TCRAP_Public/110525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Wednesday, May 25, 2011, Vol. 14, No. 102

                            Headlines



A U S T R A L I A

AE&E AUSTRALIA: RCR Tomlinson to Acquire Firm
ED HARRY: MBO Acquires 78 Ed Harry Stores
FORTESCUE METALS: Moody's Assigns (P)B1 Rating to Term Loan
PETTAVEL: Receivers Put Wine Business Up For Sale
POWER BALANCE: To be Placed Into Receivership

SCENPORT: Goes Into Administration, Owes AU$3 Million


C H I N A

WINSWAY COKING: Moody's Assigns Definitive B1 Rating to Bond
* China's Smaller Firms Face Bankruptcy Wave, Industry Sources Say


H O N G  K O N G

AUDIO SONIC: Members' Final Meeting Set for June 21
CHANGJIANG POWER: Annual Meetings Set for May 30
CHAOMING LIMITED: Annual Meetings Set for May 30
CLARENDON MANAGEMENT: Creditors' Meeting Set for May 26
GRAND WORLD: Members' Final Meeting Set for June 23

ISUTA CHINA: Keung and Wai Appointed as Liquidators
ISUTA GLOBAL: Keung and Wai Appointed as Liquidators
JARDINE M&E: Members' Final Meeting Set for June 21
JOY FORCE: Wong and Osman Step Down as Liquidators
MITSUI ZOSEN: Tai Yiu Wah Steps Down as Liquidator


I N D I A

AMBIENCE LIMITED: CARE Reaffirms 'CARE BB+' Rating on INR40cr Loan
ANAND NISHIKAWA: ICRA Reaffirms 'LBB+' Rating on INR9cr Loan
ARUN VYAPAR: CRISIL Assigns 'B+' Rating to INR30 Million LT Loan
CETEX PETROCHEMICALS: CARE Reaffirms 'PR4' Rating on INR5cr Loan
DALMIA LAMINATORS: CRISIL Cuts Rating on INR208.6MM Loan to 'B+'

DALMIA TEA: CRISIL Reaffirms 'B+' Rating on INR120MM Cash Credit
ELICA VITRIFIED: CARE Rates INR22cr LT Bank Loans at 'CARE BB'
GAGAN FIBRES: CRISIL Reaffirms 'BB-' Rating on INR95MM Cash Credit
GNA DURAPARTS: CRISIL Reaffirms 'BB+' Rating on INR230MM Loan
IDEAL ENERGY: Fitch Affirms 'BB+(ind)' Rating on INR11.07B Loan

INDOGREEN INT'L: CRISIL Reaffirms 'D' Rating on INR100M Term Loan
JAI MAA: CARE Rates INR35cr LT Bank Loans at 'CARE BB-'
JAMPANA CONSTRUCTION: CRISIL Ups Rating on INR10.9M Loan to 'BB'
MAHINDRA SATYAM: Posts INR147.3CR Net Loss in FY2010
OZON VITRIFIED: CARE Rates INR22cr LT Bank Loans at 'CARE BB'

POLYGON CHEMICALS: CRISIL Puts 'BB' Rating to INR70MM Cash Credit
SRI MUTHUKUMARAN: ICRA Assigns 'LC' Rating to INR120cr Term Loan
VANTAGE SPINNERS: CARE Puts 'CARE BB+' Rating on INR46.48cr Loan


I N D O N E S I A

LIPPO KARAWACI: Moody's Says No Rating Impact on 'B1' CFR
PERTAMINA (PERSERO): Fitch Rates Proposed 2041 Notes at 'BB+(exp)'
PERTAMINA (PERSERO): Moody's Assigns (P)Ba1 Rating on Bonds
PERTAMINA (PERSERO): S&P Gives 'BB+' Rating on Sr. Unsecured Notes


J A P A N

JLOC VII: Fitch Withdraws 'Dsf' Ratings on Class D Notes
SONY CORP: Sees JPY260 Billion Net Loss in FY2010


K O R E A

KOREA EXCHANGE: Hana Financial Seeks Purchase Deal Extension
KOREA EXCHANGE: Lone Star Hearing to Start June 16


N E W  Z E A L A N D

BRIDGECORP LTD: Crown Awaits Decision on Appeal
MONACO VILLAGE: Receivers Sell Only One out 13 Apartment Units
PROPERTY VENTURES: Faces SFO Probe Over Misrepresentation


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


AE&E AUSTRALIA: RCR Tomlinson to Acquire Firm
---------------------------------------------
SmartCompany reports that engineering firm RCR Tomlinson Ltd. said
it will acquire AE&E Australia, which went into administration
late last year.

No value has been disclosed on the transaction.  The transaction
has been entered into by RCR's energy business and will be funded
from existing cash reserves, according to the report.

AE&E Australia, part of a global company headquartered in Vienna,
Austria, went into administration on November 25.

The report says RCR will employ several senior AE&E Australia
staff members, including its vice-president, engineering manager
and vice-president of finance.  The report relates that RCR would
also inherit intellectual property, technologies and data, but
would not acquire any project liabilities which AE&E Australia
held.

AE&E Australia is a thermal power generator firm.  It was involved
in the design, supply, installation, and servicing of systems used
in thermal power generation.


ED HARRY: MBO Acquires 78 Ed Harry Stores
-----------------------------------------
Ferrier Hodgson partners Martin Lewis and John Hart,
administrators of Ed Harry Menswear, have recently sold the
business to an experienced management by objectives team led by
Chief Executive Officer David Clark and Chief Financial Officer
John Read.

Mr. Lewis and Mr. Hart were appointed voluntary administrators of
the business on Feb. 22, 2011.

Mr. Lewis said the sale was proof that despite the widely
publicized negative retail environment, there remains optimism in
the sector and an appetite for good businesses.

The MBO acquired 78 profitable Ed Harry stores, giving the
business a presence in all mainland states and territories in
Australia in both city and country locations.  A new Victorian
concept store opened in Bridge Road, Richmond, following the sale.
Additional new concept stores will be opening soon in shopping
centres at Carousel, Perth, and Marion, Adelaide.

Ed Harry has also established an on-line presence and is actively
building a significant base of VIP customers.

Mr. Clark said he and Mr. Read were pleased to have been able to
put together a deal that saved this popular menswear business and
provided ongoing employment to a majority of the employees of the
previous company. He said the business will retain its focus on
quality, comfort and value -- elements that were the chain's
greatest strengths in the past.

"A key change will be our increased focus on regular injections of
'on trend' men's clothing and accessories in line with the modern
customer's demands," Mr. Clark said.  "Our successful brands will
continue to evolve quickly with exciting new labels. Complete co-
ordination throughout our new brands and ranges is a high priority
for our merchandise team, as is putting together an appropriate
shopping environment for our target customer."

Mr. Clark added that the MBO team has acquired only profitable
stores with demographics that fit with the new strategy and that
the strong, dedicated and loyal team of employees are focused on
making the revitalized Ed Harry a great success.

Headquartered in Adelaide, Ed Harry is a menswear retailer.  The
company has 130 stores in metropolitan and regional areas.  It
targets middle-aged men, providing casual and formal wear.


FORTESCUE METALS: Moody's Assigns (P)B1 Rating to Term Loan
-----------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 rating to FMG
Resources (August 2006) Pty Ltd's (the funding vehicle for
Fortescue Metals Group Limited) proposed US$1.0 billion Term loan
B and US$500 million Revolving Credit Facility. The outlook on the
ratings is stable.

Proceeds from the debt raising will be used to fund the company's
expansion program aiming to increase production capacity to
155mtpa.

The provisional rating is based on documentation available as of
May 17, 2011. The assignment of a definitive rating is subject to
a final review of the associated documentation.

Ratings Rationale

Fortescue's B1 corporate family rating recognizes the
strengthening of the company's financial profile due to the
continued progress in its production ramp-up and the expectation
for strong cash flow generation under its current annualized run
rate. The rating also considers the solid fundamentals of the iron
ore industry, which should continue to support high iron ore
prices relative to historical levels.

The rating is constrained by the company's relatively short
operating history and the execution risk associated with
Fortescue's aggressive expansion plans to increase production to
155mtpa over the next few years.

Fortescue experienced declines in ore shipped for the March 2011
quarter caused by heavy rainfall and weather events in the
Pilbara. Cash costs per tonne also rose to around US$45/tonne
(inclusive of operating leases) in the quarter. The increase in
cash costs reflects the impact of lower production levels combined
with continued appreciation of the Australian dollar and the ramp
up mining operations at Christmas Creek. However, cash flow
continues to remain robust as a result of strong iron ore prices.
Fortescue ended the March quarter with around $2.1 billion of cash
on the balance sheet.

The borrower under the Term loan B and Revolving Credit Facility
is FMG Resources (August 2006) Pty Ltd, a wholly owned subsidiary
of Fortescue Metals Group Ltd and the debt will rank equally with
all other senior unsecured debt of the issuer. The issuance is
guaranteed by Fortescue and its restricted subsidiaries.

The stable outlook reflects the expectation that Fortescue will
continue its trend of stable production and maintain its currently
strong financial profile. The outlook also reflects Moody's
expectation that the company will continue to maintain strong
credit metrics for the rating level, which will provide an
adequate buffer against execution risks and cost overruns.

The principal methodology used in rating FMG Resources (August
2006) Pty Ltd was the Global Mining Industry Methodology,
published in May 2009.

Fortescue Metals Group Limited, based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.


PETTAVEL: Receivers Put Wine Business Up For Sale
-------------------------------------------------
SmartCompany reports that Pettavel Winery & Restaurant has been
put up for sale by receivers, a month after collapsing with debts
estimated at AU$16.5 million.

Pettavel was placed in administration in late April after
directors Michael and Sandra Fitzpatrick had tried unsuccessfully
to sell the business for some months.

Secured creditor Rabobank, which is owed AU$11 million,
subsequently put the business in the hands of receivers Kate
Warwick and Ian England of accounting firm PwC.

Ms. Warwick told SmartCompany that she is hopeful the sales
campaign will unearth a buyer.

"We've been in there for a month and we have been approached by a
number of parties who are interested," SmartCompany quotes Ms.
Warwick as saying.  "It's a beautiful venture so we are relatively
confident that there will be some interest in the assets."

The assets include the 45-hectare vineyard, winery and cellar door
restaurant at Warun Ponds, another 128-hectare property in
Geelong, and two separate properties in the Murray Darling wine
region.

The winery arm of the business will continue to operate while the
sale process continues, the report says.

Pettavel operates a restaurant and winery in Geelong.


POWER BALANCE: To be Placed Into Receivership
---------------------------------------------
SmartCompany reports that Power Balance Australia will be placed
into receivership today, with the owner, Tom O'Dowd, saying sales
have "evaporated" since the business provided undertakings to the
Australian Competition and Consumer Commission (ACCC) to stop
claiming the wristbands could improve balance, strength and
flexibility.

Mr. O'Dowd told SmartCompany that while he had been "naive" in
thinking that the business would not be subject to laws
surrounding the regulation of health products, the ACCC's
aggressive stance against the products effectively killed off any
survival hopes.

The collapse of the business will leave debts of about AU$800,000,
the report says.  Mr. O'Dowd denied he's running away from his
problems, according to SmartCompany.

The ACCC also warned retailers selling the products with the
"proven technology" brand that they could face separate action
from the watchdog, SmartCompany says.

SmartCompany discloses that Mr. O'Dowd said Power Balance
Australia worked with the ACCC for about six months prior to the
regulator's announcement and was happy to comply as it could not
produce scientific evidence to support its claims.


SCENPORT: Goes Into Administration, Owes AU$3 Million
-----------------------------------------------------
ABC News reports that an attempt to save more than 30 jobs at
Hobart construction company Scenport has failed.

Scenport went into administration last month, owing AU$3 million
to about 150 creditors, according to ABC News.

ABC News says it was hoped the company could continue trading but
there was not enough work to make it viable.

Joint liquidator Terry O'Connor, from Paul Cook and Associates,
said two major clients ended their contracts for large projects
with Scenport, ABC News notes.

"The director was hoping to line up another major project that was
in the wings with a view that that would give continuity of work
going forward," ABC News quoted Mr. O'Connor as saying.  "But as I
say, the work for the first couple of months was effectively taken
away from us so that just broke the continuity and that's left us
with no option but to close the doors," he added.

ABC News discloses that Employees will receive most of their
entitlements from the company.

Scenport is a Hobart construction company Scenport.


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C H I N A
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WINSWAY COKING: Moody's Assigns Definitive B1 Rating to Bond
------------------------------------------------------------
Moody's Investors Service has assigned definitive B1 senior
unsecured bond rating on the US$500 million, 8.5%, 5-year notes
issued by Winsway Coking Coal Holdings Limited. The outlook on the
rating is stable.

Ratings Rationale

The provisional status of the bond rating has been removed
following the completion of the bond issue. The proceeds from the
bonds will be used for purchasing of rolling stock and railway-
related infrastructure, as well as upstream investments and
general working capital.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Winsway Coking Coal Holdings Limited's core industry and believes
Winsway Coking Coal Holdings Limited's ratings are comparable to
those of other issuers with similar credit risk.

Winsway Coking Coal Holdings Limited is one of the largest
suppliers of coking coal for China, sourcing from Mongolia and
other international markets. The company also processes coal and
provides logistic services to its customers, mainly Chinese steel
makers and coke plants, through its integrated coking coal supply
chain in China. Listed on the Hong Kong Stock Exchange in
September 2010, Winsway is 49.7% controlled by founder and CEO
Wang Xingchun.


* China's Smaller Firms Face Bankruptcy Wave, Industry Sources Say
------------------------------------------------------------------
Bernama.com reports that a number of small and medium enterprises
in China may go bankrupt this year under the pressure of rising
costs and macro-control policies, industry sources said Monday.

Bernama.com relates that Quan Zhenzhu, vice chairman of the All-
China Federation of Industry and Commerce, said a wave of
bankruptcy among small and medium-sized companies will likely take
place in August, among factors are the rising wages in the
country, labor shortages, the continuous acceleration of the
Chinese currency, the soaring prices of global commodities and the
government's moves to absorb liquidity in the market.

According to Bernama.com, Daming, a Shanghai-based renowned
economist, indicated that the world's No 2 economy could face a
hard landing.

"If the government further tightens its monetary policy, a large
number of private companies will be driven out of business,"
Bernama.com quotes Daming as saying.


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


AUDIO SONIC: Members' Final Meeting Set for June 21
---------------------------------------------------
Members of Audio Sonic Far East Limited will hold their final
meeting on June 21, 2011, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHANGJIANG POWER: Annual Meetings Set for May 30
------------------------------------------------
Creditors and contributories of Changjiang Power Development (HK)
Company Limited will hold their annual meetings on May 30, 2011,
at 10:00 a.m., and 10:30 a.m., respectively at 6th Floor, Sunning
Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CHAOMING LIMITED: Annual Meetings Set for May 30
------------------------------------------------
Creditors and contributories of Chaoming Limited will hold their
annual meetings on May 30, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively at 6th Floor, Sunning Plaza, 10 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CLARENDON MANAGEMENT: Creditors' Meeting Set for May 26
-------------------------------------------------------
Creditors of Clarendon Management Limited will hold their meeting
on May 26, 2011, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.

The meeting will be held at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.


GRAND WORLD: Members' Final Meeting Set for June 23
---------------------------------------------------
Members of Grand World Enterprises Limited will hold their final
meeting on June 23, 2011, at 10:00 a.m., at 21/F, Tai Yau
Building, 181 Johnston Road, Wanchai, in Hong Kong.

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


ISUTA CHINA: Keung and Wai Appointed as Liquidators
---------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on April 15, 2011,
were appointed as joint and several liquidators of Isuta China Co.
Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


ISUTA GLOBAL: Keung and Wai Appointed as Liquidators
----------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on April 15, 2011,
were appointed as joint and several liquidators of Isuta Global
Co. Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


JARDINE M&E: Members' Final Meeting Set for June 21
---------------------------------------------------
Members of Jardine M&E Contracting Limited will hold their final
general meeting on June 21, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


JOY FORCE: Wong and Osman Step Down as Liquidators
--------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Joy Force Limited on May 4, 2011.


MITSUI ZOSEN: Tai Yiu Wah Steps Down as Liquidator
--------------------------------------------------
Tai Yiu Wah stepped down as liquidator of Mitsui Zosen Enterprise
(H.K.) Limited on May 12, 2011.


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AMBIENCE LIMITED: CARE Reaffirms 'CARE BB+' Rating on INR40cr Loan
------------------------------------------------------------------
CARE reaffirms 'CARE BB+ rating to the bank facilities of
Ambience Limited.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Fund-based Long-term Bank     456.37     'CARE BB+' Reaffirmed
   Facilities

   Non-fund Based Long-term      40.00      'CARE BB+' Reaffirmed
   Bank Facilities

Rating Rationale

The ratings continues to be constrained by low profitability of
Ambience Limited on standalone basis, high near-to-medium term
reliance on the cash flows envisaged from sale of commercial and
residential space in its township Ambience Island at Gurgaon and
concentration risk arising from its presence primarily in the NCR
region.  The rating also factors in the presence of high
competition in the real estate market where majority of the
company's land bank is situated.

The rating however continues to draw strength from the promoter's
experience, demonstrated record of completed projects, location of
the company's land reserves and high percentage of the
acquired land.  Going forward, Ambience Limited's ability to
complete and deliver its projects in a time-bound manner, timely
generation of internal accruals and raise resources in an
effectively and timely manner to fund its growth plans would be
the key rating sensitivities.

Incorporated in 1986, Ambience (formerly Ambience Projects &
Infrastructure Ltd), the flagship company of the Ambience group,
is a real estate development company.  The company is promoted by
Raj Singh Gehlot, who initially started the development of plotted
residential projects in South Delhi and later entered into the
large-size real estate development.  Mr. Gehlot is a Chartered
Accountant having more than 25 years of experience in the
construction and real estate industry.


ANAND NISHIKAWA: ICRA Reaffirms 'LBB+' Rating on INR9cr Loan
------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating on the INR9.06 crore term
loans and the INR13.00 crore fund based facilities of Anand
Nishikawa Company Limited.  ICRA has also reaffirmed the short
term rating of 'A4+' on the INR6.00 crore non fund based bank
limits of ANCO.  The outlook on the long term rating is stable.

The ratings reflect the high competitive intensity in the
industry; project execution risk; limited bargaining power with
customers and large proportion of sales to a few customers.
Additionally the company is exposed to supplier concentration risk
owing to dependence on two vendors for sourcing bulk of the raw
material requirements though this risk is mitigated by the
availability of raw materials from several suppliers. ICRA also
notes that the company has been facing liquidity pressures due to
high business growth, incurrence of significant capex and large
receivables from group companies. Nevertheless ICRA has positively
factored in the strong position of the company in the domestic
automotives rubber profile segment; access to technology from its
collaborator, Nishikawa Rubber Company Limited, Japan and moderate
financial risk profile characterized by moderate gearing.

Anand Nishikawa Company Limited was incorporated in 1983 as Anand
Lescuyer Polymers Private Limited. The company was promoted by Mr.
Iqbal Singh Anand, who was in the business of export and import of
auto spare parts. In 1984, the company ventured into manufacture
of rubber sealing products in technical collaboration with
Lescuyer SA of France. In the year 1996 the company entered into
joint venture with Nishikawa Rubber Company Limited, Japan and
accordingly its name was changed to Anand Nishikawa Company
Limited. ANCO is engaged in the manufacture of rubber profiles
such as glass run channels, windshield rubbers and bonnet seals.
ANCO has operations based at Lalru in the state of Punjab and at
Gurgaon in the state of Haryana. Mr. Iqbal Singh Anand and his
associates hold 80% of the shareholding of ANCO and the balance is
held by the Nishikawa Rubber Company Limited, Japan.


ARUN VYAPAR: CRISIL Assigns 'B+' Rating to INR30 Million LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Arun Vyapar Udyog Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR30.00 Million Proposed LT Loan   B+/Stable  (Assigned)
   INR33.50 Million Cash Credit        B+/Stable (Assigned)
   INR12.50 Million Working Capital    B+/Stable (Assigned)
            Demand Loan
   INR10.50 Million Proposed ST Bank   P4 (Assigned)
            Loan Facility
   INR10.00 Million Letter Of Credit   P4 (Assigned)

The ratings reflect AVUPL's below-average financial risk profile,
marked by high gearing and small networth, and its susceptibility
to intense competition in the fragmented steel products industry
and volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of AVUPL's promoters in the steel industry.

Outlook: Stable

CRISIL believes that AVUPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's products
fetch better-than-expected realizations, resulting in significant
improvement in operating margin or in case of any significant
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of delays in completing/stabilizing the on-
going expansion, or if the company extends any significant fund
support to group entities or undertakes any larger-than-expected
capital expenditure programme.

                       About Arun Vyapar

Incorporated in 1990, AVUPL is a semi-integrated steel
manufacturer of thermo-mechanically treated (TMT) bars and
intermediates (ingots).  The company's manufacturing facility at
Gummidipoondy (Tamil Nadu) has a capacity of 40,700 tonnes per
annum (tpa) of TMT bars and 13,500 tpa of ingots. The company
sells its TMT bars mainly in Tamil Nadu and Karnataka.

Currently the company is undertaking a capital expenditure
programme (capex) to enhance its rolling mill capacity to 70000
tonnes per annum. The project is expected to cost around INR43
million and is expected to be debt funded up to INR30 million. The
capex is expected to be completed by May 2011.

Mr. Umesh Madan and Mr. Deapak Madan, who are brothers, are the
company's promoters, and hail from a family of steel traders. The
promoters have been in the steel industry for more than three
decades. The promoters also own group companies, Arun Smelter Pvt
Ltd and Esteem Alloys and Castings Pvt Ltd.

AVUPL reported a profit after tax (PAT) of INR8.7 million on net
sales of INR1.33 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9 million on net
sales of INR1.072 billion for 2009-10.


CETEX PETROCHEMICALS: CARE Reaffirms 'PR4' Rating on INR5cr Loan
----------------------------------------------------------------
CARE reaffirms 'CARE BB' and 'PR4' ratings to the bank facilities
of Cetex Petrochemicals Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   ----------                   ----------   -------
  Long-term Bank Facilities       33.73      'CARE BB' Re-affirmed
  Short-term Bank Facilities       5.00      'PR 4' Re-affirmed
  Long-term/Short-term Bank       15.00      'CARE BB/PR 4'
  Facilities                                  Re-affirmed

Rating Rationale

The ratings continue to factor in the small size of operations of
CPL, under-utilisation of key assets namely the Fine Chemicals
Facility and Acid Concentration Plant which were initially put up
with significant amount of debt funding and the inherently weak
competitive position of CPL in the Methyl Ethyl Ketone (MEK) and
Secondary Butyl Alcohol (SBA) market even though it is the only
manufacturer in India, due to the relatively small capacities and
import substitute ability of the products.  However, the ratings
take into consideration, the marginal improvement in the financial
risk profile and improvement in the liquidity position though it
remains less than satisfactory, consequent to equity infusion by
the promoters. The ratings continue to factor in the track record
of the company and technical background of the promoters.
Ability of the company to derive the expected benefits from acid
concentration plant and fine chemicals plant and at the same time
sustain sales and improve liquidity will be key rating
sensitivities.

                     About Cetex Petrochemicals

CPL is the only manufacturer of Methyl Ethyl Ketone (MEK) in the
country and has a manufacturing capacity of 5,000 MT per annum.
CPL also manufactures Secondary Butyl Alcohol (SBA), an
intermediate obtained in the manufacturing of MEK and has an
installed capacity of 8,500 MT per annum. The manufacturing
facilities of CPL are situated in the Manali Industrial Belt near
Chennai. CPL is now owned by Mr. Pattu and Mr. Ilanahai, the
Executive Chairman and Managing Director respectively. For the
year ended March 31, 2010, CPL posted a PAT of INR0.26 cr on a
total income of INR48 cr.  For the six months ended September
2010, CPL posted a PBT of INR0.81 cr on a total income of INR38
cr.


DALMIA LAMINATORS: CRISIL Cuts Rating on INR208.6MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dalmia Laminators Ltd to 'B+/Stable' from 'BB-/Stable', and has
assigned its 'P4' rating on the short-term facility of the
company.

   Facilities                       Ratings
   ----------                       -------
   INR172.5 Million Cash Credit     B+/Stable (Downgraded from
   (Enhanced from INR87.5 Million)             'BB-/Stable')

   INR208.6 Million Long-Term Loan  B+/Stable (Downgraded from
   (Enhanced from INR126 Million)              'BB-/Stable')

   INR108.9 Million Proposed LT     B+/Stable (Downgraded from
   Bank Loan Facility                         'BB-/Stable')
   (Enhanced from INR86.5 Million)

   INR10 Million Bank Guarantee     P4 (Assigned)

The downgrade reflects expected deterioration in the MLD group's
financial risk profile, especially liquidity, over the medium term
because of its aggressive debt-funded capital expenditure (capex).
The group's ongoing capex of around INR1.2 billion commenced in
2010-11 (refers to financial year, April 1 to March 31) and is
expected to last through 2011-12; around INR0.7 billion of the
total capex is happening through DLL.  CRISIL believes that
although the projects largely involve expansion in the group's
existing line of operations and not diversification, the group
will still need to ensure timely completion of the projects and
stabilisation of operations at the new capacities post completion.

The ratings reflect the MLD group's weak financial risk profile
marked by high gearing, weak debt protection metrics, and moderate
net worth, and exposure to risks related to its ongoing and
aggressively debt-funded capex programme.  These rating weaknesses
are partially offset by the group's moderate business risk
profile, supported by its promoter's longstanding experience in
the tea, and high-density polyethylene (HDPE) and polypropylene
(PP) bags industries.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of DLL and its group companies, Bateli Tea
Company Ltd and Dalmia Tea Plantation and Industries Ltd, together
referred to as the MLD group. This is because, BTCL has provided
corporate guarantee for the bank facilities of DLL and DTPIL,
while DLL and DTPIL have provided corporate guarantees for the
bank facilities of each other. Furthermore, the three companies
have common treasury, in the form of Manish Co Pvt Ltd (MCPL; the
non-banking financial arm of the group), and are under a common
management. DLL also owns 26 per cent of the equity shares of BTCL
and DTPIL.

CRISIL has treated a portion of the unsecured loans infused by
MCPL into the MLD group as equity. This is because the group's
promoters have shared an undertaking with CRISIL stating that
these unsecured loans will not be withdrawn from the group till
the full tenure of any of the group's current bank term debt (till
March 31, 2021). Furthermore, a letter of subrogation in respect
of unsecured loan has been given to the respective bankers.

Outlook: Stable

CRISIL believes that the MLD group will benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves significantly, driven by equity infusion by promoters or
higher-than-expected profitability. Conversely, a lower-than-
expected profitability, or deterioration in liquidity or any other
parameter of the financial risk profile, most likely caused by
considerable delays in project execution or other factors, may
lead to a revision in the outlook to 'Negative'.

                           About the Group

The MLD group is involved in diverse business. DLL manufactures
HDPE/PP bags for the cement and fertilizer industries, and BTCL
and DTPIL are into plantation and processing of tea.

DLL was incorporated in 1972 as partnership firm to manufacture
laminated jute bags for packaging fertilizer and other products.
In order to tap the demand for plastic bags, the company moved to
manufacture of high density polyethylene (HDPE) and polypropylene
(PP) bags for packaging of cement and fertilizers in 1986. The
company currently operates around 116 looms. The company is
currently in process of increasing its capacity to around 164
looms by May 2011 from 116 looms.  The company has plans to
subsequently set up a new unit with a capacity of 100 looms by
April 2012, and two wind mills of 2.1 megawatt each by March 2012,
in addition to its existing capacity of 1.5 megawatt.

DTPIL is engaged in tea processing, with installed capacity of 3
million kilograms (kg) per annum. Its manufacturing unit is
located at Toong (West Bengal). In order to partly integrate its
facilities, DTPIL bought a tea estate in November 2007. The estate
is in the name of Merry View Tea estate, located in the Terai
region in West Bengal, spread over 1200 acres, of which around 400
acres is under cultivation. The estate has production capacity of
around 2.5 million kg of green leaf per annum. The company is
currently increasing its tea processing capacity from 3 million kg
per annum to 9 million kg per annum, in two phases. In first
phase, the company is setting up a facility with capacity of 3
million kg per annum at Merry View, which is expected to commence
commercial operation in May 2011. In second phase, the company
will set up another facility of 3 million kg per annum in Toong by
April 2012. The company also has plans to set up a windmill, with
capacity of 2.1 megawatt, in 2011-12.

BTCL is also engaged in plantation and processing of tea. The
company owns a tea garden, Bateli Tea Estate, in Darrang (Assam),
which is spread over 1000 acres of land, of which around 400 acres
is currently under cultivation. The company has tea processing
capacity of 1.1 million kg per annum. It is increasing its tea
processing capacity to 1.4 million kg per annum and plans to
complete its project in 2011-12. It also operates a 2.1-megawatt
windmill.

The MLD group reported a profit after tax (PAT) of INR17.7 million
on net sales of INR1011.2 million for 2009-10, against a PAT of
INR17.1 million on net sales of INR697.5 million for 2008-09.


DALMIA TEA: CRISIL Reaffirms 'B+' Rating on INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Dalmia Tea Plantation & Industries Ltd at 'B+/Stable', and has
assigned its 'P4' rating to the short-term facility of the
company.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Cash Credit         B+/Stable
   (Enhanced from INR54 Million)  

   INR272.7 Million Long-Term Loan    B+/Stable
   (Enhanced from INR151.2 Million)  

   INR97.3 Million Proposed LT Bank   B+/Stable
   Loan Facility
   (Enhanced from INR20.8 Million)

   INR10 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the MLD group's weak financial risk profile
marked by high gearing, weak debt protection metrics, and moderate
net worth, and exposure to risks related to its ongoing and
aggressively debt-funded capex programme.  These rating weaknesses
are partially offset by the group's moderate business risk
profile, supported by its promoter's longstanding experience in
the tea, and high-density polyethylene (HDPE) and polypropylene
(PP) bags industries.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of DTPIL and its group companies, Bateli
Tea Company Ltd and Dalmia Laminators Ltd, together referred to as
the MLD group. This is because, BTCL has provided corporate
guarantee for the bank facilities of DLL and DTPIL, while DLL and
DTPIL have provided corporate guarantees for the bank facilities
of each other. Furthermore, the three companies have common
treasury, in the form of Manish Co Pvt Ltd (MCPL; the non-banking
financial arm of the group), and are under a common management.
DLL also owns 26 per cent of the equity shares of BTCL and DTPIL.

CRISIL has treated a portion of the unsecured loans infused by
MCPL into the MLD group as equity. This is because the group's
promoters have shared an undertaking with CRISIL stating that
these unsecured loans will not be withdrawn from the group till
the full tenure of any of the group's current bank term debt (till
March 31, 2021). Furthermore, a letter of subrogation in respect
of unsecured loan has been given to the respective bankers.

Outlook: Stable

CRISIL believes that the MLD group will benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves significantly, driven by equity infusion by promoters or
higher-than-expected profitability. Conversely, a lower-than-
expected profitability, or deterioration in liquidity or any other
parameter of the financial risk profile, most likely caused by
considerable delays in project execution or other factors, may
lead to a revision in the outlook to 'Negative'.

                          About the Group

The MLD group is involved in diverse business. DLL manufactures
HDPE/PP bags for the cement and fertilizer industries, and BTCL
and DTPIL are into plantation and processing of tea.

DLL was incorporated in 1972 as partnership firm to manufacture
laminated jute bags for packaging fertilizer and other products.
In order to tap the demand for plastic bags, the company moved to
manufacture of high density polyethylene (HDPE) and polypropylene
(PP) bags for packaging of cement and fertilizers in 1986. The
company currently operates around 116 looms. The company is
currently in process of increasing its capacity to around 164
looms by May 2011 from 116 looms. The company has plans to
subsequently set up a new unit with a capacity of 100 looms by
April 2012, and two wind mills of 2.1 megawatt each by March 2012,
in addition to its existing capacity of 1.5 megawatt.

DTPIL is engaged in tea processing, with installed capacity of 3
million kilograms (kg) per annum. Its manufacturing unit is
located at Toong (West Bengal). In order to partly integrate its
facilities, DTPIL bought a tea estate in November 2007. The estate
is in the name of Merry View Tea estate, located in the Terai
region in West Bengal, spread over 1200 acres, of which around 400
acres is under cultivation. The estate has production capacity of
around 2.5 million kg of green leaf per annum. The company is
currently increasing its tea processing capacity from 3 million kg
per annum to 9 million kg per annum, in two phases. In first
phase, the company is setting up a facility with capacity of 3
million kg per annum at Merry View, which is expected to commence
commercial operation in May 2011. In second phase, the company
will set up another facility of 3 million kg per annum in Toong by
April 2012. The company also has plans to set up a windmill, with
capacity of 2.1 megawatt, in 2011-12.

BTCL is also engaged in plantation and processing of tea. The
company owns a tea garden, Bateli Tea Estate, in Darrang (Assam),
which is spread over 1000 acres of land, of which around 400 acres
is currently under cultivation. The company has tea processing
capacity of 1.1 million kg per annum. It is increasing its tea
processing capacity to 1.4 million kg per annum and plans to
complete its project in 2011-12. It also operates a 2.1-megawatt
windmill.

The MLD group reported a profit after tax (PAT) of INR17.7 million
on net sales of INR1011.2 million for 2009-10, against a PAT of
INR17.1 million on net sales of INR697.5 million for 2008-09.


ELICA VITRIFIED: CARE Rates INR22cr LT Bank Loans at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Elica Vitrified Pvt. Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities    22.00       'CARE BB' Assigned

Rating Rationale

The rating of Elica Vitrified Pvt Ltd is constrained on account of
the risk associated with the implementation of a greenfield
project for the manufacturing of vitrified tiles along with its
presence in a highly competitive market characterized by low
differentiation and entry barriers and its dependency upon the
fortunes of the real estate industry which is cyclical in nature.

These constraints far offset the benefits derived from the
experience of Elica's promoters in the tiles industry through
various other ceramic tiles units and financial closure in place
for the project.  Completion of the ongoing project within the
envisaged time and cost parameters, subsequent stabilization of
commercial production, ability to achieve envisaged sales in a
competitive market and improvement in the financial risk profile
will be the key rating sensitivities.

Elica, incorporated in July 2010, is a closely-held private
limited company promoted by six persons, Mr. Dilipkumar Barasara,
Mr. Parshotambhai Patel, Mr. Jayantilal Kotadiya and others.
The promoters have more than 10 years of experience in the tile
manufacturing business through their other ceramic tile
manufacturing units in the Rajkot district of Gujarat.
Elica is currently setting up a greenfield plant to manufacture
vitrified tiles with an installed capacity of 43,550 metric tonnes
per annum (mtpa) near Morbi in Gujarat.

The total cost of the project is estimated to be INR23.50 crore,
which is proposed to be financed by equity infusion of INR8.50
crore and term loan of INR15.00 crore.  The term loan component of
the project has already been sanctioned by State Bank of India,
Morbi.

The equity portion of the project is proposed to be contributed by
the promoters in the form of equity capital. The project is
expected to be completed by April 2011.  As on Jan. 24, 2011,
Elica had incurred an expenditure of INR10.50 crore towards the
project.


GAGAN FIBRES: CRISIL Reaffirms 'BB-' Rating on INR95MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gagan Fibres Pvt Ltd
continue to reflect GFPL's weak financial risk profile marked by
small net worth and high gearing (because of large working capital
borrowings), and small scale of operations. These rating
weaknesses are partially offset by the benefits that GFPL derives
from its established relationship with its principal, Reliance
Industries Ltd (RIL; rated AAA/Stable/P1+ by CRISIL).

   Facilities                          Ratings
   ----------                          -------
   INR95.0 Million Cash Credit         BB-/Stable (Reaffirmed)
   INR5.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GFPL's financial risk profile will remain
constrained by its large working capital requirements, over the
medium term. The outlook may be revised to 'Positive' if GFPL
scales up its operations and improves its capital structure
significantly. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of pressure on revenues and profitability, or
a significant increase in its working capital requirements.

Update

GFPL traded volumes of over 9500 tonnes of polyester staple fibre
(PFS), partially oriented yarn (POY), partially textured yarn
(PTY), full drawn yarn (FDY), and pet chips in 2010-11 (refers to
financial year, April 1 to March 31), compared to over 8000 tonnes
in 2009-10. Increase in sales volumes and prices of the products
resulted strong growth in its revenues to INR1.37 billion in 2010-
11 from INR890 million in 2009-10. GFPL books its entire sales as
revenues and its commission and interest income on revenues was
INR25 million in 2010-11, an increase of over 30 per cent from
2009-10. The company's operating margin was largely in line with
estimates. However, the impact of the growth in revenues was
offset by increase in incremental working capital borrowings.
CRISIL believes that GFPL will continue to benefit from the
established relationship with its principal, RIL, but its
financial risk profile will remain constrained over the medium
term because of its large working capital requirements.

GFPL's profit after tax (PAT) and net sales are estimated at
INR4.0 million and INR1.4 billion respectively for 2010-11; it
reported a PAT of INR2.5 million on net sales of INR872.4 million
for 2009-10.

                         About Gagan Fibres

Incorporated in 1997 as a proprietorship firm by Mr. K S Makkar,
GFPL (formerly, Gagan and Co) was reconstituted as a private
limited company in 2008. The company is a del-credere agent of
RIL, with two offices; one each in Ludhiana (Punjab) and Himachal
Pradesh. The company is also an agent for Clarient Chemicals (I)
Ltd and Sunshine Chemicals Ltd and sells knitted fabrics,
contributing roughly 5 per cent of the company's total revenues.
It deals in PFS, POY, PTY, FDY, and pet chips.


GNA DURAPARTS: CRISIL Reaffirms 'BB+' Rating on INR230MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of GNA Duraparts Ltd
continue to reflect GNA Dura's large working capital requirements,
and below-average financial risk profile marked by a high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by GNA Dura's established relationships with
original equipment manufacturers (OEMs).

   Facilities                           Ratings
   ----------                           -------
   INR220.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR230.0 Million Term Loan           BB+/Stable (Reaffirmed)
   INR220.0 Million Bill Purchase/      P4+ (Reaffirmed)
                        Discounting  
   INR30.0 Million Letter of Credit     P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has not considered GNA Dura's
revaluation reserve, introduced in the form of bonus shares worth
INR63.1 million in 2006-07 (refers to financial year, April 1 to
March 31), as part of GNA Dura's net worth and fixed assets. As a
result, GNA Dura's net worth is estimated at INR310 million as on
March 31, 2011; if the reserve had been considered, the company's
net worth would have been at INR374 million as on the same date.

Outlook: Stable

CRISIL believes that GNA Dura will continue to benefit over the
medium term from its established client relationships, its strong
market position (as part of the GNA group), and the buoyant demand
scenario in its end-user industry. The outlook may be revised to
'Positive' if GNA Dura improves its working capital management, or
if it infuses significant equity, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if GNA Dura undertakes a larger-than-expected, debt-
funded capital expenditure programme, or if there is steep decline
in its profitability, most likely because of pricing pressures
from OEMs.

                          About GNA Duraparts

Set up as a partnership firm in 1993, GNA Dura was incorporated as
a private limited company in 2006-07. GNA Dura manufactures gears
and allied products, and supplies around 80 per cent of its output
to OEMs, and the rest to the after-sales segment. The company
caters primarily to the domestic market, with exports accounting
for less than 10 per cent of its total sales. GNA Dura is the
second largest company in the GNA group after GNA Axles Ltd. There
are no inter-company transactions and no fungible cash flows
between the group companies.

GNA Dura reported a profit after tax (PAT) of INR41.1 million on
net sales of INR1.1 billion for 2009-10, against a PAT of INR30.9
million on net sales of INR981.9 million for 2008-09.


IDEAL ENERGY: Fitch Affirms 'BB+(ind)' Rating on INR11.07B Loan
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Ideal Energy Projects
Limited's INR11,070 million project bank loans at 'BB+(ind)'. The
Outlook is Stable.

The affirmation reflects the substantial progress achieved by IEPL
(60%) in the construction of its INR14,770 million 270 megawatts
(MW) coal-based thermal power plant in Nagpur, in line with
Fitch's expectations; Although there have been some delays. Fitch
draws comfort from IEPL's contingency plans to achieve the
scheduled commercial operations date; however, some delays cannot
be entirely ruled out. The project company has contracts with
Bharat Heavy Electricals Ltd (BHEL, 'AAA(ind)'/Stable) for a
boiler-turbine-generator and with McNally Bharat Engineering
Company Ltd. for the balance of plant equipment and civil work on
an engineering, procurement and construction (EPC) basis. The
completed contract negotiations, coupled with the appointment of
experienced technical advisors and personnel, should partly offset
the sponsor's lack of an operating track record in the power
sector. That said, given BHEL's overflowing order book position, a
price variation (with a cap of 20%) clause in the EPC contracts
and a meager contingency provision (below 3%), the timely
completion of the project without cost overruns remains a
challenge.

Fitch notes that although the sponsor and its group companies have
injected INR2,133 million (INR1,196 million in last one year), the
remaining equity (INR1,567 million) is yet to be tied up. As of
end-May 2011, IEPL had spent INR8,000 million (debt: INR5,867
million, equity: INR2,133 million), out of the total capex of
INR14,770 million. The rating remains constrained by the
uncertainty regarding the timely completion of the remaining
project and off-take risks. Though there is a power purchase
agreement with Reliance Energy Trading Ltd, the absence of long-
term off-take agreements with end-user utilities will expose the
project to revenue risks for both volume and price. Further,
moderate pricing and operational stresses may result in debt
service coverage ratios near break-even levels. The prevalent and
forecasted electricity demand-supply imbalances lend weight to the
economic argument for the project.

The management intends to enter into long-term power purchase
agreements with state-owned distribution utilities for about 200
MW. Should this materialize, it could substantially mitigate the
price and demand risks and may result in a ratings upgrade.
However, any substantial delays in the project completion or in
the remaining equity injection could result in a ratings
downgrade.

IEPL also plans to implement a Phase II power plant of equivalent
capacity, although financial closure is yet to be achieved. Fitch
has not considered this in its analysis, but will await financial
closure and the receipt of documentation to evaluate possible
impact, if any, on IEPL's current rating.

IEPL is an SPV promoted by Ideal Toll and Infrastructure Pvt Ltd.,
which holds 31.72% of the equity with the rest held by individual
promoter group shareholders (the Mhaiskars).


INDOGREEN INT'L: CRISIL Reaffirms 'D' Rating on INR100M Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indogreen International
continue to reflect instances of delay by Indogreen in servicing
its debt, which has been caused by the delays in implementation
and stabilization of its ongoing three-star hotel project.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Term Loan           D (Reaffirmed)
   INR7.0 Million Bank Guarantee        P5 (Reaffirmed)

Indogreen is susceptible to cyclicality in the hotel industry.
Indogreen, nevertheless, is expected to benefit from the healthy
demand prospects for the hotel industry over the medium term.

Update
Indogreen's hotel project is still under construction and is
expected to be completed by July 2011, as against the previous
estimated completion date of September 2010. The hotel project was
delayed because of the exit of Green Meadows Pvt Ltd (GMPL) from
the firm. The project is still expected to cost around INR370
million.

Indogreen was set up in 2007 as a partnership firm, the partners
being NCJ International Ltd (NCJ) and GMPL. However, in 2010-11
(refers to financial year, April 1 to March 31), GMPL exited from
the partnership firm and the share held by the company was
acquired by NCJ and RCJ Investment Ltd in the ratio of 4:1. The
firm is currently commissioning a 50-room, three-star hotel, with
a resto-bar and two banquet halls, in East Delhi along National
Highway 24.


JAI MAA: CARE Rates INR35cr LT Bank Loans at 'CARE BB-'
-------------------------------------------------------
CARE Assigns 'CARE BB-' rating to the bank facilities of Jai Maa
Savitri Educational Society.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term Bank Facilities     34.0        'CARE BB-' Assigned

Rating Rationale

The rating is constrained by the short track record of operations
of Jai Maa Savitri, relatively high overall gearing and proposed
debt-funded capital expenditure. The ratings also take into
consideration the regulatory challenges involved in the
educational sector in India.  The constraints are however
partially offset by the experienced management, diverse courses
offered and favorable prospects of higher education in India.
Going forward, JMS's ability to establish its brand name, increase
enrolment ratio and timely completion of the ongoing project would
remain key rating sensitivities.

JMS was formed in August 2008 by Hans Raj Singhal, Mohan Singhal
and Rakesh Singhal. JMS is primarily involved in establishing and
promoting educational institutes.  JMS offers under graduate
courses in five diverse fields of engineering i.e. Electronics,
Mechanical, Computer Engineering, Civil Engineering and B. Arch.

JMS has AICTE approval of 400 students for different courses and
CSU (Charan Singh University) approval of 120 students.

JMS started the construction of the building of the institute in
March 2009. The total project cost had been estimated at
INR56.52 cr. Work amounting to approximately INR37.14 cr has been
completed up to Feb. 28, 2011. The project is expected to be
completed by June 2012.  During 9M-FY11, JMS had recorded total
operating income INR1.39 cr and deficit of INR0.38 cr.


JAMPANA CONSTRUCTION: CRISIL Ups Rating on INR10.9M Loan to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Jampana
Construction Pvt Ltd to 'BB/Stable/P4+' from 'BB-/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         BB/Stable (Upgraded from
                                        'BB-/Stable')
   INR10.90 Million Term Loan           BB/Stable (Upgraded from
                                        'BB-/Stable')
   INR140.00 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The upgrade reflects CRISIL's belief that JCPL will sustain the
improvement in its business risk profile over the medium term. The
company's business risk profile improved in 2010-11 (refers to
financial year, April 1 to March 31), marked by sustenance of
revenue growth and its healthy order book, of around INR3.7
billion as on April 30, 2011; it is also expecting a large work
order of INR2.5 billion on sub-contract from its group entity, NCC
Ltd (formerly known as Nagarjuna Construction Company Ltd - NCCL;
rated 'AA-/Stable/P1+' by CRISIL).  CRISIL believes that JCPL will
continue to benefit from its implementation abilities, comfortable
financial risk profile, and the support it receives from NCCL. Its
financial risk profile is also expected to improve, driven by
generation of sizeable cash accruals, leading to improvement in
liquidity. JCPL's liquidity has improved with the enhancement in
its working capital limits to INR580 million from INR190 million
to meet the increasing scale of its operations.

The ratings reflect JCPL's large working capital requirements,
regional and client concentration in its revenue profile, limited
project diversity, and susceptibility to risks related to tender-
based business and volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
JCPL's promoters in the construction industry, established
regional market position, healthy order book, and comfortable
financial risk profile, marked by healthy gearing and comfortable
debt protection metrics.

Outlook: Stable

CRISIL believes that JCPL will continue to benefit over the medium
term from its sizeable order inflow and moderate growth in
operating income. Its financial risk profile is now comfortable,
with improvement in its liquidity and healthy cash accruals vis--
vis its investment on capital expenditure (capex). The outlook may
be revised to 'Positive' if JCPL sustains its improvement in
working capital management and expands its geographical reach.
Conversely, the outlook may be revised to 'Negative' if JCPL's
financial risk profile weakens, most likely because of a sharp
decline in its revenues and profitability, or pressure on cash
accruals and working capital management, or larger-than-expected,
debt-funded capex, including development of its land bank.

                        About Jampana Construction

JCPL was incorporated in 2003, promoted by Mr. J V Ranga Raju
(promoter-director of NCCL), and his son and nephews. JCPL
implements civil construction and infrastructure development
projects, primarily in Karnataka. JCPL focuses on civil
construction works, particularly construction of houses for
government bodies, as well as welfare schemes of state and central
governments. JCPL is executing projects for the Karnataka Housing
Board, Karnataka Health System Development Reform Project,
National Academy of Construction, Andhra Pradesh Education and
Welfare Infrastructure Development and National Building
Construction Corporation Ltd ('AA-/Stable'). JCPL is registered
with the Government of Karnataka and with various other state and
central government departments. JCPL has an order book of about
INR3.7 billion as of April 30, 2011. JCPL also has large land bank
with book value of about INR240 million.

JCPL reported a profit after tax (PAT) of INR50.0 million on net
sales of INR1.31 billion for 2009-10, as against a PAT of INR34.7
million on net sales of INR0.97 billion for 2008-09. JCPL's
estimated revenues for 2010-11 are about INR1.47 billion.


MAHINDRA SATYAM: Posts INR147.3CR Net Loss in FY2010
----------------------------------------------------
The Economic Times reports that Mahindra Satyam, formerly known as
Satyam Computer Services, reported its third annual loss since
2009, as settlement for a US shareholder lawsuit and litigation
expenses dragged profit down and analysts expressed concern on
delays in merger with Tech Mahindra apart from poaching of
existing customers by larger rivals.

The Economic Times relates that Mahindra Satyam said it incurred
fourth quarter loss of INR327 crore, compared to INR58.9 crore
profits the company reported during October to December period.

On annual basis, The Economic Times reports, the company's
consolidated net loss widened to INR147.3 crore compared to
INR124.6 crore in FY2010.  The company's revenues were up 7.5%
at INR1,375 crore in the fourth quarter, while its revenues
declined 6.1% to INR5,145 crore on an annual basis.

"Mahindra Satyam had a near death experience and for eight months
it was like a patient who was on life support.  Subsequently, it
was moved out of emergency to convalescence wing and continued
there for a year.  As predicted by us, the company was nursed back
to health and now it is on right trajectory.  We are confident
that at the end of three years we would be ready to enter
marathon," The Economic Times quotes Mahindra Satyam chairman
Vineet Nayyar as saying.  He added that the company would
reconsider a listing on the NYSE at an 'appropriate time'.

According to the report, Mr. Nayyar said that a decision on
Mahindra Satyam, Tech Mahindra merger is expected in April-May
next year.  The company is also in talks with US stock market
regulator to make its account compliant with US GAAP, he added.

"We have always made clear our intentions for merger.  However, we
are yet to decide whether it is Mahindra Satyam which will be
merged with Tech Mahindra.  Considering that the merger needs
approval from two high courts there could be delays," Mr. Nayyar
said, according to The Economic Times.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.  Tech Mahindra Ltd. acquired control of
the company in April 2009.

Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (PINK:SAYCY) -- http://www.mahindrasatyam.net/-- now
known as Mahindra Satyam, is an information, communications and
technology (ICT) Company providing business consulting,
information technology and communication services.  The Company is
powered by a pool of information technology (IT) and consulting
professionals across enterprise solutions, client relationship
management, business intelligence, business process quality,
operations management, engineering solutions, digital convergence,
product lifecycle management, and infrastructure management
services.  The Company is a part of the Mahindra Group, a global
industrial conglomerate in India.  The Mahindra Group's interests
span financial services, automotive products, trade, retail and
logistics, information technology and infrastructure development.
Subsequent to July 10, 2009, Venturbay Consultants Private Limited
held 42.67% of the Company.


OZON VITRIFIED: CARE Rates INR22cr LT Bank Loans at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Ozon
Vitrified Pvt. Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                 ----------     -------
  Long-term Bank Facilities     22.00        'CARE BB' Assigned

Rating Rationale

The rating of Ozon Vitrified Pvt Ltd is constrained on account of
the risk associated with the implementation of a greenfield
project for the manufacturing of vitrified tiles along with its
presence in a highly competitive market characterized by low
differentiation and entry barriers and its dependency upon the
fortunes of the real estate industry which is cyclical in nature.
These constraints far offset the benefits derived from the
experience of Ozon's promoters in the tiles industry through
various other ceramic tiles units and financial closure in place
for the project. Completion of the ongoing project within the
envisaged time and cost parameters, subsequent stabilization of
commercial production, ability to achieve envisaged sales in a
competitive market and improvement in the financial risk profile
will be the key rating sensitivities.

Ozon, incorporated in July 2010, is a closely-held private limited
company promoted by six persons: Mr. Bhavesh Patel, Mr. Sharad
Vadsola, Mr. Rajesh Jetpariya and others. The promoters have more
than 10 years of experience in the tile manufacturing business
through their other ceramic tile manufacturing units in Rajkot
district of Gujaat.

Ozon is currently setting up a greenfield plant to manufacture
vitrified tiles with an installed capacity of 43,000 metric tonnes
per annum (mtpa) near Wankaner in Gujarat. The total cost of the
project estimated to be INR23.50 crore, which is proposed to be
financed by equity infusion of INR8.50 crore and term loan of
INR15.00 crore. The term loan component of the project has already
been sanctioned by State Bank of India, Morbi. The equity portion
of the project is proposed to be contributed by the promoters in
the form of equity capital. The project is expected to be
completed by April 2011.


POLYGON CHEMICALS: CRISIL Puts 'BB' Rating to INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Polygon Chemicals Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR70 Million Cash Credit            BB/Stable (Assigned)
   INR10 Million Letter of Credit       P4+ (Assigned)
        & Bank Guarantee  

The ratings reflect PCPL's susceptibility to volatility in raw
material prices and intense industry competition. These rating
weaknesses are partially offset by PCPL's above-average financial
risk profile, marked by low gearing and satisfactory debt-
protection metrics, and established client base.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit from its
established clientele and sufficient cash accruals, over the
medium term. The outlook may be revised to 'Positive' if PCPL
substantially scales up its operations, while maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's profitability shrinks or its financial
risk profile deteriorates because of a stretch in working capital
requirements or larger-than-expected debt-funded capital
expenditure.

                      About Polygon Chemicals

Set up by Mr. Kunwar Singh Panwar and Mr. Vishwas Giridhar Patil
in 1999, PCPL manufactures construction chemicals. The company
also manufactures specialty chemicals for water treatment and oil
processing. PCPL also exports bitumen membrane to Saudi Arabia;
this contributes to about 15 per cent of the company's revenues.

PCPL reported a profit after tax (PAT) of INR12.1 million on net
sales of INR266.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.3 million on net
sales of INR184.2 million for 2008-09.


SRI MUTHUKUMARAN: ICRA Assigns 'LC' Rating to INR120cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LC' rating to the INR120.0 crore term loan
facilities of Sri Muthukumaran Educational Trust.

The ratings consider the current delays in debt servicing by SMET
due to tight liquidity situation (arising from routing of a
significant portion of internal accruals for capital expenditure).
The ratings take note of SMET's capital structure characterized by
moderately high gearing and stretched coverage indicators and
future capital expenditure plans which could constrain liquidity
in the medium term and thereby further impact the debt servicing
ability of the Trust.  The ratings also consider the high
competition which is likely to exert pressure to attract and
retain experienced faculty.  The ratings also take into account
the experience of the management in running educational
institutions.

The trust was founded in the year 1984 by Mr. A. N. Radhakrishnan
to establish and operate educational institutions. The flagship
institutes of the trust are Sri Muthukumaran Institute of
Technology (affiliated to Anna University, Chennai) and Sri.
Muthukumaran Medical College and Research Centre (affiliated to
Tamil Nadu Dr. MGR Medical University). Currently there are six
institutes under the Trust.

Mr. A. N. Radhakrishnan was instrumental in setting up the Trust.
He started his career in the Technical Education Department of
Tamil Nadu and then established educational institutes in Tamil
Nadu under the trust. He was also instrumental in setting up
Meenakshi Ammal Trust which operates fifteen institutes in Chennai
and Kanchipuram

Recent Results

SMET reported net profit of INR5.5 crore on operating income of
INR37.8 crore during 2009-10, against net profit of INR4.0 crore
on operating income of INR16.5 crore for the corresponding
previous fiscal.


VANTAGE SPINNERS: CARE Puts 'CARE BB+' Rating on INR46.48cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' to the bank facilities of Vantage Spinners
P. Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                 ----------     -------
   Long-term Bank Facilities     46.48       'CARE BB+' Assigned

Rating Rationale

The rating is constrained by the limited track record and small
scale of VSPL's operations, presence only in the cotton yarn
segment wherein raw material (cotton) prices and yarn realizations
are volatile, VSPL's operations in a fragmented and competitive
market, which could restrict VSPL's ability to pass on hikes in
prices, and govt. intervention over export policies. The rating,
however, takes into account stabilization of operations, infusion
of funds from promoters as envisaged, benefits of subsidies in the
form of power rebates from the state of A.P. and the interest
subsidy under TUF Scheme, and the positive outlook for the textile
industry. The ability of the company to withstand volatility in
prices and sustain profitability margins are the key rating
sensitivities.

Vantage Spinners Pvt. Ltd. was incorporated on July 28, 2006 by
Mr. Potluru Mohana Murali Krishna, Mr. Potluru Soma Sekhar and Ms.
Nandamuri Meenalatha. VSPL in mainly into manufacturing of medium
counts of cotton yarn of 40s and 60s and has an installed capacity
of 26,400 spindles. The plant is located at Nuziveedu Mandalam
which is in Krishna District (A.P.).  The total cost of the
project was INR 57.12 crore funded in a debt to equity ratio of
2.17x.  VSPL's operations commenced during February 2010.  During
the two month period ended March 31, 2010, VSPL incurred a net
loss of INR1.75 crore on a Total Income of INR1.08 crore.  During
the eleven month period ended Feb. 28, 2011 (provisional), VSPL
achieved a profit before tax of INR Crore on a Total Income of
INR28.65 crore.


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


LIPPO KARAWACI: Moody's Says No Rating Impact on 'B1' CFR
---------------------------------------------------------
Moody's Investors Service sees no immediate impact on the B1
corporate family rating of PT Lippo Karawaci Tbk and the B1 senior
unsecured ratings of the USD bonds guaranteed by LK, or their
stable outlook, following its proposed acquisitions announcement.

According to the announcement, LK will acquire a 27.2% stake in
Lippo-Mapletree Indonesia Retail Trust and a 40% interest in its
asset manager, Lippo Mapletree Indonesia Retail Trust Management
Ltd.

The total consideration is IDR1.36 trillion, of which 70.4% will
be funded with proceeds from its proposed equity issuance and the
rest will be funded from internal cash resources.

When completed, LK's stake in Lippo-Mapletree Indonesia Retail
Trust will increase to 29.5% from 2.26%, and its stake in Lippo
Mapletree Indonesia Retail Trust Management Ltd will rise to 100%
from 60%.

At the same time, the company has approved a plan to raise gross
equity of IDR957 billion (US$112 million) from a direct placement
to the LIPPO Group to part-finance the acquisitions.

"The acquisitions will not materially affect the company's
financial and liquidity profiles, as they are predominantly funded
by equity. As a result, LK's Debt/Book Capitalization leverage
will stay below 40%, which is strong for its current B1 rating,"
says Alvin Tan, a Moody's Analyst.

"At the same time, the transaction will increase the contribution
of recurring income to the company's revenue, partly mitigating
the business and execution risks inherent in its property
development segment," says Tan who is also Moody's lead analyst
for LK.

"The successful completion of the transaction will position LK as
the largest controlling shareholder of Lippo-Mapletree Indonesia
Retail Trust, thus facilitating the company's plans to inject
additional retail malls it currently owns into the REIT over the
next 3 years. At the same time, it will retain part of ownership
over the properties through the REIT," adds Tan.

However, LK's B1 ratings remain constrained by the company's
exposure to industry cyclicality and the high development and
execution risks associated with its core property development
business, which accounts for approximately half its sales.

In addition, its aggressive expansion plan leads to expectations
of further funding needs and uncertainty.

Partly mitigating its risk exposure is the fact that the company
had a substantial cash balance of Rp3.28 trillion as of March 31,
2011, which acts as a buffer to its increasing working capital
needs and as it continues its expansion plan.

The principal methodology used in rating PT Lippo Karawaci Tbk was
the Global Homebuilding Industry Methodology, published March
2009.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,568 ha as of
Dec. 31, 2010. Since 2004, the company has diversified into the
healthcare and hospitality businesses and infrastructure
development. Its recurring income continues to grow, comprising
around 50% of LK's total revenue over the last three years.


PERTAMINA (PERSERO): Fitch Rates Proposed 2041 Notes at 'BB+(exp)'
------------------------------------------------------------------
Fitch Ratings has assigned PT Pertamina (Persero)'s proposed 2041
USD senior unsecured notes an expected rating of 'BB+(exp)'.   The
final rating of the notes is contingent upon the receipt of final
documents conforming to information already received.
Simultaneously, the agency has assigned Pertamina a senior
unsecured rating of 'BB+'.

This proposed issuance follows the USD1bn 2021 senior unsecured
notes, assigned a final rating of 'BB+' on May 19, 2011.

On May 3, 2011, Fitch assigned a 'BB+' Long-Term Foreign-Currency
Issuer Default Rating with a Positive Outlook to Pertamina.


PERTAMINA (PERSERO): Moody's Assigns (P)Ba1 Rating on Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to the 30-year US$ bonds to be issued by PT Pertamina (Persero).
The outlook on the rating is stable.

Moody's will remove the bond rating's provisional status upon
completion of the issuance and satisfactory review of the final
documentation.

The bond proceeds will be used for financing capital expenditures
and for general corporate purposes.

Ratings Rationale

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

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

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

These strengths are balanced by the company's exposure to moderate
regulatory risks associated with a transitioning framework, and
execution risks associated with increasing investments in upstream
exploration and production, refineries, and potentially
acquisitions.

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

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

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

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

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

The principal methodology used in rating Pertamina was Moody's
"Global Integrated Oil & Gas Industry" published in November 2009.

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


PERTAMINA (PERSERO): S&P Gives 'BB+' Rating on Sr. Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to the proposed senior unsecured notes by PT Pertamina (Persero).
The notes mature in 2041.

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


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


JLOC VII: Fitch Withdraws 'Dsf' Ratings on Class D Notes
--------------------------------------------------------
Fitch Ratings has withdrawn the ratings of JLOC VII Limited's
class D notes, as they are no longer considered to exist following
their legal maturity on May 16, 2011. The notes were rated 'Dsf'
with a Recovery Rating of 'RR6'. The transaction was a Japanese
multi-borrower type CMBS securitisation.

Class D was downgraded in February 2011 to 'Dsf' from 'CCsf' after
the collection activities of all the underlying loans were
completed but which only partially repaid the class D notes at the
February 2011 payment date. Classes A, B and C were all paid in
full.


SONY CORP: Sees JPY260 Billion Net Loss in FY2010
-------------------------------------------------
Japan Today reports that Sony Corp said Monday it expects to fall
into the red in fiscal 2010 for the third straight year with a
group net loss of JPY260 billion due mainly to the effects of the
March 11 earthquake and tsunami.

It would be the company's biggest net loss since it posted red ink
of JPY293.3 billion in the business year ended March 1995, the
report says.

According to Japan Today, the company has been in the red on a net
balance basis since fiscal 2008, when the company was hit by the
global economic downturn following the bankruptcy of Lehman
Brothers Holdings Inc in September 2008.

Japan Today relates that Sony said it has booked a non-cash charge
of around JPY360 billion against certain deferred tax assets in
Japan as the company anticipates that its profitability in the
current fiscal year is likely to deteriorate from what it had
expected prior to the March disaster.

The company faced the need to assess the future effects of the
disaster on its profitability in order to evaluate Sony's domestic
deferred assets especially after three years of net losses, Chief
Financial Officer Masaru Kato told a news conference, according to
Japan Today.

"The supply chain has been significantly damaged due to the quake
and tsunami," Japan Today quotes Mr. Kato as saying.  "Besides
direct effects, there are also effects from parts procurement and
rolling blackouts."

Japan Today says Sony had earlier expected to post a group net
profit of JPY70 billion for the year ended March 31.

According to Japan Today, the company left its group operating
profit estimate unchanged at JPY200 billion but is now expecting
to book sales of JPY7.18 trillion, down from the earlier projected
JPY7.2 trillion.

For this fiscal year, however, the company expects to book an
operating profit of around JPY200 billion and return to
profitability despite costs related to addressing damage from the
disaster and a data breach that affected over 100 million accounts
mainly of its PlayStation gaming network, Japan Today reports.

The company is scheduled to announce its fiscal 2010 earnings on
Thursday.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.


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


KOREA EXCHANGE: Hana Financial Seeks Purchase Deal Extension
------------------------------------------------------------
Yonhap News reports that Hana Financial Group Inc. said Tuesday it
is negotiating conditions with Lone Star Funds to extend a deal to
buy Korea Exchange Bank from the U.S. buyout fund.

Hana Financial reached the agreement last November to buy a 51.02%
stake in KEB for KRW4.69 trillion (US$4.3 billion).  The agreement
with a six-month validity period was to expire on Tuesday, Yonhap
says.

"Two firms are now fine-tuning terms for extending the deal," a
Hana Financial told Yonhap.  "After reaching the extension
agreement, we will report it to financial authorities."

According to Yonhap, Hana Financial's efforts to renew the share
purchase deal came as the Financial Services Commission (FSC)
indefinitely delayed regulatory permission for Hana Financial's
KEB purchase.

Due to legal controversies over Lone Star's 2003 purchase of a
credit card unit affiliated with KEB, Yonhap notes, the FSC
deferred its decision over whether Lone Star is legally eligible
to become the biggest shareholder of KEB.  Granting eligibility is
deemed a prerequisite for the FSC to permit Hana Financial's
transaction with Lone Star, according to Yonhap.

Yonhap relates that the FSC said earlier this month it will not
deliberate on Lone Star's eligibility issue until a final court
ruling over the 2003 credit card purchase is delivered.

Lone Star has had a number of setbacks in trying to exit from its
$1.3 billion investment in KEB, which it bought in 2003.

                       About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                          *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


KOREA EXCHANGE: Lone Star Hearing to Start June 16
--------------------------------------------------
The Korea Times reports that the Seoul High Court is set to begin
deliberations on the case involving Lone Star Funds and the former
head of the company's Korean unit, who allegedly was involved in
stock manipulation of Korea Exchange Bank's credit card arm in
2003.

The Korea Times relates that deliberations will begin June 16 on
the Texan buyout fund and Lone Star Advisors Korea's former
president Paul Yoo are scheduled after the Supreme Court
overturned the lower court's not-guilty verdict in March.

According to the report, the court will examine whether the
company and Mr. Yoo spread false rumors that KEB Credit Service
plans to reduce its capital in order to buy the company's shares
at a cheaper price.  The Texan buyout fund acquired the credit
card firm later in 2004.

The Korea Times says the ruling will likely affect the U.S.
private equity company's eligibility as majority shareholder in
KEB and thus garners much interest from market watchers.  By
Banking Law, The Korea Times states, a financial company is
deprived of the privileged status, if it is convicted of a
business-related crime in the past five years.

                       About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                          *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


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


BRIDGECORP LTD: Crown Awaits Decision on Appeal
-----------------------------------------------
BusinessDay.co.nz reports that the Crown is attempting to regain
ground it has lost on the Securities Act charges former Bridgecorp
directors will face at their trial in August.

One of the former directors, Peter Steigrad, has been discharged
on four of the 10 charges he faced, BusinessDay.co.nz says.

BusinessDay.co.nz relates that the discharge of the other four
accused -- Rod Petricevic, Rob Roest, Gary Urwin and
Bruce Davidson -- on those charges would become a formality unless
a High Court pre-trial ruling is overturned on appeal.

According to the report, the ruling centres on the interpretation
of the words "is distributed", in relation to online publication
of prospectus and investment statements.

The Court of Appeal has reserved its decision on the Crown's
appeal, heard at Wellington on May 19.

The former directors face nine criminal charges each of making
false and misleading statements in Bridgecorp's prospectus and
investment statements.

                         About Bridgecorp Ltd

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

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


MONACO VILLAGE: Receivers Sell Only One out 13 Apartment Units
--------------------------------------------------------------
The Nelson Mail reports that Monaco Village receiver said that
only one of 13 units in the Monaco Village near Stoke has sold
since receivers took them over more than a year ago.

PricewaterhouseCoopers became the receiver for Monaco Village last
February when the company was placed in liquidation.

According to the report, receiver John Fisk said one of the High
St units "recently" sold for NZ$160,000, while a two-bedroom unit
had gone under contract for an undisclosed price.

Mr. Fisk said Bayleys Nelson was due to start a four-week tender
campaign for the remaining properties.

The Nelson Mail says the units are tied into lease agreements with
Monaco Management.

The report relates that Mr. Fisk said the leases placed "some
restrictions" on buyers.

"The way we're selling them, the purchasers can negotiate with the
management company in terms of the cost of that management
arrangement," The Nelson Mail quotes Mr. Fisk as saying.

While the debt needed to be recovered on behalf of Lombard Finance
investors, the receivers weren't prepared to sell the units at any
price but would "meet the market", Mr. Fisk said.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2010, The National Business Review said associate Judge
Rob Osborne at the High Court of Christchurch has granted an
application to liquidate Monaco Village Ltd.  Wellington-based
investor Warwick Walbran Consulting sought the liquidation against
the company after it failed to pay the so called "guaranteed
returns," NBR said.  The liquidation petition, according to NBR,
was for the amount of NZ$18,500, understood to be the amount
Mr. Walbran claims is outstanding under the so called guaranteed
return arrangement with Monaco Village.

Monaco Village Ltd. is a Nelson company that developed the NZ$60
million Grand Mercure Nelson Monaco.  The resort offers a range of
rooms, suites and apartments overlooking the Nelson waterfront
catering for up to 280 guests.


PROPERTY VENTURES: Faces SFO Probe Over Misrepresentation
---------------------------------------------------------
The National Business Review reports that the Serious Fraud Office
said it is investigating allegations of financial
misrepresentation made against Property Ventures Ltd. and Cashel
Ventures Ltd., which are owned by David Henderson.

According to the report, SFO director Adam Feeley said the SFO was
investigating allegations that both companies may have made
misrepresentations to South Canterbury Finance and Dominion
Finance Group in order to secure funding.

"At this stage, the focus of our investigation is simply to
determine the nature of the funding advanced and the statements
that were made in order to secure that funding," NBR quotes
Mr. Feeley as saying.

NBR relates that Mr. Feeley said the February earthquake had
created some difficulties in identifying where some records were
and whether they could be recovered.

However, NBR notes, the SFO would talk to relevant parties,
including the receivers and liquidators, to identify where
pertinent records were held.  It already had records from SCF and
DFG, which would enable it to identify any material
inconsistencies between the funding and borrowing parties,
Mr. Feeley added.

Property Ventures and Cashel Ventures were involved with the
development of the Hotel SO in Christchurch but both were placed
in receivership last year.

                       About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2010, Allied Farmers Investments Ltd placed Property
Ventures Ltd into the hands of receiver Grant Thornton in an
attempt to recover a loan to Five Mile Holdings Limited (In
Receivership).  The loan was guaranteed by Property Ventures.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including Christchurch property developer, David Henderson.  The
company has interests in more than 30 subsidiaries, including
those associated with Hotel So, and the South of Lichfield
entertainment and retail precinct in Christchurch.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/



                             *********

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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