TCRAP_Public/110517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Tuesday, May 17, 2011, Vol. 14, No. 96

                            Headlines



A U S T R A L I A

ARAB BANK: Moody's Confirms 'D+' Bank Financial Strength Rating
VIKING GROUP: Creditor Appoints McGrathNicol as Receiver


H O N G  K O N G

B.S. SMITH: Suen Man Fai Steps Down as Liquidator
BAHT NAVIGATION: Members' Final Meeting Set for June 14
CALVARY CHILDREN'S: Creditors' Proofs of Debt Due June 11
CHINA MEDIA: Members' Final Meeting Set for June 13
CHINESE GOLF: Creditors' Proofs of Debt Due June 6

CHINSON SECRETARIES: Members' Final Meeting Set for June 13
CINACON LIMITED: Leigh Man Sung Camballaw Steps Down as Liquidator
EGANAGOLDPFEIL (HOLDINGS): Court Enters Wind Up Order
EVER GROUP: Members' Final Meeting Set for June 17
EVERMAX LIMITED: Seng and Lo Step Down as Liquidators

MAN PO: Creditors' Meeting Set for May 21


I N D I A

A.K. PROPERTIES: CRISIL Assigns 'B+' Rating to INR2.5MM Term Loan
AIR TRANSPORT: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
ALPHA FOUNDATIONS: CRISIL Reaffirms 'BB-' Rating to INR30.8MM Loan
ASHIAN OILS: CRISIL Assigns 'B' Rating to INR33MM Term Loan
BRAHMA IRON: Fitch Assigns 'B(ind)' National LT Rating

DURGA CARRIERS: CRISIL Reaffirms 'BB+' Rating on INR57MM Credit
EXIM RAJATHI: Fitch Rates INR1.5BB Capital Limits at 'D(ind)'
GHELANI BUILDERS: CRISIL Rates INR300 Million LT Loan at 'C'
GONTERMANN-PEIPERS (INDIA): Fitch Cuts Nat'l Rating to 'RD(ind)'
JESONS INDUSTRIES: Fitch Upgrades Rating on INR138MM Loan to 'BB-'

JUPITER ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR43MM Term Loan
JUPITER WAGONS: CRISIL Cuts Rating on INR110MM Term Loan to 'BB'
PRATHAMESH CERAMICS: CRISIL Cuts Rating on INR283MM Loan to 'D'
PRINCE TMT: CRISIL Upgrades Rating on INR3.9MM LT Loan to 'BB+'
SAKTHI TOWERS: CRISIL Rates INR105 Million Cash Credit at 'BB-'

SHARMAN WOOLLEN: CRISIL Assigns 'B+' Rating to INR28.1MM Term Loan
SPP FOOD: CRISIL Assigns 'BB+' Rating to INR22.8 Mil. Term Loan
STARGAZE ENTERTAINMENT: Fitch Affirms 'BB-(ind)' Nat'l. LT Rating
SUN STEEL: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit


I N D O N E S I A

BERAU CAPITAL: Moody's Upgrades Corporate Family Rating to B1
BUMI RESOURCES: Moody's Affirms 'Ba3' Corporate Family Rating


J A P A N

TOKYO ELECTRIC: Japan Unveils Plan to Help Tepco Escape Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: Wins Patent Infringement Appeal vs. Rambus


N E W  Z E A L A N D

JEAN JONES: Asset Sale to be Finalized Soon, Receiver Says
WESTERN PACIFIC: Had Asked for NZ$5MM Guarantee Before Collapse
* FIJI: Moody's Maintains Negative Outlook for Fiji's B1 Rating


S I N G A P O R E

AOI CHENGDU: Creditors' Proofs of Debt Due June 13
HYDER CONSULTING: Creditors' Proofs of Debt Due June 13
JAPAN MATERIAL: Creditors' Proofs of Debt Due June 10
SWISS-ASIA INVESTMENTS: Creditors' Proofs of Debt Due June 13
VINCI PTE: Court to Hear Wind-Up Petition May 27


T H A I L A N D

TT&T PCL: Court Approves Request for Registered Capital Increase


X X X X X X X X

* BOND PRICING: For the Week May 9 to May 13, 2011




                            - - - - -


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


ARAB BANK: Moody's Confirms 'D+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt rating
of Arab Bank Australia Limited to Baa2 from Baa1, and its
subordinated debt rating to (P) Baa3 from (P) Baa2. The short-term
rating of Prime-2 and the bank financial strength rating (BFSR) of
D+ have been confirmed. Concurrently, Moody's has assigned a
negative outlook to all ratings.

The rating actions conclude the review commenced by Moody's on
Feb. 16, 2011, which was triggered by the review initiated on Arab
Bank Australia's parent, Arab Bank plc on Feb. 14, 2011.

Ratings Rationale

"The downgrade of Arab Bank Australia to Baa2 reflects our view
that whilst the potential for support from its parent Arab Bank
plc remains very high, the ability of the parent to provide that
support has weakened", said Daniel Yu, an Analyst with Moody's
Sydney office.

"Nevertheless, the potential for parental support remains an
important, positive rating factor for Arab Bank Australia",
explained Yu. "It lifts the bank's Baa2 debt rating two notches
above its stand-alone rating of Ba1".

The changes to Arab Bank Australia's ratings are a direct result
of its parent's stand-alone rating being downgraded from A3 to
Baa1 with a negative outlook (BFSR of C-). The change was mainly
driven by the parent's sizeable regional exposure to countries in
the Middle East and North Africa which are facing increased
political and economic risks following the recent political
turmoil.

Moody's incorporates the potential for parental support using its
joint default analysis framework. The potential for parental
support of a foreign subsidiary uses the parent's stand-alone
rating as the reference rating, as opposed to the parent's senior
debt rating. This is because the parent's senior debt rating may
incorporate the potential for systemic support for the parent in
its home market -- and which its home market regulator is unlikely
to extend to a foreign subsidiary.

The negative outlook on Arab Bank Australia's debt rating reflects
the negative outlook of the parent's stand-alone rating.

On a stand-alone basis, Arab Bank Australia's BFSR of D+ now maps
to Ba1 on the long-term scale and carries a negative outlook. This
change reflects current asset quality pressures, which have seen
impaired loans rise 76% during FY2010 to AUD21.1 million. This is
likely to pressure provisioning costs, which will have an impact
on profitability. Despite generally conservative underwriting
standards, Arab Bank Australia does take on very large exposures
for a bank of its size -- and which are significant enough to have
a noticeable impact on its asset quality ratios. Furthermore,
these exposures are concentrated in construction related lending
which tends which to be higher risk in nature.

There is no impact on the Aaa rating of debt securities the bank
issued under the Australian government's guarantee scheme.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Rating Methodology: A Refined Methodology published
in March 2007.

Arab Bank Australia is headquartered in Sydney, Australia. It
reported assets of AUD1.34 billion (approximately USD1.36billion)
at FY2010, period ending Dec. 31, 2010.


VIKING GROUP: Creditor Appoints McGrathNicol as Receiver
--------------------------------------------------------
SmartCompany reports that insolvency firm McGrathNicol is acting
as receivers over certain assets within Viking Group after being
appointed by an unnamed secured creditor.

However, SmartCompany relates, in an unusual twist, McGrathNicol
is not acting as managers, as is standard in most receiverships.
This means the directors of the company remain in control.

Inquiries at Viking's head office in Melbourne suggest the
business is no longer operational, according to SmartCompany.

McGrathNicol said that since its appointment, on April 20 and 21,
"the Supreme Court of Victoria has made orders prohibiting the
redirection of debts owned by the secured creditor to any other
party," SmartCompany says.

McGrathNicol has also warned that any company negotiating to buy
assets of the Group -- presumably from the directors -- will need
to gain the approval of the receivers before any deal can be
finalized, the report discloses.

Melbourne-based Viking Group is a transport and logistics company
with operations in Queensland, New South Wales, Tasmania and
Western Australia.


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


B.S. SMITH: Suen Man Fai Steps Down as Liquidator
-------------------------------------------------
Suen Man Fai stepped down as liquidator of B.S. Smith Foundation
Limited on May 13, 2011.


BAHT NAVIGATION: Members' Final Meeting Set for June 14
-------------------------------------------------------
Members of Baht Navigation Company Limited will hold their final
general meeting on June 14, 2011, at 11:00 a.m., at Room 2105,
21/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


CALVARY CHILDREN'S: Creditors' Proofs of Debt Due June 11
---------------------------------------------------------
Calvary Children's Centre Kindergarten 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 liquidator is:

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


CHINA MEDIA: Members' Final Meeting Set for June 13
---------------------------------------------------
Members of China Media Business Association Limited will hold
their final meeting on June 13, 2011, at 5:00 p.m., at Room 502,
5th Floor, Prosperous Building, 48-52 Des Voeux Road Central, in
Hong Kong.

At the meeting, Law Yui Lun, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


CHINESE GOLF: Creditors' Proofs of Debt Due June 6
--------------------------------------------------
Creditors of Chinese Golf Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 6, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lam Hon Mo
         Unit B, 7/F., Block 2
         Camelpaint Building
         No. 62 Hoi Yuen Road
         Kwun Tong, Kowloon


CHINSON SECRETARIES: Members' Final Meeting Set for June 13
-----------------------------------------------------------
Members of Chinson Secretaries Limited will hold their final
general meeting on June 13, 2011, at 10:00 a.m., at 6/F.,
Greenwich Centre, 260 King's Road, North Point, in Hong Kong.

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


CINACON LIMITED: Leigh Man Sung Camballaw Steps Down as Liquidator
------------------------------------------------------------------
Leigh Man Sung Camballaw stepped down as liquidator of Cinacon
Limited on April 30, 2011.


EGANAGOLDPFEIL (HOLDINGS): Court Enters Wind Up Order
-----------------------------------------------------
Bloomberg News reports that EganaGoldpfeil (Holdings) Ltd. said
that the High Court of Hong Kong ordered on May 9 that the company
be wound up.

On March 6, 2009, Edward Simon Middleton and Fergal Thomas Power
were appointed as provisional liquidators of Eganagoldpfeil
(Holdings) Limited.

The Provisional Liquidators can be reached at:

          Edward Simon Middleton
          Fergal Thomas Power
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong

EganaGoldpfeil (Holdings) Limited, through its subsidiaries,
engages in the design, manufacture, assembly, and distribution of
timepieces, jewelry, leather, and lifestyle products. Its other
activities include trading of timepiece components, jewelry, and
consumer electronic products; and distribution of branded
timepieces, jewelry, leather, and lifestyle products through
franchisees.  It also engages in licensing or assignment of brand
names to third parties.  The company operates in Europe, Asia
Pacific, and America.  EganaGoldpfeil was incorporated in 1990 and
is headquartered in Central, Hong Kong.


EVER GROUP: Members' Final Meeting Set for June 17
--------------------------------------------------
Members of Ever Group Trading Limited will hold their final
general meeting on June 17, 2011, at 10:00 a.m., at 24th Floor,
Prosperous Commercial Building, 54-58 Jardine's Bazaar, Causeway
Bay, in Hong Kong.

At the meeting, Yip Pui Yee, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


EVERMAX LIMITED: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Evermax Limited on April 27, 2011.


MAN PO: Creditors' Meeting Set for May 21
------------------------------------------
Creditors of Man Po Hong Limited will hold their meeting on
May 21, 2011, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Room 1405-8, C C Wu Building, 302-8
Hennessy Road, in Hong Kong.


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


A.K. PROPERTIES: CRISIL Assigns 'B+' Rating to INR2.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of A.K. Properties Pvt Ltd.

   Ratings                                 Facilities
   -------                                 ----------
   INR70.00 Million Cash Credit Facility   B+/Stable (Assigned)
   INR2.50 Million Term Loan Facility      B+/Stable (Assigned)
   INR20.00 Million Bank Guarantee         P4 (Assigned)

The ratings reflect AKP's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and small net worth,
on account of its large working capital requirements, small scale
of operations in the fragmented civil construction industry, and
geographical concentration in its revenue profile. These
weaknesses are partially offset by the extensive industry
experience of AKP's promoters and comfortable order book, ensuring
revenue visibility.

Outlook: Stable

CRISIL believes that AKP will maintain its business risk profile
over the medium term on the back of its promoters' industry
experience and comfortable order book.  Its financial risk profile
is, however, expected to remain constrained on account of large
working capital requirements. The outlook may be revised to
'Positive' if the company is effectively manages its working
capital requirements, leading to improved financial flexibility.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected increase in working capital requirements or if
the company undertakes a large, debt-funded capital expenditure
programme, deteriorating its financial risk profile.

                       About A.K. Properties

Set up in 1993 as a proprietorship firm by Mr. Ashok Kumar Bhunia,
AKP was reconstituted as a private limited company in 2007. The
company is a civil contractor executing road construction and
irrigation projects for state and public sector undertakings in
Orissa and West Bengal.

AKP reported a profit after tax (PAT) of INR5.6 million on net
sales of INR188.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.2 million on net sales
of INR96.7 million for 2008-09.


AIR TRANSPORT: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Air Transport Corporation (Assam) Pvt Ltd.

   Ratings                              Facilities
   -------                              ----------
   INR50.00 Million Cash Credit         BB-/Stable (Assigned)
   INR25.00 Million Rupee Term Loan     BB-/Stable (Assigned)
   INR5.00 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect ATCA's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
susceptibility to intense competition in the transport industry
and regional concentration in revenue profile. These rating
weaknesses are partially offset by ATCA's moderate scale of
operations, promoters' extensive industry experience, and
diversified product profile, with presence in full truck load
(FTL) and parcel segments.

Outlook: Stable

CRISIL believes that ATCA's financial risk profile will remain
constrained by its large working capital requirements and
continuous requirement for debt for capital expenditure (capex).
The outlook may be revised to 'Positive' in case there is a
substantial increase in ATCA's cash accruals, resulting in an
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case ATCA's liquidity weakens because
of any stretch in receivables period, or if the company undertakes
a larger-than-expected debt-funded capex programme.

                       About Air Transport Corp

Incorporated in 1974, ATCA undertakes FTL transport services,
which accounts for 60% of its revenues, while its parcel business
accounts for the rest. The company is based in New Delhi, and
mainly undertakes transportation work for the northeastern Indian
states. The company has a fleet of 35 owned vehicles and 400 to
500 hired vehicles. The business is supported by a network of 50
booking points across India and several delivery points in New
Delhi and the northeastern states.

The transport business was initially started by the Goyal family
in 1957 under the name South Eastern Roadways/Air Transport
Corporation, with operations in North- East and South India. After
a family split in 1984, the North-East India business was taken
over by ATCA, which is managed by Mr. Satyadev Goyal and his
brothers, Mr. Pradeep Goyal, Mr. Sudhir Goyal and Mr. Somdev
Goyal; while the South India business was taken over by Mr.
Satyadev Goyal's cousins.

ATCA reported a profit after tax (PAT) of INR4.7 million on net
sales of INR675.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR625.1 million for 2008-09.


ALPHA FOUNDATIONS: CRISIL Reaffirms 'BB-' Rating to INR30.8MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alpha Foundations Pvt
Ltd continue to reflect AFPL's small scale of operations,
constrained liquidity to meet large, maturing debt obligations,
geographical concentration in its revenue profile, and
susceptibility to economic downturns.  These rating weaknesses are
partially offset by AFPL's healthy relationships with established
customers and its strong regional reputation in the real estate
construction business.

   Facilities                            Ratings
   ----------                            -------
   INR18 Million Cash Credit             BB-/Stable (Assigned)
   INR30.8 Million Long-Term Loan        BB-/Stable (Reaffirmed)
   INR36.2 Million Proposed Term Loan    BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AFPL's turnover will grow over the medium
term, supported by the industry experience of its promoters. The
outlook may be revised to 'Positive' if AFPL's generates more-
than-expected cash accruals, thereby improving its liquidity.
Conversely, the outlook may be revised to 'Negative' if AFPL
delays the completion of its ongoing residential project,
witnesses lower-than-expected bookings and lesser-than-expected
cash accruals, or undertakes a fresh debt-funded capital
expenditure programme, thereby weakening its capital structure and
debt servicing ability.

                       About Alpha Foundations

AFPL, established in 1999, is in the business of executing civil
construction projects, mainly for the industrial segment, and also
for the mid-segment residential real estate space. In 2009-10
(refers to financial year, April 1 to March 31), construction
segment contributed around 60% of the company's total revenues and
residential real estate segment contributed the rest. The
contribution of the residential real estate segment to the total
revenues is expected to increase over the medium term on the back
of the large-scale residential project being undertaken by the
company. AFPL is based in Chennai. Almost all its projects so far
have been restricted to Chennai and Puducherry. The company's day-
to-day operations are managed by Mr. S. Saravanaperumal and his
brother-in-law, Mr. R. Vijayan, both civil engineers.

AFPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR119 million for 2009-10, against a PAT of INR2.3
million on net sales of INR96 million for 2008-09.


ASHIAN OILS: CRISIL Assigns 'B' Rating to INR33MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Ashian Oils Pvt Ltd.

   Ratings                                  Facilities
   -------                                  ----------
   INR105.0 Million Cash Credit Facility    B/Stable (Assigned)
   INR33.0 Million Term Loan Facility       B/Stable (Assigned)

The rating reflects expectation of deterioration in Ashian's
financial risk profile, on account of its upcoming capital
expenditure (capex) programme, small scale of operations, limited
track record, and high fragmentation and intense competition in
the edible oil industry, leading to low operating margin. These
weaknesses are partially offset by the extensive industry
experience of Ashian's promoters.

Outlook: Stable

CRISIL expects Ashian to maintain its business risk profile over
the medium term, backed by the extensive industry experience of
its promoters and its established customer base. Its financial
risk profile is, however, expected to remain constrained by its
large working capital requirements and the upcoming debt-funded
capex programme. The outlook may be revised to 'Positive' in case
of equity infusion by promoters or if the operating margin is
better than expected, leading to improvement in its financial
profile. Conversely, the outlook may be revised to 'Negative' in
case of a more-than-expected increase in working capital
requirements or if the company undertakes an additional large,
debt-funded capex, thereby deteriorating its financial risk
profile.

                        About Ashian Oils

Set up in 2007, Ashian produces rice bran oil and mustard oil. It
started as a trader of edible oil, but began manufacturing the
above-mentioned products in 2009-10 (refers to financial year,
April 1 to March 31). It procures unrefined rice bran oil from
solvent extractors and refines the same in its refinery. It also
has an oil mill for crushing and extraction of mustard oil. The
company's plant in Burdwan district (West Bengal) has a capacity
of 150 tonnes per day.

Ashian reported a profit after tax (PAT) of INR1.7 million on net
sales of INR248.2 million for 2009-10; there were no operations in
the company in 2008-09.


BRAHMA IRON: Fitch Assigns 'B(ind)' National LT Rating
------------------------------------------------------
Fitch Ratings has assigned India's Brahma Iron & Power Ltd a
National Long-Term rating of 'B(ind)'. The Outlook is Stable. The
agency has also assigned BIPL's INR700 million term loans a
'B(ind)' rating.

The ratings reflect Fitch's view that BIPL could face a time
overrun in its ongoing INR1080.6 million project of setting up a
ferro alloys manufacturing facility in Sambalpur, Orissa, which
might lead to liquidity pressure in the initial year of the
plant's operations. The project would be funded by debt of INR700
million and equity of INR380.6 million. Managing price volatility
risk both on raw material as well as finished goods would be a
challenge in the initial stages as the company has no firm selling
or purchase arrangements.

The ratings draw comfort from the experience of BIPL's promoters
in the domestic ferro alloys industry and the flexibility of the
manufacturing plant to produce different ferro alloy products
depending on the market demand and availability of raw materials.

Positive rating guidelines include timely completion and
stabilization of the project leading to a debt servicing coverage
ratio of over 1x. Conversely, any delays in project completion or
stabilization which would postpone revenue generation beyond six
months could result in a ratings downgrade.

Incorporated in June 2000, BIPL is jointly promoted by the Lohia
group and Jaiswal group.


DURGA CARRIERS: CRISIL Reaffirms 'BB+' Rating on INR57MM Credit
---------------------------------------------------------------
CRISIL's rating to the bank loan facility of Durga Carriers Pvt
Ltd's continues to reflect the company's small scale of operations
and exposure to intense competition in the transportation
industry. These rating weaknesses are partially offset by DCPL's
established market position in the cement transportation segment,
strong clientele, and moderate financial risk profile, marked by
comfortable gearing and adequate debt protection metrics.

   Ratings                             Facilities
   -------                             ----------
   INR57.00 Million Cash Credit        BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its
longstanding relationships with client and expected growth in the
transportation industry, over the medium term. The outlook may be
revised to 'Positive' if DCPL's financial risk profile improves
substantially supported by high accruals, equity infusion or
diversity in revenue profile. Conversely, the outlook may be
revised to 'Negative' if the company undertakes any large debt-
funded capital expenditure programmes, or takes up unrelated
diversification.

Update

DCPL's turnover has seen a marginal growth during 2010-11 (refers
to financial year, April 1 to March 31); the estimated turnover of
the company is INR 600 million as against turnover of INR 552
million for 2009-10. The growth has been primarily muted because
of its highly competitive and geographically concentrated nature
of operations. The financial risk profile of the company continues
to be moderate marked by adequate liquidity and comfortable
gearing. The bank limit utilization of the company was at around
79% over the 12 months ended March 2011. DCPL generated estimated
cash accruals of around INR 14 millions in 2010-11 against no
significant term debt obligations.

                        About Durga Carriers

DCPL, incorporated in 1994 by Mr. Shashi Bhushan Shukla and Mr.
Sudhir Agarwal undertakes transportation of cement, limestone,
clinker, gypsum, and flyash in the state of Chattisgarh. The
company also trades in iron ore fines, flue dust, diesel, petrol
and oil and lubricants. Transportation of cement and its raw
material constitutes around 70% of DCPL's total turnover and the
rest (30%) is aggregately contributed by sales of iron ore fines,
diesel, petrol, and oil and lubricant. DCPL is a distribution
dealer of Indian Oil Corporation Ltd (rated AAA/Negative/P1+ by
CRISIL) for Chattishgarh region.

DCPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR552.0 million for 2009-10 against a PAT of INR4.5
million on net sales of INR532.0 million for 2008-09.


EXIM RAJATHI: Fitch Rates INR1.5BB Capital Limits at 'D(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's Exim Rajathi India Private
Limited a National Long-Term rating of 'RD(ind)'. The agency has
also assigned these ratings to Exim's bank facilities:

   -- INR1,500m fund-based working capital limits:
      'D(ind)'/'F5(ind)';

   -- INR50m non-fund based working capital limits: 'F5(ind)';

   -- INR645m term loans: 'D(ind)'; and

   -- INR460m ICICI Bank term loan: 'C(ind)'.

The ratings reflect Exim's continuing delays in debt servicing due
to lack of sufficient liquidity. The company has applied to its
bankers for debt restructuring.

A positive rating action may result from the approval of Exim's
restructuring plan by its bankers, or the repayment of its loans
by the sale of its property, or one year of profitable operations.

Exim is a Chennai-based trading company, involved in the export of
agricultural commodities including maize, onions, sugar, soya and
chillies. In FY10 (end-March 2010), it exported goods worth
INR1,783 million (FY09: INR5,669 million) and reported a net
profit of INR1.3 million (FY09: INR27.6 million).


GHELANI BUILDERS: CRISIL Rates INR300 Million LT Loan at 'C'
------------------------------------------------------------
CRISIL has assigned its 'C' rating to the long-term loan facility
of Ghelani Builders.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Long-Term Loan    C (Assigned)

The rating reflects frequent instances of delays by GB in
servicing its term debt obligations in the past; the delays have
been caused by the firm's weak liquidity. The rating also factors
in GB's exposure to risks related to any slowdown in receipt of
customer advances and in bookings for its ongoing project. These
rating weaknesses are, however, offset by the promoters' extensive
industry experience and expertise.

GB is part of the Ghelani group of companies, engaged in real
estate development and diamond polishing and trading. GB is into
real estate development under the Jolly brand in Surat (Gujarat).
It was set up in March 2006 as a partnership firm by Mr. Tushar
Ghelani, Mr. Vipul Patel, Mr. Mukesh Patel, and Ms. Pallavi
Ghelani. Mr. Tushar Ghelani is the chief promoter of the firm and
looks after its overall operations. The Ghelani group has
completed one residential and five commercial projects in Surat.
The firm currently has two ongoing residential projects, Jolly
Residency (13 towers with 52 flats each) and Jolly Avenue (4
towers with 30 flats each), both located in Surat (Gujarat). Both
the projects are at an advanced stage of construction.

GB reported a profit after tax (PAT) of INR14.5 million on net
sales of INR41.2 million for 2009-10 (refers to financial year,
April 1 to March 31).


GONTERMANN-PEIPERS (INDIA): Fitch Cuts Nat'l Rating to 'RD(ind)'
----------------------------------------------------------------
Fitch Ratings has downgraded Gontermann-Peipers (India) Limited's
(GPIL) National Long-Term Rating to 'RD(ind)' from 'BBB+(ind)'.
The agency has also downgraded these ratings of GPIL's bank loans:

   -- INR498.3m long-term loans: Downgraded to 'D(ind)' from
      'BBB+(ind)';

   -- INR10.3m long-term loans: Downgraded to 'C(ind); from
      'BBB+(ind)';

   -- INR498.8m fund-based limits: Downgraded to 'D(ind)' from
      'BBB+(ind)';

   -- INR81.2m fund-based limits: Downgraded to 'C(ind)' from
      'BBB+(ind)';

   -- INR380m non-fund based limits: Downgraded to 'F5(ind) from
      'F2+(ind)

Fitch has also withdrawn the commercial paper rating of GPIL since
there is no amount outstanding against this instrument.

   -- INR250.0m Commercial Paper Programme: 'F2+(ind)'; Rating
      Withdrawn

The downgrade reflects the current delays by GPIL in servicing
some of its term loans and over-utilization of its working capital
limits. The delays are on account of the liquidity pressure faced
by the company following delayed receipt of payments from Ispat
Industries Limited (a group concern) which has recently been
acquired by JSW Steel Limited, and following non-realization   of
receivables from some of its overseas buyers.

Fitch notes that GPIL has recently received sanction for
enhancement of its working capital limits from one of its bankers
for an additional INR86.4 million. The company's liquidity
pressure is expected to ease, once the amount is disbursed.

The ratings may be upgraded if there is an improvement in GPIL's
liquidity position, which would be driven largely by the
resolution of its receivables with Ispat Industries Limited and
overseas buyers.

GPIL is one of India's largest steel roll manufacturers, with a
presence in both cast and forged rolls. GPIL's revenues for FY10
declined to INR1351.8 million from INR1510.9 million for FY09, as
a result of a decrease in average realisations. EBIDTA margins
improved to 16.2% during FY10 from 11.7% during FY09, mainly on
account of savings in raw materials and other direct and indirect
costs. For the nine months ended December 31, 2010 GPIL reported a
total revenue of INR1164.6 million and a net loss of INR4.9
million, compared with a total revenue of INR1021.0 million and a
net profit of INR42.8 million for the same period in 2009.


JESONS INDUSTRIES: Fitch Upgrades Rating on INR138MM Loan to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded India-based Jesons Industries Ltd's
National Long-Term rating to 'BB-(ind)' from 'B+(ind)'. The
Outlook is Stable. The agency has also taken these rating actions
on JIL's bank facilities:

   -- INR138m term loans: upgraded to 'BB-(ind)' from 'B+(ind)';

   -- INR217.5m fund-based working capital limits: upgraded to
      'BB-(ind)' from 'B+(ind)'; and

   -- INR512.5m non-fund based working capital facilities:
      affirmed at 'F4(ind)'.

The upgrades reflect an improvement in JIL's profitability and
credit metrics in FY11. Based on its provisional FY11 figures, the
company's revenues were INR3,722 million, up 83% yoy, EBITDA was
INR259 million (FY10: INR150 million), net debt/EBITDA was 1.4x
(FY10: 2.3x), and net interest coverage was 7.0x (FY10: 4.3x). Its
EBITDA per metric tonne is also likely to improve by 45% yoy to
INR5,735 in FY11. The ratings continue to reflect JIL's leadership
position in the domestic pressure-sensitive adhesive industry,
where it commands over 70% of market share, its diversified
presence in the pigments and emulsion market, and its low customer
concentration.

The upgrades also reflect JIL's ability to reduce its risks from
commodity price volatility and adverse forex movements arising
from the import of majority of its raw materials. Fitch notes that
JIL does not have any hedging policy against raw material price
fluctuation; however, it managed the risk by reducing its
inventory days to 30-35 days over FY09-FY11 (FY07-FY08: 40-50
days). Further, it hedges its currency risks by undertaking two-
three months forward contracts. Also, its increasing export sales
will continue to act as a natural hedge.

The ratings are constrained by liquidity pressures, evidenced from
JIL's near 93% utilization of its fund-based and non-fund based
limits over January 2010-January 2012, and the cyclicality of its
business. With the increase in the level of business activities,
Fitch expects JIL to invest further in its working capital.

Positive rating guidelines include a sustained improvement in
JIL's liquidity from better working capital management. Negative
rating guidelines include deterioration in the company's
EBITDA/net interest to below 2.5x on a sustained basis or further
pressure on its liquidity due to high working capital
requirements.

JIL is involved in the manufacturing of pressure-sensitive-
adhesive, paints emulsion and pigments. Its manufacturing plants
are located at Daman (installed capacity of 36,600TPA) and Roorkee
(installed capacity of 25,200TPA). JIL is increasing its installed
capacity at Daman by 24,000TPA in FY12, using machineries it
brought back from China after the closure of its Chinese
operations.


JUPITER ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR43MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jupiter Alloys and
Steel (India) Ltd continue to reflect the Jupiter group's
dependence on IR for wagon orders, large working capital
requirements, and volatility in raw material prices. These
weaknesses are partially offset by the group's improving financial
risk profile, integrated operations, and healthy growth prospects.

   Ratings                                Facilities
   -------                                ----------
   INR180 Million Cash Credit             BB+/Stable (Reaffirmed)
   INR43 Million Term Loan                BB+/Stable (Reaffirmed)
   INR22 Million Proposed Term Loan       BB+/Stable (Reaffirmed)
   INR30 Million Bank Guarantee           P4+ (Reaffirmed)
   INR65 Million Letter of Credit         P4+ (Reaffirmed)
   INR10 Million Proposed Bank Guarantee  P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Jupiter Wagons Ltd (JWL) and JASIL;
this is because JASIL and JWL, together referred to as the Jupiter
group, are under a common management, are engaged in the same line
of business, and have operational linkages.

Outlook: Stable

CRISIL believes that JASIL will maintain a stable credit risk
profile, backed by healthy growth prospects for the railway wagons
industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves on the back of large
cash accruals and sizeable equity infusions. Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
large, debt-funded capital expenditure programme, or its revenues
reduce, leading to deterioration in its financial risk profile.

About the Group

Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. M L Lohia, JASIL is the flagship company of the Jupiter
group. It commenced operations in 2006-07, and is currently
managed by Mr. Lohia's sons, Mr. Vivek Lohia, and Mr. Vikash
Lohia. JASIL's manufacturing facility at Hooghly (West Bengal) has
an arc furnace and rolling mill, in addition to facilities for
manufacturing railway bogies and couplers. The company received
approval for manufacturing cast manganese steel crossings in 2007-
08.

JWL manufactures wagons and coaches. It received approval for its
products from the Research Design and Standard Organisation of IR
in 2008-09.

The Jupiter group reported an estimated profit after tax (PAT) of
INR75 million on net sales of around INR1500 million for 2010-11,
as against a PAT of INR46 million on net sales of INR1534 million
for 2009-10.


JUPITER WAGONS: CRISIL Cuts Rating on INR110MM Term Loan to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Jupiter Wagons Ltd to 'BB/Negative' from 'BB+/Stable' while
reaffirming the short term rating at 'P4+'.

   Ratings                             Facilities
   -------                             ----------
   INR110 Million Cash Credit          BB/Negative (Downgraded
                                            from 'BB+/Stable')
   INR110 Million Term Loan            BB/Negative (Downgraded
                                            from 'BB+/Stable')
   INR100 Million Bank Guarantee       P4+ (Reaffirmed)
   INR110 Million Letter of Credit     P4+ (Reaffirmed)

The rating downgrade is driven by deterioration in the Jupiter
group's liquidity. The group's cash flows were impacted in 2010-11
(refers to financial year, April 1 to March 31), on account of the
lack of orders from the Indian Railways (IR) in the first half of
the year. While the order flow resumed in the second half of the
year, the liquidity remained under pressure on account of the
incremental working capital requirement. CRISIL believes that the
Jupiter group's liquidity, though improved from 2010-11 levels,
would remain under pressure on account of the incremental working
capital requirement for executing its large order book.

The ratings reflect the Jupiter group's dependence on IR for wagon
orders, large working capital requirements, and volatility in raw
material prices. These weaknesses are partially offset by the
group's improving financial risk profile, integrated operations,
and healthy growth prospects.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JWL and Jupiter Alloys and Steel
(India) Ltd (JASIL); this is because JASIL and JWL, together
referred to as the Jupiter group, are under a common management,
are engaged in the same line of business, and have operational
linkages.

Outlook: Negative

CRISIL believes that the Jupiter group's liquidity will remain
under pressure over the medium term due to its incremental working
capital requirements for executing its large order book. The
rating may be downgraded if the group undertakes a large, debt-
funded capital expenditure programme, or its revenues decline,
leading to deterioration in its financial risk profile.
Conversely, the outlook may be revised to 'Stable' if the Jupiter
group's financial risk profile improves on the back of better
working capital management, leading to improvement in its
liquidity.

                          About the Group

Set up in 2005-06 by Mr. M L Lohia, JASIL is the flagship company
of the Jupiter group. It commenced operations in 2006-07, and is
currently managed by Mr. Lohia's sons, Mr. Vivek Lohia and
Mr. Vikash Lohia. JASIL's manufacturing facility at Hooghly (West
Bengal) has an arc furnace and rolling mill, in addition to
facilities for manufacturing railway bogies and couplers. The
company received approval for manufacturing cast manganese steel
(CMS) crossings in 2007-08.

JWL manufactures wagons and coaches. It received approval for its
products from the Research Design and Standard Organisation (RDSO)
of IR in 2008-09.

The Jupiter group reported an estimated profit after tax (PAT) of
INR73 million on net sales of around INR1500 million for 2010-11,
as against a PAT of INR46 million on net sales of INR1534 million
for 2009-10.


PRATHAMESH CERAMICS: CRISIL Cuts Rating on INR283MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Prathamesh Ceramics Pvt Ltd to 'D' from 'B-/Negative'.

   Ratings                             Facilities
   -------                             ----------
   INR283 Million Long-Term Loan       D (Downgraded from
                                          'B-/Negative')

   INR40 Million Cash Credit           D (Downgraded from
                                          'B-/Negative')

The downgrade is driven by continued delays by PCPL in servicing
its term debt. The scope of the company's greenfield project at
Nasik (Maharashtra) for manufacturing ceramic insulators was
increased to 4500 tonnes per annum (tpa) as against the original
plan of 3500 tpa. This resulted in significant delays in
commissioning of the project (to February 2011 from the original
schedule of January 2010). Subsequently, there has been no cash
generation from the business to meet the debt obligations.

PCPL has a weak financial risk profile, marked by aggressive
gearing levels and weak debt protection indicators, and its
promoters have limited experience in the insulator business; the
company is also exposed to offtake risks. PCPL, however, benefits
from the favourable business prospects for the insulator industry.

                     About Prathamesh Ceramics

PCPL was incorporated in December 2006 by Mr. Nitin Wagaskar and
Mr. Prakash Wagaskar. The company has recently commissioned a
plant at Lakhmapur in Nashik to manufacture electrical insulators
made of glazed porcelain with an estimated revised annual capacity
of 4500 tpa. The project, excluding working capital funding, is
estimated to have involved an outlay of INR580 million, which was
funded out of a bank loan of about INR365 million, equity of about
INR185 million, and interest-free unsecured loans of about INR80
million from promoters.


PRINCE TMT: CRISIL Upgrades Rating on INR3.9MM LT Loan to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Prince TMT Steels Pvt Ltd to 'BB+/Stable' from 'BB/Stable', while
reaffirming the rating on the short-term facilities at 'P4+'.

   Ratings                             Facilities
   -------                             ----------
   INR3.9 Million Long-Term Loan       BB+/Stable (Upgraded from
                                                   'BB/Stable')

   INR90 Million Cash Credit           BB+/Stable (Upgraded from
                                                   'BB/Stable')

   INR20 Million Letter of Credit      BB+/Stable (Upgraded from
                                                   'BB/Stable')

   INR5 Million Bank Guarantee         P4+ (Reaffirmed)

The upgrade reflects improvement in the Prince group's financial
risk profile and liquidity, as reflected in the group's gradually
improving capital structure and absence of term debt obligations.
The Prince group's financial flexibility is also supported by the
large, non-interest bearing unsecured loan infused by the
promoters. The upgrade also factors in CRISIL's belief that the
group's financial risk profile, supported by stable cash accruals
and improved financial flexibility, will further improve, and
business risk profile, supported by the group's established market
position, will remain stable, over the medium term.

The ratings also reflect the Prince group's susceptibility to
volatility in raw material prices, limited revenue diversity, and
exposure to intense competition. These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' industry experience and its partially integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT, Prince Alloys Pvt Ltd
(Prince Alloys), Prince Rollings Pvt Ltd (Prince Rollings), and
Prince Roller Flour Mills Pvt Ltd (Prince Flour Mills). This is
because all the entities, collectively referred to as the Prince
group, have common promoters and management, and intra-group
financial linkages, including fungible cash flows. Moreover, three
out of the four companies are in the same line of business.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
over the medium term from its established market position and its
strong track record. The outlook may be revised to 'Positive' if
the Prince group's financial risk profile improves significantly,
supported by improved margins and gearing, or if the group
significantly scales up its operations. Conversely, the outlook
may be revised to 'Negative' if the Prince group's margins and
cash accruals decline, or if the group's capital structure
deteriorates, most likely because of a large, debt-funded capital
expenditure, or if the promoters make significant withdrawal of
interest-free unsecured loans from the business.

                         About the Group

The Prince group is based in Kerala. Prince TMT manufactures
thermo-mechanically treated bars, and trades in mild steel (MS)
rounds; Prince Alloys and Prince Rollings produce MS ingots; and
Prince Mills manufactures wheat flour and trades in raw wheat.

For 2009-10 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR16.7 million
on net sales of INR1.42 billion, against a PAT of INR15.5 million
on net sales of INR1.70 billion for the previous year.

Prince TMT has installed capacity to produce around 45,000 tonnes
per annum of TMT bars. For 2009-10, the company reported a PAT of
INR8.1 million on net sales of INR1.13 billion, against a PAT of
INR8 million on net sales of INR1.47 billion for the previous
year.


SAKTHI TOWERS: CRISIL Rates INR105 Million Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Sakthi Towers & Estates (India) Pvt Ltd.

   Ratings                           Facilities
   -------                           ----------
   INR105.00 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects STE's exposure to risks related to completion
and saleability of its ongoing projects, the small scale of its
operations, and geographical concentration in its revenue profile.
These weaknesses are partially offset by the experience of STE's
promoters in the real estate development business, and its proven
project execution capabilities.

Outlook: Stable

CRISIL believes that STE will benefit over the medium term from
the experience of its promoters in the residential real estate
development business. The outlook may be revised to 'Positive' if
the company completes its projects earlier than expected or in
case of more-than-expected sales realizations from ongoing
projects, leading to larger-than-expected cash flows. Conversely,
the outlook may be revised to 'Negative' if there are any delays
in the execution of the project or in the receipt of advances from
customers, if there is a significant decline in realizations, or
if the company undertakes a large, debt-funded project, resulting
in deterioration of the company's financial risk profile.

                       About Sakthi Towers

STE was established in 2005 by the promoter Mr. Rajendran and is
engaged in the construction of residential apartments in Chennai
and Coimbatore. Prior to setting up of STE, the promoter had been
managing a partnership firm called Sakthi Constructions (SC),
which was engaged in real estate construction in Chennai. The firm
was renamed Sakthi Builders in 1996. Subsequently in 2005 the
partnership firm was dissolved with the exit of Mr. Rajagopal and
it was converted into a private limited company with the promoter
Mr. Rajendran, his wife (Mrs. Rajeshwari) and their son (Mr.
S.R.Jayakumar) holding the entire shares. The promoter has been in
residential construction since 1986 and has completed eight
residential projects in Chennai across the three entities. STE is
currently constructing a residential apartment in Upilipalayam
(Coimbatore); this is its first project outside Chennai. The
project is to be developed in two phases, phase I construction is
60% complete and phase II is expected to be launched by July'2011.
STE has currently booked 40 out of the 88 apartments in Phase I.

STE posted a provisional profit after tax (PAT) of INR8.6 million
on net sales of INR9.1 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a loss of INR5500 on net
sales of INR3.3million for 2009-10.


SHARMAN WOOLLEN: CRISIL Assigns 'B+' Rating to INR28.1MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Sharman Woollen Mills Ltd.

   Ratings                                Facilities
   -------                                ----------
   INR57.50 Million Cash Credit Facility  B+/Stable (Assigned)
   INR28.1 Million Term Loan              B+/Stable (Assigned)
   INR30.0 Million Over Draft Facility    P4 (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)
   INR20.0 Million Foreign Letter of      P4 (Assigned)
                              Credit

The ratings reflect SWML's weak financial risk profile,
constrained by ongoing capital expenditure programme. The ratings
also reflect its small scale of operations, limited pricing
flexibility, and the susceptibility of its operating margin to raw
material price volatility. These weaknesses are partially offset
by the extensive experience of SWML's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that SWML will benefit over the medium term from
its promoters' extensive experience in the textile industry. The
outlook may be revised to 'Positive' in case the company registers
strong growth in revenues and improves its profitability, backed
by healthy demand for its products. Conversely, the outlook may be
revised to 'Negative' in case the company's enhanced capacities
take more-than-expected time to stabilise, its liquidity
deteriorates, or if it's operating margin declines, adversely
impacting its accruals and debt protection metrics.

                        About Sharman Woollen

SWML was incorporated in 1978 as a private limited company, and
reconstituted as a closely held public limited company in 1984 by
Mr. Gian Chand Jain. The company manufactures dyed acrylic yarn,
woollen yarn, nylon yarn and viscose yarn; acrylic yarn sales
dominate its revenues. These yarns are used to manufacture
sweaters, hats, shawls, rugs, boat covers, and upholstery.

SWML's manufacturing facility is in Ludhiana (Punjab) and has a
capacity of 6400 spindles. Until 2006-07 (refers to financial
year, April 1 to March 31), the company derived around 50% of its
revenues by undertaking job work for M/s Jawandsons (rated
'BB/Stable/P4+' by CRISIL). Since then, the company began reducing
its focus on job work; in 2009-10, job work did not form a part of
its revenue profile. The company now derives around 85% of total
revenues from domestic sales, of which 70% is from sales in
Ludhiana, while the remainder is from exports to Argentina,
Portugal, South Africa, and Italy.

SWML group reported a profit after tax (PAT) of INR0.1 million on
net sales of INR245.4 million for 2009-10 (refers to financial
year, April 1 to March 31) as against a net loss of INR0.6 million
on net sales of INR262.4 million for 2008-09.


SPP FOOD: CRISIL Assigns 'BB+' Rating to INR22.8 Mil. Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of SPP Food Products Pvt Ltd.

   Ratings                             Facilities
   -------                             ----------
   INR42.5 Million Cash Credit         BB+/Stable (Assigned)
   INR22.8 Million Term Loan           BB+/Stable (Assigned)
   INR5.0 Million Letter of Credit     P4+ (Assigned)
   INR3.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect SPP's small scale of operations in the highly
fragmented packaging industry, and its limited financial
flexibility, due to its small net worth. These rating weaknesses
are partly offset by SPP's moderate financial risk profile, and
diverse product profile.

Outlook: Stable

CRISIL believes that SPP will maintain its credit risk profile
over the medium term, backed by its diverse product and customer
profiles and moderate financial risk profile. The scale of its
operations, is, however, expected to remain small, on account of
small capacities. The outlook may be revised to 'Positive' if the
company increases the scale of its operations while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' in case SPP's profitability declines or if it
undertakes a larger-than-expected debt-funded capital expenditure
programme.

                          About SPP Food

SPP was acquired by the Goyal, Bahety, and Mundra families in
2004, when the company had no plant and was not operational. The
company set up a unit at Rudrapur (Uttarakhand) in 2006 to
manufacture polypropylene (PP) and polyethylene (PE) bags and
fabrics.  Currently, the company has PP/PE and leno bag
manufacturing capacity of around 2880 tonnes per annum (tpa) and
polyethylene terephthalate (PET) preform manufacturing capacity of
720 tpa. PP/PE bags are used to package cement, fertilizers,
textiles, paper, sugar, and rice. Leno bags are used to package
fruits and vegetables, while PET preforms are used to package
mineral water and soft drinks in bottles, among other things.

SPP reported a profit after tax (PAT) of INR4.5 million on net
sales of INR245.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR213.4 million for 2008-09.


STARGAZE ENTERTAINMENT: Fitch Affirms 'BB-(ind)' Nat'l. LT Rating
-----------------------------------------------------------------
Fitch Ratings has revised India's Stargaze Entertainment Private
Limited's (Stargaze) Outlook to Negative from Stable and affirmed
its National Long-term rating at 'BB-(ind)'. The agency has also
affirmed Stargaze's INR208 million long-term loans at 'BB-(ind)'.

The Outlook revision reflects Stargaze's slower-than-expected rate
of rollout of new exhibition facilities leading to EBITDA losses
during FY10-FY11 (end-March). At end-FY11, the company had six
operational facilities with 15 screens and 4,181 seats compared to
planned 12 facilities with 39 screens. The primary impediment in
the rollout of new facilities is the delayed completion of
exhibition sites by the real estate developers. As a result,
Stargaze's financial profile remained under pressure and it had to
use part of the project funds to meet cash losses. The company
requires additional equity from its sponsors to complete the
ongoing projects and meet the debt servicing requirements, failing
which the credit metrics could come under further pressure.

The ratings reflect Stargaze's small scale of operations and its
weak competitive position compared to its established competitors.
The ratings also take into account the reasonable occupancy levels
in its operational facilities, its low capex business model and
its focus on underpenetrated tier-II and tier-III cities for
existing and planned multiplexes. The intensity of competition is
lesser in smaller cities than in metros and tier-I cities. The
ratings also consider high variable cost structure of the company
based on leasing of exhibition halls on revenue-sharing model,
which not only links the costs to revenues but also keeps the
capex per screen low at INR10 million-INR15 million. Accordingly,
Fitch expects the company to achieve a breakeven at the operating
level in FY12.

Negative rating guidelines include further delays in execution of
projects and lower-than-expected operating performance of the
company, resulting in low debt service coverage ratio beyond FY12,
and/or inadequate equity infusion. Adequate equity injections by
the promoters, timely execution of planned projects and an
improvement in its operating performance would revise the Outlook
back to Stable.

Part of Network18, Stargaze was incorporated in January 2008 and
started commercial operations in July 2008 under the brand GLITZ
cinemas, with a single screen cinema at New Friends Colony, New
Delhi. The company plans to add eight new properties by FY12,
taking total screens to 44 with over 12,000 seats. In FY10, the
company reported revenues of INR63 million and a net loss of INR28
million.


SUN STEEL: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sun Steel Industries Pvt Ltd.

   Ratings                             Facilities
   -------                             ----------
   INR50.00 Million Cash Credit        BB/Stable (Assigned)
   INR1.30 Million Proposed LT Bank    BB/Stable (Assigned)
                      Loan Facility
   INR5.00 Million Standby Line of     BB/Stable (Assigned)
                            Credit
   INR3.70 Million Term Loan           BB/Stable (Assigned)
   INR10.00 Million Letter of Credit   P4+ (Assigned)
   INR80.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SSIPL's small scale of operations, large
working capital requirements, and its exposure to risks related to
geographical and customer concentration in its revenue profile.
These weaknesses are partially offset by the extensive experience
of SSIPL's promoters in manufacturing transmission line towers,
and its established relations with state power transmission
corporations.

Outlook: Stable

CRISIL believes that SSIPL will benefit over the medium term from
its established market position and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
SSIPL diversifies its customer base, achieves better-than-expected
growth in sales, and improves its margins and accruals.
Conversely, the outlook may be revised to 'Negative' if SSIPL
faces significant pressures on its revenues and profitability,
there are considerable delays in realization of receivables, or it
undertakes a more-than-expected, debt-funded capital expenditure
programme, weakening its financial risk profile.

                         About Sun Steel

SSIPL, incorporated in 1973 and promoted by Mr.R.K.Sharma,
manufactures galvanized lattice steel structures for high-tension
transmission line towers, substation structures and lighting
masts. SSIPL currently has two units with well-equipped
fabrication shop and hot dip galvanizing plant. Unit 1 has a
capacity of 3000 tonnes per annum (tpa) and Unit 2 has a capacity
of 6000 tpa. Unit 2 began commercial operations in October 2010.
SSIPL mainly supplies to West Bengal State Electricity Board,
Assam State Electricity Board and Bihar State Electricity Board.
SSIPL has an unexecuted order book position of INR360 million.

SSIPL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR136.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.6 million on net sales
of INR153.7 million for 2008-09.


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BERAU CAPITAL: Moody's Upgrades Corporate Family Rating to B1
-------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 its corporate
family rating on PT Berau Coal.

Moody's has also upgraded to B1 from B2 its senior secured bond
rating on the USD450 million five-year notes issued by Berau
Capital Resources Pte Ltd, which is wholly owned by PT Berau Coal
Energy, the parent of Berau. The notes are guaranteed by BCE and
its subsidiaries, which includes Berau.

The outlook for all these ratings is stable.

Ratings Rationale

"The upgrade reflects Berau's strong operating performance and
improved financial metrics, driven primarily by lower adjusted
debt, resulting in adjusted debt/EBITDA falling to 2.2x by end-
2010," says Simon Wong, a Moody's Vice President and Senior
Analyst.

In 2010, PT Bukit Mutiara, BCE, and Berau, paid off USD580 million
in vendor notes, as well as a USD300 million subordinated loan and
a USD300 million bank loan, decreasing the group's adjusted
consolidated debt by USD1.18 billion, to USD817 million at 31
December 2010.

The B1 ratings also reflect Berau's status as one of the world's
lowest-cost producers and exporters of coal, a track record of
consistent production growth, and the quality of its customer
base, which comprise large utilities with excellent payment
records.

"While Moody's expects Berau to deleverage further over the next
12 to 18 months, Moody's would like to see a period of stability
and consistency in the ownership as well as increased clarity in
Vallar PLC's financial policy and overall strategic direction for
Berau," says Wong, who is also lead analyst for Berau.

"Berau has seen its controlling shareholder changed three times
over the past 18 months and experienced volatility in its adjusted
leverage over the same period."

Berau (through BCE) is now consolidated with Vallar PLC, which is
currently debt-free, subject to the more stringent corporate
governance standards of the London Stock Exchange, and has better
access to the international capital markets.

However, Vallar PLC has a rather short operating history and its
future operations and financial strategy for the group could have
a material impact on Berau and BCE's capital structure.

The ratings also considers the company's lack of diversification
(given its single concession and product), its exposure to
commodity cycles, and the uncertainty in the regulatory
environment, as well as the high level of concentration risk, as
its top ten customers account for approximately 75% of revenues.

The stable outlook reflects Moody's expectations that Berau will
successfully implement its business plan and maintain its
competitiveness in the near to medium term.

Upward rating pressure may emerge if Berau expands its production
capacity as planned, while maintaining the current prudent
financial profile at both its and BCE's levels. Moody's would also
like to see a track record of stability in Berau's financial
profile and clarity of its strategic direction under the new
ownership.

Downward pressure on the rating could emerge if industry
fundamentals deteriorate, leading to a decline in free cash flow
that constrains Berau's ability to make its scheduled debt
payments at the holding company level. Indicators Moody's would
consider include adjusted consolidated debt/EBITDA rising above
4.0x or adjusted consolidated EBIT/interest expense falling below
2.5x.

Other negative rating triggers include 1) a material change in
Vallar PLC's financial policy, resulting in deterioration to BCE
or Berau's capital structure; 2) any adverse decision regarding
the off-setting of VAT payments; or 3) any change in laws and
regulations, particularly with regard to the mining concessions,
that would adversely affect the business.

The principal methodology used in rating Berau was Moody's Global
Mining Industry, published in May 2009.

Vallar PLC completed its acquisition of a 75% stake in BCE in
April 2011, and PT Recapital Advisors -- through Mutiara -- owns
20.4% of Vallar's voting share capital as well as 13.2% of Vallar
PLC's issued share capital. Mutiara received USD739 million in
cash for the transaction, which was used to pay down a substantial
portion of Mutiara's debt. Vallar PLC is required under the
Indonesian stock exchange rules to make a mandatory cash offer and
purchase up to 9.74% of BCE shares.

The change of control clause has triggered a tender offer to buy
back the senior secured bond, although the offer lapsed on 31
March 2011, with no redemption as the market price was above the
redemption price.

Bakrie & Brothers, which currently own 54.6% of Vallar PLC's
issued share capital, has pledged a majority of its shares as
collateral to a loan to Bakrie & Brothers.

Berau is Indonesia's fifth-largest producer and exporter of
thermal coal. It operates three active mines (Lati, Sambarata, and
Binungan) at a single site in East Kalimantan. It had estimated
resources of 1.4 billion tons, and probable and proven reserves
estimated at 346 million tons at 31 December 2009.


BUMI RESOURCES: Moody's Affirms 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed PT Bumi Resources Tbk's Ba3
corporate family rating and Bumi Investment Pte Ltd's Ba3 senior
secured notes rating. The notes benefit from joint and several
unconditional and irrevocable guarantees from Bumi and
subsidiaries, and rank pari passu to all existing and future
senior unsecured claims of the issuer and guarantors.

At the same time, Moody's has revised the outlook of both ratings
to stable from negative.

"The revised outlook reflects Bumi's improved operating
performance, resulting in adjusted debt/EBITDA falling to 3x by
end-2010, and Moody's expectation that the company will continue
to deleverage in 2011 and 2012," says Simon Wong, a Moody's Vice
President and Senior Analyst. "Furthermore, the successful
completion of its refinancing exercise in 2010 has improved its
liquidity and reduced refinancing risk."

The Ba3 rating reflects Bumi's majority ownership in two of
Indonesia's largest thermal coal mines. Both mines show long
reserve lives, low production costs, well-established operations,
and records of consistent production growth.

While its holding company-level debt burden is high, this position
is partially ameliorated by the low leverage at the coal mines and
the cash flows they generate. These cash flows are caught under
Bumi's Cash Distribution Agreements and as such provide some
protection to creditors on debt servicing. But final repayment
risk continues to reside with the holding company.

The ratings also consider Bumi's geographic concentration and
single commodity focus, issues pertaining to the regulatory
environment, and the emerging market risks arising from operating
in Indonesia (Ba1/stable).

Moreover, Bumi's substantial expansion into metal ores and oil and
gas in other non-investment grade jurisdictions raises potential
execution, political and expropriation risks.

Vallar PLC, completed the acquisition of a 25% stake in Bumi in
March 2011, through share swap with the Bakrie Group. Vallar PLC
has stated an intent to increase its stake in Bumi to 50% during
2011 via further share swaps with willing Bumi shareholders.

Vallar PLC, which is currently debt-free, is subject to the more
stringent corporate governance standards of the London Stock
Exchange, as well as having better access to the international
capital markets.

However, Vallar PLC has a rather short operating history and its
future strategy could have a material implication on Bumi's
operations and capital structure.

The stable outlook reflects Moody's expectations that Bumi will
continue to deleverage and closely manage its liquidity, while
executing its business plan and maintaining its competitiveness in
the near to medium term.

Upward rating pressure may emerge if Bumi successfully expands its
production capacity, while demonstrating a sustainable reduction
of its total debt and improvement to its liquidity profile. Credit
metrics that will support an upgrade include adjusted consolidated
Debt/EBITDA lower than 2x and adjusted consolidated EBIT/Interest
expense higher than 4x.

Downward rating pressure could emerge if production at the coal
companies faltered, such that Bumi was unable to deliver on its
projections and specifically its deleveraging plans, or if it
deviates from the business plan and strategy currently
contemplated as part of the rating. Indicators Moody's would
consider include adjusted consolidated debt/EBITDA rising above
3.0x or adjusted consolidated EBIT/interest expense falling below
3x.

Other negative rating triggers include 1) a material change in
Vallar PLC's financial policy, resulting in deterioration to Bumi,
or the coal company's capital structure; 2) any adverse decision
regarding the off-setting of VAT payments; or 3)any change in laws
and regulations, particularly with regard to mining concessions
and which would adversely affect the business.

The principal methodology used in rating Bumi was the Global
Mining Industry Methodology, published May 2009.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally. Through its
principal assets (65% stake in PT Kaltim Prima Coal and 70% stake
in PT Arutmin), Bumi accounts for approximately 21.8% of
Indonesia's 2010 total coal production.


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


TOKYO ELECTRIC: Japan Unveils Plan to Help Tepco Escape Bankruptcy
------------------------------------------------------------------
Kosaku Narioka and Toko Sekiguchi at Dow Jones Newswires report
that Japan's government on Friday unveiled a comprehensive plan to
protect Tokyo Electric Power Co. from bankruptcy and fund
compensation claims stemming from the country's worst-ever nuclear
energy disaster that are expected to total more than JPY2.5
trillion.

The approval by the cabinet of Prime Minister Naoto Kan, Dow Jones
relates, came after last-minute disputes within the ruling party
over how heavily the company should be penalized and who in the
end would pay the massive costs.

"The government, as it recognizes its social responsibility in
having so far promoted nuclear power policy in coordination with
nuclear power operators, is going to support Tokyo Electric Power
. . .  while aiming to minimize the burden on the people," the
government said in announcing the plan, according to Dow Jones.

Dow Jones says the rollout of the plan, along with comments from
government officials, raised fresh concerns, however, about
Tepco's future and whether shareholders and bondholders will be
expected to share in the pain.

Dow Jones, citing analysts, states that among the areas of
confusion was the stipulation by the government that it was
"seeking cooperation from all stakeholders," taken as a veiled
reference to measures that may sharply reduce shareholder equity.

Similarly, says Dow Jones, bank shares fell sharply after chief
government spokesman Yukio Edano said that "the public will not
support" the injection of public funds into the company unless
creditor banks are willing to renegotiate new loan terms.

Mr. Edano specifically excluded loans made after the quake, Dow
Jones notes.  "They were intended to aid the resolution of the
nuclear crisis," he said.

"If Tepco fails, banks would lose everything. Banks would thus
have no choice but to accept that (waiver) if asked by the
government," Hideyuki Ishiguro, investment strategy supervisor at
Okasan Securities, told Dow Jones.

Under the program, Dow Jones discloses, the government will create
a state-backed institution that will keep the utility solvent and
has the right to borrow government funds that it will then loan to
Tepco.  The fund, which will be in place for any future accidents
as well, will receive funding from payments by Tepco, along with
the other major utilities that have nuclear plants, Dow Jones
adds.

Dow relates that one of the government's conditions for aid --
accepted by the company -- is that Tepco set no prior ceiling on
the total amount of compensation.

According to Dow Jones, Tepco also has agreed to seek cooperation
from all of its stakeholders, which government officials said
could mean that investors would be asked to accept losses.

The government, says Dow Jones, will also have a hand in managing
the utility through a special commission to make sure it sticks to
promises to sell assets and undertake restructuring. In addition,
officials have said that the government could end up with an
ownership stake in the company, Dow Jones reports.

Dow Jones notes that Tepco formally submitted its request for
government aid on May 10, saying it was having funding problems
that could hinder its plan to compensate people affected by the
disaster at its Fukushima Daiichi nuclear power plant following
the massive earthquake and tsunami on March 11.

Tepco has said it would undertake its own large-scale
restructuring, which is expected to include a sale of nonessential
assets, such as real estate and securities holdings, Dow Jones
adds.

                           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.


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


HYNIX SEMICONDUCTOR: Wins Patent Infringement Appeal vs. Rambus
---------------------------------------------------------------
Yonhap News reports that Hynix Semiconductor Inc. said Saturday
that it has won a patent infringement appeal against Rambus Inc.,
a U.S. technology licensing company.

In March 2009, Yonhap recounts, a U.S. court ruled in favor of
Rambus in a case alleging that Hynix infringed on 15 Rambus
patents related to dynamic random access memory chip technology.

Yonhap says the court ordered Hynix to pay US$397 million in
compensation and additional royalties to the Los Altos,
California-based technology licensing company.  One month later,
Yonhap relates, Hynix lodged an appeal against the court decision.

According the Yonhap, the U.S. Court of Appeals for the Federal
Circuit in Washington on Friday found Rambus was wrong to destroy
documents relevant in two patent infringement trials with Micron
Technology Inc. and Hynix, vacating lower court rulings.

If the court's decision is finalized, Yonhap notes, Hynix does not
need to pay $397 million in compensation.

Hynix welcomed the court's ruling, saying it has gained a good
position to negotiate with Rambus on the settlement of a decade-
long legal dispute over the use of patented chip technology,
Yonhap reports.

As reported in the Troubled Company Reporter-Asia Pacific on
April 28, 2011, The Wall Street Journal said creditors-turned-
shareholders of Hynix Semiconductor Inc. on Tuesday agreed to
restart the sale of their controlling stake in the company marking
the third divestment attempt in as many years.  The creditors'
collective 15% stake is valued at around KRW3.08 trillion ($2.85
billion) based on April 26 closing market price but the chip
industry's volatile market cycles and high capital expenditure
requirements remain major hurdles for the sale.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


JEAN JONES: Asset Sale to be Finalized Soon, Receiver Says
----------------------------------------------------------
Rebecca Stevenson at Business Day reports that Jean Jones'
receiver said a sale of the clothing chain could be finalized
within days.

As reported in the Troubled Company Reporter-Asia Pacific on
October 27, 2010, Business Day said that the company behind
clothing retailer Jean Jones has entered receivership with the
receiver saying he is "hopeful of achieving a positive outcome."
Deloitte's Michael Horne was appointed to run the fashion chain's
trading company WRCC Limited, the report related.  According to
Business Day, Mr. Horne said that 15 of the chain's stores would
remain open, but four stores had been closed.

Receiver Murray Frost, Business Day discloses, said Jean Jones'
troubles were due to company earnings being used outside of the
core business, which led to stock being reduced to uneconomic
levels.

Business Day relates that Mr. Frost said a conditional deal for
the sale of the company had been reached and an unconditional
agreement was expected within days.  The report relates that Mr.
Frost said he had been negotiating with the party for about three
months.

Business Day notes that initially about eight prospective buyers
had expressed interest in the chain.  The report says that the
deal would cover all 10 stores and he expected nearly all staff
would stay on.

Jean Jones is clothing retailer that was originally owned by
Michael Ward.


WESTERN PACIFIC: Had Asked for NZ$5MM Guarantee Before Collapse
---------------------------------------------------------------
The New Zealand Herald, citing Treasury documents, reports that
Western Pacific asked the Government for a NZ$5 million Government
guarantee on March 11, two days after AMI Insurance approached the
Government with concerns.

The request was declined, and Western Pacific collapsed and
cancelled its 7,000 insurance policies, the NZ Herald says.  It
had 155 claims as a result of the Christchurch earthquakes.

According to the Herald, the Treasury noted that stepping in to
save it would have sent the wrong signal of a Government willing
to help "weak insurance companies".

The Herald relates that they were among three insurers which
officials from the Treasury and Reserve Bank of New Zealand saw a
"high risk of failure" for in the wake of the February 22
earthquake.

Details of other insurers at risk were withheld under the Official
Information Act, the Herald notes.

The papers show the Treasury and RBNZ deemed there was a risk
Western Pacific would have failed even before the February
earthquake, according to the Herald.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency of
their company.  Western Pacific owes creditors an initial
estimated NZ$3.8 million and has NZ$1.9 million of unsettled
insurance claims, according to first liquidators report obtained
by The National Business Review.

Western Pacific is a New Zealand-owned and operated insurance
company.  It was established in April 2005, and is principally a
broker brand that offers a broad range of commercial, domestic and
specialty products as well as programmes for affinity groups,
underwriting agents and preferred brokers.  It has about 7,000
policy holders in New Zealand.


* FIJI: Moody's Maintains Negative Outlook for Fiji's B1 Rating
---------------------------------------------------------------
Moody's Investors Service says that it is maintaining its negative
outlook for Fiji's B1 rating as poor growth prospects continue to
weigh on government finances.

Moody's annual sovereign report on Fiji provides an updated
analysis on the rating and does not constitute a rating action.

The report notes that Fiji's B1 foreign currency and local
currency ratings were derived from a methodological assessment of
low economic resilience and low financial robustness.

The country's small size and lack of diversification have lessened
its resilience to shocks, as evidenced by weak growth for much of
the past decade. The outlook for growth is further hampered by the
dearth of investment spending.

At the same time, institutional quality has been on a trend
decline, reflecting weaknesses in governance and the rule of law,
despite a business-friendly regulatory framework.

Fiscal consolidation has proceeded slowly and has led to rising
debt levels as a share of either GDP or revenues. Although Fiji's
debt metrics are expected to further diverge from the B-rated peer
median, financing pressures are mitigated by the captive source of
financing provided by its superannuation fund.

The long-term actuarial sustainability of this fund, however,
represents a key event risk for the rating. In addition,
contingent liabilities posed by loss-making public enterprises
have grown significantly over the past five years.

A change in the rating outlook to stable would depend on a
significant upturn in macroeconomic performance coupled with
greater progress on fiscal consolidation. In turn, a more
favorable growth outcome may hinge on the restoration of an
elected government that would bolster international sentiment and
investment spending.

The principal methodology used in this rating was Moody's
Sovereign Bond Methodology published in September 2008.


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


AOI CHENGDU: Creditors' Proofs of Debt Due June 13
--------------------------------------------------
Creditors of AOI Chengdu Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 13,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

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


HYDER CONSULTING: Creditors' Proofs of Debt Due June 13
-------------------------------------------------------
Creditors of Hyder Consulting Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 13, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


JAPAN MATERIAL: Creditors' Proofs of Debt Due June 10
-----------------------------------------------------
Creditors of Japan Material (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 10, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chua Keng Khng
          89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


SWISS-ASIA INVESTMENTS: Creditors' Proofs of Debt Due June 13
-------------------------------------------------------------
Creditors of Swiss-Asia Investments Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 13, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


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

Rainbow S.r.l. (formerly known as Rainbow S.p.A.) filed the
petition against the company on April 29, 2011.

The Petitioner's solicitors are:

         UniLegal LLC
         150 Cecil Street #05-03
         Singapore 069543


===============
T H A I L A N D
===============


TT&T PCL: Court Approves Request for Registered Capital Increase
----------------------------------------------------------------
TT&T Public Company Limited applied to the Central Bankruptcy
Court for approval on the increase of its registered capital from
THB3,324,274,450 to THB9,463,812,113 by issuing 6,139,537,663
additional ordinary shares with par value of THB10 per share
accounting for THB6,139,537,663 to allocate to the creditors
according to the Rehabilitation Plan.

In an update, the company said it has received the order of the
Central Bankruptcy Court dated May 9, 2011, approving the Company
to increase its registered capital as requested.  The Company
shall subsequently register the increase of capital with the
Ministry of Commerce within 60 days after the Court has ordered.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2010, Reuters said Thailand's Central Bankruptcy Court on
Dec. 28, 2010, approved a rehabilitation plan for TT&T Pcl
involving the restructuring of THB26 billion in debt.  The plan
includes debt reduction, a debt-to-equity conversion and
repayment.  Creditors had been seeking repayment of THB61 billion
in debt, Reuters said.  State-run telecoms firm TOT Pcl and
Thailand's top lender, Bangkok Bank, are among the creditors.  T&T
received court approval in 2008 to start a business rehabilitation
plan.  TT&T, which has suffered five consecutive years of losses,
has not given details about the restructuring.

                           About TT& T Pcl

TT&T Public Company Limited (BAK:TT&T) is a Thailand-based company
engaged in the provision of fixed-line telecommunication services.
The Company operates a joint undertaking of and investments in the
expansion project of telephone services with TOT Public Company
Limited.


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


* BOND PRICING: For the Week May 9 to May 13, 2011
--------------------------------------------------

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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.28
AMITY OIL LTD           10.00    10/31/2013   AUD       1.99
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.96
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
DIVERSA LTD             11.00    09/30/2014   AUD       0.06
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.92
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.58
EXPORT FIN & INS         0.50    06/15/2020   NZD      60.89
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      67.05
NEW S WALES TREA         0.50    09/14/2022   AUD      54.82
NEW S WALES TREA         0.50    10/07/2022   AUD      54.36
NEW S WALES TREA         0.50    10/28/2022   AUD      54.12
NEW S WALES TREA         0.50    11/18/2022   AUD      53.97
NEW S WALES TREA         0.50    12/16/2022   AUD      53.45
NEW S WALES TREA         0.50    02/02/2023   AUD      53.11
NEW S WALES TREA         0.50    03/30/2023   AUD      52.57
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.94
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      68.23
RESOLUTE MINING         12.00    12/31/2012   AUD       1.55
SUN RESOURCES            0.50    08/25/2022   AUD       0.54
TREAS CORP VICT          0.50    08/25/2022   AUD      55.16
TREAS CORP VICT          0.50    11/12/2030   AUD      53.37
TREAS CORP VICT          0.50    11/12/2030   AUD      36.74


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.89


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      59.62


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.45
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.72
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.37
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.27
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.43
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.76
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.28
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.95
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.75
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.68
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.73


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


  JAPAN
  -----


AIFUL CORP               1.99    03/23/2012   JPY      73.85
AIFUL CORP               1.63    11/22/2012   JPY      69.56
AIFUL CORP               1.74    05/28/2013   JPY      55.61
AIFUL CORP               1.99    10/19/2015   JPY      47.93
COVALENT MATERIA         2.87    02/18/2013   JPY      37.94
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.24
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.53
SHINSEI BANK             5.62    12/29/2049   GBP      74.74
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      74.31


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.11
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.50
CRESENDO CORP B          3.75    01/11/2016   MYR       1.50
DUTALAND BHD             6.00    04/11/2013   MYR       0.64
DUTALAND BHD             6.00    04/11/2013   MYR       0.38
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.55
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.55
ENCORP BHD               6.00    02/17/2016   MYR       0.94
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.03
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.49
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.31
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.78
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.78
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.74
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.95
WAH SEONG CORP           3.00    05/21/2012   MYR       3.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.23
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.47


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

ALLIED FARMERS           9.60    11/15/2011   NZD      56.24
DORCHESTER PACIF         5.00    06/30/2013   NZD      66.56
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             4.97    12/29/2049   NZD      60.60
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.27
SKY NETWORK TV           4.01    10/16/2016   NZD       6.45
TOWER CAPITAL            8.50    04/15/2014   NZD       0.96
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.90
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.45


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       1.00
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      74.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


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

EPIVALLEY CO LTD         3.00    01/14/2014   KRW      70.26
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      33.44
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      42.14
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      32.07
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      39.08
HYUNDAI SWISS BK         8.20    10/26/2012   KRW      74.85
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      71.59
HYUNDAI SWISS BK         8.30    01/13/2015   KRW      65.37
HYUNDAI SWISS II         8.30    01/13/2015   KRW      65.06
HYUNDAI SWISS II         8.30    01/13/2015   KRW      50.16
IBK 17TH ABS            25.00    12/29/2012   KRW      61.28
JEIL II SAVINGS          8.50    07/19/2014   KRW      55.19
KB 13TH ABS             25.00    07/02/2012   KRW      64.91
KEB 17TH ABS            20.00    12/28/2011   KRW      44.54
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      70.44
NACF 17TH ABS           20.00    06/03/2011   KRW      56.08
NACF 17TH ABS           25.00    07/03/2011   KRW      58.06
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      44.64
SAM BU CONSTRUCT         7.70    03/11/2012   KRW      50.40
SEGYE TOUR CO            4.00    11/06/2012   KREW     67.80
SINBO 1ST ABS           15.00    07/22/2013   KRW      34.39
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.81
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.82
SINBO 4TH ABS           15.00    12/16/2013   KRW      28.10
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.54
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      24.47
SINGOK NS ABS            7.50    06/27/2011   KRW      56.71
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      70.52


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       63.31


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.76


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      69.97
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.62


                             *********

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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