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        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 24, 2011, Vol. 14, No. 101

                            Headlines



A U S T R A L I A

AUSTRALIAN ZIRCON: Miner Considers Reactivating Mine
ALLIED BRANDS: Creditors' Meeting Moved as Third Proposal Emerges
ARASOR INT'L: Attracts Strong Interest from 5 Potential Buyers
FINCORP INVESTMENTS: Court OKs $29-Mil. Class Action Settlement
PIECOR PTY: Creditor Taps McGrathNicol as Resort's Receivers


C H I N A

CHINA RUITAI: Bernstein & Pinchuk Resigns as Accountants


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
PRIME AUTHOR: Lee Sze Ho Appointed as Liquidator
RECOTON (FAR EAST): Members' Annual Meeting Set for June 3
R&F TRADING: Commences Wind-Up Proceedings
RIGHT TOP: Ho Lok Cheong Steps Down as Liquidator

SILVER TECH: Chan Yui Hang Appointed as Liquidator
SPEECHPOWER ALLIANCE: Members' Meeting Set for June 20
TRUE CHILDREN'S: Members' Final Meeting Set for June 20
VICTORY KNITTING: Members' Final Meeting Set for June 23
VIDEOTEL MARINE: Creditors' Proofs of Debt Due June 20

WELLON SHIPPING: Cheng Faat Ting Gary Steps Down as Liquidator


I N D I A

ALPS PHARMACEUTICALS: CRISIL Assigns 'D' Rating to INR35MM Loan
AURO GOLD: ICRA Reaffirms 'LBB+' Rating on INR90cr Bank Facility
CONVEYOR & ROPEWAY: CRISIL Places 'D' Rating on INR75.7MM Loan
COUNTRY COLONIZERS: ICRA Cuts Rating on INR169.4cr Loans to 'LBB-'
DS (ASSAM): ICRA Assigns 'LBB+' Rating to INR77.38cr Term Loans

GAGAN AEROSPACE: ICRA Assigns 'LB+' Rating to INR32cr Bank Limits
GAYATRI IRON: CRISIL Assigns 'B+' Rating to INR115.4MM Term Loan
GHAZIABAD ORGANICS: CRISIL Reaffirms 'BB-' Rating on INR55MM Loan
LAKSHMI TRANSFORMERS: ICRA Rates INR3.0cr Based Limits at 'LBB'
LPF SYSTEMS: ICRA Assigns 'LBB-' Rating to INR6.5cr Bank Limits

MEP TOLL: Fitch Puts 'BB(ind)' Rating on INR1.75BB  Bank Guarantee
PARTH PARENTERAL: CRISIL Rates INR117.5MM Cash Credit at 'C'
PEEVEES PROJECTS: ICRA Reaffirms 'LB+' Rating on INR115.85cr Limit
R.J. CHATHA: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
RAMPRASTHA PROMOTERS: ICRA Raises Rating on INR95cr Loan to 'LB+'

RECON TECHNOLOGIES: ICRA Assigns 'LBB-' Rating to INR11.54cr Loans
SKB PROJECT: ICRA Assigns 'LBB' Rating to INR8cr Bank Limits
SLO INDUSTRIES: ICRA Assigns 'LB+' Rating to INR40cr Bank Debts
SURYA WORLD: CRISIL Assigns 'B+' Rating to INR420MM LT Loan
ZETATEK INDUSTRIES: ICRA Assigns 'LBB' Rating to INR8cr Term Loan

UTKAL GALVANIZERS: ICRA Assigns 'LC' Rating to INR0.38cr Term Loan


I N D O N E S I A

PERTAMINA (PERSERO): Fitch Assigns 'BB+' Rating to US$1 Bil. Notes


J A P A N

RESONA HOLDINGS: Public Fund Repayments Lift Customers Confidence
TOKYO ELECTRIC: To Slash Number of Advisers to 13


K O R E A

HYNIX SEMICONDUCTOR: Creditors Delay Sale Process Next Month


N E W  Z E A L A N D

ALLIED FARMERS: Hanover Drops Court Action Over NZ$5-Million Claim
AORANGI SECURITIES: Deloitte to Probe Statutory Management Call
SOUTH CANTERBURY: GE Capital Unit Buys Face Finance Assets


X X X X X X X X

* BOND PRICING: For the Week May 16 to May 20, 2011




                            - - - - -


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A U S T R A L I A
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AUSTRALIAN ZIRCON: Miner Considers Reactivating Mine
----------------------------------------------------
ABC News reports that Murray Zircon, new owner of a zircon mine at
Mindarie, is conducting a feasibility study on the site to
investigate whether it could reopen.  Murray Zircon bought the
mine after its former operator, Australian Zircon, went into
administration in 2009, according to ABC News.

ABC News notes that Murray Zircon's chief executive, Eddy Wu, said
there is currently a global shortage of zircon.

"We have to make sure that this is going to work and it's going to
last.  It's not just a short-term thing and also we will have to
work together with the government and local people and get their
support to make it happen," ABC News quotes Mr. Wu as saying.


ALLIED BRANDS: Creditors' Meeting Moved as Third Proposal Emerges
-----------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that a second creditors'
meeting scheduled for next Friday is postponed due to proposal of
a third alternative deed of company arrangement.

The report says creditors of Allied Brands appear to be at
loggerheads over which rescue package they are willing to accept
for the stricken company.  The disarray, prompted by the third
alternative DOCA from a Perth-based venture capitalist, has forced
Allied Brands' administrators to seek another postponement of the
second creditors' meeting, the report adds.

According to goldcoast.com.au, creditors were due to meet for a
second time next Friday to vote on two DOCA proposals recommended
by Allied Brands administrator Peter Dinoris, of Vincents
Chartered Accountants.

Mr. Dinoris, goldcoast.com.au says, previously urged unsecured
creditors to accept a recapitalisation offer by Perth-based
corporate advisory firm Trident Capital that would give them 4.88c
in the dollar, at best.

Another DOCA, put forward by Allied Brands directors, offered 0.7c
in the dollar to the unsecured creditors who are owed about $2
million, goldcoast.com.au adds.

The news source relates that an alternative recapitalisation offer
has now been put forward by a third player, Anglo Pacific Ventures
which also hails from Western Australia.

According to the report, Anglo is offering AU$415,000 cash, part
of which will be used to pursue legal action against US fast-food
Dunkin Brands for withdrawing Allied Brands' licence to operate
Baskin Robbins.

The Anglo proposal, goldcoast.com.au notes, seeks to convert all
Allied Brands notes into ordinary shares at 2c each and then all
issued shares will be consolidated into one share for every 15
held.

Anglo Pacific plans to raise a further AU$1.3 million through a
share placement at 1c each, while Anglo itself plans to subscribe
for 120 million shares in Allied for a total of AU$300,000,
goldcoast.com.au reports.

The report says the proposal is aimed at allowing Allied Brands to
pursue its original business plan of franchise ownership, although
it will likely lead to a name change for the company.

                        About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, Allied Brands Ltd. was placed in voluntary
administration on Oct. 27, 2010.  Peter Dinoris and Peter Biazos
of Vincents Chartered Accountants have been appointed as joint
administrators.  Allied Brands saw its Cookie Man chain placed in
liquidation in September and then in October 2010 lost the
Australian franchise rights to the Baskin-Robbins brand. Villa &
Hut Holdings was placed into administration by Allied Brands in
November 2010.

Allied Brands's major lender, Westpac, also appointed receivers
and managers from McGrath Nicol to two Allied Brands subsidiaries
-- Allied Brands Service and Allied Brands Finance.


ARASOR INT'L: Attracts Strong Interest from 5 Potential Buyers
--------------------------------------------------------------
SmartCompany reports that administrators have reported solid
preliminary interest in collapsed listed information technology
company Arasor International.

Stephen Dixon, partner at BDO, told SmartCompany that while it was
early days, there had already been expressions of interest in
recapitalizing the company since BDO was appointed administrator
late last week.

According to SmartCompany, Mr. Dixon said the primary problem for
the developer of integrated optoelectronic and wireless solutions
was that it never had a trading business, and had effectively used
the AU$80 million it had raised to fund product development.

A first meeting of creditors will be held on May 27, SmartCompany
reports.  The creditors are mostly offshore, with the largest
understood to be a venture capital company, the report says.

SmartCompany says Mr. Dixon expects the second meeting, to be held
35 days after BDO's appointment, to deliver options for
shareholders and creditors, with five parties already expressing
interest despite an absence of advertising.

Mr. Dixon declined to comment on the identity of the interested
parties or the nature of the recapitalisation plans, SmartCompany
notes.

Mr. Dixon, as cited by SmartCompany, said Arasor had about 4,500
shareholders, many of whom were retail investors.

                      About Arasor International

Based in Australia, Arasor International Limited (ASX:ARR) is
engaged in developing and marketing of optical chips, components,
modules and subsystems.  During the year ended Dec. 31, 2009, the
Company continued to pursue the possibility of making its ZTEI
joint venture with ZETEI in Tianjin, China operational; and the
collection from outstanding Indian receivables and funding these
principal pursuits by the sale of non-core assets.  Among its
fully owned subsidiaries are: Arasor International Group Holding
Limited Company (AIG), Arasor Cayman Acquisition Company Ltd,
Arasor Acquisition Company Inc., Arasor Corporation, Inc, Arasor
GuangZhou Co., Limited, Arasor Shanghai Co., Limited and Bandwith
Foundry International Pty Ltd.


FINCORP INVESTMENTS: Court OKs $29-Mil. Class Action Settlement
---------------------------------------------------------------
Vishal Teckchandani at InvestorDaily reports that the Federal
Court has approved a $29 million class action settlement
negotiated by law firm Slater & Gordon on behalf of more than
5,000 investors who lost money when Fincorp Investments collapsed
in 2007.

InvestorDaily relates that S&G said the money that investors would
receive under the settlement was in addition to funds already
recovered by secured investors through the liquidation process.
This is also the first time that unsecured investors recovered any
money since the collapse of Fincorp, InvestorDaily says.

According to the report, the proposed settlement will pay between
6 cents and 75 cents of outstanding capital on both secured and
unsecured notes.

InvestorDaily notes that S&G pursued compensation for investors
from Sandhurst Trustees, the appointed trustees of Fincorp.  The
law firm alleged Sandhurst had breached its duties as trustee for
investors under the Corporations Act.

InvestorDaily discloses that the class action settlement covers
investors who had purchased secured and/or unsecured notes issued
by Fincorp on or after Dec. 7, 2004, and held those notes as at
March 23, 2007, or who purchased secured and/or unsecured notes
prior to Dec. 7, 2004, and rolled the investment over after that
date.

Investors holding secured notes have received 55 cents in every
dollar originally invested as part of the liquidation and
receivership of Fincorp.  They are due to receive a further
1 cent, the report adds.

                            About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- is a boutique
funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

The TCR-AP cited a report from The Australian, published on March
26, 2007, that Fincorp Group has reportedly been struggling under
heavy inter-company debt loads and negative cashflow.


PIECOR PTY: Creditor Taps McGrathNicol as Resort's Receivers
------------------------------------------------------------
Keith Crawford and Matthew Caddy of McGrathNicol were appointed
Receivers and Managers of Piecor Pty Ltd and Tiecor Pty Ltd,
collectively The Phillip Island Eco Resort, by a secured creditor
on May 18, 2011.

The appointment was invited by the directors who resolved they
could not continue to trade with the pressure placed on the
companies by statutory demands issued by the Australian Tax Office
and other creditors.

The Receivers' initial focus will be on stabilizing operations
within the resort and securing the business' long term future by
preparing it for sale to new stable management. In the interim the
resort will remain open to visitors wishing to experience all that
the resort and Phillip Island have to offer.


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C H I N A
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CHINA RUITAI: Bernstein & Pinchuk Resigns as Accountants
--------------------------------------------------------
The practice of Bernstein & Pinchuk LLP, the independent
registered public accounting firm of China Ruitai International
Holdings Co. Ltd., entered into a joint venture agreement with
Marcum LLP and formed Marcum Bernstein & Pinchuk LLP in a
transaction pursuant to which B&P merged its China operations into
Marcum BP and certain of the professional staff of B&P joined
MarcumBP as employees of MarcumBP.  Accordingly, and solely as a
result of the Merger, effective April 14, 2011, B&P effectively
resigned as the Company's independent registered public accounting
firm and MarcumBP became the Company's independent registered
public accounting firm.  This change in the Company's independent
registered public accounting firm was approved by the Company's
Board of Directors on April 20, 2011.

The principal accountant's reports of B&P on the financial
statements of the Company as of and for the year ended Dec. 31,
2010, did not contain any adverse opinion or disclaimer of opinion
and were not qualified or modified as to uncertainty, audit scope
or accounting principles, except that B&P's report for the fiscal
year ended Dec. 31, 2010, contained a "going concern"
qualification.

During the Company's most recent fiscal year and through the
Resignation Date, there were no disagreements with B&P on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which if not resolved
to B&P's satisfaction would have caused it to make reference
thereto in connection with its reports on the financial statements
for such periods.  During the Company's two most recent fiscal
years and through and through the Resignation Date, there were no
reportable events of the type described in Item 304(a)(1)(v) of
Regulation S-K.

During the Company's two most recent fiscal years and through the
Resignation Date, the Company did not consult with MarcumBP with
respect to any of (i) the application of accounting principles to
a specified transaction, either completed or proposed; (ii) the
type of audit opinion that might be rendered on the Company's
financial statements; or (iii) any matter that was either the
subject of a disagreement (as defined in Item 304(a)(1)(iv) of
Regulation S-K) or an event of the type described in Item
304(a)(1)(v) of Regulation S-K.

                        About China Ruitai

Shandong, China-based China Ruitai International Holdings Co.,
Ltd., was organized under the laws of the State of Delaware on
Nov. 15, 1955, under the name "Inland Mineral Resources Corp."
Currently, the Company, through its wholly-owned subsidiary,
Pacific Capital Group Co., Ltd., a corporation incorporated under
the laws of the Republic of Vanuatu, and its majority-owned
subsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limited
liability company, is engaged in the production, sales, and
exportation of deeply processed chemicals, with a primary focus on
non-ionic cellulose ether products in the People's Republic of
China as well as to the United States, Europe, Japan, India and
South Korea.

As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,
in New York, after auditing the Company's financial statements for
the year ended Dec. 31, 2010, expressed substantial doubt about
China Ruitai's ability to continue as a going concern.  The
independent auditors noted that the Company has negative working
capital.

The Company's balance sheet at Dec. 31, 2010 showed
$110.97 million in total assets, $81.07 million in total
liabilities and $29.90 million in total equity.


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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,785 Lehman Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,584 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,712 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 467 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 108 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?760f

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PRIME AUTHOR: Lee Sze Ho Appointed as Liquidator
------------------------------------------------
Lee Sze Ho on May 16, 2011, was appointed as liquidator of Prime
Author Limited.

The liquidator may be reached at:

         Lee Sze Ho
         Unit 2605, Island Place Tower
         510 King's Road
         North Point, Hong Kong


RECOTON (FAR EAST): Members' Annual Meeting Set for June 3
----------------------------------------------------------
Members of Recoton (Far East) Limited will hold their annual
meeting on June 3, 2011, at 10:00 a.m., at 14/F, The Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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


R&F TRADING: Commences Wind-Up Proceedings
------------------------------------------
Members of R&F Trading Limited, on May 13, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Park Soon Il
         Suite 610, 6th Floor
         Tower 1, Silvercord
         30 Canton Road
         Tsim Sha Tsui
         Kowloon, Hong Kong


RIGHT TOP: Ho Lok Cheong Steps Down as Liquidator
-------------------------------------------------
Ho Lok Cheong stepped down as liquidator of Right Top Industrial
Limited on May 8, 2011.


SILVER TECH: Chan Yui Hang Appointed as Liquidator
--------------------------------------------------
Chan Yui Hang on April 26, 2011, was appointed as liquidator of
Silver Tech (China) Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


SPEECHPOWER ALLIANCE: Members' Meeting Set for June 20
------------------------------------------------------
Members of Speechpower Alliance Limited will hold their general
meeting on June 20, 2011, at 11:00 a.m., at Unit 20, 1/F., South
Seas Centre, 75 Mody Rd, TST East, in Hong Kong.

At the meeting, Tse Ka Leung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TRUE CHILDREN'S: Members' Final Meeting Set for June 20
-------------------------------------------------------
Members of True Children's Home Limited will hold their final
general meeting on June 20, 2011, at 11:00 a.m., at 10/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


VICTORY KNITTING: Members' Final Meeting Set for June 23
--------------------------------------------------------
Members of Victory Knitting Factory Limited will hold their final
meeting on June 23, 2011, at 10:30 a.m., at 29/F, Caroline Centre,
Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


VIDEOTEL MARINE: Creditors' Proofs of Debt Due June 20
------------------------------------------------------
Creditors of Videotel Marine International (H.K.) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by June 20, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 11, 2011.

The company's liquidators are:

         Li Kwok On
         Kam Ka Woo Annie
         10th Floor, Chun Wo Commercial Centre
         23-29 Wing Wo Street
         Central, Hong Kong


WELLON SHIPPING: Cheng Faat Ting Gary Steps Down as Liquidator
--------------------------------------------------------------
Cheng Faat Ting Gary stepped down as liquidator of Wellon Shipping
Limited on May 16, 2011.


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ALPS PHARMACEUTICALS: CRISIL Assigns 'D' Rating to INR35MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Alps
Pharmaceuticals Pvt Ltd.  The rating reflects delay by Alps in
servicing its term loan; the delay has been caused by the group's
weak liquidity

   Facilities                          Ratings
   ----------                          --------
   INR35 Million Rupee Term Loan       D (Assigned)
   INR180 Million Cash Credit          D (Assigned)

The Parth group also has working-capital-intensive operations, and
a financial risk profile which is marked by a high gearing and
weak debt protection metrics.  The group, however, benefits from
its diversified product portfolio in the formulations for acute
diseases segment and its promoters' extensive experience in the
pharmaceutical industry.

To assess the credit risk profile of Alps, CRISIL has combined the
business and financial risk profiles of Alps and Parth Parenteral
Pvt Ltd.  This is because both the companies, together referred to
as the Parth group, are under a common management and in a similar
line of business, and have strong operational linkages with each
other.

Parth was incorporated in 1987 by Mr. Jayesh Shukla and
Mr. Shailesh Chaturvedi to manufacture parenterals such as
intravenous fluids.  Subsequently, the company started
manufacturing various pharmaceutical formulations such as tablets,
oral syrups, and injectables.  The promoters acquired Alps from
Mr. Khajan Chandra Joshi in 2005.  Alps commenced commercial
operations, involving the manufacture of injectables and tablets,
in 1995-96 (refers to financial year, April 1 to March 31) under
the guidance of Mr. Khajan Chandra Joshi.  This unit is in Almora
(Uttarakhand), an excise-free zone.  Parth and Alps primarily
manufacture formulations targeted towards the over-the-counter
market in rural areas, and Tier 3 and Tier 4 cities of Gujarat,
Maharashtra, Rajasthan, and Uttar Pradesh. The group entered the
markets of Bihar, Jharkhand, and southern states in the past few
years; however, these markets are not major contributors to its
revenues.

Alps reported a profit after tax (PAT) of INR15 million on net
sales of INR490 million for 2009-10, against a PAT of INR18
million on net sales of INR558 million for 2008-09.


AURO GOLD: ICRA Reaffirms 'LBB+' Rating on INR90cr Bank Facility
----------------------------------------------------------------
ICRA has re-affirmed a long term rating of 'LBB+' for the
INR90.001 Crore Fund-Based Bank Facility of Auro Gold Jewellery
Private Limited.  The long term rating has a stable outlook. ICRA
has also re-affirmed a short term rating of 'A4+' to Rs.60.00
Crore short term (sublimit) of fund based facility of AJPL, as
such the total utilization for fund based limit should not exceed
INR90.00 Crore at any point of usage.

The ratings continues to reflect the stretched liquidity position
of the company as indicated by almost full fund based utilization
levels, negative fund flow from operations and modest cash
accruals as of FY10 as well as for FY11 (provisional nos.) . ICRA
notes that the company witnessed sharp decline in top-line during
FY10, signifying business volatility, however was able to report
rise in margins on account of focusing on more remunerative
clients.  The margins on an absolute level still remain low (OPM-
2.3% as of FY10 and 1.4% as of FY11) on account of focus on
domestic business which form the major revenue share (82% as of
FY11) and has very thin margins.  ICRA also notes that the company
is looking for acquisition of jewellery companies as well as
expanding, into retail jewellery which will be a relatively new
venture for the company.  Given that the size of investment
planned, is quite substantial compared to the present balance
sheet size, the ability to make a success of the foray and its
funding pattern remains critical from credit perspective.

                         About Auro Gold

Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the
business of manufacturing, exporting, whole selling of non-branded
gold jewellery. It is a family run business; with the Managing
Director Mr. Ritesh Jain, being the third generation in the
business. The company generates the bulk of its revenue from its
whole selling business and has a robust distribution model
spanning almost entire country, revenues being concentrated to
some extent towards southern India.  The company is primarily into
the B2B segment; with showroom in Zaveri Bazar, Mumbai. The export
business is based out of two units in SEZ Surat, which cater to
U.A.E. and Singapore markets. The company concentrates on the high
volume and low value jewellery, primarily manufacturing bangles,
ear rings, chains, which is also the main product for the company
wherein the ticket size ranges from 2-80gms. The company has been
awarded an "Export House Status" by government of India. The
company has also been awarded membership of Federation of Indian
Export Organizations as well as Gems & Jewellery Export promotion
council.  As of FY10 AJPL reported a net profit of INR12.65 Crore
on an operating income of INR1069.70 Crore. Recent results: The
firm reported a PBT of INR17.21 Crore on an operating income of
INR1,771.62 Crore as for the unaudited numbers for the year FY11.


CONVEYOR & ROPEWAY: CRISIL Places 'D' Rating on INR75.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Conveyor & Ropeway Services Pvt Ltd.

   Facilities                                  Ratings
   ----------                                  --------
   INR4.50 Million Cash Credit                 D (Assigned)
   INR0.675 Million Standby Line of Credit     D (Assigned)
   INR75.725 Million Term Loan                 D (Assigned)
   INR4.00 Million Letter of Credit            P5 (Assigned)
   INR10.00 Million Bank Guarantee             P5 (Assigned)

The ratings reflect instances of delay by CRSPL in servicing its
debt; the delays have been caused by CRSPL's weak liquidity which
is on account of high maturing debt obligations against average
cash accruals.

The rating also takes into account the small scale of operations
and exposure to risks relating to tender based nature of business.
However, the company benefits from the long standing and strong
experience of promoters and past successful track record of
execution in the aerial ropeways systems.

CRSPL designs, manufactures, erects, and commissions aerial
ropeway systems, material handling plants, and coal washing
plants, besides undertaking techno-feasibility studies for ropeway
systems. The entity was set up in 1975, in Kolkata, as a
partnership firm, Conveyor & Ropeway Services. In 1999, it was
reconstituted as a private limited company, and got its present
name.  The promoter has experience of more than 50 years in the
aerial ropeway systems business. CRSPL has executed about 70
projects in total since inception out of which about 28 are
material ropeways, about 12 are passenger ropeways and remaining
are coal washeries.  It has done about 20 techno feasibility
studies till date.

CRSPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR36.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR29.8 million for 2008-09.


COUNTRY COLONIZERS: ICRA Cuts Rating on INR169.4cr Loans to 'LBB-'
------------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR169.4
crore bank loans of Country Colonizers Private Limited from 'LBB-'
to 'LB+'.  ICRA has reaffirmed the short term rating at 'A4'
assigned to the INR53.6 Crore non-fund based limits of the
company.

The rating downgrade takes into account high project
implementation risks for CCPL's under construction project on
account of restructuring of the project plan, and consequent
delays in the implementation of the project which has affected the
cash generation ability of the company.  The ratings also factor
in the present low sales booking status which has adversely
impacted the debt servicing ability of the company, as a result of
which CCPL has relied on funding support of the promoters even
after undertaking debt restructuring.  However, while assigning
the ratings, ICRA has taken note of low funding requirements
towards the land cost, track record of the promoters in developing
real estate projects, essentially in the retail segment and the
favourable location of the project.

Country Colonizers Private Limited is promoted by Chadha Group, to
develop, finance, construct and sell a township project located at
Sector -85, Mohali, Punjab.  This company was founded in FY 2005,
to set up an integrated township (comprising of residential plots,
apartments and commercial plots) in Mohali on total land area of
242 acres, under the preview of master plan of Mohali. CCPL
launched the project in FY 2006 and was able to sell sizable
portion of the project.  However, subsequently the company revised
its project layout plans and project specifications. Later in year
2009 the company stalled the sales bookings on account of the
economic recession and offered its customers an option to take
back their respective customer advances. The company now plans to
re-launch the project by July, 2011.


DS (ASSAM): ICRA Assigns 'LBB+' Rating to INR77.38cr Term Loans
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR77.38 crore term loans of DS
(Assam) Hospitality Limited.  The outlook on the rating is stable.

The rating factors in the favorable location of the hotel property
being developed by the company at Guwahati which is an important
gateway city for the North Eastern Region.  ICRA also draws
comfort from the fact that the financial closure for the project
has been achieved and significant portion of equity contribution
has been brought in by the promoters. ICRA also takes into
consideration DSAHL's association with RHW Hotel Management
Services Limited (Radisson Brand) which provides strong brand
recognition and offer DSAHL access to Radisson's global
reservation systems.  These strengths are however tempered by the
project execution risks, including risks of cost and time overrun,
that are typical of greenfield hotel projects although the fact
that the company has engaged eminent and reputed agencies for
project execution and that key project approvals have been
obtained partly mitigate these risks.  The rating is also
constrained by relatively high cost per room which might limit the
profitability and elongate the payback period; market risks
arising out of lack of established demand for a five star project
in the region and expected competition from upcoming supply of
high end hospitality projects which are likely to result in
pressures on occupancy rates and Average Room Revenues (ARRs) once
the project becomes operational.  Further, as it would take some
time for the hotel to reach optimal occupancy levels, the returns
for the projects in the initial years of operations are likely to
remain modest.  Nevertheless, ICRA draws comfort from the
financial strength of the promoter company - (Dharampal Satyapal
Limited (rated LA+ (Stable)/A1)) and their commitment to DSAHL in
case of any contingency.

                         About DS (Assam)

DS (Assam) Hospitality Limited is a Joint Venture between
Dharampal Satyapal Limited and Guwahati Metropolitan Development
Authority.  DSAHL is setting up 196 rooms five star hotel in
Guwahati and the hotel will be branded as Radisson Hotel,
Guwahati.  The project is in the initial stages of completion and
is scheduled to be operational by October 2012. The total cost for
the project is INR154.76 crore which is to be funded by INR77.38
crore term loans and INR77.38 of equity contribution.


GAGAN AEROSPACE: ICRA Assigns 'LB+' Rating to INR32cr Bank Limits
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to the INR32.00
crore Non-Fund Based (Bank Guarantee) Bank Limits of Gagan
Aerospace Private Limited.

The rating is constrained by the start up nature of the company
with the business being in nascent stages, currently modest scale
of operations and the high sector concentration risk with
aerospace & defense being the primary end user industry.  The
rating, however, favorably factors in the established position and
proven track-record of the promoter; strong in-house technological
capability; the healthy order-book position and high entry
barriers in the industry.  Going forward, the company's ability to
maintain a healthy order-book through consistent order inflow and
scale up its operations ensuring healthy profitability levels
remains critical from a credit perspective.

                        About Gagan Aerospace

Incorporated in 2009, Gagan Aerospace Private Limited is a closely
held private limited company based out of Hyderabad, Andhra
Pradesh. GAPL is engaged in the manufacture of "Inertial
Navigation Systems" (INS) which are used in ships, aircrafts and
guided missiles etc.  The company was promoted as a Joint Venture
between Zetatek Industries Limited and Ananth Technologies
Limited.  GAPL is managed by Mr. S. Sivakumar and Dr. Subba Rao
Pavluri.


GAYATRI IRON: CRISIL Assigns 'B+' Rating to INR115.4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Gayatri Iron and Steels.

   Facilities                           Ratings
   ----------                           --------
   INR180.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR115.4 Million Term Loan           B+/Stable (Assigned)

The rating reflects Gayatri's weak financial risk profile, marked
by high gearing and weak debt protection metrics, small scale of
operations in fragmented industry and the susceptibility of its
operating margin to raw material price volatility. These
weaknesses are partially offset by the extensive experience of
Gayatri's promoters in the steel industry.

Outlook: Stable

CRISIL believes that Gayatri will maintain its business risk
profile over the medium term, backed by its promoters' experience
in the steel industry. Its financial risk profile, marked by high
gearing and weak debt protection metrics, is, however, expected to
remain weak, on account of working capital intensive nature of
operations. The outlook may be revised to 'Positive' if the firm's
topline growth and profitability exceed expectations, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Gayatri's financial
risk profile weakens because of less-than-expected cash accrual,
or if the firm undertakes a larger-than-expected, debt-funded
capital expenditure programme.

                          About Gayatri Iron

Gayatri, a partnership firm, was established by Mr. Sharad Goel
and Mr. Amit Singhal in June 2009.  The firm began commercial
production in March 2010.  It has the capacity of 30,000 tonnes
per annum (tpa) of ingots and 24,000 tpa of angles, flats, rounds,
and channels.  The facilities are in Roorkee (Uttrakhand).
Managing partners Mr. Sharad Goel and Mr. Amit Singhal, along with
Gayatri Iron Pvt Ltd, are partners in the firm. GIPL is a closely
held company with Mr. Sharad Goel and Mr. Amit Singhal as the
promoters and is currently non functional.


GHAZIABAD ORGANICS: CRISIL Reaffirms 'BB-' Rating on INR55MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ghaziabad Organics Ltd
continue to reflect GOL's average financial risk profile, marked
by weak debt protection metrics, low gearing, and small net worth;
small scale of operations; and susceptibility of its operating
margin to shortage, and volatility in prices, of raw materials.
These rating weaknesses are partially offset by GOL's extensive
experience in the acetate business.

   Facilities                           Ratings
   ----------                           --------
   INR100 Million Cash Credit Limit     BB-/Stable (Reaffirmed)
   INR55 Million Term Loan              BB-/Stable (Reaffirmed)
   INR13.5 Million Letter of Credit     P4 (Reaffirmed)
   INR1.5 Million Bank Guarantee        P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GOL will continue to benefit from its
extensive experience in the acetate business. The outlook may be
revised to 'Positive' in case GOL increases its scale of
operations and profitability, while maintaining its working
capital cycle.  Conversely, the outlook may be revised to
'Negative' in case the company generates less-than-expected cash
accruals, or if there is deterioration in its working capital
cycle.

Update

For 2009-10 (refers to financial year, April 1 to March 31), GOL
reported an operating income of INR201 million, as against INR244
million for 2008-09; operating income declined in 2009-10 owing to
decline in the crude oil prices. However, for 2010-11, GOL's
operating income is estimated to increase by 27 per cent to around
INR256.8 million, driven by increase in crude oil prices-prices of
GOL's final product (ethyl acetate) is linked to international
crude oil prices.

GOL's gearing was low at around 0.75 times as on March 31, 2010,
mainly on account of increase in net worth as a result of equity
infusion of INR19.3 million in 2009-10. Gearing is estimated at
around 0.8 times as on March 31, 2011. CRISIL expects GOL's
gearing to remain low at less than 1 time over the medium term, as
the company is unlikely to undertake any debt-funded capital
expenditure (capex) programme over this period.

GOL's liquidity remains stretched, as reflected in its high gross
current asset (GCA) level of around 400 days as on March 31, 2010.
Its bank limits were fully utilised in 2010-11.

GOL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR201 million for 2009-10, against a PAT of INR0.2
million on net sales of INR243.7 million for 2008-09.

                       About Ghaziabad Organics

Incorporated in 1996, GOL manufactures acetic acid, butyl acetate,
and ethyl acetate used in various industries such as food,
textiles, pharmaceuticals, paints, and cosmetics. GOL's plant,
located in Ghaziabad (Uttar Pradesh), has capacity to manufacture
10,000 tonnes per annum (tpa), 3000 tpa, and 10,000 tpa of acetic
acid, butyl acetate and ethyl acetate respectively.  The company's
operations are backward-integrated to manufacture alcohol, with
capacity of 50 kilolitres per day, at its distillery in Ghaziabad;
the distillery is currently not operational because of
unavailability of molasses at reasonable prices, and will commence
operations once molasses is available at reasonable prices.


LAKSHMI TRANSFORMERS: ICRA Rates INR3.0cr Based Limits at 'LBB'
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR3.001 crore fund based limits
of Lakshmi Transformers & Electricals. ICRA has also assigned 'A4'
rating to INR18 crore non fund based limits and INR5.00 crore
unallocated limits of Lakshmi Transformers & Electricals. The
outlook for the long term rating is Stable.

The rating action takes into account significant experience of
promoters of almost two decades in the transformer industry,
comfortable coverage indicators despite moderate margins and
profitability led primarily by low debt levels (gearing 0.06 times
as on March 31, 2010) and healthy demand prospects for the
transformer industry. However rating concerns emanate from the
muted growth in turnover of the firm in the past five years, small
scale of operations, susceptibility of margins to raw material
prices, unavailability of key raw material CRGO (Cold Rolled Grain
Oriented Steel) used for manufacturing the core of the transformer
and high working capital intensity of business. Highly fragmented
industry structure, and intense competition has resulted in
declining margins and weak cash flows for the firm. While
assigning the rating, ICRA has also taken note on risks associated
with partnership firm in terms of withdrawal of capital by
partners.

Lakshmi Transformers & Electricals, established in 1992 as a
partnership firm, manufactures power and distribution transformers
ranging from 10 KVA to 10 MVA, (voltage upto 11kV).  Main
customers are state power corporations and other power EPC
contractors like IVRCL, Subhash projects etc. Over the last three
years almost entire sales have been made to state power
corporations which include power corporations of UP, Orissa, Tamil
Nadu, Andhra Pradesh, Uttaranchal, and Rajasthan.  The firm's
manufacturing facilities are located in Haridwar and Agra. For FY
2010, the firm reported operating income of INR37.42 crore and PAT
of INR3.04 crore.


LPF SYSTEMS: ICRA Assigns 'LBB-' Rating to INR6.5cr Bank Limits
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating on the long term scale to the
Rs. 6.50 crore bank limits of LPF Systems Pvt Ltd.  The long term
rating has been assigned a Stable outlook.  ICRA has also assigned
a rating of A4 on the short term scale to the Rs.0.50 crore bank
limits of LPF Systems Pvt Ltd.

ICRA's ratings are constrained by modest scale of operations,
limited presence in the value chain and competition from unbranded
segments.  The ratings are also inhibited by the fact the pre-
definition of markets in existing product verticals limits avenues
for growth for the company. However, ICRA is cognizant of the fact
charting market areas will partly insulate the company from
infringement by other distributors. Further, the ratings also
factor in modest profitability; capitalization and coverage
indicators attributed to low value add nature of work. The ratings
are also adversely affected by weak liquidity profile of the
company owing to high working capital intensity of the business.
Nevertheless, the ratings draw comfort from long track record of
promoters in the industry which helps to solicit repeat orders
from clients and company's association with fast moving brands
that supports offtake.  Further, aggressive marketing plans by
vendors and exclusive authorization with them enhances brand
visibility and aids faster liquidation of stock.

Established in 1982 as a proprietary concern, the entity acquired
a legal status of the private limited company in 1997 when it was
incorporated as LPF Systems Pvt Ltd.  The company is managed by
first generation entrepreneur Mr. Venu Vinod.  The company is
primarily engaged in downstream supply chain spanning across
trading of engineering products such welding alloys and portable
welding equipments, automobile spares for three wheeler vehicles,
passenger cars and light commercial vehicles. The company also
provides repair and maintenance services for vehicles through its
own workshops.


MEP TOLL: Fitch Puts 'BB(ind)' Rating on INR1.75BB  Bank Guarantee
------------------------------------------------------------------
Fitch Ratings has assigned India's MEP Toll Road Private Limited's
INR327.2 million bank loans a National Long-Term rating of 'BBB-
(ind)' and its INR1,750 million bank guarantee facility a rating
of 'BB(ind)'. The Outlooks are Stable.

MEPL is a subsidiary of Ideal Toll and Infrastructure Private
Limited (ITIPL). It was established as a special purpose vehicle
(SPV) on Aug. 8, 2002, to undertake toll collections at five entry
points to Mumbai for a period of 156 weeks (six years).  In 2010,
the toll collection rights were transferred to MEP Infrastructure
Private Limited, a subsidiary of MEPL, for a period of 16 years on
the payment of an upfront fee of INR21,000 million. MEPL currently
holds 22 concessions: 17 from National Highways Authority of India
(NHAI, 'AAA(ind)'/Stable), four from Maharashtra State Roads
Development Corporation limited and one from the Road
Infrastructure Development Company of Rajasthan, in exchange for
fixed weekly payments to the concession granting authority during
the concession period.  MEPL continues to bid for toll collection
rights on various NHAI and State Highways Authority concessions.

For each concession, MEPL takes the revenue risk while paying NHAI
a fixed weekly amount in exchange for the right to collect tolls.
MEPL must provide an upfront cash deposit and a bank guarantee,
each equal to four weeks worth of fixed payments to the grantor --
together serving as performance security for c. two months of
fixed payments.  This performance security is retained by NHAI
with no interest payable for the duration of the concession,
following which it is released back to MEPL.  For 12 of the 17
NHAI concessions, the cash portion of the performance security has
been funded by the INR327.2 million bank loan; for the remaining
10 concessions, it has been funded out of internal accruals, which
could later be replaced by debt.  The bank guarantee has been
drawn for all 22 concessions from two banks which have sanctioned
limits of INR1,750 million collectively, of which INR560 million
has been drawn so far.

MEPL's bank loan ratings have many of the features of a project
finance structure. Revenues from 12 NHAI concessions are deposited
directly into an escrow account, from which fixed weekly payments
are made to NHAI as part of the prescribed cash waterfall. There
is a minimum interest cover ratio covenant of 1.40x and a three-
month debt service reserve account. Interest on the bank loan is
payable monthly at an annual rate of 10.2% and principal repayment
is set to take place immediately upon NHAI releasing the
performance security.  A six-month cushion has been built in to
allow for some delays so that the final repayment date is 18
months from the date of drawdown. As per Fitch's analysis, MEPL's
revenues are adequate to service interest payments (ICR c.3.8x),
thus leaving some surplus and not requiring the grantor to draw on
the performance security - which would in turn allow the
unimpaired repayment of the principal.

The bank guarantee does not have the same features, which is
reflected in its 'BB' rating. Limits of INR1,750 million have been
sanctioned to enable MEPL to continue bidding for additional
concessions.  While Fitch has analysed the projected revenues and
costs of nine of the additional concessions (five from NHAI, four
from MSRDC), most of these roads have recently been handed over to
MEPL, so track record of revenues is relatively limited.
Furthermore, as long as MEPL continues to bid for new concessions,
future rating actions will depend on the revenue capacities of the
new roads.

For both the bank loan and the guarantee, MEPL benefits from the
diversification of revenue risk across various geographies within
India (the concessions are spread over seven states) and from the
resulting cross-collateralisation, where revenues from one
concession can go towards the payment of fixed obligations of
another, expect for the 12 NHAI bank-loan concessions that cannot
cross-collateralise the others. However, it should be noted that
although the roads are all operating toll roads, data available to
Fitch including internal traffic counts carried out by MEPL has a
limited time scope and therefore estimates of future revenue could
be subject to intra-month and seasonal variations.  This results
in additional uncertainty regarding MEPL's performance and the
same is reflected in the ratings.


PARTH PARENTERAL: CRISIL Rates INR117.5MM Cash Credit at 'C'
------------------------------------------------------------
CRISIL has assigned its 'C' rating to the cash credit facility of
Parth Parenteral Pvt Ltd.

   Facilities                         Ratings
   ----------                         --------
   INR117.5 Million Cash Credit       C (Assigned)

The rating reflects Parth's weak liquidity and expected financial
support that it may extend to Alps Pharmaceutical Pvt Ltd (Alps),
which has been delaying in servicing its debt.

The rating also reflects Parth group's working-capital-intensive
operations, and a financial risk profile which is marked by a high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the Parth group's diversified product
portfolio in the formulations for acute diseases segment, and
promoters' extensive experience in the pharmaceutical industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Alps and Parth.  This is because both
the companies, together referred to as the Parth group, are under
a common management and in a similar line of business, and have
strong operational linkages with each other.

                            About the Group

Parth was incorporated in 1987 by Mr. Jayesh Shukla and Mr.
Shailesh Chaturvedi to manufacture parenterals such as intravenous
fluids. Subsequently, the company started manufacturing various
pharmaceutical formulations such as tablets, oral syrups, and
injectables.  The promoters acquired Alps from Mr. Khajan Chandra
Joshi in 2005.  Alps commenced commercial operations, involving
the manufacture of injectables and tablets, in 1995-96 (refers to
financial year, April 1 to March 31) under the guidance of Mr.
Khajan Chandra Joshi.  This unit is in Almora (Uttarakhand), an
excise-free zone.  Parth and Alps primarily manufacture
formulations targeted towards the over-the-counter market in rural
areas, and Tier 3 and Tier 4 cities of Gujarat, Maharashtra,
Rajasthan, and Uttar Pradesh. The group entered the markets of
Bihar, Jharkhand, and southern states in the past few years;
however, these markets are not major contributors to its revenues.

Parth reported a profit after tax (PAT) of INR2 million on net
sales of INR355 million for 2009-10, against a PAT of INR2.3
million on net sales of INR467 million for 2008-09.


PEEVEES PROJECTS: ICRA Reaffirms 'LB+' Rating on INR115.85cr Limit
------------------------------------------------------------------
ICRA has re-affirmed the long-term rating of 'LB+' assigned to the
INR115.85 crore fund based limits of Peevees Projects Private
Limited.

The rating re-affirmation factors in PPPL's exposure to
construction risks as civil construction at the company's Kochi
Centre Square mall has not yet been completed, the consequent
reliance on promoter support to meet debt servicing obligations
arising in the near term and the fact that PPPL will need to
secure occupancy from in-line stores in order to achieve high
occupancy levels to meet debt servicing obligations in a timely
manner.  The rating favorably factors in the attractive location
of the proposed mall at MG road in Kochi, the high occupancy
considering the current stage of construction and the presence of
experienced promoters as key stakeholders in the project.

PPPL is a joint venture (JV) between Kshitij Venture Capital Fund
and the PV Wahab Group whose shareholdings in the company are 65%
and 35% respectively.  KVCF is a domestic retail-focused real
estate fund whose corpus is being invested in developing eleven
malls across India.  Everstone Investment Advisors Private Limited
advises the KVCF.  PPPL is currently constructing the 4,29,393
sqft Kochi Centre Square mall at MG Road, Kochi.


R.J. CHATHA: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of R.J. Chatha Rice Mills.

   Facilities                          Ratings
   ----------                          --------
   INR70.0 Million Cash Credit         B+/Stable (Assigned)
   INR70.0 Million Packing Credit      P4 (Assigned)

The ratings reflect RJCRM's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, driven by large working capital requirements and low cash
accruals. The ratings also reflect RJCRM's small scale of
operations, and susceptibility to volatility in raw material
prices, to adverse regulatory changes, and to erratic rainfall.
These rating weaknesses are partially offset by the healthy growth
prospects for, and the promoters' extensive experience in, the
basmati rice processing industry.

Outlook: Stable

CRISIL believes that RJCRM will benefit from the extensive
experience of its promoters in the basmati rice processing
industry. The outlook may be revised to 'Positive' if RJCRM's
scale of operations and profitability improves substantially,
leading to better-than-expected cash accruals, or the firm's
capital structure improves significantly because of more-than-
expected equity infusion by promoters. Conversely, the outlook may
be revised to 'Negative' if there is significant deterioration in
the firm's capital structure because of a larger-than-expected,
debt funded capital expenditure programme or pressure on its
profitability.

                             About R.J. Chatha

Incorporated in 1971 by Mr. R. S. Chatha, and Mr. J. S. Chatha,
RJCRM is engaged in processing of basmati rice. It is one of the
oldest rice mills in Amritsar (Punjab).  Currently, the firm has a
rice-milling capacity of 4 tonnes per hour (tph) and a sorting
capacity of 2 tph.  The promoters are planning to add another
sortex machine with capacity of 4 tph during 2011-12 (refers to
financial year, April 1 to March 31).  Exports sales contribute
around 70 per cent of the total sales of the firm.  Exports are
mainly to the Middle East countries such as Saudi Arabia, Iran,
Syria, Kuwait, and Baharin, and the US and Canada. In the domestic
market, RJCM sells rice under its own brand names Heera and
Anarkali which contribute around 30 per cent of its total sales.

RJCRM reported a profit after tax (PAT) of INR1.0 million on net
sales of INR569.7 million for 2009-10, against a PAT of INR1.2
million on net sales of INR302.0 million for 2008-09.


RAMPRASTHA PROMOTERS: ICRA Raises Rating on INR95cr Loan to 'LB+'
-----------------------------------------------------------------
ICRA has upgraded the long term rating from "LB+" to "LBB+" to the
INR95 Crore (Outstanding amount as on date INR85 Crore) of bank
term loan of Ramprastha Promoters & Developers Private Limited.
The rating carries a stable outlook.

The rating upgrade has taken into account the paying off the
stipulated interest payments on the compulsorily convertible
debentures (CCDs) and buying back of these CCDs by the promoters.
The rating also draws comfort from the strong experience of
promoters in the real estate development, low funding requirement
as the entire land cost has been incurred and satisfactory sales
booking status for the residential projects launched so far. The
rating however takes into account the significant amount of
development that is left in some of the projects which might
expose the projects to time and cost overruns. The rating action
also factors in any slowdown in the real estate activity which
might impact the profitability of the company.

Ramprastha Promoters & Developers Private Limited is a part of the
Ramprastha Group which is a growing real estate developer based
out of National Capital Region (NCR).  Ramprastha group has till
date completed 200 lac sq ft of development in last four decades.
The completed projects by the promoters comprising residential
township, Plotted colony, commercial development and group housing
are located in Ghaziabad, Gurgaon and New Delhi.

RPDPL was set up as a Special Purpose Vehicle (SPV) in June, 2007
to develop an integrated township "Ramprastha City" in sector 37D,
Gurgaon, spread across the land area of 405 acres. The proposed
township includes development of group housing, plotted colony,
SEZ and commercial office and retail space. The total land is
jointly owned by the company itself, its wholly owned subsidiary,
and group companies that have already transferred
licenses/development rights for the same in favor of the company.
The company proposes to focus only on the Group housing and
plotted colony in the next couple of years. The company has so far
launched a portion of group housing under the brand names -- The
Edge Towers, The Atrium, The View and The Skyz.


RECON TECHNOLOGIES: ICRA Assigns 'LBB-' Rating to INR11.54cr Loans
------------------------------------------------------------------
ICRA has assigned 'LBB-' rating on the long term scale to the
INR11.54 crore bank limits of Recon Technologies Pvt Ltd.  The
long term rating has been assigned a Stable outlook.  ICRA has
also assigned a rating of A4 on the short term scale to the
INR2.00 crore bank limits of Recon Technologies Pvt Ltd.

ICRA's ratings are constrained by modest scale of operations, and
supplier concentration risk for key parts required for generator
assembly.  The ratings are also inhibited by revenue concentration
witnessed by the company in favor of generator assembly business
which is also relatively lower margin segment. This said, ICRA is
cognizant of the fact that the generator assembly is high volume
segment for the company which drives the top line growth.
Further, the ratings are also adversely impacted by high working
capital intensity of the business which coupled with modest
profitability led to modest coverage and capitalization indicators
in the past. Nevertheless, the ratings draw comfort from long
track record of promoters in the industry which helps to solicit
repeat orders from clients, buoyant demand prospects of power
back-up industry and company's exclusive association with Mahindra
"Powerol" for AP region (fastest selling brand in AP) that lends
bargaining power and supports offtake.  Further, aggressive
marketing plans by vendors and exclusive authorization with them
enhances brand visibility and aids faster liquidation of stock.

Established in 1997 Recon Technologies Pvt Ltd is a closely held
company managed by first generation entrepreneur Mr. Venu Vinod.
The company's scope of activity was earlier confined to repair &
maintenance services undertaken on job-work basis for L&T wherein
the first client was Singareni Collieries Company Limited.  In the
backdrop of L&T's association with LPF systems as a distributor of
welding equipments, Recon Technologies became an authorized repair
& maintenance partner of L&T.  In October 2007, the company became
the authorized OEM assembler for Mahindra & Mahindra for its
diesel gensets.


SKB PROJECT: ICRA Assigns 'LBB' Rating to INR8cr Bank Limits
------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR8.00 crore
fund bank limits of SKB Project India Private Limited.  ICRA has
assigned stable outlook to the rating.

The rating is constrained by SKB's moderate scale of operations,
which is further aggravated by a single order comprising more than
50% of the company's order backlog, its high client concentration
as the Defence department is the company's sole customer, modest
profitability due to the low complexity of work involved, limited
revenue visibility on account of the short tenure of the contracts
and absence of price escalation clause in some recent contracts.
The rating, however, draws comfort from the Super Special Class
contractor status enjoyed by the company that enables it to bid
for orders all over India without submitting earnest money, its
satisfactory execution record with the Defence department, and
healthy revenue growth over the last 5 years. The rating also
takes into account the satisfactory financial risk profile of SKB
characterized by healthy debt coverage indicators, and its low
working capital intensity supported by monthly settlement of dues
and availability of advances from the client for purchase of raw
materials.

                         About SKB Project

SKB Project India Private Limited, established in 1984 by
SK Parwani, is a construction company based out of Jabalpur. The
company chiefly provides civil construction services to the
Military Engineer Services department, and enjoys the status of a
Super Special class contractor because of its satisfactory
execution record over the years.  The company is currently being
managed by SK Parwani, who is supported by his brother, KK
Parwani, and his nephew, Anil Parwani.  SKB reported revenues of
INR24.98 crores in FY10, and generated a net profit of INR1.17
crore during the same period.


SLO INDUSTRIES: ICRA Assigns 'LB+' Rating to INR40cr Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR40.00 crore fund based
bank facilities of SLO Industries Limited.

ICRA has also assigned an 'A4' rating to the INR23.00 crore non
fund based bank facilities of SIL.  The ratings incorporate the
exposure of the company's operating margin to fluctuations in the
price of raw material and traded goods, exposure to the
volatilities in foreign exchange rate as the company imports part
of its raw material requirements, the highly fragmented nature of
the steel industry leading to stiff competition and the weak
financial profile of the company characterized by low profit
margins, high gearing levels, depressed interest coverage
indicators and high working capital intensity of operations. The
rating also incorporates the healthy growth in operating income of
the company over the last four years primarily aided by the growth
in trading operations, the association of the company with SAIL as
an authorized conversion agent which ensures regular job work
income and the regular infusion of funds in terms of equity and
interest free unsecured loans by the promoters.

SLO Industries Ltd was incorporated in 2003 as a closely held
company for carrying out manufacturing of MS Ingots. In 2006, the
company forward integrated by setting up a rolling mill with an
annual capacity of 42,000 MT. Part of the MS Ingots produced by
the company is consumed captively in the rolling mill to produce
rolled products like- angles, channels, flats and TMT bars. The
company sells its products primarily through traders. Apart from
this, the company carries out trading in finished goods, primarily
MS Structurals with dimensions different than those being
manufactured by the company. It is also an authorized conversion
agent for SAIL.

SIL has recently added a rolling mill capacity of around 50,000 MT
and also increased the capacity of its old rolling mill to 55,000
MT from 42,000 MT by adding certain ancillary machineries. With
this addition, the total rolling capacity of the company has
increased to 105,000 MT while the melting capacity of SIL stands
at 36,000 MT. The manufacturing facility of the company is located
at Ponneri on the outskirts of Chennai in Tamil Nadu.

Recent Results

SIL reported a provisional Profit After Tax (PAT) of INR4.53 crore
on an operating income of INR293.71 crore for the first ten months
ended Jan. 31, 2011, as against a PAT of INR3.02 crore on an
operating income of INR318.65 crore in 2009-10.


SURYA WORLD: CRISIL Assigns 'B+' Rating to INR420MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Surya World Educational Research & Charitable Initiative.  The
rating reflects SWERCI's weak financial risk profile, marked by
high gearing as result of its large, debt-funded capital
expenditure (capex) programme, the trust's exposure to risks
related to the regulated nature of the education industry, and its
limited track record.  These rating weaknesses are partially
offset by the healthy demand prospects for the education industry,
and SWERCI's diversified course offerings

   Facilities                      Ratings
   ----------                      --------
   INR1080.0 Million Term Loan     B+/Stable (Assigned)
   INR420.0 Million Proposed LT    B+/Stable (Assigned)
             Bank Loan Facility

Outlook: Stable

CRISIL believes that SWERCI will benefit over the medium term from
the wide range of courses it offers. The outlook may be revised to
'Positive' if better-than-expected occupancy levels drive SWERCI's
revenue growth, or if its capital structure improves, backed by
addition to the trust's corpus fund. Conversely, the outlook may
be revised to 'Negative' if SWERCI undertakes a larger-than-
expected, debt-funded capex programme, leading to deterioration in
its financial risk profile, or reports a drop in the occupancy
levels for the courses it offers.

SWERCI was set up by Mr. Rajiv Goel on August 11, 2009. The
Chandigarh-based trust offers various graduate and post-graduate
courses in engineering, management, and computer applications. The
trust started offering courses from 2009-10 (refers to academic
year, April 2009 to March 2010). The courses offered include
architecture, pharmacy, engineering and Hotel Management, as well
as Master of Business Administration and Master of Computer
Applications. These courses are approved by the All India Council
for Technical Education and the Government of Punjab, and are
affiliated to the Punjab Technical University. All the colleges
are located on National Highway 1; the campus, which is spread
over 60 acres, offers easy connectivity and also provides hostel
facilities for its students. SWERCI has reported a Net Loss of
INR18.7 million on an operating income of INR27.1 million for
2009-10 (refers to financial year, April 2009 to March 2010).


ZETATEK INDUSTRIES: ICRA Assigns 'LBB' Rating to INR8cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR8.00 crore
Term Loans, INR3.00 crore Fund Based (Cash Credit) and INR10.75
crore Non-Fund Based (Bank Guarantee) Bank Limits of Zetatek
Industries Private Limited.  The outlook on the long-term rating
is Stable.  ICRA has also assigned a short term rating of "A4" to
the INR0.50 crore Fund Based (Standby Line of Credit) and
INR0.75 crore Non Fund Based (Letter of credit) Bank Limits of
ZIL.

The ratings factor in the company's modest scale of operations and
long lead time of project resulting in stretched cash conversion
cycle (NWC/OI of 53% in FY 2010).  The ratings are further
constrained by the sector concentration risk with aerospace &
defence being the primary end user industry and the pressure on
margins arising out of the typical competitive bidding system for
awarding contracts. ICRA notes that the large scale debt funded
capital expenditure being planned by the company may adversely
impact its' capital structure and liquidity position in the near
term. Though, the currently healthy gearing as well promoter's
demonstrated support as indicated by regular infusion of equity
alleviates the risk to some extent. The ratings, however, draw
comfort from the established track record and experience of the
promoter group; healthy order-book status providing visibility to
sales in the near term; strong technological capability and long
standing relations with leading government agencies. The ratings
also factors in the high entry barriers in the industry as well as
the favorable demand outlook arising out of government's focus on
defence sector. Going forward, the company's ability to maintain
its liquidity position, given the working capital intensity of
operations; successfully execute the project without significant
cost and time overruns and generate commensurate returns from its
investments remains critical from a credit perspective.

                       About Zetatek Industries

Incorporated in 1990, Zetatek Industries Limited is a closely held
public limited company founded and managed by Mr. R. Siva Kumar.
ZIL is engaged in the manufacture of various kinds of testing
equipments primarily used for performance testing in the aerospace
& defence e industry.  The company's products offering includes
environmental test chambers, vibration test systems and rate
table.  Apart from this, the company also operates as a marketing
partner, providing sales as well as technical support
(installation, service, retrofits and customization) for
international companies like Acutronic (Schweiz) AG, Switzerland;
CI Systems (Israel) Ltd, Israel; Electro Physics, USA; Sensonor,
Norway and Sagem France.

In FY 2010, the company reported a net loss of INR0.86 crore on an
operating income of INR10.00 crore as against a net profit of
INR0.79 on an operating income of INR9.02 crore in FY 2009.


UTKAL GALVANIZERS: ICRA Assigns 'LC' Rating to INR0.38cr Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LC' rating to the INR0.38 crore of term loan
and INR17.00 crore of fund based bank facilities of Utkal
Galvanizers Limited. ICRA has also assigned an 'A5' rating to the
INR45.50 crore of non-fund based bank facilities of UGL.

The ratings factor in UGL's highly working capital intensive
nature of the operations because of a long receivable cycle,
leading to delays in honouring the debt service obligations by the
company.  The ratings also take into account the highly
competitive nature of the industry, with a tender based contract
awarding system for Government/public sector undertakings (PSU)
clients, which keeps the profitability of the players including
UGL at a low level, and the company's limited bargaining power
against larger and stronger customers. UGL's low profitability has
led to weak coverage indicators, although the gearing remains at a
moderate level.  Moreover, UGL's current scale of operation is
moderate, and timely execution of the orders at hand would be
critical for the company's future business performance. In ICRA's
opinion, the ability of the company to grow its business
profitably while ensuring effective management of working capital
would be a key rating sensitivity. The ratings, however, derive
comfort from the experience of the promoters in the power
transmission and distribution business and UGL's established
client base, which includes a number of reputed entities in both
public and private sectors.  The ratings also factor in UGL's
large order book position that provides revenue visibility over
the medium term and a favorable demand outlook for the power
transmission and distribution sector.

                      About Utkal Galvanizers

Utkal Galvanizers Limited, incorporated in 1979, is engaged in
executing turnkey projects for power transmission and
distribution.  The company is also involved in manufacturing
transmission towers and poles, with an installed capacity of
30,000 metric tonne per annum (MTPA) and 1.5 lakh pieces per annum
respectively. The manufacturing facility of the company is located
at Kapursing, Orissa.

Recent Results

The company has reported a profit before tax of INR1.15 crore
(provisional) on an operating income of INR56.27 crore
(provisional) during the first 8 months (April 2010 to November
2010) of 2010-11; as compared to a net profit of INR0.61 crore on
an operating income of INR64.92 crore during 2009-10.


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


PERTAMINA (PERSERO): Fitch Assigns 'BB+' Rating to US$1 Bil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned PT Pertamina (Persero)'s (Pertamina,
'BB+'/Positive) USD1 billion senior unsecured notes due 2021 a
final rating of 'BB+'.

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


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


RESONA HOLDINGS: Public Fund Repayments Lift Customers Confidence
-----------------------------------------------------------------
Kyodo News reports that Resona Holdings Inc. Chairman Eiji Hosoya
said the company's progress in repaying public money since it was
nationalized in 2003 has lifted the confidence of customers and
the employees in the banking group.

"With the goal in sight, the morale of our employees is high and
our customers' confidence and trust in us are growing," Mr. Hosoya
told Kyodo News.

In fiscal 2010, which ended March 31, Kyodo discloses, Resona paid
back JPY1.2 trillion by repurchasing preferred shares held by the
government.  Of the JPY3.1 trillion in capital injected by the
government, Resona still has JPY871.6 billion to return, the
report says.

Kyodo says Resona has seen its share price drop nearly 30% since
it announced a JPY545 billion fundraising plan in January to help
it repay the debt, but "we want to attract investors as a bank
that has more room for growth," Mr. Hosoya said.

He added that the group is well positioned in the industry with
its focus on retail banking in urban areas, Kyodo relates.

According to Kyodo, Mr. Hosoya, who has led the Resona group since
June 2003, said the management team is capable of steering the
bank without him once its operations recover from the March 11
earthquake and tsunami, but the 66-year-old chairman didn't
elaborate on how long he intends to stay on as the group's chief.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 9, 2010, Bloomberg News said Resona Holdings Inc. plans to
repay as much as JPY900 billion of government bailout funds using
proceeds from a share sale and internal reserves.  The Tokyo-based
bank on Nov. 5, 2010, registered to sell as much as JPY600 billion
of common stock this.  It plans to use money from the sale, plus
JPY300 billion of reserves, to buy back preferred stock from the
government and retire the shares to avoid potential dilution,
Bloomberg noted.  The bank, the second-worst performer on the
Topix Banks Index last year, is under pressure to repay a 2003
bailout to regain independence and compete with its bigger rivals,
according to Bloomberg.

                       About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


TOKYO ELECTRIC: To Slash Number of Advisers to 13
-------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. said it will
slash the number of company advisers from 21 to 13 starting in
July.

The embattled utility, which is being pressed to streamline its
management to cover the ballooning costs of dealing with the
crisis at its Fukushima Daiichi nuclear plant, said has 21
advisers including four retired elite bureaucrats with their
annual salaries totaling JPY219 million.

The cut, according to Kyodo, will lead to a reduction in the
annual payments to JPY98 million.

The four retired career-track bureaucrats previously worked for
the land ministry, the industry ministry and the National Police
Agency, it said, adding that 16 of the remaining 17 are TEPCO
retirees.

                           About TEPCO

The Tokyo Electric Power Co., Inc., (TEPCO) --
http://www.tepco.co.jp/en/index-e.html-- 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: Creditors Delay Sale Process Next Month
------------------------------------------------------------
The Korea Herald reports that creditors of Hynix Semiconductor
Inc. said they may kick off the process to sell a major stake in
the company next month, delaying the sale from their previous
schedule.

According to the report, creditors, including Korea Exchange Bank,
Woori Bank and state-run Korea Finance Corp., had initially
planned to start the process to sell their combined 15% stake in
Hynix in late May.

The Korea Herald relates the creditors said they will postpone the
sale until June due to more time needed to study the chipmaker's
balance sheet and reach an agreement among the lenders over how to
sell the stake, according to the banks. A lack of investor
interest has also contributed to the delay, they said.

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. 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
====================


ALLIED FARMERS: Hanover Drops Court Action Over NZ$5-Million Claim
------------------------------------------------------------------
Allied Farmers Limited said Hanover Group Holdings Limited and HF
Residual Obligations Limited have withdrawn their summary judgment
application against Allied Farmers Limited and Allied Farmers
Investment Limited.

"The claim will now proceed as a normal civil action with a
timetable expected to be set later this year," Allied said in an
announcement to the NZX.  Allied Farmers Limited and Allied
Farmers Investments Limited intend to continue to defend the claim
vigorously.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 21, 2010, The National Business Review said Hanover Finance
Ltd had served legal proceedings on Allied Farmers to pursue more
than NZ$5 million still outstanding as part of last December's
debt for equity swap.  Allied Farmers in July 2010 accused Hanover
of breaching the terms of their debt-for-equity swap, and refused
to pay the last NZ$5 million or any future obligations relating to
the deal.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2011, The New Zealand Herald said Allied Farmers, the
finance company hobbled by the collapse in value of its loan book,
may not be able to repay NZ$7.5 million owed to its failed Allied
Nationwide Finance unit when it comes due on July 1.   The NZ
Herald related that Mr. Alloway is seeking talks with the
receivers of ANF about the potential default, which would be the
third of such event.


AORANGI SECURITIES: Deloitte to Probe Statutory Management Call
---------------------------------------------------------------
The National Business Review reports that Sir John Anderson and
Rod Pardington, of Deloitte, have been tapped to check the
statutory management of Timaru-based Allan and Jean Hubbard.

According to NBR, the Registrar of Companies said Sir John and
Mr. Pardington were commissioned on May 5, 2011, to assess the
progress of the statutory management of Aorangi Securities Ltd,
Hubbard Churcher Trust Management Ltd and related trusts and other
entities that were placed in statutory management.  They will
report in early July, the report says.

NBR says Sir John, a former ANZ National Bank boss, has frequently
been called on by the government in a range of roles, including
fixer.

Sir John chaired Capital and Coast District Health Board after a
series of financial problems and in 2008 he became commissioner of
the Hawke's Bay District Health Board when then Health Minister,
David Cunliffe, sacked the board.

                         About Aorangi Securities

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

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.

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

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.


SOUTH CANTERBURY: GE Capital Unit Buys Face Finance Assets
----------------------------------------------------------
The receivers of South Canterbury Finance Limited said Monday that
GE Capital's New Zealand Equipment Finance business has acquired
more than NZ$100 million of commercial loan book assets from Face
Finance Limited, a subsidiary of SCF.

Face Finance primarily focuses on "big ticket" financing in the
transport and infrastructure sectors.  It has operated on a
largely standalone basis from the rest of the SCF Group since
establishment with a separate distribution network and customer
relationships.

Receivers Kerryn Downey and William Black of McGrathNicol said
that "the sale to GE Capital is a very pleasing outcome and
represents a key milestone in the realisation of South Canterbury
Finance's loan book assets. We believe the acquisition by GE
Capital will provide increased certainty for Face Finance's
customers."

GE Capital was successful in its acquisition following a
competitive sale process, with Deutsche Bank AG New Zealand branch
acting as sale advisor to the receivers.

                        About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


* BOND PRICING: For the Week May 16 to May 20, 2011
---------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
DIVERSA LTD             11.00    09/30/2014   AUD       0.06
EXPORT FIN & INS         0.50    12/16/2019   NZD      64.25
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.08
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.91
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      67.22
NEW S WALES TREA         0.50    09/14/2022   AUD      54.97
NEW S WALES TREA         0.50    10/07/2022   AUD      54.51
NEW S WALES TREA         0.50    10/28/2022   AUD      54.28
NEW S WALES TREA         0.50    11/18/2022   AUD      54.13
NEW S WALES TREA         0.50    12/16/2022   AUD      53.61
NEW S WALES TREA         0.50    02/02/2023   AUD      53.26
NEW S WALES TREA         0.50    03/30/2023   AUD      52.72
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      68.55
RESOLUTE MINING         12.00    12/31/2012   AUD       1.04
SUN RESOURCES            0.50    08/25/2022   AUD       0.50
TREAS CORP VICT          0.50    08/25/2022   AUD      55.64
TREAS CORP VICT          0.50    11/12/2030   AUD      53.84
TREAS CORP VICT          0.50    11/12/2030   AUD      37.17


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.37
CHINA RAIL GRP           4.48    01/27/2015   CNY      54.60

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      59.62


  INDIA
  -----

NABARD                   9.50    03/07/2014   INR       9.72
POWER FIN CORP           8.99    01/15/2021   INR       9.52
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.65
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.33
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.26
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.40
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.74
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.26
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.92
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.73
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.66
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.70


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


  JAPAN
  -----


AIFUL CORP               1.99    03/23/2012   JPY      73.91
AIFUL CORP               1.22    04/20/2012   JPY      70.00
AIFUL CORP               1.63    11/22/2012   JPY      55.92
AIFUL CORP               1.74    05/28/2013   JPY      47.93
AIFUL CORP               1.99    10/19/2015   JPY      37.94
COVALENT MATERIA         2.87    02/18/2013   JPY      66.74
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.79
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      60.23
SHINSEI BANK             5.62    12/29/2049   GBP      74.00
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      71.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.11
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.12
CRESENDO CORP B          3.75    01/11/2016   MYR       1.50
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
DUTALAND BHD             6.00    04/11/2013   MYR       0.78
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.54
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.56
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       1.92
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.24
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.59


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

ALLIED FARMERS           9.60    11/15/2011   NZD      14.42
DORCHESTER PACIF         5.00    06/30/2013   NZD      68.68
INFRATIL LTD             8.50    09/15/2013   NZD       7.90
INFRATIL LTD             8.50    11/15/2015   NZD       8.30
INFRATIL LTD             4.97    12/29/2049   NZD      61.20
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.27
NZF GROUP                6.00    03/15/2016   NZD       3.85
SKY NETWORK TV           4.01    10/16/2016   NZD       6.49
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
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       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      75.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.01
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
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       1.64


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

GREAT KO 1ST ABS        15.00    08/19/2014   KRW      30.03
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      23.02
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      30.47
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.74
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.25
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.87
HYUNDAI SWISS BK         8.20    10/26/2012   KRW      65.64
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      65.33
IBK 17TH ABS            25.00    12/29/2012   KRW      61.74
JEIL II SAVINGS          8.50    07/19/2014   KRW      50.14
JEIL MUTUAL BK           8.50    01/22/2015   KRW      59.43
KB 13TH ABS             25.00    07/02/2012   KRW      64.31
KB 14TH ABS             23.00    01/04/2013   KRW      61.49


KDB 6TH ABS             20.00    12/02/2019   KRW      54.63
KDBC 4TH ABS            23.00    03/30/2012   KRW      35.47
KEB 17TH ABS            20.00    12/28/2011   KRW      45.51
NACF 17TH ABS           20.00    06/03/2011   KRW      22.02
NACF 17TH ABS           25.00    07/03/2011   KRW      22.13
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.02
SAM BU CONSTRUCT         7.70    03/11/2012   KRW      51.62
SEGYE TOUR CO            4.00    11/06/2012   KREW     67.80
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.79
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.77
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.73
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.50
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.53
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.35
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.06
SINGOK NS ABS            7.50    06/27/2011   KRW      72.54
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      60.28
SOLOMON MUTUAL B         8.50    04/19/2015   KRW      69.19


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       65.19


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.72


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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