TCRAP_Public/110527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, May 27, 2011, Vol. 14, No. 104

                            Headlines



A U S T R A L I A

BELLA TRUST: Fitch Assigns Expected Ratings to Various Notes
HIFERT: Agribusiness Elders Unaffected by Firm's Administration
PIECOR PTY: Receivers Seek Expression of Interest for Resort
REDGROUP RETAIL: Administrator Sells Whitcoulls and Borders NZ Biz


C H I N A

CHINA GLASS: Moody's Upgrades CFR to B1; Outlook Stable
CHINA GLASS: S&P Raises CCR to 'B+' on Improved Capital Structure
CHINA TEL GROUP: Incurs US$8.34-Mil. First Quarter Net Loss
SHANSUI CEMENT: Fitch Assigns Final 'BB-' Rating to Sr. Notes


H O N G  K O N G

BIOPACK ENVIRONMENTAL: Delays First Quarter Financials
ABAXS LIMITED: Court to Hear Wind-Up Petition on June 15
BRIGHT NATURALS: Court to Hear Wind-Up Petition on June 15
CHEONG THAI: Court to Hear Wind-Up Petition on July 6
CREATIVE EYEWEAR: Members and Creditors to Meet on June 10

FORITE INDUSTRIES: Court to Hear Wind-Up Petition on June 15
LONGTOP FINANCIAL: Deloitte Quits as Auditor; Faces SEC Probe
LONGTOP FINANCIAL: Rigrodsky & Long Launches Class Action Lawsuit


I N D I A

ARTEDZ FABS: CRISIL Assigns 'B+' Rating to INR57.6MM LT Loan
COAL MINES: CRISIL Assigns 'BB' Rating to INR200MM Cash Credit
INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
INDIC EMS: Fitch Affirms Rating on INR14.5MM LT Loan at 'B(ind)'
KESHAV ELECTRICALS: CRISIL Reaffirms 'BB-' Rating on INR5.5MM LOC

KINTECH SYNERGY: CRISIL Assigns 'BB' Rating to INR35MM Cash Credit
MIHIJAM VANASPATI: Fitch Downgrades LT Rating to 'B(ind)'
NOVELTY POWER: CRISIL Assigns 'BB-' Rating to INR7MM LT Loan
PADMAVATI FERROUS: CRISIL Rates INR640 Million Term Loan at 'BB'
RSR INFRA: CRISIL Assigns 'BB-' Rating to INR100MM Cash Credit

S.S. AGRO: CRISIL Rates INR140 Million Cash Credit at 'B'
S.S. OVERSEAS: CRISIL Assigns 'B' Rating to INR170MM Cash Credit
SAHAJANAND TECHNOLOGIES: CRISIL Rates INR150M Cash Credit at 'BB+'
SHANKER TIMBER: CRISIL Assigns 'B-' Rating to INR30MM Cash Credit
SHARDA TIMBER: CRISIL Assigns 'B-' Rating to INR15MM Cash Credit

SHREE RADHE: CRISIL Reaffirms 'BB-' Rating on INR30MM LT Bank Loan
SOMA ISOLUX: CRISIL Assigns 'BB' Rating to INR18.5BB Term Loan
V.S. LAD: CRISIL Rates INR450 Million Packing Credit at 'P5'


I N D O N E S I A

PERTAMINA (PERSERO): Fitch Puts 'BB+' Final Rating to 2041 Notes
PERTAMINA (PERSERO): Moody's Assigns Ba1 Rating to $500MM Notes


J A P A N

JLOC XXXIII: Fitch Downgrades Class C TBIs to 'CCCsf'
TAIYO SHOKUSAN: Files For Bankruptcy Protection


K O R E A

KUMHO ASIANA: Korea Express to Finalize Share Sale in September


M A L A Y S I A

HO HUP CONSTRUCTION: Zen Court Serves Unsealed Petition
IBRACO BERHAD: Regularizes Financial Status; Out PN 17 Listing
NAM FATT: Delisted From Bursa Securities
TRANSMILE GROUP: Delisted From Bursa Securities


N E W  Z E A L A N D

79 MANNERS: Goes Into Receivership
ECOYA LTD: Reports Smaller Annual Loss of NZ$4 Million


S I N G A P O R E

AMARU INC: Posts US$500,000 Net Loss in First Quarter


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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A U S T R A L I A
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BELLA TRUST: Fitch Assigns Expected Ratings to Various Notes
------------------------------------------------------------
Fitch Ratings has assigned expected ratings, Outlooks and Loss
Severity (LS) ratings to the Bella Trust No. 2 Series 2011-1
automotive loan receivables-backed securitisation, due
November 2017:

   -- AUD90.0m Class A1 notes: 'F1+(exp)sf';

   -- AUD360.0m Class A2 (a & b) notes*: 'AAA(exp)sf'; Outlook
      Stable; Loss Severity Rating at 'LS1';

   -- AUD56.0m Class B notes: 'A(exp)sf'; Outlook Stable; Loss
      Severity Rating at 'LS3';

   -- AUD17.8m Class C notes: 'BBB(exp)sf'; Outlook Stable; Loss
      Severity Rating at 'LS4';

   -- AUD4.2m Class D notes: 'BB(exp)sf'; Outlook Stable; Loss
      Severity Rating at 'LS5';

   -- AUD10.4m Class E notes: 'B(exp)sf'; Outlook Stable; Loss
      Severity Rating at 'LS5'; and

   -- AUD12.8m Seller notes: NRsf.

* the exact GBP and AUD split is yet to be determined

The notes will be issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Bella Trust No. 2 Series 2011-1. The
Bella Trust No.2 Series 2011-1 is a legally distinct trust
established pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 23,988
automotive loan receivables totalling approximately AUD545.6m,
with an average size of AUD22,746. The pool is comprised of loan
receivables originated by Capital Finance Australia Limited whose
ultimate parent is the Lloyds Banking Group plc ('AA-'/Outlook
Stable/'F1+'). The pool is comprised of amortizing principal and
interest loans for both new (63.3%) and used (36.7%) vehicles,
with varying balloon amounts payable at maturity. The weighted
average balloon payment for the portfolio is 31.1%.

"In broad terms the Bella Trust No.2 Series 2011-1 transaction
replicates structural features and collateral attributes seen in
previous Bella transactions. However, the inclusion of a sterling
denominated A2a note highlights the improving confidence of
offshore investors in Australian auto-backed transactions," said
Spencer Wilson, Analyst in Fitch's Structured Finance team.

The expected ratings assigned to the Class A1 and A2 notes are
based on: the quality of the collateral; the 18.36% credit
enhancement provided by the subordinate notes; the liquidity
reserve account of 1.0% of outstanding notes, funded by issuance
proceeds; an interest rate swap provided by Lloyds TSB Bank plc,
Australia branch; and CFAL's auto receivable underwriting and
servicing capabilities.

The expected ratings on the Class B, C, D and E notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.


HIFERT: Agribusiness Elders Unaffected by Firm's Administration
---------------------------------------------------------------
9news reports that Agribusiness Elders Ltd. said HiFert's entry
into administration will have no significant financial effect upon
the company.

Elders holds a 50% stake in HiFert's parent company, ELF Australia
Pty Ltd., according to the report.  Landmark Rural Holdings Ltd.,
which is owned by Canada's Agrium Inc., holds the other 50% of
ELF.

Elders said its stake in ELF had been written down to a nil value,
following entry into an option agreement between Elders, ELF and
Agrium, according to 9news.

Under the agreement, ELF had granted Agrium a call option to
purchase its 100 per cent shareholding in HiFert.  Agrium declined
to exercise the option and appointed a receiver in respect of
certain HiFert assets, the report says.

HiFert entered administration on May 19.

"Given that the ELF shareholding is held at nil value, there is no
prospect of Elders experiencing financial loss of any significance
as a result of these events," Elders said in a statement obtained
by the news agency.  "Elders will be able to meet all its
anticipated fertilizer needs, as well as covering Elders clients'
existing pre-orders for HiFert product, through its existing
supply agreements."

Elders clients who have pre-ordered HiFert product will be
supplied with a matching alternative, the report adds.

HiFert is a fertilizer supplier.


PIECOR PTY: Receivers Seek Expression of Interest for Resort
------------------------------------------------------------
The Receivers of Piecor Pty Ltd. and Tiecor Pty Ltd., collectively
The Phillip Island Eco Resort, are seeking immediate expressions
of interest for the business and assets of the companies,
including leased property, 74 fully furnished villas, resort
facilities and letting business.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2011, Keith Crawford and Matthew Caddy of McGrathNicol
were appointed Receivers and Managers of the Resort by a secured
creditor.

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

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

All Seasons Phillip Island Resort is a 4-star hotel featuring 211
well-appointed villas spread across 65 acres of undulating
countryside.  The resort is conveniently located in the centre of
Phillip Island, only two kilometres from the Cowes shopping
precinct with its safe bay beaches and only three kilometres from
the Phillip Island Grand Prix Circuit and popular surf
destination, Smith's Beach.


REDGROUP RETAIL: Administrator Sells Whitcoulls and Borders NZ Biz
------------------------------------------------------------------
The Administrator of REDgroup Retail announced Thursday that it
has agreed to a sale of the Whitcoulls and Borders New Zealand
businesses.

A sale of these businesses has been agreed with Project Mark
Limited, a company in the James Pascoe Group.  The James Pascoe
Group operates the brands Pascoes, Farmers, Stewart Dawsons,
Goldmark, Stevens, Prouds and Angus & Coote.  The sale price
remains confidential.

The James Pascoe Group is a privately owned New Zealand retail
business that employs more than 9,000 employees in New Zealand and
Australia.

The Administrator, Ferrier Hodgson partner Steve Sherman, said the
sale indicated that there remains a market for quality assets with
widely recognised brands like Whitcoulls and Borders.

Mr. Sherman said the Voluntary Administration process had played a
key role in saving the businesses by providing a stable
environment to restructure the assets and provide the opportunity
for a sale.  This was an integral objective of the process and the
support of the group's employees and major suppliers had
contributed to the successful outcome, he said.

"This is a very good result," Mr. Sherman said. "The sale
guarantees the future of the majority of stores and has preserved
more than 900 jobs. The James Pascoe Group is known for reviving
businesses and has a strong record of investment in their stores,
stock and people."

The sale includes 57 Whitcoulls stores and five Borders stores.
The purchaser will be approaching landlords shortly to discuss
ongoing tenure and will also be engaging with employees over the
next few days with regard to the terms of employment.

It is hoped the sale will be completed by mid-June.

In April, the Administrator announced the sale of 10 Whitcoulls
bookstores located in New Zealand airports and a separate sale of
eight Bennetts stores at New Zealand universities. Following the
Whitcoulls and Borders sale, the Voluntary Administration process
has facilitated the preservation of more than 1,050 jobs and
provided business continuity in all of the business operations.

                         About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrator.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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C H I N A
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CHINA GLASS: Moody's Upgrades CFR to B1; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded China Glass Holdings Ltd's
corporate family to B1 from B2 and its senior unsecured debt
rating to B2 from B3.

The outlook for both ratings is stable.

"The upgrade reflects China Glass' improved capital base after the
recent HK$790 million equity placement. Its adjusted debt leverage
-- measured by its debt/capital ratio -- is expected to decline
from 43% to 37%", said Kai Hu, a Moody's Vice President.

"It is also driven by China Glass's improved control of its
subsidiaries through the action of buying out minority
shareholders with around RMB 200 million from the latest equity
issue", says Hu.

"China Glass' liquidity position has also improved. Its total cash
-- estimated at around RMB 1 billion after the right issue -- will
be a good reserve for embarking on capital expenditure to upgrade
its product mix and hence improve profitability", says Hu.

China Glass's B1 rating reflects its position as one of the
largest glass producers in China, and the investment by Pilkington
plc (a UK-based glass manufacturer owned by Nippon Sheet Glass Co
Ltd.) and Hony Capital (a leading private equity investor in
China).

On the other hand, China Glass's ratings are constrained by its
relatively small operating scale (by global standards) and
acquisitive growth strategy, as well as the highly cyclical nature
of its profits and cash flow due to volatility in input costs and
the cyclical nature of demand in the property construction market.
The ratings are also tempered by the company's history of
distressed debt exchanges.

China Glass's senior unsecured rating is rated one notch lower at
B2, reflecting structural subordination risk, given that the ratio
of subsidiary-level debt to total consolidated assets is likely to
stay above 15% in the next 12 -- 18 months.

The stable rating outlook reflects China Glass's improved capital
structure and liquidity profile, and the expectation that it will
be more disciplined about its business growth.

Though near term upgrade is unlikely, the ratings could be
pressured upwards in the medium term if the company demonstrates a
track record of : (1) increasing sales of its value-added products
and reducing volatility in its operating margin; (2) disciplined
capital expenditure spending and business acquisitions; (3)
maintaining a sound liquidity profile -- cash on balance sheet not
less than 10-15% of total assets.

The credit metrics that Moody's would consider for an upgrade
include consistent maintenance of EBITDA margin above 20%;
debt/EBITDA below 1.5x-2x; and Adjusted debt/total capitalization
below 30-35% on a sustainable basis.

The ratings could be pressured downward if: (1) high volatility in
its profit margin persists; (2) its debt leverage rises; or (3)
its liquidity position deteriorates as a result of failure to
increase sales of value-added products, weakened market
conditions, or aggressive expansion/acquisitions.

The following credit metrics would indicate a potential downgrade
in Moody's view: EBITDA margin below 15%-20% , debt/EBITDA above
3.0x-3.5x, or adjusted debt/total capitalization consistently
above 40%-45%.

The last rating action was on March 1, 2011, when Moody's upgraded
China Glass's Caa1 corporate family rating from Caa1 to B2 and
senior unsecured rating from Caa2 to B3.

The principal methodology used in this rating was Global Building
Materials Industry published in July 2009.

China Glass Holdings Ltd is publicly listed in Hong Kong and is
the second largest float glass manufacturer in China in terms of
capacity, with 17 production lines across the country. The float
glass it produces is used largely in the construction industry.


CHINA GLASS: S&P Raises CCR to 'B+' on Improved Capital Structure
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on China Glass Holdings Ltd. to 'B+' from 'B'. The
outlook is stable. At the same time, Standard & Poor's raised the
issue rating on the company's US$100 million senior unsecured
notes to 'B' from 'B-'. Standard & Poor's also raised its
long-term Greater China credit scale ratings on China Glass to
'cnBB' from 'cnBB-' and on the notes to 'cnBB-' from 'cnB+'.

"We raised our rating on China Glass to reflect the company's much
improved capital structure and liquidity position after two share
placements in the past six months. China Glass' financial and
operational performance improved significantly in 2010. We expect
the company to sustain this improved performance over the next 12
months despite the challenging operating environment," S&P noted.

"In our view, China Glass' equity base has improved materially
through the share placements in December 2010 and May 2011.  The
company raised about Hong Kong dollar (HK$) 360 million and HK$790
million, through these placements, significantly improving its
capital structure," said Standard & Poor's credit analyst Lawrence
Lu. "We expect its ratio of total debt to total capital to drop to
about 32% in 2011, from 40.7% in 2010."

"We also expect China Glass to maintain its financial and
operational performance with gross margins of about 30% in 2011
(34.4% in 2010) despite the difficult operating environment. High
raw material and fuel costs and oversupply in the flat glass
industry in China will put pressure on the company's margins. But
China Glass' cost-cutting measures and improving production mix
should ease some of this pressure," S&P said.

S&P continued, "We view China Glass' plans to use a part of the
proceeds from the share placements to buy out the minority
shareholders in its operating subsidiaries as a positive
development. This step should enable the company to fully own
some of its key profit generators and roll out its business
strategy more smoothly."

The rating on China Glass reflects the company's limited product
diversification and the high volatility in its margins, along with
the fragmentation and oversupply in the flat glass industry in
China. The company's experienced management team and its
capability to migrate to higher-margin low-emission glass products
temper the above weaknesses. The issue rating is one notch lower
than the issuer rating on China Glass due to structural
subordination risk.

"In our view, China Glass' liquidity is adequate.  As of Dec. 31,
2010, the company had cash and short-term investments of about
Chinese renminbi (RMB) 827.9 million, of which RMB768 million was
unrestricted. China Glass has short-term debt of about RMB303.4
million, which we expect it to roll over," S&P said.

The recent share placements further boosted the company's cash
position. "We estimate that China Glass' liquidity sources, which
include cash and anticipated operating cash flow generation, will
be sufficient to cover more than twice the company's liquidity
uses, which include capital expenditure and potentially rising
working capital needs. Nonetheless, the company's liquidity
is sensitive to the volatility in its operating cash flows. Any
substantial erosion in China Glass' margins could have a
significant effect on its financial flexibility," S&P stated.

"The stable outlook reflects our expectation that China Glass'
liquidity and cash flows will be commensurate with the rating
despite the still-challenging operating conditions stemming from
uncertainties in the Chinese real estate market. The outlook also
incorporates our expectation that the company will improve its
product mix and is not likely to expand aggressively into new
projects or significantly increase its capital spending in the
next 12 months," according to S&P.

"We may lower the rating if: (1) China Glass has difficulty in
refinancing its short-term debt; (2) the company's liquidity
position deteriorates substantially; (3) profitability
deteriorates significantly with a gross margin consistently below
20%; or (4) its growth strategy and debt are more aggressive than
we expected, causing its adjusted ratio of total debt to
EBITDA to exceed 5x," S&P related.

The fragmented and cyclical nature of the glass industry limits
the rating upside potential. "Nevertheless, we may raise the
rating if China Glass can demonstrate its ability to perform
better than the industry while generating positive free operating
cash flow and maintaining the ratio of adjusted total debt to
EBITDA below 3x," S&P added.


CHINA TEL GROUP: Incurs US$8.34-Mil. First Quarter Net Loss
-----------------------------------------------------------
China Tel Group, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $8.34 million on $204,371 of revenue for the three months ended
March 31, 2011, compared with a net loss of $7.27 million on
$222,819 of revenue for the same period during the prior year.

The Company's balance sheet at March 31, 2011, showed
$7.41 million in total assets, $28.91 million in total
liabilities, all current, $35,949 in mandatory redeemable Series B
common stock, and a $21.53 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/1a7iIo

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

The Company reported a net loss of $66,623,130 on $955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net loss
of $56,065,029 on $657,876 of revenue during the prior year.

As reported by the TCR on April 21, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about the Company's ability to continue as a going concern,
following the 2010 financial results.  The independent auditors
noted that the Company has incurred a net loss of $56,041,182 for
the year ended Dec. 31, 2009, cumulative losses of $165,361,145
since inception, a negative working capital of $68,760,057, and a
stockholders' deficit of $63,213,793.


SHANSUI CEMENT: Fitch Assigns Final 'BB-' Rating to Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China Shanshui Cement Group Limited's
(Shanshui Cement, 'BB-'/Stable) USD400 million 8.5% senior
unsecured notes due 2016 a final rating of 'BB-'.

This follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on May 9, 2011.


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


BIOPACK ENVIRONMENTAL: Delays First Quarter Financials
------------------------------------------------------
Biopack Environmental Solutions Inc. is unable to file, without
unreasonable effort and expense, its Form 10-Q Quarterly Report
for the period ended March 31, 2011, because its unaudited
financial statements for that period have not been completed.  As
a result, the Company's auditors have not yet had an opportunity
to complete their review of the unaudited financial statements.
It is anticipated that the Form 10-Q Quarterly Report, along with
the unaudited financial statements, will be filed on or before the
5th calendar day following the prescribed due date of the
Company's Form 10-Q.

                     About Biopack Environmental

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

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

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

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

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


ABAXS LIMITED: Court to Hear Wind-Up Petition on June 15
--------------------------------------------------------
A petition to wind up the operations of Abaxs Limited will be
heard before the High Court of Hong Kong on June 15, 2011, at 9:30
a.m.

The Petitioner's solicitors are:

          Louis K. Y. Pau & Co
          4th Floor, The Chinese Club Building
          21-22 Connaught Road
          Central, Hong Kong


BRIGHT NATURALS: Court to Hear Wind-Up Petition on June 15
----------------------------------------------------------
A petition to wind up the operations of Bright Naturals Limited
will be heard before the High Court of Hong Kong on June 15, 2011,
at 9:30 a.m.

So Chun Ki Kiki filed the petition against the company on April 7,
2011.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          20th Floor, China Overseas Building
          No. 139 Hennessy Road
          Wanchai, Hong Kong


CHEONG THAI: Court to Hear Wind-Up Petition on July 6
-----------------------------------------------------
A petition to wind up the operations of Cheong Thai Food Limited
will be heard before the High Court of Hong Kong on July 6, 2011,
at 9:30 a.m.

The Petitioner's solicitors are:

          Knight & Ho
          Room 904B, 9th Floor
          Admiralty Centre, Tower 1
          No. 18 Harcourt Road
          Admiralty, Hong Kong


CREATIVE EYEWEAR: Members and Creditors to Meet on June 10
----------------------------------------------------------
Members and creditors of Creative Eyewear Limited will hold a
meeting on June 10, 2011, at 12:00 p.m.  The meeting will be held
at FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong
Club Building, 3A Chater Road, Central in Hong Kong.

At the meeting, the members and creditors will be asked to
consider the resignation of Desmond Chung Seng Chiong as
liquidator and the appointment of John Howard Batchelor as one of
the joint and several liquidators of the company.


FORITE INDUSTRIES: Court to Hear Wind-Up Petition on June 15
------------------------------------------------------------
A petition to wind up the operations of Forite Industries Limited
will be heard before the High Court of Hong Kong on June 15, 2011,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on April 11, 2011.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


LONGTOP FINANCIAL: Deloitte Quits as Auditor; Faces SEC Probe
-------------------------------------------------------------
Longtop Financial Technologies Limited said its registered
independent accounting firm, Deloitte Touche Tohmatsu CPA Ltd.,
has resigned as auditor of the Company by letter dated May 22,
2011.  The Company also announced that Derek Palaschuk, the
Company's Chief Financial Officer, tendered his resignation by
letter, dated May 19, 2011, and the Board has taken his
resignation under advisement.

In its letter, DTT stated that it was resigning as the result of,
among other things (1) the recently identified falsity of the
Company's financial records in relation to cash at bank and loan
balances (and possibly in sales revenue); (2) the deliberate
interference by certain members of Longtop management in DTT's
audit process; and (3) the unlawful detention of DTT's audit
files.  DTT further stated that DTT was no longer able to rely on
management's representations in relation to prior period financial
reports, that continued reliance should no longer be placed on
DTT's audit reports on the previous financial statements, and DTT
declined to be associated with any of the Company's financial
communications in 2010 and 2011.

Longtop's Audit Committee has retained US legal counsel and
authorized the retention of forensic accountants to conduct an
independent investigation into the matters raised by DTT's
resignation letter.  The Audit Committee has also initiated a
search for a new auditor.  Further, Longtop was advised by the
United States Securities and Exchange Commission that the SEC was
conducting an inquiry regarding related matters.  Longtop intends
to cooperate fully with the SEC's inquiry.

Longtop said it is unable to determine the full effect of these
matters, including whether any restatement of its historical
financial statements will be required, until the Audit Committee
completes its review.  Longtop cannot predict when it will
announce its financial results for Q4 2011, or when it will file
its Form 20F for the fiscal year ended March 31, 2011.

Further, the Company announced that Wei Dong, Senior Vice
President since April 1, 2009, assumed the responsibility of Chief
Operating Officer of the Company.

                     About Longtop Financial

Based in Hong Kong, Longtop Financial Technologies Limited --
http://www.longtop.com/-- together with its subsidiaries provides
a range of software solutions and services to the financial
institutions in the People's Republic of China (PRC), including
the development, licensing and support of software solutions, the
provision of maintenance, support, and other services, and system
integration services related to the procurement and sale of third
party hardware and software.  The software solutions provided by
the Company are classified into four categories: channel,
business, management and business intelligence.  The Company also
provides other services, such as automated teller machine (ATM)
maintenance, system integration and other information technology
(IT) and technology related services, to its clients.


LONGTOP FINANCIAL: Rigrodsky & Long Launches Class Action Lawsuit
-----------------------------------------------------------------
Rigrodsky & Long, P.A., announced that a class action lawsuit has
been filed in the U.S. District Court for the Central District of
California on behalf of all persons or entities who purchased or
otherwise acquired the stock of Longtop Financial Technologies
Limited between June 29, 2009 and April 25, 2011, inclusive,
alleging violations of the Securities Exchange Act of 1934.

The Complaint names Longtop, certain of the Company's current
executive officers and directors as defendants.

The Complaint alleges that the Company and certain of its officers
and directors issued materially false and misleading information
to its shareholders.  Beginning April 25, 2011, Citron Research
and others issued a series of reports which exposed potential
accounting fraud and the nondisclosure of related party
transactions at Longtop.

                       About Longtop Financial

Based in Hong Kong, Longtop Financial Technologies Limited --
http://www.longtop.com/-- together with its subsidiaries provides
a range of software solutions and services to the financial
institutions in the People's Republic of China (PRC), including
the development, licensing and support of software solutions, the
provision of maintenance, support, and other services, and system
integration services related to the procurement and sale of third
party hardware and software.  The software solutions provided by
the Company are classified into four categories: channel,
business, management and business intelligence.  The Company also
provides other services, such as automated teller machine (ATM)
maintenance, system integration and other information technology
(IT) and technology related services, to its clients.


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


ARTEDZ FABS: CRISIL Assigns 'B+' Rating to INR57.6MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Artedz Fabs Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR42.50 Million Cash Credit        B+/Stable (Assigned)
   INR57.60 Million Long-Term Loan     B+/Stable (Assigned)
   INR89.90 Million Proposed LT Bank   B+/Stable (Assigned)
                       Loan Facility

The rating reflects AFPL's exposure to risks related to its
ongoing expansion project & moderate financial risk profile. These
rating weaknesses are partially offset by extensive industry
experience of promoters.

Outlook: Stable

CRISIL believes that AFPL will continue to benefit from extensive
experience of promoters over the medium term.  The outlook may be
revised to 'Positive' in case of timely operationalisation of its
expansion project & stabilization of revenues from the same
leading to scaling up of operations while maintaining healthy
profitability and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of time and cost overruns in
its capacity expansion program, resulting in deterioration of
capital structure and debt protection metrics.

                          About Artedz Fabs

Artedz Fabs Private Limited, based in Mumbai, is engaged in
manufacturing of 100% cotton fabric from grey yarn. The company is
promoted & managed by Gambhir family which has been in the
textiles business for past 40 years. The manufacturing unit based
in Bhiwandi, has a capacity of manufacturing 84,000 metres of
fabric per month.

AFPL reported a profit after tax (PAT) of INR2 million on net
sales of INR109.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.9 million on net
sales of INR83.1 million for 2008-09.


COAL MINES: CRISIL Assigns 'BB' Rating to INR200MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Coal Mines Associated Traders Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200Million Cash Credit         BB/Stable (Assigned)
   INR138.5 Million Long-Term Loan   BB/Stable (Assigned)
   INR145 Million Letter of Credit   P4+ (Assigned)
                  & Bank Guarantee
   INR274.5 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect CMAT's large working capital requirements and
susceptibility to risks related to collection of revenues from
toll collection from BOT project. These rating weaknesses are
partially offset by CMAT's moderate revenue growth and healthy
order book, backed by strong customer relationships.

Outlook: Stable

CRISIL believes that CMAT will benefit from the growth prospects
in the civil construction industry as well as its healthy order
book which provides revenue visibility over the medium term. The
outlook may be revised to 'Positive' if CMAT strengthens its
business risk profile through greater geographic diversity,
maintains a stable operating margin, and improves its revenues.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large debt-funded capital expenditure
programme, or its revenues and profitability decrease, weakening
its financial risk profile.

                          About Coal Mines

Set up in 2005 by Mr. Biswajit De and his brother, Mr. Sundeep De,
CMAT is a closely held company in Kolkata. In 2009, the company
took over a group entity, Coal Mines Associated Traders (a
partnership firm).  The company is engaged in civil construction
projects in East India and also undertakes coal mining and
transport contracts.

CMAT reported a profit after tax (PAT) of INR34.9 million on net
sales of INR926.3 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR23.1 million on net
sales of INR786.7 million for 2008-09.


INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has affirmed Indian Bank's (IB) National ratings at
Long-term 'AA+(ind)' with Stable Outlook and Short-term
'F1+(ind)'. IB's other ratings have been affirmed at Individual
'C/D' and Support '3'.

The National Long-term rating reflects IB's sustained robust
financials, strong internal accruals and solid Tier 1 ratio. It
also reflects a regionally concentrated presence and lower income
diversity compared with banks rated 'AAA(ind)'. IB's Support
Rating factors in moderate probability of timely support from the
government of India given the bank's mid size and the sovereign's
fiscal limitations as reflected in its local currency rating of
'BBB-'.

IB's reported asset quality ratios are better than peers' (despite
its small and mid corporate focus) and it is also prudently
reserved. Nevertheless, restructured loans were 6.5% of gross
loans as of the financial year ended March 2011; the higher
proportion of such loans reflects a vulnerability stemming from
the bank's regional presence, particularly to textiles units in
Tamil Nadu, which could result in the reported asset quality
ratios being volatile. Gross non-performing loans increased
marginally to 0.98% of total loans at FYE11 from 0.8% at FYE10
primarily on account of incremental NPLs in the agriculture loan
portfolio after a government-sponsored loan waiver scheme expired
in June 2010.

Its Tier 1 ratio could increase to around 12% after the bank's
planned issuance of INR10bn common equity in H1FY12 (FY11 Tier
1:11.07%), which along with its strong internal accruals will
boost core capital (96% of Tier 1 capital as at FYE11). IB's
strong capitalization ratios should help support its targeted loan
growth (20-25% annually) while also providing a strong buffer
against possible credit losses for the medium term.

IB's profitability is at the higher end of the Indian banking
sector on account of its wide margins and a low cost to income
ratio (37% as at FYE11) which supports an above-average return on
asset (FYE11: 1.54%).That said, profitability is likely to come
under pressure in the near term due to rising deposit costs and
possibly higher credit costs.

The bank's funding is supported by its retail deposit franchise
(over 80% of liabilities) on account of its strong presence in
south India. That said, low-cost current and savings bank deposits
were around 31% of total deposits as at FYE11, lower than larger
pan-Indian banks.

IB is a mid-sized government bank with over 1,860 branches across
India, one branch in Singapore and two in Sri Lanka. It has a
particularly strong presence in Tamil Nadu.

IB's ratings:

   -- INR80bn certificate of deposit programme affirmed at
      'F1+(ind)'

   -- INR3bn lower tier 2 subordinated debt programme affirmed at
      'AA+(ind)'


INDIC EMS: Fitch Affirms Rating on INR14.5MM LT Loan at 'B(ind)'
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Indic EMS Electronics
Private Limited's National Long-Term rating at 'B(ind)' with a
Stable Outlook.  The agency has also affirmed the ratings on Indic
EMS's bank facilities:

   -- INR14.5m long-term loan: 'B(ind)';

   -- INR30m fund-based working capital limit: 'B(ind)'/'F4(ind)';
      and

   -- INR10m non-fund based working capital limit:
      'B(ind)'/'F4(ind)'.

The affirmations continue to reflect Indic EMS's limited track
record in the domestic electronics assembly market. The ratings
also reflect the company's strong operational linkages with its
promoters - Digiproces (33.3% stake) and Electronica Itel (33.3%
stake), which not only provide technical, operational and
marketing support bust also procure electronics assemblies from
it. In FY10, 71% of its total revenue was from sales to both the
promoter companies. Fitch expects this trend to continue over the
long-term. As per the company's FY11 provisional figures, its
revenues improved to INR203.8 million (FY10: INR52.1m) and EBITDA
margin to 7.9% (FY10: 7.1%). The ratings also reflect Indic EMS'
comfortable interest coverage at 2.01x (FY10: 0.63x) and moderate
leverage of 2.71x (FY10: 9.32x) at end-FY11.

The ratings also reflect Indic EMS's relatively small scale of
operations, its vulnerability to raw material cost fluctuations
and competitive pressures, impacting its profitability margins.

Negative rating guidelines include Indic EMS's interest coverage
falling below 1.25x and its leverage (net debt/EBITDA) exceeding
4.5x. A positive rating guideline would be a sustained decline in
its leverage to below 3.0x.

Bangalore-based Indic EMS was incorporated in 2007. It is
primarily engaged in assembling printed circuit boards for
numerous sectors including the industrial, elevation, automotive,
telecommunications sector, and the defence and aerospace sector.


KESHAV ELECTRICALS: CRISIL Reaffirms 'BB-' Rating on INR5.5MM LOC
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keshav Electricals Pvt
Ltd continue to reflect Keshav Electricals' significant customer
concentration, small scale of operations, and weak financial risk
profile marked by low profitability and weak debt protection
metrics. These rating weaknesses are partially offset by Keshav
Electricals' improving business risk profile, with increasing
diversification in its product profile.

   Facilities                              Ratings
   ----------                              -------
   INR47.5 Million Cash Credit Limit       BB-/Stable (Reaffirmed)
   INR2.0 Million Standby Line of Credit   BB-/Stable (Reaffirmed)
   INR15.0 Million Bank Guarantee          P4+ (Reaffirmed)
   INR5.5 Million Letter of Credit         P4+ (Assigned)

Outlook: Stable

CRISIL believes that Keshav Electricals will maintain its business
risk profile over the medium term, supported by its diversified
product profile; the financial risk profile is, however, expected
to remain weak because of large working capital requirements. The
outlook maybe revised to 'Positive' if Keshav Electricals'
promoters infuse funds into the company, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company undertakes larger-than-expected debt-
funded capital expenditure (capex) programme, or its profitability
declines sharply, leading to deterioration in its financial risk
profile.

Update

Keshav Electricals' revenues are estimated to increase by around
80% year-on-year during 2010-11 primarily due to significant
increase in prices of copper and aluminum. However, the company's
profitability reduced to lower-than-expected level because it has
changed its product profile to manufacturing copper and aluminium
wires from manufacturing transformers. Although this has also led
to reduced working capital intensity for the company, its
liquidity continues to be weak, with high utilisation of bank
limits at around 95% on an average over the 12 months ended
February 28, 2011, because of increasing scale of operations.

Keshav Electricals reported a profit after tax (PAT) of INR5.4
million on net sales of INR706 million for 2009-10, against a PAT
of INR3.0 million on net sales of INR303 million for 2008-09.

                     About Keshav Electricals

Incorporated in 1996, Keshav Electricals commenced operations as a
manufacturer and distributor of transformers (100 to 500 kilovolt
amperes) and cross-linked polyethylene cables; the products are
used in power distribution. In 2008-09, the company backward-
integrated its operations into manufacturing copper and aluminum
wires, that are used in the manufacture of transformers. Sales of
copper and aluminum wires constituted 75% of sales in 2009-10 and
90% of sales in 2010-11.  The company's plant is in Jaipur
(Rajasthan). Keshav Electricals supplies transformers to state
electricity boards in Rajasthan; cables and wires are supplied to
transformer manufacturers.


KINTECH SYNERGY: CRISIL Assigns 'BB' Rating to INR35MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Kintech Synergy Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR35 Million Cash Credit      BB/Stable (Assigned)
   INR50 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect KSPL's small scale of operations and large
working capital requirements marked by large outstanding
receivables. These rating weaknesses are partially offset by
KSPL's moderate financial risk profile, marked by low gearing,
absence of fixed debt obligations, and healthy debt protection
metrics, and promoter's extensive experience and established track
record in the wind mill installation and maintenance business.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit from its
established customer relations and promoter's extensive experience
in the wind mill installation and maintenance industry, over the
medium term. The outlook may be revised to 'Positive' in case of
improved management of receivables and more-than-expected growth
in revenues and profitability. Conversely, the outlook may be
revised to 'Negative' if KSPL is not able to sustain the growth in
revenues and operating margin, thereby adversely affecting
profitability, or in case of further delays in receivables,
leading to significant write-offs by the company.

                         About Kintech Synergy

KSPL, set up in 1989 as a proprietorship firm by Jigar Shah under
the name of Intech Systems, was engaged in repairing electronic
systems, including windmill control panels. In 1995, the entity
was reconstituted as a private limited company, Kintech Systems
Pvt Ltd, and focused solely on the windmill development segment.
In 2004-05 (refers to financial year, April 1 to March 31), the
company was renamed Kintech Synergy Pvt Ltd. It installs,
commissions, operates, and maintains wind mills.

KSPL is estimated to report a profit after tax (PAT) of INR23.3
million on net sales of INR645 million for 2010-11, as against a
PAT of INR6.5 million on net sales of INR307 million for 2009-10.


MIHIJAM VANASPATI: Fitch Downgrades LT Rating to 'B(ind)'
---------------------------------------------------------
Fitch Ratings has downgraded India-based Mihijam Vanaspati Ltd.'s
National Long-Term rating to 'B(ind)' from 'B+(ind)'. The Outlook
is Negative.  The agency has also taken these actions on MVL bank
loans:

   -- INR85m fund based limits: downgraded to 'B(ind)' from
      'B+(ind)'; and

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

The downgrade reflects the weakening of MVL's financial metrics in
FY10, with a decline in its EBITDA margins to 1.95% (FY09: 3.40%),
an increase in its net leverage (net debt/EBITDA) to 9.97x (FY09:
4.6x) and a dip in its interest coverage to below 1.0x (FY10:
0.92x; FY09: 1.2x). The ratings remain constrained by the
company's small scale of operations, fluctuations in raw materials
prices, its limitations on raising additional equity and
geographical concentration risk, which limits MVL's market reach
to the state of Jharkhand.

The Negative Outlook reflects Fitch's expectations of MVL's weaker
credit profile for FY11-FY12 based on its increased leverage and
low margins. Fitch notes that the company has undertaken a
substantial renovation of its manufacturing facilities, which
resulted in a significant increase in debts during FY11. Based on
the provisional numbers provided for FY11, the agency expects
MVL's net leverage to remain high at 7.81x, with low interest
coverage of 1.6x and a slight improvement in its EBIDTA margins to
2.7%.

The ratings derive limited benefit from the absence of any long-
term liabilities in MVL's books and the experience of its
promoters in crude palm oil trading.

Negative rating factors include MVL's net debt/EBIDTA exceeding
7.5x on a sustained basis. Conversely, a sustained net debt/EBITDA
of below 6.0x would be positive for its ratings.

MVL manufactures and sells vanaspati ghee and refined oil in the
state of Jharkhand. It has established brands "Mamta" and "Cherry"
in the local markets, which helps in the direct marketing of end
products. The company was acquired by the Rajesh Auto Group in
2008. In FY10, MVL reported a gross turnover of INR728.8 million
(FY09: INR673.2 million) along with an operating EBIDTA of INR14.2
million (FY09: INR22.9 million) and a net income of INR3.7 million
(FY09: INR1.1 million).


NOVELTY POWER: CRISIL Assigns 'BB-' Rating to INR7MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank loan
facilities of Novelty Power & Infratec Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR58 Million Cash Credit        BB-/Stable (Assigned)
   INR7 Million Long-Term Loan      BB-/Stable (Assigned)
   INR30 Million Letter of Credit   P4 (Assigned)

The ratings reflect NPIL's constrained liquidity because of large
working capital requirements and modest scale of operations. These
rating weaknesses are partially offset by NPIL's above average
financial risk profile, marked by low gearing and strong debt
protection metrics.

Outlook: Stable

CRISIL believes that NPIL will continue to benefit from its
diversified customer and product profile profile, leading to
steady revenue growth and stable margins over the medium term. The
outlook may be revised to 'Positive' if NPIL scales up its
operations significantly, while maintaining profitability along
with better working capital management. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large,
debt-funded capital expenditure programme, thereby weakening its
capital structure, or if its incremental working capital
requirements are higher than expected.

                          About Novelty Power

Incorporated in 2005, NPIL (formerly Novelty Galvanizer Pvt Ltd)
is promoted by Mr. Shakir Nurie and his sons, Mr. Owais Nurie and
Mr. Shoaib Nurie. The company undertakes fabrication of
transmission line towers, communication towers, railway OHE
(Overhead equipment) structures, switchyard structures up to 400
KV, and other general fabrication. The company also undertakes
hot-dip galvanising on a job-work basis.

NPIL's Vasai unit is approved by Power Grid (Power Grid
Corporation of India Limited), and it undertakes fabrication work
for companies such as BHEL (Bharat Heavy Electricals Ltd), and
Power Grid. The other facility is located in Wada, Thane
(Maharashtra), and spread over 15 acres. The company has
galvanising capacity of 12,000 tonnes and engineering capacity of
24,000 tonnes. It also undertakes contracts related to road
markings and signage.

NPIL reported a profit after tax (PAT) of INR27.4 million on net
sales of INR1302.7 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR16.1 million on net
sales of INR915.5 million for 2008-09.


PADMAVATI FERROUS: CRISIL Rates INR640 Million Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Negative' rating to the term loan
facility of Padmavati Ferrous Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR640.0 Million Term Loan     BB/Negative (Assigned)

The rating reflects PFL's small scale of operations in the
intensely competitive ferro- alloys market and susceptibility to
cyclicality in the steel manufacturing industry, project
implementation risks at its co-generation power plant and ferro-
alloy expansion project. These rating weaknesses are partially
offset by the extensive industry experience of PFL's promoters,
established relationship with JSW Steel Ltd (JSW), and the
expected benefits from the integration of PFL's operations.

Outlook: Negative

CRISIL believes that PFL's liquidity will continue to remain weak
over the medium term driven by large term debt, maturing over the
medium term. The rating may be downgraded if PFL's liquidity
deteriorates because of significant time or cost overrun in its
ongoing project, or the company undertakes a larger-than-expected
debt-funded capital expenditure programme, weakening its cash
accruals. The outlook may be revised to 'Stable' if PFL stabilises
its integrated project within the revised timelines and budget,
and generates higher-than-expected cash accruals to meet its debt
obligations.

                        About Padmavati Ferrous

PFL was set up in 2004. The company, promoted by Mr. Manmohan
Goel, has its manufacturing unit in Toranagallu (Karnataka). PFL
manufactures ferro-alloys, mainly ferro-manganese and silico-
manganese. The company manufactures high-carbon ferro-manganese
(72 and 75 grade, indicating manganese content) and silico-
manganese alloys (60 and 65 grade). High-carbon ferro-alloys and
silico-manganese alloys are primarily used to produce a variety of
steels. The company operates through its single plant spread over
14 acres, with a capacity of 15,000 tonnes of high-carbon ferro-
alloys per annum. JSW is PFL's single largest customer and
accounts for more than 90% of PFL's annual revenues.

PFL is setting up another manufacturing unit at Toranagallu, over
100 acres, 15 kilometres from its existing unit. This will be an
integrated facility comprising a sponge iron unit, a ferro-alloy
unit, and a co-generation power plant.

PFL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR302.5 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR5.7 million on net
sales of INR486.3 million for 2008-09.


RSR INFRA: CRISIL Assigns 'BB-' Rating to INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of RSR Infra Works (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100.00 Million Cash Credit      BB-/Stable (Assigned)
   INR180.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect RSR's modest scale of operations, geographic
and project concentration, and below-average financial risk
profile marked by high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of RSR's promoters in the infrastructure
industry and the company's sizeable order book.

Outlook: Stable

CRISIL believes that RSR will maintain its sizeable order book and
continue to benefit from promoters' extensive industry experience
over the medium term. The outlook may be revised to 'Positive' if
RSR significantly increases its scale of operations, led by
increased geographic and project diversity, or significantly
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of delays in payments by customers,
leading to weakening in RSR's liquidity, or if the company
contracts more-than-expected debt to fund its capital expenditure.

                      About RSR Infra

Set up in 1986 as a proprietorship concern by Mr. Rankireddy Subba
Raju, RSR was reconstituted as a private limited company in May
2010. RSR is a Hyderabad-based infrastructure company, undertaking
projects in irrigation, railways, and civil construction. The
company is managed by Mr. Gopala Krishna, son of Mr. Rankireddy
Subba Raju. The company had an order book of INR1.57 billion as on
March 31, 2011; the projects are for Andhra Pradesh, Karnataka,
and Madhya Pradesh.

RSR reported a profit after tax (PAT) of INR17 million on net
sales of INR409.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR15.3 million on net
sales of INR324.9 million for 2009-10.


S.S. AGRO: CRISIL Rates INR140 Million Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit limit
facility of S. S. Agro.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Cash Credit Limit     B/Stable (Assigned)

The rating reflects the SS group's weak financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, large working capital requirements, small scale of
operations, and susceptibility to adverse regulatory changes,
vagaries of the monsoon, and volatility in raw material prices and
foreign currency rates. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
rice processing industry, and the healthy growth prospects for the
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of S. S. A and S.S Overseas, together
referred to as the SS group.  This is because the two entities are
in the same line of business, have the same promoters and
management, and strong financial linkages. Also, the entities have
provided guarantees for each other's bank lines.

Outlook: Stable

CRISIL believes that the SS group's financial risk profile will
remain weak because of its large working capital requirements and
small net worth, over the medium term. The outlook may be revised
to 'Positive' in case of a significant improvement in its
operating margin and increase in its scale of operations, while
its incremental working capital requirements are not substantial.
Conversely, the outlook may be revised to 'Negative 'if the
group's operating margin declines further, adversely affecting
overall profitability, or in case it undertakes a large debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                         About the Group

The SS group, based in Jalalabad (district Bhatinda, Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
are engaged in processing and sale of basmati rice. The group's
facilities are located in Jalalabad, with milling capacity of 16
tonnes per hour (tph) and Sortex capacity of 14 tph. The group was
primarily engaged in processing of non-basmati rice (Parmal) till
2007-08 (refers to financial year, April 1 to March 31), and
started processing basmati rice on job-work basis from the second
half of 2008-09 onwards. To support its processing activities, the
group expanded its capacity (modernised its plants by setting
additional sortex and other machineries) over the past three
years.

The SS group reported a profit after tax (PAT) of INR6 million on
net sales of INR27 million for 2009-10, against a PAT of INR2
million on net sales of INR14 million for 2008-09.


S.S. OVERSEAS: CRISIL Assigns 'B' Rating to INR170MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of S.S. Overseas.

   Facilities                            Ratings
   ----------                            -------
   INR170.0 Million Cash Credit Limit    B/Stable (Assigned)

The rating reflects the SS group's weak financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, large working capital requirements, small scale of
operations, and susceptibility to adverse regulatory changes,
vagaries of the monsoon, and volatility in raw material prices and
foreign currency rates. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
rice processing industry, and the healthy growth prospects for the
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of S.S.O and S. S. Agro (SSA), together
referred to as the SS group. This is because the two entities are
in the same line of business, have the same promoters and
management, and strong financial linkages. Also, the entities have
provided guarantees for each other's bank lines.

Outlook: Stable

CRISIL believes that the SS group's financial risk profile will
remain weak because of its large working capital requirements and
small net worth, over the medium term. The outlook may be revised
to 'Positive' in case of a significant improvement in its
operating margin and increase in its scale of operations, while
its incremental working capital requirements are not substantial.
Conversely, the outlook may be revised to 'Negative 'if the
group's operating margin declines further, adversely affecting
overall profitability, or in case it undertakes a large debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                        About the Group

The SS group, based in Jalalabad (district Bhatinda, Punjab), is
managed by Mr. Pravesh kumar and his brothers. Both SSA and SSO
are engaged in processing and sale of basmati rice. The group's
facilities are located in Jalalabad, with milling capacity of 16
tonnes per hour (tph) and sortex capacity of 14 tph. The group was
primarily engaged in processing of non-basmati rice (Parmal) till
2007-08 (refers to financial year, April 1 to March 31), and
started processing basmati rice on job-work basis from the second
half of 2008-09 onwards. To support its processing activities, the
group expanded its capacity (modernised its plants by setting
additional sortex and other machineries) over the past three
years.

The SS group reported a profit after tax (PAT) of INR 6 million on
net sales of INR27 million for 2009-10, against a PAT of INR2
million on net sales of INR14 million for 2008-09.


SAHAJANAND TECHNOLOGIES: CRISIL Rates INR150M Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' ratings to the cash credit
facility of Sahajanand Technologies Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       BB+/Stable (Assigned)

The ratings reflect the Sahajanand group's volatile revenue and
profitability profile marked by losses in 2009-10. The group
suffered losses on account of lower than expected offtake levels
and additional costs on account of expiry of raw materials. The
ratings also reflect large high outstanding receivables on account
of delayed realizations from its customers.  These rating
weaknesses are partially offset by the group's healthy financial
risk profile marked by comfortable capital structure and healthy
debt protection metrics.  The financial risk profile is also
marked by the debt funded capital expenditure of around INR100
million being undertaken by the group company which is being
funded by a term loan of INR50 million and balance by internal
accruals and CRISIL's belief that any significant time and cost
overrun in the project would not affect the financial risk profile
of the group. The strengths also include group's established
presence in the laser-based diamond processing machinery and
medical stent businesses.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STPL and Sahajanand Medical
Technologies Pvt Ltd (SMPL), collectively referred to as the
Sahajanand group. This is because both companies have common
promoters and management, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Sahajanand group will continue to benefit
from its established presence in the laser-based diamond
processing machinery and medical stent businesses. The outlook may
be revised to 'Positive' in case of more-than-expected growth in
the group's revenues and profitability, and significant
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in its revenues and/or margins, or further delay in
receivables from outstanding debtors leading to significant write-
offs, or the group undertakes a larger-than-expected debt-fund
capital expenditure programme, weakening its debt protection
metrics.

                        About the Group

Set up in 1993 by Mr. Dhirajlal Kotadia, the Sahajanand group
manufactures diamond processing machines and medical stents. The
group comprises two group companies, STPL and SMPL, and is based
in Surat (Gujarat).

Incorporated in 1993, STPL manufactures laser-based diamond
processing machines, which are used in the diamond processing
industry. Incorporated in 1998, SMPL manufactures medical stents,
used in cardiac surgeries. Both companies have manufacturing
facilities in Surat.

STPL reported a profit after tax (PAT) of INR22 million on net
sales of INR153.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net loss of INR58.5 million on
net sales of INR142.2 million for 2008-09.


SHANKER TIMBER: CRISIL Assigns 'B-' Rating to INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Shanker Timber Store.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         B-/Stable (Assigned)
   INR120 Million Letter of Credit   P4 (Assigned)

The rating reflects the Shanker Timber group's weak financial risk
profile, marked by high ratio of total outside liabilities to
tangible net worth, weak debt protection metrics and small net
worth, large working capital requirements, high dependence on
Malaysia for timber supplies, and susceptibility to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
timber trading and saw mill business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STS and Sharda Timber Store,
collectively referred to as the Shanker Timber group. This is
because the two entities have common owners and management, are in
the same line of business, have operational linkages in the form
of common customers and suppliers, and extend financial support to
each other.

Outlook: Stable

CRISIL believes that the Shanker Timber group will continue to
maintain its business risk profile backed by its established
clientele, over the medium term. However, its financial risk
profile is expected to remain constrained by its high ratio of
total outside liabilities to tangible net worth and weak interest
coverage ratio. The outlook may be revised to 'Positive' in case
of substantial equity infusion by the promoters and/or sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case larger-than-expected
debt-funded capital expenditure materially impacts the group's
debt protection metrics and/or the firm's profitability declines
because of volatility in raw material prices or foreign exchange
rates.

                          About the Group

STS was set up in 1980 by the Goyal family of Karnal (Haryana).
The firm has offices in Karnal, Rajpura, and Gandhidham.

The Goyal family set up Sharda Timber Store in 1990, and the firm
has offices in Karnal and Gandhidham.

The Shanker Timber group is in the business of processing and
trading timber. The group imports timber logs from dealers in
Malaysia, Singapore, and New Zealand, and sells to various
wholesalers, distributors, and retailers in the domestic market
after processing. The group has 30 saw mills at Gandhidham with a
total installed capacity of 4,500 square feet per day.

STS is estimated to report a book profit of INR0.7 million on net
sales of INR636.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a book profit of INR0.2 million
on net sales of INR443.8 million for 2009-10.


SHARDA TIMBER: CRISIL Assigns 'B-' Rating to INR15MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Sharda Timber Store.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         B-/Stable (Assigned)
   INR120 Million Letter of Credit   P4 (Assigned)

The rating reflects the Shanker Timber group's weak financial risk
profile, marked by high ratio of total outside liabilities to
tangible net worth, weak debt protection metrics and small net
worth, large working capital requirements, high dependence on
Malaysia for timber supplies, and susceptibility to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
timber trading and saw mill business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STS and Shanker Timber Store,
collectively referred to as the Shanker Timber group. This is
because the two entities have common owners and management, are in
the same line of business, have operational linkages in the form
of common customers and suppliers, and extend financial support to
each other.

Outlook: Stable

CRISIL believes that the Shanker Timber group will continue to
maintain its business risk profile backed by its established
clientele, over the medium term. However, its financial risk
profile is expected to remain constrained by its high ratio of
total outside liabilities to tangible net worth and weak interest
coverage ratio. The outlook may be revised to 'Positive' in case
of substantial equity infusion by the promoters and/or sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case larger-than-expected
debt-funded capital expenditure materially impacts the group's
debt protection metrics and/or the firm's profitability declines
because of volatility in raw material prices or foreign exchange
rates.

                            About the Group

The Goyal family of Karnal (Haryana) set up STS in 1990, and the
firm has offices in Karnal and Gandhidham.

Shanker Timber Store was set up in 1980 by the Goyal family. The
firm has offices in Karnal, Gandhidham, and Rajpura.

The Shanker Timber group is in the business of processing and
trading timber. The group imports timber logs from dealers in
Malaysia, Singapore, and New Zealand, and sells to various
wholesalers, distributors, and retailers in the domestic market
after processing. The group has 30 saw mills at Gandhidham with a
total installed capacity of 4,500 square feet per day.

STS is estimated to report a book profit of INR0.8 million on net
sales of INR446.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a book profit of INR0.2 million
on net sales of INR268.1 million for 2009-10.


SHREE RADHE: CRISIL Reaffirms 'BB-' Rating on INR30MM LT Bank Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Radhe Krishna
Smelters Pvt Ltd continue to reflect the company's moderate scale
of operations and marginal regional position in the steel
industry, large working capital requirements, and susceptibility
to volatility in steel prices. These rating weaknesses are
partially offset by SRK's healthy financial risk profile, marked
by moderate gearing and healthy debt protection metrics, and its
promoters' extensive experience in the steel industry.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Proposed LT Bank    BB-/Stable (Reaffirmed)
                      Loan Facility
   INR70.0 Million Cash Credit         BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRK's scale of operations will continue to
remain moderate and its financial risk profile healthy, over the
medium term. The outlook may be revised to 'Positive' if SRK
scales up its operations significantly while maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SRK's financial risk profile weakens, most likely
because of large debt-funded capital expenditure or pressure on
profitability.

                          About Shree Radhe

SRK, incorporated in 2004, trades structural steel products. SRK
is part of the Sarkar Gray group, comprising three other entities
-- Sarkar Gray Iron Products, Vishwarupa Steel Pvt Ltd, and
Vishwarupa Tubes Pvt Ltd. -- all promoted by Girdharilal Thard and
his son, Dhiraj Thard.

SRK reported a profit after tax (PAT) of INR6.5 million on net
sales of INR714 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR280 million for 2008-09.


SOMA ISOLUX: CRISIL Assigns 'BB' Rating to INR18.5BB Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Soma Isolux Varanasi Aurangabad Tollway Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR18.5 Billion Rupee Term Loan    BB/Stable (Assigned)
   INR1.5 Billion Proposed LT Bank    BB/Stable (Assigned)
                     Loan Facility

The rating reflects SIVATPL's exposure to risks during the initial
phase of the project and susceptibility to project implementation
risks. These rating weaknesses are partially offset by the fixed
costs and limited technical complexities of SIVATPL's turnkey
contract

Outlook: Stable

CRISIL believes that SIVATPL will benefit from the long concession
agreement period and conservative funding mix of the toll road
project over the medium to long term. The outlook may be revised
to 'Positive' if the progress on the project is better than
CRISIL's expectation, leading to completion of the project as per
schedule and within the budget Conversely, the outlook may be
revised to 'Negative' if the project faces considerable delays,
leading to liquidity constraints.

                          About Soma Isolux

SIVATPL is a special purpose vehicle (SPV) set up by the Isolux
Corsan group and Soma Enterprises Ltd in 2010. The SPV has entered
a concession agreement with the National Highways Authority of
India (NHAI, rated 'AAA/Stable' by CRISIL) to implementing a road
project on design-build-finance-operate-transfer (DBFOT) pattern
on toll basis.

The project involves construction, designing, engineering,
operation, and maintenance of six lanes (192.40 kilometre) of the
Varanasi-Aurangabad section of National Highway 2 (one arm of
Golden Quadrilateral, connecting New Delhi-Agra-Allahabad-
Varanasi-Aurangabad-Kolkata) in Uttar Pradesh and Bihar on toll
basis in a DBFOT pattern.  The concession period is 30 years,
including the construction period of two-and-a-half years.


V.S. LAD: CRISIL Rates INR450 Million Packing Credit at 'P5'
------------------------------------------------------------
CRISIL has assigned its 'P5' rating to the packing credit facility
of C Block of V.S. Lad and Sons.

   Facilities                           Ratings
   ----------                           -------
   INR450.00 Million Packing Credit     P5 (Assigned)

The rating reflects instances of delay by VSL's C block in
servicing its debt and the fact that it has been continuously
overdrawing its packing credit account for more than six months.
The delays and the overdrawn credit lines are a result of VSL's C
Block's weak liquidity, caused by the ban on export of iron ore.

VSL is susceptible to adverse regulatory changes, volatility in
prices of iron ore, and downturns in end-user industries. However,
the firm benefits from the extensive experience of its promoters
in the iron ore industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of VSL's C Block and A Block.  This is
because both the blocks are a part of the single legal entity,
VSL; however, there are no operational or financial linkages
between the blocks and they are managed separately. A Block is
controlled by the faction of VSL led by Mr. Eknath Lad and C Block
is controlled by the faction led by Mr. Anil Lad. CRISIL believes
that A Block does not have access to the cash flows of C Block.
The assigned rating applies exclusively to the bank facilities of
C Block and not to those of A Block.

                          About V.S. Lad

VSL was established in 1963 as a partnership concern by the late
Mr. Vittal Sivaram Lad. VSL mines iron ore. The firm mainly deals
in high-quality haematite iron ore (grades: Fe 60-65) and sells
them to the steel industry. The leased mine, under VSL, is located
about 8 kilometres from the Sandur district in Karnataka. VSL has
a mining lease for about 106 hectares, valid till 2015-16 (refers
to financial year, April 1 to March 31). However, in 2005-06, the
firm's management was reconstituted, and since then, about 65
hectares (A Block) are managed by Mr. Eknath Lad (son of Mr.
Vittal Sivaram Lad), and 41 hectares (C Block) are managed by Mr.
Anil Lad (grandson of Mr. Vittal Sivaram Lad). Both the blocks are
managed separately, and have no financial linkages.

VSL is part of the VSL group, which is into various businesses,
including iron ore mining, manufacture of pig iron, generation of
wind power, and real estate.

VSL reported a profit after tax (PAT) of INR0.9 billion on net
sales of INR6.5 billion for 2009-10, against a PAT of INR1.4
billion on net sales of INR7.8 billion for 2008-09.


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


PERTAMINA (PERSERO): Fitch Puts 'BB+' Final Rating to 2041 Notes
----------------------------------------------------------------
Fitch Ratings has assigned PT Pertamina (Persero)'s (Pertamina,
'BB+'/Positive) USD500 million senior unsecured notes due 2041 a
final rating of 'BB+'.

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


PERTAMINA (PERSERO): Moody's Assigns Ba1 Rating to $500MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive Ba1 senior
unsecured bond rating to the US$500 million 6.5% notes due 2041
issued by PT Pertamina (Persero).

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on 20th May 2011. Moody's rating
rationale was set out in a press release published on the same
day, and explored more fully in a Credit Opinion published on 10th
May 2011.

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

As a Government-Related Issuer (GRI), Pertamina's Ba1 rating
reflects its baseline credit assessment (BCA) of '11', which maps
to Moody's global scale of Ba1, and the strong support and
dependence from the Indonesian government (Ba1/stable) under the
Joint Default Analysis approach (JDA).

Pertamina's BCA reflects the company's strategically important
position as Indonesia's national integrated oil & gas company. It
operates at a low-cost and moderate leverage, though the latter is
expected to rise with its planned investments.

The company is exposed 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.

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

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

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


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


JLOC XXXIII: Fitch Downgrades Class C TBIs to 'CCCsf'
-----------------------------------------------------
Fitch Ratings has downgraded JLOC XXXIII Trust's trust beneficiary
interests (TBIs) due July 2013.  The transaction is a Japanese
multi-borrower type CMBS securitisation. The rating actions are:

   -- JPY3.1bn* Class B TBIs downgraded to 'Asf' from 'AAsf';
      Outlook Stable

   -- JPY6bn* Class C TBIs downgraded to 'CCCsf' from 'Bsf';
      assigned a Recovery Rating of 'RR3'

   -- JPY5.7bn* Class D TBIs downgraded to 'Csf' from 'CCsf';
      Recovery Rating of 'RR6'.

*as of May 20, 2011

Class A TBIs were fully redeemed in October 2010.

At the same time, Fitch has withdrawn the rating of
'AAAsf'/Outlook Stable on Class X dividend-only TBIs, following
the agency's revised practice for rating interest-only debt.

The downgrade of the class B TBIs reflects Fitch's view that,
given the shorter proximity to legal final maturity, the remaining
collateral properties will need to be sold within a tighter
schedule. Considering the sales activities to date and the number
of properties that need to be sold, Fitch has concluded the rating
for the class B TBIs is commensurate with 'Asf' in terms of the
timing of their full repayment.

The downgrades of the class C and D TBIs reflect reduced recovery
prospects from remaining collateral properties and the sales
activities of the collateral properties over the last 12 months.

The sale of collateral properties since the review in April 2010
has resulted in total proceeds that were lower than Fitch's
expectation, leading to downward pressure on the lower-rated
classes. In addition, Fitch has made downward adjustments to its
recovery expectation from the remaining collateral properties
reflecting sales activities and their cash flow performance.

This transaction was originally a securitization of five TMK
specified bonds, four non-recourse loans and the senior portion of
one TBI backed by a non-recourse loan, ultimately backed by 110
commercial properties located throughout Japan. The transaction is
currently backed by three bonds and one loan, backed by 18
properties in total and the sale proceeds from one sold property.
No significant damage to any of the collateral properties has been
reported to date from the recent earthquake.


TAIYO SHOKUSAN: Files For Bankruptcy Protection
-----------------------------------------------
Takehiko Kumakura at Bloomberg News reports that Taiyo Shokuan
Co., Ltd., a closely held company in Okayama, western Japan, filed
for bankruptcy protection with the Tokyo District Court.

Bloomberg, citing Teikoku Databank, says the real estate company
has liabilities of JPY41.8 billion.


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


KUMHO ASIANA: Korea Express to Finalize Share Sale in September
---------------------------------------------------------------
Yonhap News reports that creditors of Korea Express Co. are
expected to complete the sale of a major stake in the company in
early September as they have resolved differences over how to sell
it, an official at the lead creditor bank said Thursday.

Yonhap relates that creditors led by Korea Development Bank had
planned to finalize their sale of a 37.6% stake in Korea Express
by June, but the sale process has stalled due to gaps between
creditors and preliminary bidders.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2011, KDB is seeking to sell Korea Express in a bid to
wrap up the restructuring of the group.  Last year, the state-run
lender took over Daewoo Engineering & Construction Co. in an
effort to speed up the normalization of the conglomerate, which is
under a creditors-led debt rescheduling program.

Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,
that it plans to raise KRW1.3 trillion from asset sales to help
repay debt stemming from the 2006 takeover of Daewoo Engineering.
The group has already sold assets and lost control of units
including Daewoo Engineering, Kumho Industrial Co. and Kumho Tire
Co. to creditors.

Korea Express Co., Ltd. provides land and marine transportation,
and logistics services.  The company also operates stevedoring,
distribution, and warehousing businesses that serve domestic and
international customer needs.  The company is part of the Kumho
Asiana Group.

                          About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


HO HUP CONSTRUCTION: Zen Court Serves Unsealed Petition
-------------------------------------------------------
Zen Courts Sdn Bhd on May 23, 2011, served an unsealed Petition
against Ho Hup Construction Company Berhad, Bukit Jalil
Development Sdn Bhd, and Ho Hup Equipment Rental Sdn Bhd.  Ho Hup
holds almost 70% of the shares in BJD, while Zen Courts holds 30%
of shares in BJD.  Ho Hup holds the entire share capital of HHER
(which in turn holds 10 shares in BJD).

Ho Hu said the Petition has apparently been filed in the Kuala
Lumpur High Court but the sealed Petition has yet to be extracted
by Zen Courts' lawyers.

Under the Petition, Zen Courts is asking for these orders:

    (1) A declaration that Ho Hup is in breach of conditions
        stipulated in a Joint Venture Agreement dated Sept. 12,
        1995, between UEM Group Berhad and Ho Hup, which relates
        to their respective shareholdings in BJD;

    (2) specific performance of the UEM JVA, including the
        appointment of 2 persons nominated by Zen Courts to the
        Board of BJD;

    (3) the Respondents are compelled to ensure the Board of
        BJD comprises five directors, two of whom are nominated
        by Zen Courts and three nominated by Ho Hup;

    (4) the Respondents take steps to amend the Memorandum and
        Articles of BJD to reflect the terms of the UEM JVA;

    (5) the Respondents be restrained from "further breaching"
        the UEM JVA;

    (6) BJD and Ho Hup "be compelled" and "an injunction
        compelling" them be given "to comply with the terms of
        the UEM JVA";

    (7) a declaration that any resolutions approved or passed
        at Board Meetings of BJD in the absence of Zen Courts'
        representatives as directors "are null and void";

    (8) a declaration that any resolutions approved or passed
        at General Meetings of BJD in the absence of Zen Courts
        "are null and void";

    (9) a declaration that "all things done" pursuant to (7)
        and (8) "are null and void".

   (10) BJD and Ho Hup be restrained from "implementing, carrying
        out or otherwise taking any steps" on the resolutions
        stated in (7) and (8).

   (11) a declaration that the transfer of shares in BJD from
        Ho Hup to HHER is "null and void";

   (12) accounts and inquiries on BJD;

   (13) restitution and repayment of all monies, benefit and
        advantage received by Ho Hup in breach of the UEM JVA
        be "assessed and repaid to BJD or Zen Courts as the
        case may be";

   (14) damages to be assessed; and

   (15) interest at 8% per annum from the date of the order
        to full settlement.

Further or in the alternative, Zen Courts prayed that:

   (16) BJD be wound up by the Court under the provisions of
        the Companies Act and its assets distributed in accordance
        with the law;

   (17) the Official Receiver be appointed as liquidator or in
        the alternative any other approved liquidator;

   (18) costs of proceedings be borne by Ho Hup; and

   (19) parties be at liberty to apply.

Ho Hup has taken the initiative to engage Zen Courts on these
matters since March 2010.  While Ho Hup is aware of, it is however
unable to agree with, the assertions made by Zen Courts under
which Zen Courts allege it is entitled to the contractual benefits
which accrued to UEM Group Berhad under the UEM JVA (which is a
contract entered into in 1995 between UEM Group Berhad and Ho Hup
only).  Ho Hup has at all material times been taking legal advice
on issues arising.  Though Ho Hup questions how Zen Courts claims
to have acquired such contractual benefits and the effect of such
alleged acquisition of contractual benefits, Ho Hup has always
treated Zen Courts as a registered shareholder of BJD since Zen
Courts was first registered as a shareholder of BJD on March 26,
2010.

Ho Hup is in the process of taking further legal advice, and will
make further announcements as necessary on future developments in
this matter.

                        About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties; manufacturing, which
includes manufacturing and distribution of ready-mixed concrete;
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


IBRACO BERHAD: Regularizes Financial Status; Out PN 17 Listing
--------------------------------------------------------------
Bursa Malaysia Securities Berhad announced that Ibraco Berhad has
regularized its financial condition and no longer triggers any of
the criteria under Paragraph 2.1 of Practice Note 17.

Ibraco Berhad has been considered a PN17 Company based on the
criteria set by the Bursa Malaysia Securities Bhd.  The company
triggered Paragraph 2.1(h) of the Listing Requirements as a result
of low revenue on a consolidated basis that represents 5% or less
of the issued and paid-up capital of the Company for the year
ended Dec. 31, 2009.

Ibraco Berhad is engaged in property development and investment
holding.  The Company is specializing in real estate and property
development comprising mainly residential, commercial and
industrial properties.  Some of the Company's subsidiaries are
specializing in the development of industrial estate, residential
schemes and social housing.  The Company operates in Malaysia.
The Company's subsidiaries include Ibraco-LCDA Sdn. Bhd., Ibraco
Shine Sdn. Bhd., Syarikat-Ibraco Peremba Sdn. Bhd., Foso One Sdn.
Bhd., Ibraco Construction Sdn. Bhd. and Ibraco Shine Sdn. Bhd.


NAM FATT: Delisted From Bursa Securities
----------------------------------------
Bursa Malaysia Securities Berhad on May 24, 2011, delisted the
securities of Nam Fatt Corporation Berhad from the Official List
of Bursa Securities pursuant to paragraph 8.04 of the Main Market
Listing Requirements of Bursa Securities.

The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated Dec. 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


TRANSMILE GROUP: Delisted From Bursa Securities
-----------------------------------------------
Bursa Malaysia Securities Berhad on May 24, 2011, delisted the
securities of Transmile Group Berhad from the Official List of
Bursa Securities pursuant to paragraph 8.04 of the Main Market
Listing Requirements of Bursa Securities.

The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which provides air transportation and related
services and deals in aircraft, aircraft parts and equipment;
Transmile Thailand Sdn. Bhd., which is engaged in investment
holdings; Transmile Management Sdn. Bhd., which provides
management services; Viunique Corporation Sdn. Bhd., which leases
aircraft; and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

                           *     *     *

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


79 MANNERS: Goes Into Receivership
----------------------------------
NZ Herald Online reports that 79 Manners Street Ltd was put into
receivership on May 19.

John Fisk and Richard Longman of PricewaterhouseCoopers are
handling the receivership, according to NZ Herald Online.  The
company is owned by Century City Trust Ltd, which is owned by
Terry Serepisos, Wellington property developer and Wellington
Phoenix football club owner.

The report relates that Maison Property Holdings Ltd, another
company owned by Mr. Serepisos, was also placed in receivership on
May 19.  Mr. Fisk and Mr. Longman are also handling the
receivership.

NZ Herald Online discloses that the receivers were appointed by
frozen lender Equitable Mortgages.

NZ Herald Online recalls that Equitable Mortgages called in
receivers last November and Korda Mentha has taken over that
receivership.

Meanwhile, NZ Herald Online relates, Terry Serepisos also faces a
bid to bankrupt him and two of his companies after the High Court
in Wellington dismissed an application to throw out the
proceedings.

Associate Judge Gendall rejected Serepisos' argument that the
bankruptcy application was unjust, saying there was no substance
in the argument, NZ Herald Online notes.

NZ Herald Online says that the decision lets FM Custodians, which
is acting for the Canterbury Mortgage Trust, push ahead with
bankruptcy notices against Mr. Serepisos, and his companies New
Millennium Design Ltd. and Century City Developments.

NZ Herald Online notes that FM Custodians is trying to claw back
the remaining NZ$5 million owed on some NZ$6.8 million of loans
personally guaranteed by Mr. Serepisos. The outstanding balance is
accruing annual interest of 17.25%, the report adds.


ECOYA LTD: Reports Smaller Annual Loss of NZ$4 Million
------------------------------------------------------
Otago Daily Times reports that Ecoya Ltd has reported a loss of
NZ$4 million in the 12 months to March 31, 2011.  This is less
than the NZ$5.2 million loss forecast in the prospectus the
company released ahead of listing on NZX.

Otago Daily discloses that revenue was NZ$14.3 million compared to
a prospectus forecast of NZ$8 million.  The company expects
revenue to be more than NZ$20 million in the year ended March 31,
2012, the report says.

"The current year has started very well, with solid growth in both
Ecoya and Trilogy," Otago Daily quotes executive chairman Geoff
Ross as saying.

The company posted NZ$2.4 million and NZ$868,000 net losses for
the years ended March 31, 2010 and 2009, respectively.

Ecoya Limited (NZE:ECO) -- http://www.ecoya.co.nz/-- formerly
Kanara Holdings Limited, manufactures and wholesales products in
the home fragrance, and body and bath categories.  Its major
markets are New Zealand and Australia.  The Company has
manufacturing operations in Australia and the head office is based
in New Zealand.  On Dec. 31, 2009, the Company acquired a further
30% of Ecoya Pty Limited taking its holding to 100%.  Its products
include natural soy travel tin and natural soy everyday tin,
natural soy wax melts, soap, hand and body wash, and hand and body
lotion.  In September 2010, the Company acquired Trilogy Natural
Products Limited.


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


AMARU INC: Posts US$500,000 Net Loss in First Quarter
-----------------------------------------------------
Amaru, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $500,013 on $3,143 of revenue for the three months
ended March 31, 2011, compared with a net loss of $423,545 on
$5,598 of revenue for the same period last year.

The Company's balance sheet at March 31, 2011, showed $3.1 million
in total assets, $3.4 million in total liabilities, and a
stockholders' deficit of $343,026.

As reported in the TCR on April 26, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about Amaru, Inc.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling $38.5 million at Dec. 31, 2010.

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

                       http://is.gd/RqGsy0

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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