TCRAP_Public/110513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, May 13, 2011, Vol. 14, No. 94

                            Headlines



C H I N A

BUSINESS DEVELOPMENT: Sam Lau Resigns from All Positions
UTSTARCOM INC: CEO Lu Inks Employment Pact with China Unit


H O N G  K O N G

ABLE SMART: Annual Meetings Set for June 10
AMPLE SINO: Placed Under Voluntary Wind-Up Proceedings
ASIA TIME: Creditors' and Contributories' Meeting Set for May 17
BIOPACK ENVIRONMENTAL: Michael Forster Resigns as Director
CALVARY CHILDREN'S: Placed Under Voluntary Wind-Up Proceedings

CREATIVE CANDY: First Meeting Set for May 20
CHEONG FAT: Court to Hear Wind-Up Petition on June 8
HANG SANG: Court to Hear Wind-Up Petition on May 18
HING KWOK: Members' Final Meeting Set for June 7
HONOR GROWTH: Members' Final Meeting Set for June 7

HONOUR TREASURE: Members' Final General Meeting Set for June 9
LITAO COMPANY: Creditors' Proofs of Debt Due June 11
MANNIX PRINTING: Members' Final General Meeting Set for June 7
MGM CHINA: Submits WPIP to HKSE in Connection with IPO
MI FUNG: Creditors' Proofs of Debt Due May 20

TAI LEE: Creditors' and Contributories' Meeting Set for May 20
SEAPOWER RESOURCES: Creditors' Proofs of Debt Due May 24


I N D I A

ABLAZE INVESTRADE: Fitch Assigns 'BB-(ind)' National LT Rating
ACCELERATED FREEZE: ICRA Reaffirms 'LB' Rating on INR4.62cr Loan
AEGAN INDUSTRIES: ICRA Assigns 'LB' Rating to INR45cr Term Loan
BAJAJ ECO-TECH: Fitch Downgrades National LT Rating to 'B(ind)'
BALAJI ENTERPRISES: CRISIL Assigns 'BB' Rating to INR45MM Loan

CHANDRA STEELS: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
CITY PROMOTER: ICRA Assigns 'LB+' Rating to INR5cr Bank Limits
CLIMAX SYNTHETICS: CRISIL Reaffirms 'B' Rating on INR70MM Loan
CYBERABAD EXPRESSWAYS: CRISIL Reaffirms 'B+(so)' Term Loan Rating
DOLPHIN INT'L: CRISIL Reaffirms 'P4+' Rating on INR100MM Bank Loan

IDUPULAPADU COTTON: ICRA Reaffirms 'LBB' Rating on INR23cr Loan
JAI INDIA: ICRA Reaffirms 'LBB' Rating on INR6.55cr Term Loan
JASPER INDUSTRIES: CRISIL Cuts Rating on INR260MM Loan to 'BB+'
JCT LIMITED: ICRA Reaffirms 'LC+' Rating on INR60.97cr Bank Limits
KESHARI INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR63.5MM Loan

LILASONS INFRASTRUCTURE: Fitch Rates Nat. LT Rating at 'B-(ind)'
MILAN JEWELLERS: CRISIL Reaffirms 'P4' Rating on INR445MM Loan
MK WOOD INDIA: Fitch Rates Bank Loans at 'BB-(ind)'/'F4(ind)'
OFFSHORE MARINETECH: CRISIL Assigns 'B+' Rating to INR30MM LT Loan
P. G. TIMBER: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit

R.G. INTERNATIONAL: ICRA Places 'LB+' Rating on INR17cr Bank Line
RAMA KRISHNA: ICRA Assigns 'LB+' Rating to INR7.5cr Bank Lines
S D BANSAL: ICRA Reaffirms 'LBB' Rating on INR7.12cr Term Loan
SHRI KRISHAN: CRISIL Assigns 'B+' Rating to INR6.5MM Term Loan
SICAL MULTIMODAL: ICRA Assigns 'LBB' Rating to INR150cr Loans
T.C. AGRO: ICRA Assigns 'LB+' Rating to INR18cr Bank Lines

UCO BANK: Fitch Affirms 'D' Individual Rating, Outlook Stable


I N D O N E S I A

INDONESIA EXIMBANK: Fitch Assigns 'BB+' Issuer Default Rating


J A P A N

CSC SERIES 1: S&P Lowers Ratings on 9 Classes of Bonds to 'CCC-'
KAWASAKI KISEN: S&P Lowers CCR to 'BB+'; Outlook is Negative
PIONEER CORP: Reports First Profit in Seven Years
TOKYO ELECTRIC: Accepts Government Conditions for Aid


M A L A Y S I A

GULA PERAK: Appoints Provisional Liquidator
VTI VINTAGE: Restraining Order Extended Until September 7


N E W  Z E A L A N D

AMI INSURANCE: Taps Goldman Sachs to Advise on Recapitalization
BRIDGECORP LTD: Investors Close to Receiving First Distribution
FIVE STAR: Former Director Faces Bankruptcy
OPI PACIFIC: Investors Still NZ$194 Million Out of Pocket


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


BUSINESS DEVELOPMENT: Sam Lau Resigns from All Positions
--------------------------------------------------------
Sam Yuen Yee Lau, being a member of the board of directors and the
Chief Financial Officer, Treasurer and Secretary of Business
Development Solutions, Inc., has tendered his resignation as a
director and Chief Financial Officer, Treasurer and Secretary,
effective as of May 3, 2011.  There was no disagreement between
Mr. Lau and the Company at the time of his resignation.

                     About Business Development

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

As reported by the TCR on May 6, 2011, PKF, in Hong Kong,
expressed substantial doubt about Business Development Solutions'
ability to continue as a going concern.  The independent auditors
noted that the Company had a working capital deficiency and
accumulated deficit as of Dec. 31, 2010.

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

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


UTSTARCOM INC: CEO Lu Inks Employment Pact with China Unit
----------------------------------------------------------
Jack Lu, the Chief Executive Officer of UTStarcom, Inc., entered
into an employment agreement with UTStarcom (China) Co., Ltd., a
subsidiary of the Company, that is to be effective as of March 1,
2011.  The Employment Contract is a form agreement used in the
People's Republic of China and, accordingly, the Subsidiary and
Mr. Lu also entered into the Amendment to Employment Contract,
dated May 5, 2011, to (a) amend (i) the involuntary termination
severance agreement previously entered into between the Company
and Mr. Lu and (ii) certain terms of the Employment Contract and
(b) provide Mr. Lu with the applicable executive benefits offered
to non-Chinese executives working in the PRC.  The terms of the
Employment Contract as amended by the Amendment reflect the terms
previously approved by the Company's board of directors on
Feb. 24, 2011.

A full-text copy of the Employment Contract is available for free
at http://is.gd/LTYLhg

A full-text copy of the Amendment to Employment Contract is
available for free at http://is.gd/hUfd8h

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

The Company reported a net loss of $65.29 million on $291.53
million of net sales for the year ended Dec. 31, 2010, compared
with a net loss of $225.70 million on $386.34 million of net sales
during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed $784.28
million in total assets, $535.34 million in total liabilities and
$248.94 million in total equity.


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


ABLE SMART: Annual Meetings Set for June 10
-------------------------------------------
Members and creditors of Able Smart Holdings Limited will hold
their annual meetings on June 10, 2011, at 10:00 a.m., and
10:30 a.m., respectively at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


AMPLE SINO: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on April 29, 2011,
creditors of Ample Sino Assets Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


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.


BIOPACK ENVIRONMENTAL: Michael Forster Resigns as Director
----------------------------------------------------------
Michael Forster, on May 2, 2011, resigned as a director of Biopack
Environmental Solutions Inc.  Mr. Forster informed the Company
that his resignation was not due to any disagreement with the
Company but was rather due to personal reasons.

                    About Biopack Environmental

Kowloon, Hong Kong-based Biopack Environmental Solutions Inc.
develops, manufactures, distributes and markets bio-degradable
food containers and disposable industrial packaging for consumer
products.  The Company supplies its biodegradable food containers
and industrial packaging products to multinational corporations,
supermarket chains and restaurants located across North America,
Europe and Asia.

The Company has a factory in Jiangmen City in the People's
Republic of China.

As reported by the TCR on April 26, 2011, Wong Lam Leung & Kwok
C.P.A. Limited, in Hong Kong, expressed substantial doubt about
Biopack Environmental's ability to continue as a going concern.
The independent auditors noted that the Company incurred a net
loss of $2.4 million for the year ended Dec. 31, 2010, and had an
accumulated deficit of $7.3 million and a working capital deficit
of $2.2 million as of Dec. 31, 2010.

The Company reported a net loss of $2.4 million on $364,417 of
revenue for 2010, compared with net income of $867,547 on $921,281
of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $1.0 million
in total assets, $3.0 million in total liabilities, and a
stockholders' deficit of $2.0 million.


CALVARY CHILDREN'S: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on April 24, 2011,
creditors of Calvary Children's Centre Kinderganten Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Li Yuk Yu Edwin
         Shop 13, G/F
         98 A-D Argyle
         Kowloon, Hong Kong


CREATIVE CANDY: First Meeting Set for May 20
--------------------------------------------
Contributories and creditors of Creative Candy International
Limited will hold their first meeting on May 20, 2011, at 3:00
p.m., and 4:00 p.m., at Room 203 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Huen Yuen Fun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHEONG FAT: Court to Hear Wind-Up Petition on June 8
----------------------------------------------------
A petition to wind up the operations of Cheong Fat Electrical
Company Limited will be heard before the High Court of Hong Kong
on June 8, 2011, at 9:30 a.m.

Yu Chik Ching filed the petition against the company on Feb. 22,
2011.

The Petitioner's solicitors are:

          Pang, Kung & Co.
          Rooms 180-9, 18th Floor
          Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


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


HING KWOK: Members' Final Meeting Set for June 7
------------------------------------------------
Members of Hing Kwok Industrial Company Limited will hold their
final general meeting on June 7, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


HONOR GROWTH: Members' Final Meeting Set for June 7
---------------------------------------------------
Members of Honor Growth Company Limited will hold their final
general meeting on June 7, 2011, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


HONOUR TREASURE: Members' Final General Meeting Set for June 9
--------------------------------------------------------------
Members of Honour Treasure Industries Limited will hold their
final general meeting on June 9, 2011, at 10:30 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.


LITAO COMPANY: Creditors' Proofs of Debt Due June 11
----------------------------------------------------
Litao Company Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by June 11,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Siu Yee Cheong Stephen
         Rm 1003 Easey Commercial Building
         253-261 Hennessy Road
         Hong Kong


MANNIX PRINTING: Members' Final General Meeting Set for June 7
--------------------------------------------------------------
Members of Mannix Printing Company Limited will hold their final
general meeting on June 7, 2011, at 10:00 a.m., at 21/F, Fee Tat
Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong

At the meeting, Tang Kim Chuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MGM CHINA: Submits WPIP to HKSE in Connection with IPO
------------------------------------------------------
In connection with the proposed listing (the "IPO") of the shares
of MGM China Holdings Limited, MGM China has on May 6, 2011,
submitted a Web Proof Information Pack ("WPIP") to The Stock
Exchange of Hong Kong Limited (the "HKSE") for publication on the
HKSE's website.  It is expected that the WPIP will be available
for viewing and downloading from the HKSE's website on or about
May 9, 2011.

The proposed IPO and related transactions will be structured so
that MGM Resorts International would obtain 51% ownership, and
management control, of MGM China upon consummation of the
offering.

The full WPIP is available for free at http://is.gd/I9PcI1

MGM China is a newly formed listing vehicle that will become the
owner of MGM Grand Paradise, S.A., the Macau-incorporated company
that owns the MGM Macau resort and casino and the relating gaming
subconcession, upon completion of the group reorganization.
The posting of the WPIP is for the purpose of providing
information to the public in Hong Kong and is prepared in
accordance with the Rules Governing the Listing of Securities on
the HKSE.  The WPIP is in draft form and the information contained
in the WPIP is incomplete and subject to change, which changes may
be material.

The WPIP contains, among other things, certain information about
MGM China's business.  Such information includes information
relating to MGM China's operations, risk factors and property
valuation, audited and unaudited financial statements, prospective
financial information for the six-month period ending June 30,
2011, including forecasts of adjusted earnings before interest,
tax, depreciation and amortization ("EBITDA") and profit
attributable to the owners of MGM China for the six-month period
ending June 30, 2011 (collectively, the "Profit Forecast"), and
management's discussion and analysis of financial condition and
results of operations for the three years ended Dec. 31, 2011.

The audited and unaudited financial information and the Profit
Forecast contained in the WPIP is presented in Hong Kong dollars
and has been prepared in accordance with International Financial
Reporting Standards ("IFRS") in accordance with the Hong Kong
Listing Rules.  IFRS differs in material respects from U.S. GAAP.

                         About MGM Resorts

Las Vegas, Nevada-based MGM Resorts International (NYSE: MGM)
-- http://www.mgmresorts.com/-- has significant holdings in
gaming, hospitality and entertainment, owns and operates 15
properties located in Nevada, Mississippi and Michigan, and has
50% investments in four other properties in Nevada, Illinois and
Macau.

MGM Resorts International reported a net loss of $89.87 million on
$1.50 billion of revenue for the three months ended March 31,
2011, compared with a net loss of $96.74 million on $1.46 billion
of revenue for the same period during the prior year.

The Company's balance sheet at March 31, 2011 showed
$18.76 billion in total assets, $15.84 billion in total
liabilities, and $2.92 billion in total stockholders' equity.

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 18, 2010,
Standard & Poor's Ratings Services revised its rating outlook on
MGM Resorts to stable from developing.  At the same time, S&P
affirmed all of its existing ratings on MGM, including the 'CCC+'
corporate credit rating.

The 'CCC+' corporate credit rating reflects MGM's significant debt
burden, S&P's expectation for meaningful declines in cash flow
generation in 2010, and the company's weak liquidity position.
While MGM maintains a leading presence on the Las Vegas Strip,
2010 will be another challenging year for the Strip, and prospects
for a meaningful rebound in 2011 are uncertain.  The recent
pricing of the primary offering of common stock has bolstered
liquidity; however, the company's ability to weather the current
downturn and continue to service its debt obligations over the
longer term relies on continued progress toward addressing its
challenging debt maturity schedule, as well as a substantial
rebound in cash flow generation.

The TCR also reported that Fitch Ratings revised the Rating
Outlook for MGM Resorts to Positive following the company's equity
issuance.  In addition, Fitch affirmed the Issuer
Default Rating at 'CCC'.  MGM's 'CCC' IDR continues to reflect a
credit profile with substantial credit risk.  MGM's probability of
default still displays a high sensitivity to an uninterrupted
recovery in the Las Vegas market, significant reliance on a
favorable refinancing and capital markets environment due to its
heavy debt maturity schedule, a highly leveraged balance sheet
despite potential debt reduction from the equity issuance, and a
weak near-term free cash profile.  In addition, MGM's obligation
under the CityCenter completion guarantee continues to escalate,
and Fitch believes the company is currently under-investing in its
properties, which will likely impact asset quality.

As reported by the TCR on March 4, 2011, Moody's upgraded MGM
Resorts International's Corporate Family rating to B3 and its
Probability of Default rating to Caa1.  The upgrade reflects signs
of modest improvement in demand trends in Las Vegas, debt
repayment during 2010 from the proceeds of equity issuances, and
completion of a new multi-year financing package for CityCenter
(MGM's 50% owned project on the Las Vegas Strip.)


MI FUNG: Creditors' Proofs of Debt Due May 20
---------------------------------------------
Mi Fung Beads Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 20, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Fok Hei Yu
         Desmond Chung Seng Chiong
         14/F The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


TAI LEE: Creditors' and Contributories' Meeting Set for May 20
--------------------------------------------------------------
Creditors and contributories of Tai Lee Button Manufacturing
Limited will hold their first meeting on May 20, 2011, at 2:30
p.m., and 3:30 p.m., at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

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


SEAPOWER RESOURCES: Creditors' Proofs of Debt Due May 24
--------------------------------------------------------
Seapower Resources Cold Storage & Warehousing Limited, which is in
compulsory liquidation, requires its creditors to file their
proofs of debt by May 24, 2011, to be included in the company's
dividend distribution.

The company's liquidator is Cosimo Borrelli.


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I N D I A
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ABLAZE INVESTRADE: Fitch Assigns 'BB-(ind)' National LT Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Ablaze Investrade Private
Limited (Ablaze) a National Long-Term rating of 'BB-(ind)'.  The
Outlook is Stable. The agency has also assigned ratings to
Ablaze's instruments:

   -- INR20m fund-based working capital limits: 'BB-
      (ind)'/'F4(ind)'; and

   -- INR100m non-fund based limits: 'F4(ind)'.

The ratings reflect the established over two-decade-long track
record of Ablaze's promoters (founders) in timber trading and the
consistent increase in its revenues since end-March 2007 (FY07).
The ratings are underpinned by Ablaze's negative net debt position
in the past (FY07-FY09) and moderate financial leverage in FY10
(1.4x). Fitch expects leverage to remain moderate over the short-
to-medium term.

The ratings are constrained by the company's small scale of
business and its susceptibility to price volatility of timber.
The fluctuation in market prices depends on a number of
international and local factors such as global economy, climatic
conditions in the export countries, demand of timber by importing
countries, traffic at the local ports and availability of labour
as per season.

The company has consistently reported low profitability, evidenced
by its low EBITDA margin over FY07-FY10 (1.2%-1.8%) due to the
trading nature of business.  Fitch notes that Ablaze depends
highly on imports (around 80% of its purchases), which is a
industry-wide phenomenon. Any adverse change in export laws of
timber exporting countries could have a negative impact on its
business profile. The agency further notes that several countries
have imposed bans on export of timber, given illegal logging and
deforestation.

Fitch has taken a consolidated view of Ablaze's and M.K. Wood
India Private Limited's ('BB-(ind)'/Stable) business and financial
risk profiles while assigning the ratings, as both the companies
are in the same line of business with common management. Further,
both the companies have extended cross corporate guarantees to
secure each others bank loans.

A significant increase in consolidated revenue and profitability
would be positive for the ratings.  Conversely, a significant
decline in consolidated revenue and profitability, resulting in a
deterioration in financial leverage and interest coverage, could
result in a negative rating action.

In FY10, Ablaze reported standalone revenue of INR285.4 million,
up 36.5% yoy, with an EBITDA margin of 1.4%. Its total adjusted
debt increased to INR19.6 million in FY10 (FY09: INR0.05 million)
and resulted in net debt/EBITDA of 1.4x (FY09: -11.3x).

Incorporated in December 1996, Ablaze is engaged in the trading of
timber logs and plastic granules. Timber trading contributes
maximum to its revenues (FY10: 96%).  The company imports timber
logs from various countries and after processing (sawing) sells it
in the domestic market. Its timber processing plant is located in
Gandhidham (Gujarat).


ACCELERATED FREEZE: ICRA Reaffirms 'LB' Rating on INR4.62cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the 'LB' rating outstanding on the
INR4.62 crore term loan facilities of Accelerated Freeze Drying
Company Limited.  ICRA has also reaffirmed the 'A4' rating
outstanding on the INR26.50 crore fund based facility and
INR1.90 crore non fund based facility of the Company.

The ratings are constrained by AFDC's small scale of operations
which restricts scale economics and financial flexibility; and
capital structure characterized by moderately high gearing on the
back of debt funded capital expenditure and high working capital
intensity.  The ratings also consider the susceptibility of
margins to steep fluctuations in raw material prices and exchange
rate movements. However the ratings draw comfort from nearly three
decades of experience of promoters in food processing business and
presence of foreign collaborators like Nissin Foods and Itochu
Corporation, who consume -60-70% of AFDC's output, as shareholders
in the Company (-48% stake).  The improvement in demand for sea
food in Japan and US which was constrained in 2008-09 due to
recession has also been factored in.

Accelerated Freeze Drying Company Limited was incorporated in the
year 1986 in Cochin, Kerala.  The Company is promoted by Amalgam
Foods Limited, Cochin (52% shareholding) in collaboration with
Nissin Foods, Hong Kong (38% shareholding) and Itochu Corporation,
Japan (10% shareholding).  AFDC processes and exports freeze-dried
seafood and spices.  The Company has two plants in Cochin and
Bangalore with the former mainly processing seafood and partly
pepper, whereas the Bangalore plant processes herbs, spices and
vegetables.

Recent Results

According to unaudited results for fiscal 2010-11, AFDC reported
profit before tax of INR2.2 crore on an operating income of
INR63.7 crore, against profit before tax of INR3.4 crore on
operating income of INR64.1 crore for the corresponding previous
fiscal.


AEGAN INDUSTRIES: ICRA Assigns 'LB' Rating to INR45cr Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR45.00 crore term loan,
the INR10.00 crore fund based bank facilities and the INR5.00
crore non-fund based bank facilities of Aegan Industries Private
Limited.  ICRA has also assigned an 'A4' rating to the INR0.32
crore non-fund based facilities and the INR1.50 crore non fund
based sub limits of AIPL.

The ratings incorporate the experience of promoters in the
spinning industry and the locational advantage of the company due
to its proximity to Tirupur, a major textile hub in Tamil Nadu.
The ratings factor in the stretched financial profile of the
company characterized by low profitability, high gearing and weak
coverage indicators.  The ratings also remain constrained by the
highly fragmented nature of the spinning industry which restricts
the pricing flexibility of the spinners, the vulnerability of the
textile industry to competition from low-cost countries and those
with relatively lower foreign exchange fluctuations, and the
exposure of the company to fluctuations in cotton prices which
would have an adverse impact on the margins in the event of
downturn in yarn demand.  ICRA notes that the operations of the
AIPL are still at a nascent stage and the financial profile of the
company could improve on stabilization of operations.

AIPL's operations are still at a nascent stage as the company
started its operations in October, 2010.  AIPL, with an installed
capacity of 25,926 spindles, mainly produces lower counts of yarn,
which fetches relatively lower realizations.  Being present in an
industry which is highly fragmented with low product
differentiation, the Company's pricing flexibility is likely to be
restricted in the event of downturn in yarn demand.

The Company recorded sales of INR14.4 crore during the first three
months of its operations from October 2010 to December 2010.
During the same period the company has reported an operating
margin of 19.4% aided by increase in cotton yarn prices owing to
the increased demand for cotton yarn.  However, the profitability
of the Company as indicated by RoCE of 2.2% is on the lower side
owing to the nascent stage of the operations and high levels of
debt.

The gearing was high at 2.6 x as on Dec. 31, 2010, due to the
significant debt funded capital expenditure and high working
capital requirements. High debt levels and low accruals have
resulted in weak coverage indicators.  Going forward, with
stabilization of operations, the capital structure and coverage
indicators of the company are expected to improve. Company Profile
Aegan Industries Private Ltd was incorporated in 2008 and
commenced its operations in October 2010 with an initial capacity
of 23,000 spindles.  The Company installed additional 2,926
spindles in March 2011 and the same is expected to be operational
by end of March 2011. AIPL manufactures yarn in the range of 18's
to 30's count and mainly caters to Tirupur, Erode and Karur
markets. The Company's manufacturing facility is located on the
Palani highway, Erode.

Recent Results

For the three months ended Dec. 31, 2010, AIPL reported PAT of
INR0.7 crore on an operating income of INR14.4 crore (unaudited
results).


BAJAJ ECO-TECH: Fitch Downgrades National LT Rating to 'B(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India's Bajaj Eco-Tech Products
Limited's National Long-Term rating to 'B(ind)' from 'BB(ind)'.
The Outlook is Negative.  BEPL's INR690 million fund-based working
capital limit (reduced from INR750 million) has been downgraded to
'B(ind)' from 'BB(ind)' and affirmed at 'F4(ind)'.

The downgrades reflect the continued deterioration in BEPL's
credit profile - a result of continued cash losses posted during
FY10 (end-March 2010) and are expected to continue into FY11.

During FY10, BEPL posted operating and overall losses due to
demand-related issues.  Profitability was also significantly
impacted by the increase in its main raw material (bagasse) cost
coupled with a rise in other costs, namely chemicals and other
inputs. Fitch expects BEPL's profitability to remain subdued, thus
to that extent its liquidity would remain stressed; the same is
reflected in the Negative Outlook.

The ratings are, however, underpinned by the financial support
extended by its sponsor, Bajaj Hindusthan Limited
('A(ind)'/Negative/'F1(ind)').  The agency expects BEPL's debt
servicing capability to continue to depend on the financial
support of the sponsor.

A consistent improvement in BEPL's profitability and liquidity
would translate into a positive rating action and could also
revise its Outlook to Stable.  On the contrary, consistent
liquidity pressures from cash losses and delayed support from the
sponsor would lead to a negative rating action.

Established in April 2006, BEPL manufactures environment-friendly
medium-density fibre boards and particle boards.  The company has
three manufacturing units located in western, eastern and central
Uttar Pradesh, which have a combined capacity of 210,000 cubic
meters a year.  In FY10, the company's revenues were INR1.3
billion (FY09: INR582 million).  Its total debt at end-March 2010
was INR2.8 billion.


BALAJI ENTERPRISES: CRISIL Assigns 'BB' Rating to INR45MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Balaji Enterprises.

   Facilities                       Ratings
   ----------                       -------
   INR145 Million Cash Credit       BB/Stable (Assigned)
   INR45 Million Proposed LT Bank   BB/Stable (Assigned)
                    Loan Facility

The rating reflects the Balaji group's average financial risk
profile, marked by small net worth and large working capital
requirements, and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by the group's
established position in the beer and spirits distribution
business, promoters' extensive market experience, and the benefits
accrued from low inventory risk and moderate debtor risk.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BE and its group entities, Pinku
Traders and Radha Wines.  This is because these entities,
collectively referred to as the Radha Wines group, are controlled
and managed by a common promoter family.  Also, the entities are
in a similar line of business.  Furthermore, BE's operational area
has been transferred from Pinku Traders in September 2010.

Outlook: Stable

CRISIL believes that the Radha Wines group will continue to
benefit over the medium term from its established position in the
distribution of Indian-made foreign liquor and beer.  The outlook
may be revised to 'Positive' if the Radha Wines group's financial
risk profile improves because of significant improvement in its
capital structure, operating margin, and revenues.  Conversely,
the outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate materially because of lower-than-
expected growth in its operating revenues and margin, and any
adverse regulatory changes.

                          About the Group

BE was set up in August 2010 as a partnership firm by
Mr. Kanayalal Kishnani and his wife, Mrs. Meena Kishnani. BE has
distributorship of products of Seagram Distillery Ltd and Skol
Breweries Ltd in the western zone of Thane region (Maharashtra).
BE estimated to report sales of INR650 million for 2010-11.

Pinkku Traders was set up in 1995 by Mr Ramesh Kishnani. The
proprietorship concern has distributorship for various brands of
Seagram Company Ltd such as Royal Stag, Imperial Blue, Blender
Pride, and Fuel Vodka and Haywards, Knock out, and Royal challenge
of Skol Breweries Ltd, for the Thane and Raigad districts
(Maharashtra). Radha Wines was set up in 1992 by Mr. Vinod
Kishnani. The proprietorship concern has distributorship for
various brands such as King Fisher of United Breweries group,
Breezer of Bacardi Martini I Ltd, and 8 PM Royal Whiskey, Magic
Movement Vodka, White Field of Radico Khaitan Ltd, for the Thane
and Raigad districts.


CHANDRA STEELS: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Chandra Steels.

   Facilities                       Ratings
   ----------                       -------
   INR60.00 Million Cash Credit     B/Stable (Assigned)
   INR7.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the Chandra group's weak financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, large working capital requirements with
susceptibility to volatility in raw material prices, small scale
of operations, and limited pricing flexibility.  These rating
weaknesses are partially offset by the extensive experience of the
Chandra group's promoters in the steel industry and the group's
diversified customer base.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CS, Chandra Steel and Metallics, and
Vaibhav Enterprises, collectively referred to as the Chandra
group.  This is because all the entities are in the same line of
business, have a common management, operational linkages, and
fungible cash flows.

Outlook: Stable

CRISIL believes that the Chandra group's scale of operations will
remain small and financial risk profile weak because of low cash
accruals and weak capital structure, over the near to medium term.
The outlook may be revised to 'Positive' if the group's scale of
operations increases substantially, with significant improvement
in profitability and capital structure.  Conversely, the outlook
may be revised to 'Negative' if the Chandra group's financial risk
profile is weakened because of any significant pressure on
margins, or any large, debt-funded capital expenditure.

                           About the Group

CS was set up by Om Prakash Killa in 1988 as a proprietorship
firm. In February 2007, CS merged with Killa Enterprises (owned by
Mr. Ramesh Killa, brother of Mr. Om Prakash Killa, and engaged in
the same business), and was reconstituted as a partnership firm by
Mr. Ramesh Killa and Mr. Om Prakash Killa.  CS undertakes low
value-addition work such as cutting and straightening coils,
sheets, plates, mild steel rods, and galvanised plain sheets.  CS
has an installed capacity of 100 tonnes per day; capacity
utilisation of which is around 45 per cent.  CS caters to the auto
ancillary, furniture, and construction industries in Orissa and
Gujarat.

Incorporated in 1983 as a proprietorship firm by Mr. Om Prakash
Killa, VE trades in steel. CSM was incorporated in 2009 as a
proprietorship firm by Mr. Ramesh Kumar Killa. CSM, an approved
dealer of Essar Steel Ltd, trades in Cold Rolled coils and angles.


The Chandra group reported a profit after tax (PAT) of INR1.7
million on net sales of INR302 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.4
million on net sales of INR346 million for 2008-09.


CITY PROMOTER: ICRA Assigns 'LB+' Rating to INR5cr Bank Limits
--------------------------------------------------------------
ICRA has assigned the long term rating of 'LB+' for INR5.0 crore
fund-based limits and INR5.0 crore non-fund based limits of City
Promoter & Buildwell Pvt Ltd.  The rating of CPBPL factors in its
modest scale of operations, low pending order book position, and
exposure to geographical, client concentration, and raw-material
price volatility risks.  Further, the rating is constrained by
financial risk profile of the company marked by low profitability
and high gearing as well as its low net worth which limits its
ability to bid for larger and more complex projects.  The rating,
however, draws comfort from long track record and experience of
the promoter in the construction business, CPBPL's established
client profile, healthy growth witnessed in last few years and the
positive demand outlook for the civil construction industry.

Incorporated in 1996, City Promoter & Buildwell Pvt Ltd is
promoted by Shri Vikas Mittal.  The company is engaged in
construction business and has executed housing construction
projects for Government bodies/departments.  CPBPL is registered
as a Class-S contractor with Military Engineer Services (MES) and
Class AAA contractor with Haryana Police Housing Corporation.


CLIMAX SYNTHETICS: CRISIL Reaffirms 'B' Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Climax Synthetics Pvt
Ltd continue to reflect CSPL's weak financial risk profile, marked
by high gearing, small net worth, and weak debt protection
metrics, and exposure to equity-investments-related market risks.
These rating weaknesses are partially offset by the benefits that
CSPL derives from its promoters' industry experience.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Facility   B/Stable (Reaffirmed)
   INR15.0 Million Bill Discounting       P4 (Reaffirmed)
   INR42.5 Million Letter of Credit       P4 (Reaffirmed)
   INR38.0 Million Bank Guarantee         P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CSPL will continue to benefit over the medium
term from its diversified revenue profile and promoters' industry
experience.  However, the company's financial risk profile is
expected to remain constrained by weak debt protection metrics.
The outlook may be revised to 'Positive' if CSPL reports higher-
than-expected revenue growth, with improved profitability.
Conversely, the outlook may be revised to 'Negative' if the
company incurs losses on its investments in equity shares, or its
financial risk profile deteriorates further because of larger-
than-expected debt-funded capital expenditure.

Update

CSPL's operational performance for 2009-10 (refers to financial
year, April 1 to March 31) has been in line with CRISIL's
expectation, with sales of INR528.4 million.  However, CRISIL
estimates that CSPL's sales have declined by around 11 per cent in
2010-11 because of decline in contribution from trading segment.
The supply of plastic granules was erratic from GAIL (India) Ltd
in 2010-11, leading to lower trading volume. However, the
company's operating margin is expected to improve marginally to
about 7 per cent in 2010-11 from 6 per cent in 2009-10 on account
of higher revenue contribution from its high-margin manufacturing
business division.

CSPL's gearing has improved to about 2 times as on December 31,
2010 from 4.08 times as on March 31, 2010, because of equity
infusion of INR25.20 million in 2010-11.  However, CRISIL believes
that CSPL's financial risk profile will remain weak, with gearing
of more than 2 times, in the medium term because of increased
working capital requirements. Furthermore, the market value of
CSPL's equity investment portfolio of INR35.60 million has
deteriorated by more than 30 per cent in 2010-11; any further
deterioration will adversely affect CSPL's financial risk profile.

CSPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR528.4 million for 2009-10, against a PAT of INR6.7
million on net sales of INR568.8 million for 2008-09.

                      About Climax Synthetics

Incorporated in 1974 and promoted by Mr. K R Mundhra and his
brother, CSPL manufactures high-density and low-density
polyethylene sheets, geomembranes, pipes, and fittings.  The
company's manufacturing facility in Vadodara (Gujarat), with
capacity to manufacture 14,000 tonnes of plastic sheets per annum,
is operating at about 40 per cent utilisation level.  The company
is also a stockist for GAIL (India) Ltd, which has been dealing in
plastic granules, since 1996-97. CSPL also trades in plastic
products; it derived about 27 per cent of its total revenues from
this business in 2010-11.


CYBERABAD EXPRESSWAYS: CRISIL Reaffirms 'B+(so)' Term Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the term loan of Cyberabad Expressways Ltd
continues to reflect CEL's exposure to risks of time and cost
overruns associated with its ongoing construction project. The
project is estimated to be completed by September 2011, against
the original estimate of June 2010.  As per CEL's management, as
on March 31, 2011, about 90 per cent of the project was complete.
The delay has been caused by delay in receipt of right of way
(ROW) for construction of the road.  In April 2011, CEL received
the ROW in full.

   Facilities                       Ratings
   ----------                       -------
   INR3760 Million Term Loan        B+(so)/Stable (Reaffirmed)

CEL repaid its first instalment on its term loan, due on March 31,
2011, in January 2011.  The next instalment is due on Sept. 30,
2011.  Any delay in completion of the project may lead to further
delay in receipt of annuity, thereby exposing CEL to risks related
to timely servicing of the term loan.

The rating also factors in the annuity nature of the build,
operate, and transfer (BOT) contract of the project, and the
strength of the escrow mechanism supporting the repayment of the
rated loan.

Outlook: Stable

CRISIL believes that CEL will complete the project by September
2011.  The outlook may be revised to 'Positive' if the project is
completed before or on time and starts generating revenues.
Conversely, the outlook may be revised to 'Negative' if CEL faces
further any time or cost overrun in the project, or delays in
receipt of annuity, thereby weakening its debt servicing ability.

                     About Cyberabad Expressways

CEL is a special-purpose vehicle (SPV), originally promoted by
Gayatri Projects Ltd (GPL) and IL&FS Engineering & Construction
Company Ltd (IL&FS; formerly known as Maytas Infra Ltd) in 2006-07
(refers to financial year, April 1 to March 31) to design,
construct, develop and maintain the 11.7-kilometre Kollur-
Patancheru section of the eight-lane Hyderabad outer ring road.
GPL and MIL had a 50:50 joint venture arrangement in the project.
In July 2009, IL&FS sold part of its share to Terra Projects Pvt
Ltd.  The engineering, procurement, and construction (EPC)
contract was originally awarded to MIL, which was later taken up
by Terra Infra Development Pvt Ltd, a TPPL group company.  GPL
still holds 50 per cent stake in CEL, whereas IL&FS owns
42.71 per cent, and the remaining is with TPPL.

The total project cost is INR5.02 billion, which is being financed
through term loan of INR3.76 billion, grant of INR807 million, and
the remaining through promoter's equity.  The concession period is
for 15 years, which lasts up to December 2022.  The project
entails development of the section on a BOT basis, with an annuity
of INR395 million, payable by Hyderabad Growth Corridor Ltd (HGCL)
semi-annually.  HGCL is an SPV (74 per cent owned) of Hyderabad
Urban Development Authority (HUDA, now under Hyderabad
Metropolitan Development Authority), while the remainder is owned
by Infrastructure Corporation of Andhra Pradesh. The annuity is to
be deposited in an escrow account, from which holders of the rated
debt will be paid.


DOLPHIN INT'L: CRISIL Reaffirms 'P4+' Rating on INR100MM Bank Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Dolphin International
Ltd continue to reflect Dolphin's weak financial risk profile
marked by small net worth, and estimated low debt protection
metrics, low profitability, and substantial investments in group
companies.  These rating weaknesses are partially offset by
Dolphin's promoters' experience in the castor oil industry, its
established market position in the castor oil trading and exports
industry.

   Facilities                             Ratings
   ----------                             -------
   INR100.0 Million Foreign Bill          P4+ (Reaffirmed)
            Discounting  
   INR20.00 Million Packing Credit        P4+ (Reaffirmed)

Dolphin trades in, and exports, castor oil, which has high demand
because of its widespread use across industries such as
transportation, cosmetics, pharmaceuticals, and manufacturing.
Dolphin is a 100 per cent export-oriented unit. It exports to the
US, China, Egypt, and Russia. The company has won the Star Export
House status from the Government of India.

Dolphin reported a profit after tax (PAT) of INR9.9 million on net
sales of INR675 million in 2009-10, against a PAT of INR4.3
million on net sales of INR510.0 million for 2008-09.


IDUPULAPADU COTTON: ICRA Reaffirms 'LBB' Rating on INR23cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to the INR23.00
crore term loan and INR23.20 crore fund based facilities of
Idupulapadu Cotton Mills Limited.  The outlook on the long-term
rating is Stable.

The reaffirmation of the ratings continues to take into account
ICM's weak financial profile characterized by high gearing, weak
coverage indicators and the commoditized nature of the industry
which limits the pricing power in a fragmented industry.

Unlike FY 09, sensing the increasing trend in cotton lint prices,
ICM had built up 180 days cotton lint inventory by end of FY 10.
This led to high working capital intensity of 51% in FY 10.  The
gearing increased from 1.46 times as on March 31, 2009, to 2.82
times as on Mar 31, 2010 due to increased working capital
borrowings to support the increased raw material inventory
holding.  The coverage indicators of ICM remained weak with Total
Debt/OPBITDA at 4.51 times and NCA/Debt at 13% in FY 10.

The ratings however favorably take into account the positive
demand for yarn which has resulted in improved realizations. The
rating continues to factor in the significant experience of the
promoter in the spinning industry, fiscal incentives from the
state government and low power tariffs in the state.

ICM (Idupulapadu Cotton Mills Limited), promoted in the year 1994
is engaged in the spinning of cotton yarn located in Guntur, the
major cotton growing belt of Andhra Pradesh.  Initially started
off with only trading of cotton, ICM has over the years set up
capacities across the value chain of cotton yarn manufacturing,
which includes ginning, spinning and de-linting.  The company is
also in the process of setting up facilities to extract oil from
the cotton seed.


JAI INDIA: ICRA Reaffirms 'LBB' Rating on INR6.55cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating outstanding on the
INR6.55 crore term loan facilities and the INR7.50 crore fund
based facilities of Jai India Weaving Mills Private Limited.  The
outlook on the LBB rating is stable.  ICRA has also reaffirmed the
'A4' rating outstanding on the INR3.88 crore non-fund based
facilities of the Company.

The ratings consider the experience of promoters in fabric trading
spanning over two decades which is likely to benefit the entity
through better procurement strategies and market penetration.  The
ratings also consider the Company's small scale of operations,
which restrict financial flexibility and scale economics, and the
stretched financial profile of the Company as characterized by
high gearing and weak coverage indicators.  Intense competition
exists from both the organized and unorganized players in the
weaving business, which is expected to restrict the pricing
flexibility and consequently have an adverse impact on the margins
in view of the recent spike in raw material prices.

JIWMPL was incorporated in 2003 as Cotton Bloom Weaving Mills
India Private Limited by Mr. S Balu.  The company, which was
renamed Jai India Weaving Mills Private Limited in 2004, commenced
commercial production in 2006. JIWMPL is engaged in the
manufacture of cotton grey fabric, which is used primarily in the
making of shirting, suiting and ladies garments.  JIWMPL procures
yarn mainly from Andhra Pradesh and Tamil Nadu, and predominantly
caters to the domestic market (which includes the southern cities
like Chennai, Salem, Erode and Guntur and the northern cities like
New Delhi, Mumbai, Ahmedabad, Gurgaon and Jaipur). Its
manufacturing facility, with 71 looms, is located in Erode (Tamil
Nadu).

Recent Results

JIWMPL reported net profit of INR0.5 crore on operating income of
INR30.4 crore in 2009-10, against net profit of INR0.1 crore on
operating income of INR27.8 crore during 2008-09.


JASPER INDUSTRIES: CRISIL Cuts Rating on INR260MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded the rating on Jasper Industries Pvt Ltd to
'BB+/Negative' from 'BBB/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR260.00 Million Term Loan         BB+/Negative (Downgraded
                                       from 'BBB/Stable')

   INR240.00 Million Cash Credit       BB+/Negative (Downgraded
                                       from 'BBB/Stable')

The downgrade reflects weakening of Jasper's financial risk
profile, particularly its liquidity, because of substantial
investments in associate companies over 2009-10 (refers to
financial year, April 1 to March 31) and 2010-11.  Jasper's
gearing is estimated at around 4.3 times as on March 31, 2011
driven by investments in associate companies estimated at around
INR430 million as on that date. Jasper's financial risk profile,
particularly its liquidity, is expected to come under pressure on
the back of large repayment obligations over the medium term.

The rating also reflects Jasper's below-average financial risk
profile, marked by high gearing, significant exposure to group
companies, exposure to intense competition in the automobile
dealership market, and dependence on the cyclical commercial
vehicle (CV) segment and on a single supplier for business growth.
These rating weaknesses are partially offset by Jasper's
established market position in the CV dealership market in Andhra
Pradesh (AP), and the benefits that the company derives from its
promoters' experience in the automobile dealership business and
its healthy relationship with its principal, Tata Motors Ltd
(TML).

Outlook: Negative

CRISIL believes that Jasper's financial risk profile, particularly
its liquidity, will deteriorate because of large, debt-funded
capital expenditure (capex) and large debt obligations over the
medium term.  The rating may be downgraded if the company
undertakes a larger-than-expected, debt-funded capex programme, or
extends further support to its associate companies, adversely
impacting its debt servicing ability.  The outlook may be revised
to 'Stable' if Jasper improves its capital structure considerably,
and sustains its revenue growth and profitability.

                     About Jasper Industries

Jasper (formerly, B Seshagiri Rao and Sons), set up in 1955 by
Mr. B Seshagiri Rao and his family, is a dealer of TML's CVs and
passenger cars in AP.  Jasper is currently being managed by Mr. B
Seshagiri Rao's son, Mr. B Ramakrishna.  The company is the sole
distributor of TML's vehicles in 13 districts of AP, and has 48
showrooms and 15 workshops across the state. The company has debt-
funded capex plans of INR150 million to INR200 million for the
medium term to set up additional workshops and showrooms in AP.

Jasper reported a profit after tax (PAT) of INR31.0 million on net
sales of INR7.76 billion for 2009-10, against a PAT of INR5.63
million on net sales of INR6.27 billion for 2008-09.


JCT LIMITED: ICRA Reaffirms 'LC+' Rating on INR60.97cr Bank Limits
------------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned earlier to
INR60.97 crore fund based limits, INR179.32 crore1 term loans and
INR69.36 crore unallocated limit of JCT Limited at 'LC+'.  ICRA
has also reaffirmed the short-term rating at 'A4' assigned earlier
to INR19.35 crore short term fund based and INR44.77 crore short
term non-fund based of JCT.

The reaffirmation of ratings reflects weak financial risk profile
of the company, tight liquidity in the backdrop of large working
capital requirements and sizeable repayment liability of Foreign
Currency Convertible Bond.  JCT's capital structure is highly
leveraged on account of large debt-funded capital expenditure in
the past and significant net loss in last three years attributable
to fall in operating profits and higher interest & depreciation
charges.  Post restructuring of term loans, the repayment of term
loans have started which is likely to keep the cash flows tight
unless the profitability improves substantially.  ICRA favorably
factors in infusion of INR120 crore into the company through sale
of residential property owned by a wholly owned subsidiary.
Additional funds are expected to resolve the issue of working
capital to a large extent improving the capacity utilization
across segments.  Consequently, ICRA expects improvement in
profitability going forward.  The ratings are, however, supported
by diversified product mix, promoters' experience in the line of
business and established presence in the Indian market.

ICRA expects improved operating profitability, restructuring of
FCCB and timely amalgamation of wholly owned subsidiary. Operating
profit margin and capacity utilization are the key rating
sensitivities going forward.

Recent results:

During 9M 2011, JCT achieved total income of INR511.4 crore and
PBDIT of INR18.7 crore compared to INR434.5 crore total income and
PBDIT of INR23.9 crore in 9M 2010.

                          About JCT Limited

JCT Limited was incorporated in 1946 as Jagatjit Cotton Textile
Mills Limited and renamed JCT in 1989.  As a part of family
settlement of Thapar Brothers, JCT Limited came to Mr. M. M.
Thapar. JCT is engaged in manufacturing textiles and filament yarn
through its integrated textile facilities in Phagwara, Punjab and
filament yarn facilities in Hoshiarpur, Punjab.  Its integrated
facilities, from yarn to finished fabric, give it the flexibility
to offer superior quality and a wide product range to customers.
The bulk of JCT's textiles production is exported either directly
in the form of fabric or garments after conversion by the domestic
RMG segment. Within India, the Company has a strong network of
dealers/ distributors. Cotton and polyester cotton fabric is sold
all over India to some of the major domestic brands as well as
garment converters nominated by major international brands/ buying
houses.


KESHARI INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR63.5MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facility of Keshari Industries
continues to reflect Keshari's weak financial risk profile marked
by small net worth, high gearing, and moderate debt protection
metrics, small scale of operations, exposure to risks related to
nascent stage of operations, and large working capital
requirements.  These rating weaknesses are partially offset by
Keshari's promoters' extensive industry experience.

   Facilities                       Ratings
   ----------                       -------
   INR63.50 Million Term Loan       B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Keshari will continue to benefit from its
promoters' longstanding industry experience.  The outlook may be
revised to 'Positive' if Keshari's liquidity improves, most likely
driven by increase in cash accruals because of more-than-expected
increase in scale of operations or by improvement in working
capital management.  Conversely, the outlook may be revised to
'Negative' if the firm's liquidity deteriorates, most likely
because of lesser-than expected increase in scale of operations or
more-than-expected working capital requirements.

Update

Keshari commenced commercial operations in May 2010. Its net
sales, estimated at around INR107 million for 2010-11 (refers to
financial year, April 1 to March 31), is lower than CRISIL's
expectations because of issues in stabilization of operations over
the past year. However, the firm's operating margin is estimated
at more than 20 per cent for 2010-11 (which is higher than
CRISIL's earlier expectations), because of fiscal benefits such as
sales tax holiday, and cash discounts in purchase of input
materials. Nevertheless, the firm's liquidity is constrained by
its longer-than-expected working capital cycle resulting from its
high inventory and debtor days.  The firm's liquidity is expected
to remain constrained by its large incremental working capital
requirements and commencement of instalment payments on its term
loan of around INR12 million per annum. Furthermore, Keshari has
plans to increase its capacity by 1500 tonnes per annum (tpa) in
2012-13 for a capital expenditure of about INR30 million, which
could increase the pressure on its liquidity. Ramp up in
operations of the firm while managing working capital efficiently
remains a key rating sensitive factor.

                        About Keshari Industries

Keshari was set up in April 2009 by the Soni family in Guwahati
(Assam) to manufacture plastic moulded furniture and household
products.  The manufacturing facility, which commenced commercial
operations in May 2011, has capacity to produce 4300 tpa of
plastic products.  The firm will be mainly catering to the retail
markets in North-East India and West Bengal through dealers.
Keshari has two other associate entities that are in the same
business and have a combined capacity of 3900 tpa. Besides
plastics, the Soni family is also involved in the jewellery
business in Guwahati.


LILASONS INFRASTRUCTURE: Fitch Rates Nat. LT Rating at 'B-(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned India's Lilasons Infrastructure Pvt Ltd
a National Long-Term rating of 'B-(ind)' with Stable Outlook.
Fitch has also assigned LIPL's INR120 million fund-based cash
credit limits a 'B-(ind)' rating.

The ratings are constrained by LIPL's single project risk, lack of
track record and the nascent stage of its project of a high rise
14-floor building in the state of Madhya Pradesh (MP).  At end-
March 2011 (FY11), the company had incurred 13% of the total
construction cost. Fitch notes that a large part of funding
depends on customer advances, which in turn depend on economic
conditions that might put pressure on its sales realization.

The ratings benefit from the fact that LIPL was the first company
to be awarded the permission to erect a high rise building in MP.
Also, it is part of the Lilasons group of companies and thus
enjoys a strong goodwill in Bhopal, which will help in the off-
take of the flats.  The sales of the flats are also likely to be
benefited as the company is pricing it lower compared to its
competitors.

Negative rating guidelines include any delay in successful
execution of the project, resulting in a cost or time overrun and
liquidity pressures.  A positive rating guideline includes timely
completion of the project by end-2013.

Lilasons (formerly known as M/s Lilasons Leasing & Credits Pvt
Ltd) was initially in the financing business, and has recently
changed its focus to real estate development.  The company plans
to construct a 14 storied residential building of 611,826 sq ft in
Bhopal (MP) at a total cost of INR624 million, which will be
funded by equity of INR40 million, shareholder loans of INR80.8
million and debt of INR120 million.  Other significant entities
belonging to the shareholders include Lilasons Breweries Ltd and
Lilasons Industries Ltd, engaged in beer brewing.


MILAN JEWELLERS: CRISIL Reaffirms 'P4' Rating on INR445MM Loan
--------------------------------------------------------------
CRISIL's rating on the post-shipment credit facility of Milan
Jewellers continues to reflect Milan's large working capital
requirements, highly customer concentrated revenue profile,
significant build-up of receivables, modest scale of operations,
and small net worth.  These rating weaknesses are partially offset
by the experience of Milan's promoters in the diamond industry.

   Facilities                        Ratings
   ----------                        -------
   INR445.0 Million Post-Shipment    P4 (Reaffirmed)
                           Credit

Update

For the six months ended September 30, 2010, Milan recorded sales
of about INR400 million.  However, the firm's liquidity remains
weak, with bank limits remaining fully utilized mainly because of
large receivables.  As on Sept. 30, 2010, Milan had receivables of
about 230 days.

Set up in 1976 by Late Mr. Tanvir Kirtilal Chokshi, Milan
Jewellers manufactures, and trades in, polished diamonds.
Currently, Mr. Milan Chokshi and Mr. Mihir Jhaveri are active
partners in the firm, while Mr. Shanay Chokshi is a dormant
partner.  The firm exports diamonds, predominantly to South East
Asia, mainly Hong Kong, and the Middle East with a small
proportion to the US, Japan, Thailand, and Korea.

Milan reported a profit after tax of INR9.7 million on net sales
of INR796.5 million for 2009-10 (refers to financial year, April 1
to March 31), against a loss of INR11.7 million on net sales of
INR735.9 million for 2008-09.


MK WOOD INDIA: Fitch Rates Bank Loans at 'BB-(ind)'/'F4(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's M.K. Wood India Private Limited
a National Long-Term rating of 'BB-(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to MKW's instruments:

   -- INR42.5m fund-based working capital limits: 'BB-
      (ind)'/'F4(ind)'; and

   -- INR400m non-fund based limits: 'F4(ind)'.

The ratings reflect the established, over two-decade-long track
record of MKW's promoters (founders) in timber trading and the
consistent increase in its revenues since end-March 2007 (FY07).
The ratings are underpinned by MKW's large diversified customer
base and its low leverage (net adjusted debt/EBITDA) over FY07-
FY10 (FY09: 2x, FY10: 0.7x). Fitch expects leverage to remain
moderate over the short-to-medium term.

The ratings are constrained by the company's small scale of
business and its susceptibility to price volatility of timber.
The fluctuation in market prices depends on a number of
international and local factors such as global economy, climatic
conditions in the export countries, demand of timber by importing
countries, traffic at the local ports and availability of labour
as per season.

The company has consistently reported low profitability, evidenced
by its low EBITDA margin over FY07-FY10 (1.3%-2.6%) due to the
trading nature of business.  Fitch notes that MKW depends highly
on imports (90% of its purchases), which is a industry-wide
phenomenon. Any adverse change in export laws of timber exporting
countries could have a negative impact on its business profile.
The agency further notes that several countries have imposed bans
on export of timber, given illegal logging and deforestation.

Fitch has taken a consolidated view of MKW's and Ablaze Investrade
Private Limited's ('BB-(ind)'/Stable) business and financial risk
profiles while assigning the ratings, as both the companies are in
the same line of business with common management.  Further, both
the companies have extended cross corporate guarantees to secure
each others bank loans.

A significant increase in consolidated revenue and profitability
would be positive for the ratings. Conversely, a significant
decline in consolidated revenue and profitability, resulting in a
deterioration in financial leverage and interest coverage, could
result in a negative rating action.

In FY10, MKW reported standalone revenue of INR669.7 million, up
29.3% yoy, with an EBITDA margin of 2.6%.  Its total adjusted debt
increased to INR33.6 million in FY10 (FY09: INR31.1 million).
However, net financial leverage improved to 0.7x in FY10 from 2x
in FY09 due to better profitability.

Incorporated in July 1998, MKW is engaged in the trading of timber
logs, plywood, sunmica etc.  Timber trading contributes maximum to
its revenues (FY10: 88%).  The company imports timber logs from
various countries and after processing (sawing) sells it in the
domestic market.  Its timber processing plant is located in
Gandhidham (Gujarat).


OFFSHORE MARINETECH: CRISIL Assigns 'B+' Rating to INR30MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Offshore Marinetech Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.00 Million Cash Credit        B+/Stable (Assigned)
   INR30.00 Million Long-Term Loan     B+/Stable (Assigned)
   INR50.00 Million Bank Guarantee     P4 (Assigned)
   INR5.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect OMPL's constrained financial risk profile,
marked by small net worth and high gearing, small scale of
operations, and susceptibility to intense industry competition.
These rating weaknesses are partially offset by the extensive
industry experience of OMPL's promoters and its established
customer base.

Outlook: Stable

CRISIL believes that OMPL will continue to benefit from the
extensive industry experience of its promoters and established
customer relationships, over the medium term.  The outlook may be
revised to 'Positive' in case of better-than-expected improvement
in its revenues and net cash accruals, coupled with significant
improvement in its working capital cycle.  Conversely, the outlook
may be revised to 'Negative' in case OMPL's capital structure or
debt protection metrics weaken.

                      About Offshore Marinetech

Incorporated in 2007 by Mr. K S Pai, OMPL is engineering,
procurement, and commissioning company, and provides mechanical,
piping, structural, and erection & installation works for oil and
gas onshore and offshore projects.  The company also undertakes
ship repair works, chiefly for Indian Naval Dockyard. Prior to
incorporating OMPL, the operations were undertaken under Offshore
Constructions, a proprietary concern owned by Mr. Pai.  Its key
customers include ONGC Ltd, Indian Naval Dockyard, Hindustan
Aeronautics Ltd, Larsen and Toubro Ltd, and Bharat Heavy Electric
Limited. OMPL has a manufacturing facility at Rabale, Navi Mumbai,
and Vikhroli in Mumbai's central suburbs.  The company also
undertakes ship repairs at its site office in Naval Dockyard,
Fort, Mumbai. Its daily operations are managed by Mr. K S Pai, who
is supported by his technical team. His wife, Mrs. Rajani Pai
looks after the finance and administration functions.

OMPL is expected to report sales of around INR17 cr. (on a
provisional basis) during 20010-11 (refers to financial year,
April 1 to March 31). OMPL reported a profit after tax (PAT) of
INR4.4 million on net sales of INR16.9 million for 2009-10, as
against a PAT of INR4 million on net sales of INR13.1 million for
2008-09.


P. G. TIMBER: CRISIL Assigns 'B+' Rating to INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of P. G. Timber Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR30.00 Million Cash Credit        B+/Stable (Assigned)
   INR40.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect risks associated with limited track record of
operations.  This weakness is partially offset by the extensive
experience of PGTP's promoters in the timber trading industry and
their established relationship with channel partners.

Outlook: Stable

CRISIL believes that PGTP will benefit over the medium term from
the strong experience of its promoters in the timber trading
industry.  The outlook may be revised to 'Positive' if the company
reports higher-than-expected growth in revenues and earnings,
driven by higher demand for its products, while maintaining its
debt protection metrics and working capital cycle.  Conversely,
the outlook may be revised to 'Negative' if PGTP's financial risk
profile deteriorates, because of lower profitability or revenues,
or a debt-funded capital expenditure programme, or deterioration
in its working capital cycle.

                        About P. G. Timber

Incorporated in December 2007, PGTP is promoted by Mr. Ajay Gupta
and Mr. Ganga Prasad Gupta. PGTP commenced its operations in May
2010. It manufactures wooden doors and frames.  PGTP sources
around 45 per cent of its timber requirement from Malaysia, Burma
and other South-East Asian countries.  It sells the products
primarily to contractors, builders, and traders in West Bengal.
The registered office of the company is located at Kolkata. The
manufacturing facility is in Baidyabati (West Bengal).

PGTP reported profit after tax (PAT) of INR 2.8 million on net
sales of INR263.0 million for 2010-11 (provisional figures, refers
to financial year, April 1 to March 31).


R.G. INTERNATIONAL: ICRA Places 'LB+' Rating on INR17cr Bank Line
-----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR17.0 crore
bank lines of R.G. International.

The rating of RGI takes into consideration its stretched financial
profile characterized by high gearing levels and inadequate debt
protection indicators.  The rating also factors in the low entry
barriers and intensely competitive nature of industry which makes
margins and cash flows vulnerable to fluctuations in prices.
However, the rating favorably takes into account the firm's
experienced management, its long track record of operations in the
rice industry and its presence in export markets.  Further, ICRA
also takes into account the favorable demand prospects of the
industry with India being the second largest producer and consumer
of rice in the world. Company Profile

R.G. International is a partnership firm established in 2002 with
Mr. Rajesh Kumar, Mr. Munish Kumar, and Mr. Murari Lal as equal
partners.  The firm is involved in the milling and processing of
basmati rice and is based out of Nissing, Karnal (Haryana) and is
in close proximity to local grain market.  The firm also exports
rice to countries like Saudi Arabia, Dubai, Iraq, etc.

During the financial year ending March 31, 2010, the firm reported
a net profit before tax of INR0.11 crore on an operating income of
INR42.58 crore.


RAMA KRISHNA: ICRA Assigns 'LB+' Rating to INR7.5cr Bank Lines
--------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR7.50 crore
bank lines of Rama Krishna Rice Mills.

The rating of RKRM takes into consideration RKRM's weak financial
profile characterized by low profitability, its high gearing
levels and its weak debt protection indicators. The rating also
factors in the low entry barriers and intensely competitive nature
of industry which makes margins and cash flows vulnerable to
fluctuations in prices. However, the rating favorably takes into
account the firm's experienced management and its long track
record of operations in the rice industry. Further, ICRA also
takes into account the favorable demand prospects of the industry
with India being the second largest producer and consumer of rice
in the world.

Rama Krishna Rice Mills (RKRM) is a partnership firm established
in 2006 with Mr. Rajesh Kumar, Mr. Munish Kumar, Mr. Suresh Kumar
and Mr. Ashok Kumar as partners. The firm is involved in the
milling and processing of basmati rice and is based out of Panipat
(Haryana). During the financial year ending March 31, 2010, the
firm reported a net profit before tax of INR0.04 crore on an
operating income of INR19.40 crore.


S D BANSAL: ICRA Reaffirms 'LBB' Rating on INR7.12cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed 'LBB' rating to the INR12.00 crore fund based
limits, INR7.12 crore term loan and INR6.38 crore unallocated bank
lines of S D Bansal Iron & Steel Private Limited.  The outlook on
the rating is stable

ICRA's reaffirmation of rating of SDBIPL factors in the modest
scale of operations, which leads to low economies of scale and low
bargaining power vis-a-vis big players, and high competitive
pressures in the steel bars business, which is reflected in its
modest operating margins.  The rating is also constrained by
SDBIPL high debt-to-equity ratio (stood at 2.33 times as on
March 31, 2010) which coupled with moderate margins has resulted
in average coverage indicators.  However in FY 10 with the start
of the Ingots manufacturing facility leading to backward
integration in business operations it is likely to result in
improved margins going forward.  The rating also takes support
from the group profile with an established presence of the
promoters in education & construction industry in Madhya Pradesh
(MP).

ICRA's reaffirmation of rating of SDBIPL factors in the modest
scale of operations, which leads to low economies of scale and low
bargaining power vis-a-vis big players, and high competitive
pressures in the steel bars business, which is reflected in its
modest operating margins.  The rating is also constrained by
SDBIPL high debt-to-equity ratio (stood at 2.33 times as on
March 31, 2010) which coupled with moderate margins has resulted
in average coverage indicators.  However in FY 10 with the start
of the Ingots manufacturing facility leading to backward
integration in business operations it is likely to result in
improved margins going forward.  The rating also takes support
from the group profile with an established presence of the
promoters in education & construction industry in Madhya Pradesh
(MP).

                          About S.D. Bansal

S.D. Bansal Iron & Steel Pvt Ltd commenced its operations in
financial year 2008-09 with the establishment of 30000 MT per
annum capacity Rolling mill.  In FY 10 the company started ingot
manufacturing facility of 30,000 MT per annum capacity as well.
The promoters started in the construction business more than three
decades ago.  Over the years the group diversified its business
presence into education with the setting up of Sriniwas Education
Society in Madhya Pradesh.  The educational Society currently has
seven institutions under its educational trust with more than
10,000 students studying currently in these educational
institutions.


SHRI KRISHAN: CRISIL Assigns 'B+' Rating to INR6.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the bank facilities
of Shri Krishan Rice & General Mills.

   Facilities                          Ratings
   ----------                          -------
   INR70 Million Cash Credit           B+/Stable (Assigned)
   INR6.5 Million Rupee Term Loan      B+/Stable (Assigned)
   INR19.1 Million Proposed LT Bank    B+/Stable (Assigned)
                      Loan Facility  

The ratings reflect SKR's weak financial risk profile, marked by
small net worth, high gearing, and modest debt protection metrics,
large working capital requirements, and susceptibility to adverse
regulatory changes and volatility in raw material prices.  These
rating weaknesses are partially offset by SKR's established
relations with suppliers and customers, and the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that SKR will continue to benefit from its
promoter's established relations with key business partners and
sufficient cash accruals to make debt repayments, over the medium
term.  The outlook may be revised to 'Positive' if SKR
substantially increases its scale of operations, while maintaining
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if the firm's profitability shrinks or its
financial risk profile deteriorates because of stretched working
capital or larger-than-expected debt-funded capital expenditure.

                        About Shri Krishan

SKR, a proprietorship firm set up by Mr. Naresh Kumar Sorout in
1996, procures and processes paddy and supplies coarse rice of
various qualities.  Nearly 80 per cent of the firm's revenues are
contributed from sale of basmati rice, and the rest from other
rice varieties.  About 15 per cent of SKR's products are exported
to Mauritius, the Middle East, and Italy.

SKR reported a profit after tax (PAT) of INR1 million on net sales
of INR268 million for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR5 million on net sales of
INR224 million for 2008-09.


SICAL MULTIMODAL: ICRA Assigns 'LBB' Rating to INR150cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR150 crore
term loans and INR8 crore cash credit facilities of Sical
Multimodal and Rail Transport Limited; the outlook on the long
term rating is Stable.  ICRA has also assigned a short term rating
of 'A4' to the INR36 crore non-fund based bank limits of SMART.

The ratings assigned factor in the start-up nature of the
business, with adverse financial performance and cash losses since
inception; the high competition in the industry with the market
dominance of CONCOR and the entry of large number of private
container train operators since opening up of the sector;
vulnerability of margins to increase in haulage charges by Indian
Railways and price competition among operators; project execution
risks, albeit limited to civil construction works in the ICD/CFS
development; and the weak cash flows expected in the near to
medium term on account of low profitability and large debt
servicing requirements.  The ratings take into account the strong
presence of the Sical Group in the logistics industry for over
five decades, particularly in South India; synergistic benefits
expected from integrated presence of promoter group in the
logistics sectors, wherein the container train operations will
complement other activities of the Group; corporate guarantee
extended to the term loans of SMART by its parent company Sical
Infra Assets Limited; the favorable long-term outlook for the
industry given the increasing trend of containerization and
growing trade; and the strategic locations of the planned rail
terminals.

                      About Sical Multimodal

Sical Multimodal and Rail Transport Limited, incorporated in May
2007, is a 'Category I' container rail operator, licensed to
operate trains on all routes of the Indian Railways (IR).  SMART
is a step-down subsidiary of Sical Logistics Limited and a wholly-
owned subsidiary of Sical Infra Assets Limited.  SIAL was formed
as an investment company to float special purpose vehicles (SPVs)
for logistics infrastructure projects under the Sical Group;
currently, 54% of equity in SIAL is held by SICAL and the
remaining by Old Lane Mauritius, a private equity investor. SMART,
which commenced operations in March 2008, currently operates seven
rakes (including two leased rakes) in the north-south and west-
south routes for domestic container cargo.  SMART is developing
rail terminals together with Container Freight Station (CFS) /
Inland Container Depot (ICD) facilities near Bangalore and Chennai
which are expected to be completed by March 2012 following which
the company can also handle export-import (EXIM) cargo.  The long
term plan for the company is to develop an integrated hub-and-
spoke rail network spanning the country with key nodes at Chennai,
Bangalore, Delhi, Mumbai, Hyderabad, Nagpur and Kolkata.


T.C. AGRO: ICRA Assigns 'LB+' Rating to INR18cr Bank Lines
----------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR18.0 crore
bank lines of T.C. Agro Food Industries.

The rating of TCAFI takes into consideration its stretched
financial profile characterized by high gearing levels and
inadequate debt protection indicators.  The rating also factors in
the low entry barriers and intensely competitive nature of
industry which makes margins and cash flows vulnerable to
fluctuations in prices.  However, the rating favorably takes into
account the firm's experienced management, its long track record
of operations in the rice industry and its presence in export
markets.  Further, ICRA also takes into account the favorable
demand prospects of the industry with India being the second
largest producer and consumer of rice in the world. Company
Profile T.C. Agro Food Industries is a proprietorship firm
established in 1995.  The firm is involved in the milling and
processing of basmati rice and is based out of Nissing, Karnal
(Haryana) and is in close proximity to local grain market. The
firm also exports rice to countries like Saudi Arabia, Dubai,
Iraq, etc. During the financial year ending March 31, 2010, the
firm reported a net profit before tax of INR0.10 crore on an
operating income of INR38.05 crore.


UCO BANK: Fitch Affirms 'D' Individual Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed India-based UCO Bank's National Long-
Term (LT) rating at 'AA(ind)' with a Stable Outlook, its
Individual rating at 'D' and Support rating at '3'.  The agency
has also affirmed UCO's instrument ratings.

The National LT rating reflects Fitch's expectations of continued
support from the government, given high government shareholding
(68%) and the state's demonstrated capital support in the last
three (FY09-FY11)) years.  The rating also reflects the bank's
regional importance and its role as a lead banker under the
Reserve Bank of India's (RBI) financial inclusion programme.

The ratings of UCO's hybrid instruments are notched two levels
down from the bank's notional standalone National LT rating, in
line with Fitch's rating criteria for hybrids.  The notional
standalone National LT rating is driven by the Individual rating
and is constrained by the bank's moderate funding profile,
expected margin pressures and deteriorated asset quality.

Slow progress in enhancing its low-cost current savings (CASA)
deposit ratio (24% of total deposits for the financial year ended
March 2011) has increasingly tilted UCO's deposit mix towards
higher-cost bulk deposits and more volatile certificate of
deposits, which together represented 51% of total deposits in
FY11. The share of CDs has increased further to 15% of total
deposits in FY11 from 7% in FY10, which can present significant
refinancing challenges.  However, UCO's government bank status and
its demonstrated ability to refinance in past cycles partly
mitigate this risk.  Its funding profile is likely to remain
weaker than most peers' although management has indicated a more
focused approach to strengthen CASA.

Fitch notes that higher refinancing cost coupled with the 50bps
upward revision in the savings rate (4%) - announced by the RBI on
3 May 2011 - will further translate into lower net interest
margins (NIMs). However, this is partly mitigated by the bank's
improved ability to pass on costs under the base rate regime. The
agency's stress test estimates that a 80bps rise in funding cost
could likely shave NIMs by 50bps-70bps, although the impact on net
profitability currently appears to be limited.

Fitch also notes that incremental provisioning under new provision
coverage guidelines and amortization of gratuity and pension
liabilities are expected to put pressure on UCO's earnings,
although this impact will be offset by an improved cost structure.
Management plans to leverage its existing branch network (over
2,100 branches) to grow its SME and retail loan book, and has no
aggressive branch expansion plans for the near term.

The rise in the bank's non-performing loan (NPL) ratios for FY11
to 3.1% from 2% for FY10 was partly cyclical in nature (due to
slippages in a restructured portfolio) and partly due to the
reclassification of certain legacy loans as NPLs.  While Fitch
expects to see some normalization in asset quality, UCO's loan
loss provision coverage including technical write-offs (FY11:
51.6%) lags that of peers, most of which are close to 75%.

Recent equity injection of INR9.4 billion by the government has
improved both capital ratios (FY11: total CAR: 13.8%; FY10: 13.2%)
and capital quality.  Further external capital support cannot be
ruled out, if UCO is to to achieve its FY12 growth target of 20%.

UCO's National LT rating, if upgraded, would be at the highest
level of its notional support floor.  Therefore, prospects for a
further upgrade of the bank's National LT rating are limited in
the medium-term. The Individual rating could, however, come under
pressure if the bank is unable to resolve structural funding
issues, leading to refinancing difficulties.

These ratings of UCO have been affirmed:

   -- National LT rating: 'AA(ind)'; Outlook Stable

   -- Individual rating: 'D'

   -- Support rating: '3'

   -- INR2.5bn lower tier 2 subordinated bonds: 'AA(ind)'

   -- INR5bn upper tier 2 bonds: 'A(ind)'

   -- INR2.3bn perpetual tier 1 bonds: 'A(ind)'.


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


INDONESIA EXIMBANK: Fitch Assigns 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Lembaga Pembiayaan Ekspor Indonesia a
'BB+' Long-Term Foreign-Currency Issuer Default Rating (IDR) with
a Positive Outlook.  At the same time, the agency has assigned a
Support Rating of '3' and a Support Rating Floor of 'BB+'.

The ratings reflect Fitch's expectation that Indonesia Eximbank
would receive strong support from the government of Indonesia
('BB+'/Positive) in times of need, given its 100% state ownership,
and important public role in supporting Indonesia's export sector.
Moreover, the bank is not subject to the provisions of the Act of
Insolvency and can only be dissolved by a special Act.

The government has committed to maintain Indonesia Eximbank's
capital at minimum of IDR4 trillion and distribute a maximum 10%
of its surplus for dividend and employees compensation as
stipulated in the special Act 2/2009 to support the bank's policy
role.  The government's IDR2 trillion capital injection in Q410 is
evidence of capital support for the bank.  Total capital remained
strong with a total capital adequacy ratio (CAR) of 39.9% at end-
2010, and was composed almost entirely Tier 1 equity capital.
Indoexim expects to maintain its Tier 1 CAR above 20% in the
medium term.

Export financing facilities with a minimum of IDR50bn to
corporates comprised around 95% of Indonesia Eximbank's total
loans at end-2010. Its gross NPL ratio of 10.1% at end-2010
remained much higher than the average of Indonesian commercial
banks of 2.6%.

Indoexim relies mainly on borrowings from foreign governments,
multilaterals and banks (60% of borrowings) and bonds (39%), as it
is not allowed to accept public deposits.  To moderate the risk
that the bank's access to such funds could be challenged by
volatile market conditions, a funding facility from MOF was
established in 2011 from which it can draw on in times of need.

Indonesia Eximbank, previously known as PT Bank Ekspor Indonesia
(Persero), was established under Act of Parliament issued in 2009
to finance and facilitate Indonesia's export trade. It is under
the supervision of the MOF.


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


CSC SERIES 1: S&P Lowers Ratings on 9 Classes of Bonds to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-2 to F-3 bonds issued under the CSC, Series 1 GK
transaction and removed them from CreditWatch with negative
implications, where they had been placed on Jan. 7, 2011.  "We
lowered to 'D (sf)' our ratings on the interest-only class X bonds
and the class G-3 bonds, which were issued under the same
transaction, on Feb. 1, 2011, and Feb. 17, 2011," S&P stated.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A-2 and A-3
bonds, and the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B-2 to F-3
bonds. Thus the ratings on classes A-2 and A-3 were lowered by one
notch more than the ratings on B-2 and B-3, irrespective of
payment priority.

Of the six loans (effectively six loans) that initially backed the
transaction, only three loans remain (the loans originally
represented about 68% of the total initial issuance amount of the
bonds), all of which have already defaulted.

"On Jan. 7, 2011, we placed the ratings on classes A-2 to F-3 on
CreditWatch negative because we wanted to ascertain the possible
impact of the allocation of loan proceeds between principal and
interest, which caused the missed interest payment on class X, as
well as the impact of step-up coupons after the expected maturity
date," S&P related.

The downgrades of classes A-2 and A-3 reflect:

    * "In this transaction, it is our understanding that the
      servicer's disposition fee relating to the defaulted loans
      is structured such that it is deducted from the funds for
      interest payments on the bonds, rather than directly
      deducted from the collected principal on the underlying
      loans. In addition, interest on the bonds stepped up after
      the expected maturity date. After considering these points,
      it is our view that interest payments on these two classes
      are very likely to be deferred, subject to the amount of
      collection from the loans. We intend to lower to 'D (sf)'
      the ratings on classes A-2 and A-3 if interest payments are
      not made on the payment dates. Nevertheless, we still
      believe that the principal on classes A-2 and A-3 is very
      likely to be redeemed and we see a reasonable likelihood
      that interest payments on these two classes will be made,
      even though such payments will be deferred," S&P stated.

Meanwhile, S&P lowered its ratings on classes B-2 to F-3 because:

    * The ratings on these seven classes address the full payment
      of interest and ultimate repayment of principal by the
      transaction's legal final maturity date. Interest payments
      on the seven classes are already or will be deferred. "In
      this transaction, it is our understanding that the deferred
      interest is structured such that it is not paid from the
      collected principal on the underlying loans. We see a higher
      likelihood of nonpayment of interest with the completion of
      collection from the underlying loans, depending on the
      timing of the recoveries from the transaction's three
      remaining loans. Nevertheless, we still believe that the
      principal on classes B-2 and B-3 is very likely to be
      redeemed," according to S&P.

"We learned that the Great East Japan Earthquake and ensuing
tsunami that struck northeastern Japan on March 11, 2011, caused
damage to a property (a retail facility in Miyagi Prefecture)
backing one of the transaction's remaining loans (the loan
originally represented about 8% of the total initial issuance
amount of the bonds), and the loan defaulted. Given the extent of
the damage, it became clear that we needed to revise downward our
assumption with respect to the likely collection amount from the
property in question. Accordingly, on April 18, 2011, we kept the
ratings on classes A-2 to F-3 on CreditWatch with negative
implications," S&P noted.

"In our media release, 'Ratings On Nine Classes Of CSC Series 1 GK
Kept On CreditWatch Negative,' published April 18, 2011, we
stated: 'It is our view that even if we lower our assumption with
regard to the likely collection amount from the aforementioned
damaged property, there should be no impact on the ratings of
classes other than class C and more subordinate classes. This is
because: (1) we have already assumed that the principal of the
related loan will be largely impaired; and (2) the transaction's
credit enhancement levels are improving as principal payments are
made on the transaction's other remaining loans.' This time, since
we have lowered to 'CCC- (sf)' our ratings on class C and more
subordinate classes, we have also removed the ratings on these
classes from CreditWatch negative, even though we have yet to
finalize our assessment of the recovery prospects of the damaged
property," according to S&P.

CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The bonds were initially secured by
11 nonrecourse loans, which were actually treated as six loans,
extended to six obligors. The loans were originally backed by 72
real estate trust certificates and real estate properties. The
transaction was arranged by Credit Suisse Securities, and ORIX
Asset Management & Loan Services Corp. is the servicer for the
transaction.

Ratings Lowered and Removed From CreditWatch Negative
CSC, Series 1 GK
JPY36.2 billion yen-denominated bonds due November 2012
Class   To          From                  Initial issue amount
A-2     CCC- (sf)   AAA (sf)/Watch Neg    JPY18.1 bil.
A-3     CCC- (sf)   AAA (sf)/Watch Neg    JPY3.9 bil.
B-2     CCC (sf)    A- (sf)/Watch Neg     JPY1.7 bil.
B-3     CCC (sf)    A- (sf)/Watch Neg     JPY1.5 bil.
C-2     CCC- (sf)   B- (sf)/Watch Neg     JPY3.2 bil.
D-2     CCC- (sf)   CCC (sf)/Watch Neg    JPY3.2 bil.
E-2     CCC- (sf)   CCC (sf)/Watch Neg    JPY0.9 bil.
E-3     CCC- (sf)   CCC (sf)/Watch Neg    JPY0.6 bil.
F-3     CCC- (sf)   CCC (sf)/Watch Neg    JPY1.9 bil.


KAWASAKI KISEN: S&P Lowers CCR to 'BB+'; Outlook is Negative
------------------------------------------------------------
Standard & Poor's Rating Services lowered to 'BB+' from 'BBB-' its
long-term corporate credit and senior unsecured debt ratings on
Kawasaki Kisen Kaisha Ltd.  The outlook on the long-term corporate
credit rating is negative.  "The rating action reflects our view
that the company will see another deterioration in its earnings
and financial performance in fiscal 2011 (ending March 31, 2012).
The negative outlook reflects the strong uncertainty over an
earnings recovery," S&P stated.

On April 28, 2011, Kawasaki Kisen announced that it expects its
operating profit to decrease significantly to JPY6 billion in
fiscal 2011, from JPY59 billion in the previous year. The
prolonged market slump, fuel price hikes, and a sharp decline in
car export volume are causing massive earnings pressure. Standard
& Poor's anticipates that the company's ratio of funds from
operations (FFO) to total debt will deteriorate to around 10%
again in fiscal 2011.  "In addition, we see the company's total
debt to capital ratio as likely to increase further from 60.5% as
at the end of March 2011.  Standard & Poor's considered these
metrics incompatible with the previous rating," S&P said.

The outlook on the long-term corporate credit rating on Kawasaki
Kisen is negative. "Standard & Poor's believes the business
environment for the company's mainstay containership and dry bulk
shipping remains uncertain, given that we expect a large increase
in shipping capacity in 2011 and 2012. In addition, we see risk of
the company incurring additional costs by undertaking further
structural reorganization to bolster earnings. Thus, we are of the
opinion that there are downside risks to the company's earnings
Targets," S&P stated.

"We may consider lowering the ratings on Kawasaki Kisen if it
misses its earnings targets and this leads us to conclude that the
company will face larger financial difficulties than it expects.
Conversely, we may revise the outlook to stable if a recovery in
the fees it charges in its shipping services -- such as container
and dry bulk shipping--and stabilized earnings in the car carrier
business, lead us to conclude that the company is highly likely to
achieve the financial targets described in its medium term
business plan," S&P added.


PIONEER CORP: Reports First Profit in Seven Years
-------------------------------------------------
Kyodo News reports that Pioneer Corp said Wednesday it returned to
profitability on a net basis in fiscal 2010 for the first time in
seven years as robust sales of Blu-ray disc drive-related products
helped offset adverse effects of a stronger yen and its withdrawal
from the plasma display business.

The Japanese electronics maker's group net profit totaled
JPY10.35 billion for the year that ended March 31, compared with a
net loss of JPY58.28 billion a year earlier, with its sales up
4.2% to JPY457.55 billion, Kyodo discloses.

According to Kyodo, Pioneer said although its operations were
affected by the massive March 11 earthquake and tsunami, the
strong Blu-ray disc drive business as well as growth in sales of
car electronics products and cost-cutting efforts helped realize
the earnings turnaround.

For fiscal 2011 through next March, Kyodo notes, the company
projects group sales to rise 2.7% to JPY470 billion, but net
profit to fall 61.4% to JPY4 billion due mainly to a special loss
related to the planned partial introduction of a defined
contribution pension fund system.

                         About Pioneer Corp.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2010, Standard & Poor's Ratings Services revised to
positive from stable the outlook on its long-term corporate credit
rating on Pioneer Corp.  The action reflects S&P's view that
Pioneer's creditworthiness is likely to improve in light of its
stabilized  business performance and steady progress in asset
sales, which it had planned in the beginning of fiscal 2010
(ending March 31, 2011).  At the same time, S&P affirmed its 'B+'
long-term corporate credit and senior unsecured ratings on
Pioneer.


TOKYO ELECTRIC: Accepts Government Conditions for Aid
-----------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. decided Wednesday
to accept the government's conditions for helping it compensate
victims of the Fukushima No. 1 power plant crisis.

Tepco is expected to face trillions of yen in compensation
demands, the report says.

According to Kyodo, the government's conditions for aid include
maximum cost-cutting efforts, not capping compensation payments in
advance and allowing an investigation into its management to be
conducted by a third-party panel set up by the government.

Kyodo says the government presented the conditions Tuesday evening
after Tepco President Masataka Shimizu asked for help in making
the enormous compensation payments for the radiation-related
problems triggered by the March 11 mega-quake and tsunami.

To raise the funds, Kyodo notes, Tepco is planning to sell more
than JPY500 billion worth of assets, sources said.  These could
include its holdings in KDDI Corp., real estate and group
companies, including some offshore, that are unrelated to its core
operations.

Tepco is also considering freezing dividend payments on its common
shares for five to 10 years to free up even more money, Kyodo
adds.

Separately, Tepco will slash more than 350 billion in
expenditures through such measures as pay cuts and reductions in
promotional spending over the next two years.

The government is in the final stage of discussions before
deciding on a support regimen to help the utility, and is
considering establishing a special institution to deal with the
damages payments in the event they exceed Tepco's ability to make
them.

                            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
===============


GULA PERAK: Appoints Provisional Liquidator
-------------------------------------------
Gula Perak Berhad disclosed that the company's Board of Directors
have appointed a provisional liquidator pursuant to Section 255
(1) of the Companies Act 1965 having made a statutory declaration
(Form 65A) which has been lodged with the Registrar and with the
Official Receiver as the Company cannot by reason of its
liabilities continue its business.

Chang Chee Ching was appointed provisional liquidator on May 11,
2011.

"Given that the Company has not been able to secure any agreement
to a regularization plan for the Company given that it is in PN17,
particularly with the major Redeemable Convertible Secured Note
Holders and the Syndicated Term Loan lenders, the Company believed
that its liabilities far exceeds its ability to continue its
business and as such, under a creditors' voluntary winding up,
made the statutory declaration in order to preserve the Company's
assets for the eventual repayment and settlement of liabilities,"
Gula Perak told Bursa Malaysia.

The appointment of the provisional liquidator will not have a
major impact on the Group's business as the provisional liquidator
is appointed only at the Company, which is an investment holding
company.

All activities and businesses of the company will cease and the
provisional liquidator will take over the powers of the Board of
Directors.

                         About Gula Perak

Gula Perak Berhad is a Malaysia-based company.  The Company is
engaged in construction works, trading in construction materials
and property development.  The principal activities of the
subsidiary companies consist of hotel operations and management,
service apartment operations and management and property
development.  The Company operates in two segments: Hotel
operations, under which the Company owns and operates the Dynasty
Hotel, Kuala Lumpur and Empress Hotel, Sepang, Selangor; and
Construction and property development, under which the Company is
engaged in construction and development of industrial properties.
Its subsidiaries include Dynawell Corporation (M) Sdn. Bhd., KSB
Requirements & Rest Sdn. Bhd., Gula Perak Land Sdn. Bhd. and Dyna
Enterprise International Ltd.

Gula Perak Berhad has been listed as an Amended Practice Note 17
company as the Company was not able to provide a solvency
declaration to Bursa Malaysia.


VTI VINTAGE: Restraining Order Extended Until September 7
---------------------------------------------------------
VTI Vintage Berhad has obtained 120 days extension of the
restraining order from May 11, 2011, to Sept. 7, 2011.

The High Court of Malaya at Kuala Lumpur entered an order on
Feb. 8, 2011, pursuant to Section 176(10) of the Act, to restrain
all further proceedings, and any and all actions or proceedings
against the Company and the its subsidiary companies:

   i) Vintage Tiles Industries Sdn Bhd;
  ii) Vintage Roofing & Construction Sdn Bhd;
iii) Newsteel Building Systems Sdn Bhd; and
  iv) Vintage Tiles Industries (EM) Sdn Bhd.

The restraining order was granted in relation to these events:

   * The scheme creditors of the Companies had at its Court
     Convened Meeting held on July 16, 2010, approved the
     Proposed Scheme of Arrangement under Section 176 of the
     Companies Act, 1965 and the meetings of the shareholders
     of the Companies will be convened within three (3) months
     from Feb. 8, 2011, or any other time period extended by
     the Court.

   * The Companies were served with several notices pursuant
     to Section 218 of the Companies Act, 1965 by the creditors
     since the previous Restraining Order granted to the Companies
     had expired on August 18, 2010.

   * The restraining order is for the Companies to finalize the
     Scheme.

The restraining order does not have any financial and operational
impact on VVB.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


AMI INSURANCE: Taps Goldman Sachs to Advise on Recapitalization
---------------------------------------------------------------
AMI Insurance said it had begun the process of recapitalizing the
company to strengthen its balance sheet in the wake of the
February earthquake.  The company has appointed Goldman Sachs to
advise it during the recapitalization process and capital raising
process.

Although all claims are not yet in, the company believes they will
exceed the $600 million of re-insurance cover it holds for that
event.

AMI's recently announced arrangement for the Government to provide
up to $500 million in extra capital, if necessary, has freed the
company to use its own capital of $350 million to meet claims once
the $600 million of existing reinsurance cover has been exhausted,
without breaching the regulations governing the insurance
industry.

"This arrangement means that every AMI policy holder, not just
those affected by the Christchurch earthquake, can be completely
confident that their claims will be met", says Chairman Kerry
Nolan. "We do not have a cashflow problem, but we need to address
the company's capital structure for the long term."

Fresh capital, once raised, will enable the company to redeem the
unpaid convertible preference shares it issued to the Government
as part of the recently announced support arrangement, before any
Government money is actually drawn down.

"We invited submissions and considered proposals from a number of
leading capital advisors. Based on the programme Goldman Sachs
presented and their experience in this area, we have every
confidence they will provide the Board with a suitable solution."

Mr. Nolan said there are a number of capital raising options
available to AMI. Given the complexity involved, Goldman Sachs
will assist in determining the level, type and structure of
capital required to both settle claims and to satisfy the
prudential regulatory requirements the company must meet now and
into the future.

The recapitalization project will take some months because AMI
needs to determine the extent of its liabilities arising from the
February 22 earthquake. This cannot be achieved until after the
May 23 deadline for lodging earthquake related claims has passed,
and current uncertainties around remediating earthquake damaged
land are resolved. AMI expects to be able to quantify its exposure
by the end of August, which will clarify its need for fresh
capital.

Mr. Nolan urged all AMI Christchurch policy holders affected by
the February earthquake to be sure to meet the May 23 deadline for
submitting claims to the EQC.

It is only the claims arising from the February 22 earthquake that
have created the situation where AMI needs to recapitalize. AMI
can comfortably meet all claims relating to the September 2010
earthquake from the reinsurance cover applying to that event,
which has been classed as a 1 in 1000 year event. The February
quake has been classified as 1 in 2500 year event.

AMI holds further reinsurance of $1 billion to cover a third
disaster event in New Zealand before June 30, as well as current
cover of up to $600 million for a fourth event before that date.
Chief executive John Balmforth is currently overseas negotiating
fresh reinsurance to take effect beyond June 30, which will
include specific cover for earthquake events.

Mr Nolan said that, despite recent negative publicity, healthy new
business continues to be written with a net loss of fewer than 1%
of policies since 22 February.

"With the welcome back-up arrangement negotiated with Government
to supply further capital if needed, our customers can have
absolute confidence that their claims will continue to be met,
both now and in the future."

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said that New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on September 4, 2010, and
February 22, 2011.

AMI Insurance -- http://www.ami.co.nz/-- is the largest general
insurer in Christchurch, New Zealand.

AMI holds further reinsurance of $1 billion to cover a third
disaster event in New Zealand before June 30, as well as current
cover of up to $600 million for a fourth event before that date.
Chief executive John Balmforth is currently overseas negotiating
fresh reinsurance to take effect beyond June 30, which will
include specific cover for earthquake events.


BRIDGECORP LTD: Investors Close to Receiving First Distribution
---------------------------------------------------------------
Interest.co.nz reports that Bridgecorp Ltd investors could soon
get their first distribution from the failed property lender's
receivers, nearly four years after the company collapsed.

According the report, PricewaterhouseCoopers partner and
Bridgecorp receiver Colin McCloy said the receivers hoped to
shortly resolve the Inland Revenue Department's claims and would
then be in a position to make a distribution to Bridgecorp's more
than 14,000 secured debenture holders.

Interest.co.nz relates that the IRD has lodged a NZ$3.9 million
claim and Mr. McCloy said the receivers are working through a
possible second claim from the taxman.

"Once we've resolved that position with IRD we'll write to
investors and tell them what the position is," Interest.co.nz
quotes Mr. McCloy as saying.  "I'd like to think we can resolve it
shortly but I can't put a timeframe on it.  It's beyond my
control."

He wouldn't say how much investors might receive, saying this
information would be disclosed in the letter to debenture holders.
Bridgecorp had $16.7 million of funds on hand at January 1 this
year, according to Interest.co.nz.

Mr. McCloy, Interest.co.nz says, acknowledged that he was "sure"
any distribution to investors would be very welcome and said he
was confident there would be enough money left after any second
IRD claim was cleared to make a payout.

Interest.co.nz notes that the latest receiver's report from McCloy
and his PricewaterhouseCoopers colleague Maurice Noone reiterates
that Bridgecorp's 14,367 secured debenture holders are likely to
get back less than 10 cents in the dollar of the $459 million they
were owed when the company was tipped into receivership by trustee
Covenant Trustee Company on July 2, 2007.

                         About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


FIVE STAR: Former Director Faces Bankruptcy
-------------------------------------------
BusinessDay.co.nz reports that Five Star Finance founder and
former director Anthony Walpole Bowden is facing bankruptcy after
an application by Westpac bank was heard in the High Court at
Auckland.

BusinessDay.co.nz says Mr. Bowden is currently serving a sentence
of nine months home detention in his $1.3 million house on
Auckland's North Shore.

He was one of four directors charged with misleading investors
under the Securities Act and Financial Reporting Act, through its
2006 prospectus and published investment statements, according
BusinessDay.co.nz.

BusinessDay.co.nz relates that fellow Five Star directors Nicholas
Kirk and Marcus MacDonald pleaded guilty and were also sentenced
in December to two years and eight months and two years and three
months in jail respectively.

Exactly how much money Westpac is seeking from Mr. Bowden is not
known at this stage, but the bankruptcy proceedings were adjourned
until late June.

Companies Office records show Bowden has been a director of over
100 companies in his career.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


OPI PACIFIC: Investors Still NZ$194 Million Out of Pocket
---------------------------------------------------------
BusinessDay.co.nz reports that the receivers of OPI Pacific
Finance Ltd have managed to distribute NZ$4.3 million to the
company's secured investors, leaving them still $194 million out
of pocket.

When receivers were appointed in September 2009 - 17 months after
the company defaulted on its debts - OPI's liabilities exceeded
its assets by NZ$417.8 million, BusinessDay.co.nz says.

BusinessDay.co.nz relates that this first distribution from the
receivers equates to 1.67 cents in the dollar based on balances
owing at the start of the company's moratorium in 2008.

Investors also received 22.19 cents in the dollar during the
moratorium, bringing the total distribution over the period to
23.86 cents, BusinessDay.co.nz notes.

But the latest report from the company's PWC receivers, Maurice
Noone and Colin McCloy, doesn't paint an optimistic picture for
further payouts to debenture holders, let alone unsecured note
holders who are owed $57.5 million, according to
BusinessDay.co.nz.

The receivers, says BusinessDay.co.nz, have reported their
findings to the Financial Markets Authority; however the Serious
Fraud Office said last year it had insufficient evidence to mount
a criminal prosecution.

BusinessDay.co.nz, citing the latest receivers' report, notes that
when OPI, or PAC as the receivers refer to it, collapsed into
receivership in September 2009, it had loans to 18 borrowers on
properties that had not yet been sold.

"The first-ranking mortgagees have taken control over all the
remaining properties and many borrowers are in some form of
insolvency or have been deregistered," the receivers said.

"We are disappointed to advise that it is unlikely PAC will
recover any material funds from properties to be sold, given the
losses the first-ranking mortgagees are likely to incur."

The receivers said they are taking legal action "on a case by case
basis" to pursue loan book recoveries, but there are "unlikely to
be material recoveries," BusinessDay.co.nz adds.

                        About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, is New Zealand-based finance company.  OPI Pacific is a
subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
Sept. 15, 2009, by Perpetual Trust, the trustee for OPI's secured
debenture holders and unsecured note holders.  This ends the
moratorium arrangement that has been in place since May 2008.
Perpetual Trust appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

"The decision to appoint receivers follows the Supreme Court of
Queensland's order that Octaviar Limited, over which OPI had a put
option, be put into liquidation.  The trustee's opinion is that a
receivership is now appropriate and in the best interests of OPI's
investors," Matthew Lancaster, Head of Corporate Trust at
Perpetual Trust, said in a statement.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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