle
leading to stretched liquidity coupled with the fact that BHEL-
Sudan project which constitutes a major portion of its order book
is facing execution challenges.  The rating may be downgraded in
case of a further deterioration in the working capital cycle or a
significant decline in revenues.  Conversely, the outlook may be
revised to 'Stable' if there's significant improvement in
liquidity position while exhibiting an improvement in the
operating performance.

                          About Vasavi Power

Vasavi is in the business of erection, commissioning, testing and
overhauling of power equipments.  Vasavi was established as a
proprietorship firm called Vasavi Engineering Works in 1980.  In
1982, it was reconstituted as a partnership firm.  Subsequently,
in 2001, it was reconstituted as a private limited company under
its present name.  Vasavi is an ISO 9001:2000-certified company.
Mr. Nallapu Ramaiah is Chairman and Managing Director.  The
company has its registered office at Vijayawada.

Vasavi reported a profit after tax (PAT) of INR42.5 million on net
sales of INR997 million for 2000-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR35.6 million on net
sales of INR717 million for 2008-09.


VRAJ PACKAGING: Fitch Affirms 'BB+(ind)' National LT Rating
-----------------------------------------------------------
Fitch Ratings has affirmed India's Vraj Packaging Private
Limited's National Long-Term rating at 'BB+(ind)'.  The Outlook is
Stable.  The agency has also affirmed the ratings on Vraj's bank
facilities:

   -- INR101.9m long-term loans: 'BB+(ind)';

   -- INR118.5m fund-based limits (enhanced from INR88.7m):
      'BB+(ind)'/'F4(ind)'; and

   -- INR2.4m non-fund based limits: 'BB+(ind)'/'F4(ind)'.

Vraj's ratings continue to reflect the longstanding experience of
its promoters in domestic cement packaging industry and its strong
established relationship with its large clients such as Ultra Tech
and Orient Cement.  The ratings continue to draw comfort from the
three-decade-long track record of the Vraj group, which deals in
cement distribution and logistics services for cement, raw
materials and cement mixers in India.  In FY10, the group reported
revenues of INR4,140.4 million, EBIDTA margins of 12% and net
debt/EBIDTA of 1.7x. Fitch also notes the significant increase in
the company's FY11 revenues to INR618 million (provisional), up
22% yoy, due to capacity augmentation during the year.

The ratings remain constrained by Vraj's relatively small size of
operations and its high dependence on the cement industry, where
its low bargaining power with clients translated into EBITDA
margins of below 6% till FY10.  As raw material (mainly high
density polypropylene) costs account for around 70% of cost of
goods sold, the company's margins are exposed to volatility in
input prices. Vraj reported high working capital requirements in
FY10 due to higher debtor levels (debtors days, FY10: 44days;
FY09: 39days), which resulted in negative cash flow from
operations in FY10.  The ratings are also constrained by the
weakening of its credit metrics in FY11 (provisional net
debt/EBIDTA: 5.8x) due to the debt-funded capex.

Vraj has successfully completed its INR107.5 million capex (funded
through debt of INR80 million and sponsors' contribution of
INR27.5 million), for increasing its production capacity to
4,800MT/annum from 2800MT/annum at its facility in Daman.  Owing
to the higher efficiency of the new machinery installed and cost
savings from increased in-house production, Fitch expects the
company to report improved operating margins over the near-to-long
term.  Consequently, the agency expects the company's net
debt/EBIDTA to improve to below 4.0x in FY12, the failure of which
may result in negative pressure on its ratings.

Further, Fitch expects Vraj to benefit by way of a capital subsidy
of 10% and an interest subsidy of 5% under the Technology
Upgradation Fund Scheme for the capex programme being undertaken.

Negative rating guidelines include a significant decline in Vraj's
revenues, a drop in its EBITDA margins to below 5%, its net
debt/EBITDA increasing to beyond 4.0x and its interest cover of
below 1.8x on a sustained basis.

Incorporated in 1997, Vraj manufactures high density
polypropylene/polyethylene and paper sandwich woven sacks at its
manufacturing plant in Daman.  In FY10, its revenues remained flat
at INR506 million, a marginal increase of 0.8% yoy, with EBITDA of
INR30 million (FY09: INR29 million) and net debt/EBITDA of 3.9x
(FY09: 3.6x).


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


PERTAMINA (PERSERO): Fitch Rates Proposed Senior Notes 'BB+(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesian national oil company PT
Pertamina Persero's proposed USD senior unsecured notes (notes) an
expected rating of 'BB+(EXP)'.  The final rating of the notes is
contingent upon the receipt of final documents conforming to
information already received.

This follows Fitch's assignment of a 'BB+' Long-Term Foreign-
Currency Issuer Default Rating with a Positive Outlook to
Pertamina.


PERTAMINA (PERSERO): Moody's Assigns First-Time 'Ba1' Rating
------------------------------------------------------------
Moody's Investors Service has assigned a 'Ba1' corporate family
rating to PT Pertamina (Persero).  Moody's has also assigned a
provisional (P)Ba1 rating to the USD bonds to be issued by
Pertamina.  The outlook on both ratings is stable.

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

Moody's will remove the bond rating's provisional status when the
issuance is completed and after reviewing the final documentation.

The Ba1 ratings combine (1) Pertamina's fundamental credit quality
as expressed in a baseline credit assessment of 11, which is
equivalent to a Ba1 rating on Moody's global scale; and (2) its
strong support from and dependence on the Indonesian government
under Moody's joint default analysis (JDA) approach for
government-related issuers.

Pertamina is wholly owned by the Indonesian government
(Ba1/stable).

"The BCA on Pertamina reflects the company's strategically
important position as Indonesia's national integrated oil & gas
company,- contributing significant upstream production and
accounting for all the current refining capacities in the country.
It operates at a low-cost and moderate leverage," says Renee Lam,
a Moody's Vice President/Senior Analyst.

"These strengths are balanced by the company's exposure to
moderate regulatory risks associated with a transitioning
framework, and execution risks associated with increasing
investments in upstream exploration and production, refineries,
and potentially acquisitions," adds Lam, who is also lead analyst
for Pertamina.

"We view the credit profiles of Pertamina and the Indonesian
government as closely linked to each other, given Pertamina's
strategic roles in oil & gas exploration and product distribution
for the country, and the government's tight supervision over
Pertamina's strategies and budgets," says Lam.

Despite the liberalization in 2008 of the mandate for distribution
of certain subsidized fuels, Pertamina remains the key distributor
of these products, as it is the only company that has the required
mandatory infrastructure.  To perform the task of distributing
subsidized fuels, Pertamina receives compensation from the
government, which in turn forms part of the government's annual
budget.

Pertamina's financial profile has been conservative historically,
but its debt leverage has been rising over the last three years.
Adjusted debt to capital increased to 39.7% in 2010 from 31.7% a
year ago.  Because of Pertamina's ambitious investment plans,
Moody's expects the company's leverage to continue its up-trend.

Moody's overlays an element of sovereign support to the underlying
credit assessment.  This is based on an estimate of the likelihood
of the Indonesian Government stepping in with assistance
sufficient to prevent a default, in the event of an impending
failure in the company.

The Indonesian government's ability to provide such support is
measured by its own Ba1 sovereign rating. Moody's believes there
is a "very high" dependence between the two entities, reflecting a
strong correlation between their credit profiles. Moody's assigns
a high score on the government's willingness to support given the
ongoing subsidy and Pertamina's strategic, important role in the
country's oil & gas sector.

As Pertamina's BCA is Ba1, which is equivalent to and already
linked to that of the government, Moody's view of the additional,
exceptional, and high level of government support will not result
in any further rating uplift.

The outlook on the rating is stable reflecting the stable outlook
of the sovereign rating of Indonesia.  At the same time, Moody's
expects Pertamina's operating and financial metrics to remain
solid for the rating in spite of its ambitious capex plans.

Given the close link between Pertamina's rating and the sovereign
rating, an upgrade in the latter would likely trigger an upgrade
in the company.

Conversely, Pertamina would experience downward ratings pressure,
if there were a downgrade in Indonesia's sovereign rating.

The principal methodology used in rating PT Pertamina (Persero)
was the Global Integrated Oil & Gas Industry Methodology,
published November 2009.

PT Pertamina (Persero) is a 100% Indonesian government-owned,
fully-integrated oil and gas corporation, with operations in
upstream oil, gas and geothermal exploration and production,
downstream oil refining, marketing, distribution, transportation
and trading of petroleum products.


PERTAMINA (PERSERO): S&P Rates Senior Unsecured Notes at 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to the proposed senior unsecured notes by PT Pertamina (Persero).

"The issue rating reflects the 'BB+' long-term corporate credit
rating on Pertamina.  The rating on the proposed notes is subject
to our review of the final issuance documentation, and
confirmation of the amount and terms of the notes. Pertamina
expects to use the proceeds from the proposed notes for general
corporate purposes and to fund its capital expenditures," S&P
related.


PERTAMINA (PERSERO): S&P Assigns 'BB+' Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating on PT Pertamina (Persero), an Indonesian
oil and gas company. The outlook on the rating is positive.

The rating on Pertamina reflects the company's critical role and
integral link with the Indonesian government (foreign currency
BB+/Positive/B; local currency BB+/Positive/B; ASEAN scale
axBBB+/axA-2).

Pertamina is the highest revenue generator among Indonesia's
state-owned enterprises and plays key strategic roles in the
country's upstream and downstream energy sectors. "In accordance
with our criteria for rating government-related entities (GREs),
we believe there is an 'almost certain' likelihood that the
Indonesian government would provide timely and sufficient
extraordinary support to Pertamina in the event of financial
distress," S&P stated.

The 'bb+' stand-alone credit profile of Pertamina incorporates
substantial government influence. From a credit perspective,
government influence is a mixed blessing.

"Pertamina benefits from more generous production sharing
contracts and has preferential access to newly released
exploration blocks and expiring cooperation contracts," said
Standard & Poor's credit analyst Andrew Wong. "However,
Pertamina's Public Service Obligation (PSO) to distribute fuel to
the domestic market at government-designated and below-market
prices tempers this benefit. This obligation results in Pertamina
having weaker margins than its integrated oil and gas peers."

Pertamina is also exposed to weak government-related entities,
which have given a lower priority to their payables to Pertamina
in the past and converted their payables into long-term loans.
This may strain Pertamina's working capital, particularly in a
high oil price environment, and ultimately create a need for
funding.

"We note, however, that in a high oil price scenario, the company
would also be generating stronger cash flows from its upstream
business to mitigate potential funding gaps from the downstream
business," Mr. Wong added.

The rating outlook for Pertamina is consistent with that on the
sovereign ratings.  Pertamina remains highly sensitive to
sovereign support and action through government policies and
regulations.  "We expect the company to remain as the government's
primary vehicle for distributing subsidized fuel throughout the
country, given its integrated operations, dominance in Indonesia's
upstream and downstream oil and gas segments, and the strong
demand prospects for energy in Indonesia.   We believe Pertamina
will continue to be exposed to government-related entities," S&P
stated.

"Given Pertamina's integral link with the government and the
company's critical role, we may raise the rating on Pertamina if
the sovereign rating is raised," S&P noted Conversely, S&P may
lower the rating if any of the following occurs:

    * Indonesia's sovereign rating is lowered;

    * The nature of the relationship with the government changes
      materially; and

    * There is a significant deterioration in Pertamina's credit
      profile by more than one notch. This may also hurt our
      opinion of the likelihood of government support.


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


TOKYO ELECTRIC: To Sell More Than JPY500 Billion of Assets
----------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. will sell more
than JPY500 billion worth of assets to raise funds for
compensation related to the crisis at the Fukushima Daiichi
nuclear plant, sources familiar with the matter said Tuesday.

Kyodo relates that the utility will sell off some of its financial
assets like KDDI Corp shares, real estate and group companies,
including those overseas not related to its core operations.

According to the report, the company, known as TEPCO, is also
considering freezing dividend payments on its common shares for
five to 10 years to make more profits available for the
compensation estimated at several trillion yen.

Separately, Kyodo News says, TEPCO will slash more than JPY350
billion in expenditures through restructuring measures such as pay
cuts and trimming promotional spending over the next two years.

Kyodo News reports that TEPCO President Masataka Shimizu asked the
government earlier Tuesday to help the utility in compensating
victims of the nuclear disaster, while the government, which is
holding final discussions on the compensation scheme to be
revealed as early as today, May 12, requested that the utility
streamline management operations among other conditions for its
support.

                             About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility known as Tepco is battling
radiation leaks at the Fukushima Dai-Ichi power plant north of
Tokyo after a March 11 earthquake and tsunami knocked out its
cooling systems, causing the biggest atomic accident in 25 years.
More than 50,000 households were forced to evacuate and Bank of
America Corp.'s Merrill Lynch estimates Tepco may face
compensation claims of as much as JPY11 trillion ($135 billion).

The company has JPY5 trillion in debt, making it the fourth-
biggest borrower among members of the Nikkei 225 stock average,
according to data compiled by Bloomberg.


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


CIMB BANK BERHAD: Fitch Affirms Individual Rating at 'B/C'
----------------------------------------------------------
Fitch Ratings has affirmed CIMB Bank Berhad's and CIMB Investment
Bank Berhad's Long-Term Foreign-Currency Issuer Default Ratings
(IDRs) at 'BBB+'.  The Outlook has been revised to Stable from
Positive.

The IDRs of CIMB Bank and CIMB Investment reflect their franchise
strength, risk exposures, improving funding profile, satisfactory
capitalisation and management's track record of earnings
generation and execution ability. The revised Outlook reflects
CIMB Group Holdings Berhad's (CIMB Group, the parent of CIMB Bank)
expansion outside Malaysia into more rapidly growing but also
potentially riskier markets in South-East Asia, like Indonesia and
Thailand. In Fitch's view, such expansion is currently consuming
capital and may realise greater growth opportunities and
diversification benefits only over the medium term. Moreover, a
market such as Indonesia, which is less developed than Malaysia,
is likely to have a bearing on CIMB Group's performance and risk
profile. Together with the uncertain global economic environment,
prospects for a rating upgrade for CIMB Bank over the next one to
two years have declined.

The Outlook on CIMB Investment has also been revised as Fitch
expects the bank's risk profile and ratings to continue to move in
line with CIMB Bank's given the high level of operational
integration, even though both banks operate as separate legal
entities due to regulatory reasons. CIMB Investment is a key
operating division within the larger CIMB Group, a universal bank,
and focuses on the investment banking and stockbroking businesses.

Fitch expects CIMB Group's profitability track record and stable
economic prospects in South-East Asia to help underpin its
performance and risk profile, although uncertainties in other
major economies remain a threat. CIMB Group's profitability has
been higher than other Malaysian banks', with an average return on
asset of 1.4% over 2007-2010 (versus an average of 1.1% among
domestic peers). Fitch further notes management's ability in
preserving the financial profiles of CIMB Bank and CIMB Group
through difficult operating conditions, such as those during the
2008/2009 downturn.

CIMB Bank's core Tier 1 capital adequacy ratio (CAR, excluding
hybrids and preferences shares) was 9.7% at end-2010. Fitch
considers this satisfactory relative to other major domestic peers
although it is lower than many large banks in the region. Fitch
expects CIMB Bank - being the main operating entity within CIMB
Group - to be the main provider of capital to other core
subsidiaries, as demonstrated in the rights issues by CIMB Thai
Bank Public Company Limited (CIMB Thai) in 2010 and PT Bank CIMB
Niaga (CIMB Niaga) in January 2011. Post-equity injections, the
core Tier 1 CAR of CIMB Thai and CIMB Niaga was 11% and 9%,
respectively.

The strong domestic deposit franchise of CIMB Bank supports its
funding and liquidity profile. The bank has steadily expanded
retail deposits in Malaysia over the past three to four years,
narrowing the gap with that of large domestic peers. More deposit-
gathering efforts in Indonesia and Thailand would help improve its
moderate deposit franchise relative to major domestic banks in
those countries and support lending activity. CIMB Group's
expansion strategy would progressively improve its regional
franchise and business diversity, although such benefits are
likely to be more meaningful only over the medium term.

The rating actions are:

CIMB Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB+', Outlook
      Revised to Stable from Positive

   -- Short-Term Foreign-Currency IDR affirmed at 'F2'

   -- Individual Rating affirmed at 'B/C'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB'

   -- Long-term deposit rating affirmed at 'A-'

CIMB Investment Bank

   -- Long-term Foreign-Currency IDR affirmed at 'BBB+', Outlook
      Revised to Stable from Positive

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB'

   -- Long-term deposit rating affirmed at 'A-'


EON BANK: Fitch Maintains 'C/D' Individual Rating on RWP
--------------------------------------------------------
Fitch Ratings is maintaining Malaysia-based EON Bank's ratings,
including its 'BBB-' Long-Term Foreign-Currency Issuer Default
Rating (IDR) and its 'C/D' Individual Rating, on Rating Watch
Positive.

EON Bank's ratings have been maintained on Positive Watch and the
resolution of the bank's ratings will depend on the completion of
the legal merger between Hong Leong Bank Berhad (Hong Leong;
'BBB+'/Stable) and EON Bank; Hong Leong has today announced that
its takeover offer for all the assets and liabilities of EON
Capital (the investment holding company of EON Bank) has been
completed.  While the legal merger is pending, Fitch also notes
there could be uncertainty over the reported appeal by Primus
Pacific (a private equity fund and EON Capital's largest
shareholder) following the High Court's decision on April 28, 2011
to dismiss its legal suit against certain other shareholders and
directors of EON Capital.

The ratings were placed on Positive Watch in July 2010 to reflect
the positive impact on EON Bank's risk profile from the proposed
takeover by Hong Leong, which in Fitch's view has a more sound
credit standing than EON Bank. EON Bank's Support Rating and
Support Rating Floor are also on Positive Watch due to the
expected increase in its systemic importance from the proposed
deal.

The merged entity is likely to be the fourth-largest local bank,
with a 9% share in banking system assets and deposits.

These ratings of EON Bank have been maintained on Rating Watch
Positive:

   -- Long-Term Foreign Currency IDR of 'BBB-'

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

   -- Individual Rating of 'C/D'

   -- Support Rating of '3'

   -- Support Rating Floor of 'BB'

   -- Long-term deposit rating of 'BBB'


HONG LEONG: Fitch Maintains Support Rating Floor on RWP
-------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based Hong Leong Bank Berhad's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB+'
with Stable Outlook.  In addition, the agency is maintaining HLB's
'3' Support Rating and 'BB+' Support Rating Floor on Rating Watch
Positive (RWP).

The rating actions consider the completion of HLB's MYR5.06bn
acquisition of the assets and liabilities of EON Capital, the
holding company of EON Bank ('BBB-'/RWP).  The Support Rating and
Support Rating Floor remain on Positive Watch and the resolution
of these ratings will be contingent on the completion of the legal
merger of the two banks. In addition, there could be uncertainty
over the legal proceedings brought by Primus Pacific (a private
equity and a shareholder of EON Capital) against certain
shareholders and directors of EON Capital. While the High Court
has dismissed Primus Pacific's law suit based on its ruling on
April 28, 2011, Primus Pacific has reportedly filed for an appeal.

The Rating Watch Positive reflects the expected increase in HLB's
systemic importance from the acquisition, which will make it the
fourth-largest local bank (currently the sixth-largest) by asset
size, and also increase its branch network. Fitch estimates the
merged entity's market share of loans and deposits will
respectively rise to 9% and 10%, from 5% and 6% at end-December
2010.

HLB's IDRs and other ratings have been affirmed as Fitch expects
the bank's financial fundamentals to remain satisfactory,
factoring in capital restoration plans that have been put in place
for the proposed takeover. The agency believes that HLB will
reassess its financing plans to take into account balance-sheet
developments of both HLB and EON Bank.  The Stable Outlook
reflects Fitch's view that the bank's credit standing will remain
reasonably robust post-acquisition with a more diversified
business profile, and that potential integration issues are likely
to be mitigated by HLB's conservative management.

The 'BBB+' rating of the senior notes is the same as HLB's Long-
term IDR as the notes constitute the bank's direct, unconditional
and unsecured obligations and, hence rank equally with its
unsecured and unsubordinated obligations.

HLB's ratings are:

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB+' with
      Stable Outlook;

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

   -- Individual Rating affirmed at 'C';

   -- Support Rating of '3' remains on RWP;

   -- Support Floor of 'BB+' remains on RWP;

   -- Long-term deposits affirmed at 'A-'; and

   -- Rating on senior debt affirmed at 'BBB+'.


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


AORANGI SECURITIES: Hubbards File Judicial Review Proceedings
-------------------------------------------------------------
Timaru financier Allan Hubbard and his wife Jean Hubbard on
May 11, 2011, filed judicial review proceedings at the Timaru High
Court challenging the decision to place them into statutory
management and seeking orders that they be removed from statutory
management.

On June 20, 2010, Aorangi Securities Limited and seven charitable
trusts were placed into statutory management, and Allan and Jean
Hubbard were also placed into statutory management as "associated
persons" of those entities.  The judicial review proceedings seek
to remove Mr. and Mrs. Hubbard from being personally subjected to
statutory management.

The grounds of judicial review include:

   (a) the relevant legislation cannot be applied to human
       beings, as opposed to corporate entities or trusts;

   (b) the process followed by the Crown in imposing statutory
       management was flawed; and

   (c) the information used to justify the imposition of statutory
       management was unsound and inadequate.

Since they were placed into statutory management, Mr. and Mrs.
Hubbard have sought to cooperate with the Statutory Managers and
the government to respond to their concerns and to have Mr. and
Mrs. Hubbard removed from statutory management.  They regret that
these discussions have not been productive and feel that, after
almost 11 months of being subjected to statutory management, they
are left with few options other than filing judicial review
proceedings.

Mr. and Mrs. Hubbard remain hopeful that a negotiated outcome can
be reached and will continue to cooperate with the government and
the Statutory Managers to have them removed from statutory
management.

Mr. and Mrs. Hubbard will not be making any further comment.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


HANOVER FINANCE: Former Boss Assets to Remain Frozen, Judge Rules
-----------------------------------------------------------------
BusinessDay.co.nz reports that former Hanover Finance boss
Mark Hotchin has failed to overturn a court order freezing his New
Zealand assets.

The order, according to BusinessDay.co.nz, was obtained in
December by the Securities Commission, now the Financial Markets
Authority, to ensure assets were available to meet potential civil
claims by investors in Hanover Finance, Hanover Capital and United
Finance.

BusinessDay.co.nz says Justice Helen Winkelmann, after hearing
Mr. Hotchin's appeal against the order in February, released her
decision to the parties and their lawyers last Friday but
suppressed its public release until on Tuesday, May 11.

Justice Winkelmann said there was good grounds for the Securities
Commission investigation and ruled that Mr. Hotchin's assets
should remain frozen, Radio New Zealand says.

According to BusinessDay.co.nz, the freezing order reportedly
covers properties with an estimated gross value of NZ$44 million,
a Mercedes, a Porsche, a NZ$1.6 million debt owed to Mr. Hotchin
by a related company and NZ$30,000 in a New Zealand bank account.

Parts of the appeal judgment relating to the FMA's investigation
of Mr. Hotchin and Hanover remain suppressed, BusinessDay.co.nz
notes.

BusinessDay.co.nz relates that some aspects of the asset freeze
were eased, however, releasing assets allowing Mr. Hotchin to pay
a tax bill reportedly of NZ$5 million due in March.

In a media statement, BusinessDay.co.nz notes, Mr. Hotchin said he
welcomed the court's decision on the tax bill and also its move to
unfreeze his personal and household effects.

The court also demanded the FMA file a report on the progress of
its investigation by May 20, BusinessDay.co.nz reports.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


NZF MONEY: S&P Cuts Long-term Issuer Credit Rating to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on New Zealand finance company NZF Money Ltd. to
'CCC-' from 'CCC'.  The short-term rating is affirmed at 'C'.  The
ratings remain on CreditWatch with negative implications, where
they were placed on March 3, 2011.

"NZF's liquidity position remains delicately placed in our view,
with the company's cash levels expected to be volatile and drop to
very low levels through calendar 2011, absent a further cash
injection into the business," Standard & Poor's credit analyst
Nico De Lange said.  "Of greatest concern is that failure to
progress the repayment of past-due loans could result in NZF
running short of cash in calendar 2011, particularly if debenture-
reinvestment experience is weak."

NZF's on-balance sheet cash position has improved recently as a
result of some successful loan repayments (net of a secured loan
repaid to one of its directors) and a cash injection from NZF
Group Ltd. (Not rated).  However, anticipated loan repayments
continue to be delayed and scheduled debenture maturities through
calendar 2011 remain material when assessed against projected cash
levels, in S&P's view.

Standard & Poor's expects to resolve its CreditWatch in the next
few months after assessing NZF's liquidity, funding, and business
profiles, particularly its progress in exiting past-due loans and
its debenture reinvestment experience.  Rating stability will also
factor in an assessment of NZF's efforts to re-establish its
business viability. A CreditWatch negative listing by Standard &
Poor's implies a one-in-two likelihood that the rating may be
lowered within the next three months.


PIKE RIVER: Receivers Get Multiple Bidders for Pike River Assets
----------------------------------------------------------------
BusinessDesk reports that receivers for Pike River Coal's mine
assets said they have received expressions of interest from "a
number of parties", as at last Thursday's deadline.

"I'm not disclosing numbers now that we are into the sales
process," BusinessDesk quotes John Fisk of PricewaterhouseCoopers
as saying.  "We're pleased with the level of interest," Mr. Fisk
said.

                           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.


* 30 Rotorua Firms Closed in 2010; More Expected to Follow Suit
---------------------------------------------------------------
Abigail Hartevelt at The Daily Post reports that more than 30
Rotorua companies have closed their doors permanently in the past
year, with even more expected to close this year.

The Daily Post relates that between March 2010 and April 2011,
31 companies in the Rotorua district were put into liquidation
and/or receivership.

Nationally, The Daily Post says, 3,025 companies were put into
liquidation between April 1, 2010 and March 31, 2011 while 365
companies were placed into receivership.


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


TAIWAN INTERNATIONAL: Fitch Withdraws 'B'/RWP Short-Term IDR
------------------------------------------------------------
Fitch Ratings has withdrawn Taiwan International Securities
Corporation's ratings.

The rating withdrawal follows the completion of the acquisition of
TISC by Capital Securities Corporation. Fitch believes the
acquisition may have positive implications on TISC's ratings, but
information insufficiency has deterred the agency from forming a
precise and more informative credit opinion on the combined
entity's financial profile.

Fitch has withdrawn these ratings:

   -- Long-Term Foreign-Currency Issuer Default Rating (IDR):
      'BB'/Rating Watch Positive (RWP); rating withdrawn;

   -- Short-Term IDR: 'B'/RWP; rating withdrawn;

   -- National Long-Term rating: 'BBB+(twn)'/ RWP; rating
      withdrawn;

   -- National Short-Term rating: 'F3(twn)'/RWP; rating withdrawn;

   -- Individual Rating: 'D'/RWP; rating withdrawn;

   -- Support Rating: '5'; rating withdrawn; and

   -- Support Rating Floor: 'NF'; rating withdrawn.


                             *********

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

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

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


                            *********


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

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

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

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

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





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