TCRAP_Public/110531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, May 31, 2011, Vol. 14, No. 106

                            Headlines



A U S T R A L I A
FARMER CHARLIE: Goes Into Administration, Up to 50 Jobs at Risk
FINESSE FOODS: Receivers to Shutdown Facility, Cuts Jobs
REDGROUP RETAIL: Administrators Urgently Seek Buyers for Borders


C H I N A

BABY FOX: Incurs US$2.01 Million Net Loss in March 31 Quarter
CHINA CENTURY: Gets Additional Notice of NYSE Amex Non-Compliance
EASTBRIDGE INVESTMENT: Posts US$328,300 Net Loss in Q1 2011
MATCHES, INC: Reports US$813,100 Net Income in First Quarter


H O N G  K O N G

BULLIVANT'S NATURAL: Moyes and Ho Step Down as Liquidators
CARILLION INVESTMENTS: Lam and Boswell Step Down as Liquidators
E. TUNG FINANCE: Ng and Chan Step Down as Liquidators
FITIGOOD COMPANY: Ng and Chan Step Down as Liquidators
FINOVERDE LIMITED: Lam and Boswell Step Down as Liquidators

GALLAS PUBLISHING: Creditors' Proofs of Debt Due June 10
HARMON INTERNATIONAL: Creditors' Proofs of Debt Due June 20
HASTEN GROWTH: Lam and Boswell Step Down as Liquidators
IMAGI EMERALD: Commences Wind-Up Proceedings
KAI WAH: Ng and Chan Step Down as Liquidators

KAM LEE: Ng and Chan Step Down as Liquidators
LYKIMYUEN PROPERTIES: Ng and Chan Step Down as Liquidators
NEW GIANT: Creditors' Proofs of Debt Due June 30
PARAMOUNT HK: Creditors' Proofs of Debt Due June 27
WING HO: Ng and Chan Step Down as Liquidators


I N D I A

ADHUNIK CORP: Fitch Affirms National LT Rating at 'BB(ind)'
ADINATH SILKS: CRISIL Reaffirms 'BB' Rating on INR70MM Cash Credit
AEROBOK SHOE: CRISIL Assigns 'BB' Rating to INR84MM Term Loan
ARVIND PIPES: CRISIL Assigns 'B' Rating to INR30 Million LT Loan
B D CORPORATES: CRISIL Reaffirms 'B' Rating on INR43MM Term Loan

DHARAMPAL PREMCHAND: CRISIL Reaffirms 'BB' Rating on Various Loans
FREEDOM FOOTWEAR: CRISIL Assigns 'BB' Rating to INR38.7MM Loan
FUELCO COAL: CRISIL Reaffirms 'BB+' Rating on INR90MM Cash Credit
HARSHIT POWER: Fitch Assigns L-T Loan II 'D(ind)' Rating
MANJEERA HOTELS: Fitch Rates Bank Loans 'B-(ind)'/'F4(ind)'

MAVERICK PROPERTIES: CRISIL Rates INR349.9MM LT Loan at 'BB-'
PUNJAB COOPERATIVES: INR102 Billion Assets Under Threat
S & S CONSTRUCTION: CRISIL Rates INR120MM Credit Limit at 'B+'
SHAH PULP: CRISIL Reaffirms 'BB+' Rating on INR13.5MM Term Loan
SREE RAJESWARI: CRISIL Assigns 'B' Rating to INR4 Million LT Loan

SREE TIRUMALA: CRISIL Upgrades Rating on INR180MM Loan to 'BB'
SUNTANA TEXTILE: CRISIL Reaffirms 'P4' Rating on INR105MM Credit
SURE SAFETY: CRISIL Assigns 'BB' to INR17.5MM LT Bank Loan
TIRUPATI UDYOG: CRISIL Assigns 'D' Rating to INR35.5MM LT Loan
VAISHNODEVI REFOILS: CRISIL Assigns 'C' Rating to INR33MM LT Loan

YESHASHVI STEELS: CRISIL Reaffirms 'D' Rating on INR815MM Loan


J A P A N

NCI TRUST: S&P Puts 'B' Rating on Class D Certificates on Watch
ORIX-NRL TRUST: Moody's Cuts Rating on Class H Certs. to 'Ca (sf)'
ORSO FUNDING: Moody's Reviews Notes Ratings for Possible Downgrade
TOKYO ELECTRIC: Banks Book JPY400-Bil. Losses in Tepco Shares
TOKYO ELECTRIC: Won't Sell Land Holdings in Oze National Park


K O R E A

BUSAN SAVINGS: Former State Auditor Arrested on Bribe Charges


N E W  Z E A L A N D

REDGROUP RETAIL: Whitcoulls Union Angry Over New Contracts


P H I L I P P I N E S

BANCO FILIPINO: PDIC Pays Deposit Insurance 75,330 Depositors


S I N G A P O R E

CLOUGH INVESTMENT: Creditors' Proofs of Debt Due June 27
EAST ASIATIC: Creditors' Proofs of Debt Due June 27
KDMS MANAGEMENT: Creditors' Proofs of Debt Due June 10
STAMFLES REMOTE: Creditors' Proofs of Debt Due June 10
TELEPOINT DISTRIBUTION: Creditors' Proofs of Debt Due June 10


V I E T N A M

* VIETNAM: Some Securities Firms on the Brink of Insolvency


X X X X X X X X

* BOND PRICING: For the Week May 23 to May 27, 2011




                            - - - - -


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


FARMER CHARLIE: Goes Into Administration, Up to 50 Jobs at Risk
---------------------------------------------------------------
The Northern Star reports that Farmer Charlie's manager, Daryl
Smith, has suspended trading across all three stores following the
fall of the company into administration.  The report relates that
Mr. Smith said that up to 50 staff would be out of work.

Workers at Lismore, Ballina and Casino were told they would lose
their jobs unless someone stepped in to buy the company, according
to The Northern Star.

Mark Roufeil, an administrator from PPB Advisory, said the Ballina
and Evans Head and the Lismore stores would cease trading, The
Northern Star discloses.  The report relates that Mr. Roufeil said
he had been working around the clock to find a new owner and was
having some success.

"I have four parties who are genuinely interested in trying to
acquire the stores," The Northern Star says, quoting Mr. Roufeil
as saying.  The report relates that Mr. Roufeil admitted the
stores were in a "terrible financial situation" although he would
not reveal a debt figure.

Ashley Thomson, who has managed the butchery section at the
Lismore store for only two months, said staff had not received any
of their holiday pay entitlements and may not do so for months,
The Northern Star notes.


FINESSE FOODS: Receivers to Shutdown Facility, Cuts Jobs
--------------------------------------------------------
Perthnow reports that nearly 130 jobs will go after receivers of
Finesse Foods reveal plans to shut down the Bunbury chicken
processing facility and the Dardanup abattoir.

The development comes after the business was placed into
administration in November last year, and an exhaustive national
and international search was unable to produce any prospective
buyers, according to Perthnow.

"Despite our best efforts, we have been unable to negotiate a
successful sale of the business with a prospective buyer, and
given the ongoing financial losses incurred, there is no
alternative but to immediately scale back operations before
closing the business," Perthnow says, quoting Dermott Mr. McVeigh
from Deloitte, the receivers of the business, as saying.

Perthnow notes that Deloitte said it was working closely with the
State Minister for Agriculture and Food, Terry Redman, and other
state and local government offices to minimize the impact of the
plant closure on employees and other stakeholders.

Mr. McVeigh confirmed that the operations at the Bunbury facility
run by Goldfin Enterprises will be scaled down before full closure
in approximately two weeks time, and the abattoir operation run by
Goldlevel Enterprises at nearby Dardanup will remain in operation
for six to ten weeks, albeit on a scaled down basis, to close out
processing of remaining poultry livestock in Finesse Foods'
process, Perthnow discloses.

Finesse Foods chicken processing facility has been operating in
Bunbury since 1988, producing raw and value-added chicken products
for the domestic and Asian markets, with a workforce of
approximately 128.


REDGROUP RETAIL: Administrators Urgently Seek Buyers for Borders
----------------------------------------------------------------
The administrators of REDgroup Retail, owner of the Angus &
Robertson and Borders bookstore chains, announced Monday that 34
employees at REDgroup's head office will be made redundant.  This
follows the closure of 55 Angus & Robertson and Borders stores
over the past four months.

The Administrator, John Melluish of Ferrier Hodgson, said the
redundancies came in advance of decisions about the future of the
REDgroup bookstore businesses.

Mr. Melluish said he was now urgently seeking offers from
potential buyers of all or part of the Angus & Robertson or
Borders networks.  He said he would consider offers for individual
stores.

The administrator also said that unless he is able to conduct an
urgent sale of the business he may be forced to close the
remaining 59 Angus & Robertson and nine Borders bookstores.
Following this round of redundancies, REDgroup staff numbers total
883.

"If we are unable to find a suitable buyer, the Angus & Robertson
and Borders stores will be closed," Mr. Melluish said, the report
quotes.

The administrators have guaranteed all employee entitlements
accrued from the date of the appointment of administrators.
Payment of entitlements accrued prior to the administration is
dependent on final stock realization, which will be known within
the next few weeks.

The REDgroup businesses in New Zealand have been progressively
sold down over the four month Administration:

On May 26, 2011, the REDgroup New Zealand business was sold to the
privately owned New Zealand retail business, James Pascoe Group.
The sale included 57 Whitcoulls stores and five Borders stores.
The sale price remains confidential.

On April 29, 2011, The REDgroup New Zealand business sold the
Bennetts chain of eight university-based bookstores to a
New Zealand private investor, Geoff Spong.  The sale price remains
confidential.

On April 6, 2011, the REDgroup New Zealand business sold a
portfolio of 10 Whitcoulls bookstores located in New Zealand's
airports to Australia-based travel retail specialist LS Travel
Retail Pacific, formerly known as Lagardere Services Asia Pacific.
The sale price remains confidential.

In total, these sales preserved more than 1,050 New Zealand jobs.

                        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 Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, 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.

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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BABY FOX: Incurs US$2.01 Million Net Loss in March 31 Quarter
-------------------------------------------------------------
Baby Fox International, Inc., filed with the U.S. Securities and
Exchange Commission its Quarterly report on Form 10-Q, reporting a
net loss of US$2.01 million on US$6.42 million of total sales for
the three months ended March 31, 2011, compared with net income of
US$816,002 on US$7.08 million of total sales for the same period
during the prior year.

The Company also reported a net loss of US$900,469 on US$18.44
million of total sales for the nine months ended March 31, 2011,
compared with a net loss of US$92,745 on US$19.95 million of total
sales for the same period a year ago.

The Company's balance sheet at March 31, 2011, showed US$12.94
million in total assets, US$21.04 million in total liabilities and
a US$8.10 million total stockholders' deficit.

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

                        http://is.gd/Tun24j

                   About Baby Fox International

Shanghai Minhang District, P.R.C.-based Baby Fox International,
Inc., is a Nevada corporation organized on Aug. 13, 2007, by
Hitoshi Yoshida, a Japanese citizen, as a listing vehicle to
acquire Shanghai Baby Fox Fashion Co., Ltd.  The Company is a
growing specialty retailer, developer, and designer of
fashionable, value-priced women's apparel and accessories.  The
Company's products are aimed to target women aged 18 to 40 in
China.  The Baby Fox brand was initially registered in Italy in
May of 2003 and it is promoted as an international brand in China.

The Company reported a net loss of US$435,531 on US$25.2 million
of revenue for fiscal year ended June 30, 2010, compared to a net
loss of US$4.5 million on US$24.3 million of revenue for fiscal
2009.

Following the fiscal 2010 results, Friedman LLP, in Marlton, N.J.,
expressed substantial doubt about the Company's ability as a going
concern.  The independent auditors noted of the Company's losses,
negative cash flows from operations and working capital
deficiency.


CHINA CENTURY: Gets Additional Notice of NYSE Amex Non-Compliance
-----------------------------------------------------------------
China Century Dragon Media, Inc. received an additional notice of
non-compliance from the NYSE Amex LLC due to the Company's failure
to maintain a board of directors consisting of a majority of
independent directors and an audit committee consisting of at
least three independent directors in accordance with Sections
802(a) and 803B(2) of the Exchange's Company Guide.  The Company
plans to address its plan for adding an additional independent
director to its board of directors and audit committee at its
scheduled hearing before a Listing Qualifications Panel of the
Exchange's Committee on Securities.  The Company also received
notifications on April 5, 2011 and May 17, 2011 from the Exchange
of the Company's failure to satisfy one or more of the Exchange's
continued listing standards related to the Company's failure to
timely file its Annual Report on Form 10-K for the year ended
December 31, 2011 and its Quarterly Report on Form 10-Q for the
three months ended March 31, 2011 with the Securities and Exchange
Commission.

As previously reported, on March 23, 2011, the Company received a
delisting notification from the Exchange due to the Company's
noncompliance with Sections 1003(f)(iii), 132(e), 1003(d), 1002(e)
and 127 of the Company Guide.  The Company has appealed the
Staff's delisting determination, which was based on the Exchange's
review of the resignation letter from the Company's former
auditor, MaloneBailey LLP, and the delay in the filing of the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2010.  The Company timely requested a hearing before
the Panel.  The Company also received notifications from the
Exchange.  The most recent notice of non-compliance has no
immediate effect on the listing of the Company's common stock on
the Exchange.

                   About China Century Dragon

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network. The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.
The Company assists its customers in identifying the most
appropriate advertising time slots for their television
commercials based on the customer's advertising goals and in
developing a cost-effective advertising program to maximize their
return on their advertising investment.


EASTBRIDGE INVESTMENT: Posts US$328,300 Net Loss in Q1 2011
-----------------------------------------------------------
EastBridge Investment Group Corporation filed its quarterly report
on Form 10-Q, filed with the U.S. Securities and Exchange
Commission, reporting a net loss of US$328,281 for the three
months ended March 31, 2011, compared with a net loss of
US$989,475 for the same period last year.

The Company did not have any recordable revenue in the three
months ending March 31, 2011 or 2010.

The Company's balance sheet at March 31, 2011, showed US$1.8
million in total assets, US$1.7 million in total liabilities, and
stockholders' equity of US$122,119.

As reported in the TCR on April 26, 2011, Tarvaran Askelson &
Company, LLP, in Laguna Niguel, California, expressed substantial
doubt about EastBridge Investment Group's ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has incurred
significant losses.

A copy of the Form 10-Q is available at http://is.gd/bZFT8J

Scottsdale, Arizona-based EastBridge Investment Group Corporation
provides investment related services in Asia, with a strong focus
on the high GDP growth countries, such as China and India.
EastBridge is initially concentrating its efforts in China (Hong
Kong, mainland China, Macao and Taiwan).  The Company provides
consulting services to provide viable corporate infrastructure
necessary for small to medium-size companies to obtain capital to
grow their business.


MATCHES, INC: Reports US$813,100 Net Income in First Quarter
------------------------------------------------------------
Matches, Inc., filed its quarterly report on Form 10-Q, filed with
the U.S. Securities and Exchange Commission, reporting net income
of US$813,118 on US$18.8 million of sales for the three months
ended March 31, 2011, compared with net income of US$675,154 on
US$10.9 million of sales for the same period last year.

The Company's balance sheet at March 31, 2011, showed
US$62.0 million in total assets, US$46.1 million in total
liabilities, and stockholders' equity of US$15.9 million.

As of March 31, 2011, and Dec. 31, 2010, the Company had negative
working capital of US$6.3 million and US$6.1 million.

As reported in the TCR on April 11, 2011, Bernstein & Pinchuk,
LLP, in New York, expressed substantial doubt about Matches,
Inc.'s ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has negative working capital as of Dec. 31, 2010, and
2009.

A copy of the Form 10-Q is available at http://is.gd/BKcfex

Based in Taicang City, Jiangsu Province, China, Matches, Inc.
(MTXS.OB) was incorporated pursuant to the laws of the State of
Wyoming on Nov. 28, 2007.  The Company is a chemical fiber
manufacturer of polyester fibers with operations based in Suzhou,
Jiangsu Province.  The Company commenced operations in 2001.  The
products the Company manufactures are of two major chemical fiber
categories, Pre-Oriented Yarn ("POY") and Draw Texturing Yarn
("DTY").  These products are widely used to produce a variety of
textile products for both home use and industrial use.


================
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BULLIVANT'S NATURAL: Moyes and Ho Step Down as Liquidators
----------------------------------------------------------
Paul David Stuart Moyes and Ho Siu Pik stepped down as liquidators
of Bullivant's Natural Health Products (HK) Limited on May 27,
2011.


CARILLION INVESTMENTS: Lam and Boswell Step Down as Liquidators
---------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Carillion Investments Limited on May 23,
2011.


E. TUNG FINANCE: Ng and Chan Step Down as Liquidators
-----------------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of E.
Tung Finance Limited on May 11, 2011.


FITIGOOD COMPANY: Ng and Chan Step Down as Liquidators
------------------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of
Fitigood Company Limited on May 11, 2011.


FINOVERDE LIMITED: Lam and Boswell Step Down as Liquidators
-----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Finoverde Limited on May 23, 2011.


GALLAS PUBLISHING: Creditors' Proofs of Debt Due June 10
--------------------------------------------------------
Creditors of Gallas Publishing Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 10, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jackson Ip
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


HARMON INTERNATIONAL: Creditors' Proofs of Debt Due June 20
-----------------------------------------------------------
Creditors of Harmon International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 20, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 18, 2011.

The company's liquidator is:

         Lim Yi Ping
         12/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


HASTEN GROWTH: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Hasten Growth Limited on May 23, 2011.


IMAGI EMERALD: Commences Wind-Up Proceedings
--------------------------------------------
Members of Imagi Emerald Limited, on May 23, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Cheng Kwok Wai David
         Chan Yuen Bik Jane
         31/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


KAI WAH: Ng and Chan Step Down as Liquidators
---------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of Kai
Wah Realty Limited on May 11, 2011.


KAM LEE: Ng and Chan Step Down as Liquidators
---------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of Kam
Lee Wah Realty Limited on May 11, 2011.


LYKIMYUEN PROPERTIES: Ng and Chan Step Down as Liquidators
----------------------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of
Lykimyuen Properties Limited on May 11, 2011.


NEW GIANT: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Creditors of New Giant Enterprise Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Chun Hing
         Room 2506, West Tower Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


PARAMOUNT HK: Creditors' Proofs of Debt Due June 27
---------------------------------------------------
Creditors of Paramount Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 27, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 18, 2011.

The company's liquidator is:

         Sy Mei Ling
         38th Floor, Tower One
         Lippo Centre
         89 Queensway, Hong Kong


WING HO: Ng and Chan Step Down as Liquidators
---------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of Wing
Ho King Realty Limited on May 11, 2011.


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ADHUNIK CORP: Fitch Affirms National LT Rating at 'BB(ind)'
-----------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Corporation
Limited's National Long-Term rating at 'BB(ind)' with a Stable
Outlook. Its 'F4(ind)' National Short-term rating has been
withdrawn as Fitch no longer provides such ratings to issuers. The
agency has also affirmed these ratings on ACL's bank loans:

   -- Outstanding/sanctioned INR5,690.2 million long-term loans
      (reduced from INR5,726.6 million): 'BB(ind)';

   -- Sanctioned INR550 million fund-based limits: 'BB(ind)'; and

   -- Sanctioned INR220 million non-fund based limits: 'F4(ind)'.

The affirmation reflects ACL's steady financial performance in the
nine months of the financial year ended March 31, 2011 (9MFY11),
with its EBITDA margins improving to 12.1% from 11.09% in FY10.
Its financial leverage (net debt/EBITDA) also improved to 2.43x in
9MFY11 from 3.18x in FY10.

The ratings are constrained by ACL's large INR8,650 million capex
plan to set up an integrated steel plant at Purulia, West Bengal.
It is expected to be funded by debt of INR5,620m. The capex has
been delayed due to land acquisition issues. During FY11, the
company repaid the small amount of sanctioned project loan that it
had drawn.

A positive rating guideline would be ACL's cancellation of the
capex plan. While a drop in its interest coverage to below 2.5x on
a sustained basis would be a negative rating factor.

ACL operates a 60,000 MTPA sponge iron facility and a 78,000 MTPA
alloy steel billet facility with four induction furnaces in West
Bengal.  In FY10, it reported revenues of INR3,405.3 million
(FY09: INR3,303.2 million). The company's total debt at end-FY10
was INR1,320.1 million (FY09: INR986.1 million), which comprised
term loan of INR431.8 million, working capital debt of INR676.2
million and unsecured loans of INR212.1 million from other
companies. ACL reported negative net free cash flow of INR349.6
million in FY10 (FY09: negative INR257.6 million), mainly due to
an increase in its working capital requirements and high capex.
Fitch expects the net free cash flow to remain negative over the
short-to-medium term due to the expected capex.


ADINATH SILKS: CRISIL Reaffirms 'BB' Rating on INR70MM Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB/Stable' ratings to Adinath Silk
Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR70.00 Million Cash Credit    BB/Stable (Reaffirmed)

The ratings reflect ASL's small scale of operations and weak
financial risk profile marked by a small net worth, a moderate
gearing, and moderate debt protection metrics. These rating
weaknesses are partially offset by ASL's established market
position with strong relationships with suppliers and customers
and the benefits that the company derives from its promoters'
experience in the silk trading business.

Outlook: Stable

CRISIL believes that ASL will maintain a stable business profile
on the back of strong relationships with suppliers and customers.
The outlook may be revised to 'Positive' if ASL's financial risk
profile improves significantly, most likely because of an
improvement in cash accruals or fresh, large equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in ASL's financial risk profile because of lower
than expected profitability or large debt-funded capital
expenditure.

Update

For 2010-11 (refers to financial year, April 1 to March 31), ASL
reported a growth of -35%% in revenues. The company recorded
revenues of about INR165 crores and surpassed CRISIL's
expectations. The growth in revenues was primarily driven by
continued demand from the existing customers and company's focus
on increasing the revenues even at the cost of compromise in
operating margins.  The focus on revenues and traded volume led to
decline in margins. During FY2010-11, ASL reported an operating
margin of 1-1.2% for the year which were lower than CRISIL's
expectations.  The business risk profile of ASL continues to be
constrained by its small scale of operations and low operating
profitability. ASL's financial risk profile remained weak marked
by a small net worth, a moderate gearing, and moderate debt
protection metrics. The liquidity profile of the company remained
moderate with no long term loans and moderate bank limit
utilization of -85% for the past 12 months. The gearing of the
company is expected to remain moderate in near to medium term.

ASL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR1.24 billion for 2009-10, as against a PAT of INR3.3
million on net sales of INR0.78 billion for 2008-09.

                        About Adinath Silk

Incorporated in 2002 by Mr. Atul Kumar Shah, Adinath Silks Ltd
(Adinath) is engaged in wholesale trading of grey silk fabrics.
The company trades in Silk fabrics such as Silk Chiffons, Crape
Chiffons etc. The company procures these fabrics from around 300
small-scale weavers located around Bengaluru, and sells the
fabrics to over 50 wholesalers and garment manufacturers all
across India. The promoter and his family have been in the same
line of business for over four decades.


AEROBOK SHOE: CRISIL Assigns 'BB' Rating to INR84MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Aerobok Shoe Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR84.0 Million Term Loan           BB/Stable (Assigned)
   INR17.5 Million Foreign Letter of   P4+ (Assigned)
                              Credit

The ratings reflect expectation of deterioration in the Aerobok
group's financial risk profile, on account of its large, debt-
funded capital expenditure (capex) plan, and low profitability, as
compared to competition. These weaknesses are partially offset by
the group's diversified product range and established marketing
network.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ASPL and Freedom Footwear Pvt Ltd
(FFPL), together referred to as the Aerobok group. This is because
both companies are in similar line of business, have common
promoters, and use the same dealers to market and distribute their
products. Furthermore, raw material procurement for certain key
raw materials is consolidated at group level. The promoters have
also indicated that the companies will support each other in case
of any exigency.

Outlook: Stable

CRISIL believes that the Aerobok group will benefit over the
medium term from its diversified product mix and established
marketing network. The outlook may be revised to 'Positive' if the
group achieves more-than-expected cash accruals, driven by
improvement in its profitability. Conversely, the outlook maybe
revised to 'Negative' if the group's working capital requirements
increase or if the group undertakes a larger-than-expected, debt-
funded capex, weakening its financial risk profile.

                          About the Group

ASPL was set up by Anil Kumar Gupta and his brother, Devinder
Gupta in 1995. The company manufactures footwear at its plants in
Bhadurgarh (Haryana).  In 2001, the promoters set up FFPL, with
its plant also at Bhadurgarh. The management set up FFPL to
manufacture footwear with a maximum retail price of less than
INR250, as it is excise free. As excise laws require the
designated areas and record of excisable goods and non-excisable
goods to be separate, the management decided to set up a second
company.  The Aerobok group has the capacity to manufacture around
60,000,000 pairs per annum.


ARVIND PIPES: CRISIL Assigns 'B' Rating to INR30 Million LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Arvind Pipes and Fittings Industries Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR57.50 Million Cash Credit          B/Stable (Assigned)
   INR30.00 Million Long-Term Loan       B/Stable (Assigned)
   INR52.40 Million Proposed Long-Term   B/Stable (Assigned)
                    Bank Loan Facility
   INR60.00 Million Letter of Credit     P4 (Assigned)

The ratings reflect APFIPL's weak liquidity coupled with small net
worth and moderate debt protection indicators, which restricts its
financial risk profile, and its exposure to risks related to the
tender-based nature of its business.  These weaknesses are
partially offset by the extensive experience of APFPL's promoters
in the pipes and fittings industry and its established customer
relationships.

Outlook: Stable

CRISIL believes that APFIPL will maintain its business risk
profile, backed by its promoters' industry experience and
established customer relationships. The outlook may be revised to
'Positive' in case of significant improvement in the company's
revenues and net cash accruals coupled with improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of deterioration in APFPL's gearing or debt
protection metrics.

                        About Arvind Pipes

APFIPL, incorporated in 1990, was promoted by Mr. Mafatlal Mehta,
a Mumbai based first generation entrepreneur. It manufactures
stainless steel pipes, fittings, and tubes of various dimensions,
ranging from 0.5-24 inches in diameter. The company currently has
a capacity of 6000 tonnes per annum, spread over two plants in
Waghodia (Gujarat).  Mr. Mehta and his nephew, Mr. Jinesh Mehta
oversees APFIPL's operations.  The company boasts of marquee
customers such as Bhabha Atomic Research Centre, Nuclear Power
Corporation of India Limited, Larsen and Toubro Limited, etc.
APFIPL's estimated revenues are around INR514 million during
2010-11 (refers to financial year, April 1 to March 31).

APFIPL reported a profit after tax (PAT) of INR5 million on net
sales of INR309 million for 2009-10, as against a PAT of INR4
million on net sales of INR556 million for 2008-09.


B D CORPORATES: CRISIL Reaffirms 'B' Rating on INR43MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of B D Corporates Pvt Ltd
continues to reflect BD Corporates' below-average financial risk
profile, its vulnerability to raw material price volatility and
adverse regulatory changes, and limited pricing power in the flour
and rice mill industry.  These rating weaknesses are partially
offset by the assured offtake of a portion of its rice production
by the Food Corporation of India, thereby ensuring stable
revenues.  The rating also factors in the stable demand for rice
and wheat in the country, and BD Corporates' established position
in the flour mill industry, good relationships with customers and
suppliers, and diversified revenue profile.

   Facilities                     Ratings
   ----------                     -------
   INR157 Million Cash Credit     B/Stable (Reaffirmed)
   INR43 Million Term Loan        B/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that BD Corporates' financial risk profile will
remain weak over the medium term, on account of its large working
capital requirements. The outlook may be revised to 'Positive' in
case of significant equity infusion into the company, resulting in
an increase in net worth, or if there is sustained increase in the
company's cash accruals, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of sharp decline in BD Corporates' profitability, or if
the company undertakes a large, debt-funded capital expenditure
(capex) programme, causing deterioration in its financial risk
profile.

Update

BD Corporates' performance in 2010-11 (refers to financial year,
April 1 to March 31) has been largely in line with CRISIL's
expectation. For 2010-11, the company is expected to report a
turnover of INR1030 million. However, its operating profitability
decreased marginally, over the two years ended 2010-11, on account
of stiff competition. CRISIL believes that BD Corporates' margins
will remain at current levels over the medium term.

BD Corporates financial risk profile is constrained by its large
working capital requirements. The company needs to maintain high
inventory for both rice and wheat, as these are seasonal products.
With a low value added business, the company's cash accruals are
small and it is, therefore, dependent on debt to fund its working
capital requirements.  This has resulted in a weak capital
structure, as indicated by its small net worth of INR75 million
and high gearing of 3.01 times as on March 31, 2011.  The working
capital intensity of its operations leads to pressure on BD
Corporates' liquidity, which is marked by high bank limit
utilization and low current ratio.  The bank limits of the company
of INR157 million were utilized at an average of around 96% over
the 14 months ended April 2011. However, the cash accruals of the
company are expected to be adequate to meet its term debt
obligations over the medium term.

For 2010-11, BD Corporates is expected to report a profit after
tax (PAT) of INR6.6 million on net sales of INR1030 million,
against a PAT of INR5.5 million on net sales of INR828 million for
2009-10.

                         About B D Corporates

Promoted in 2003 by Sankar Agarwala and family, the Kolkata-based
BD Corporates has two divisions: flour mill and rice.  The flour
mill manufactures atta, maida, suji, and wheat bran.  The unit is
based in Hugli district (West Bengal), and has an installed
capacity of 63,000 tonnes per annum (tpa). The unit began
operations in 2004.  The rice division is engaged in milling and
production of rice. The divisional unit is based in Howrah
district (West Bengal), and has an installed capacity of 92,500
tpa; it commenced operations in March 2008.


DHARAMPAL PREMCHAND: CRISIL Reaffirms 'BB' Rating on Various Loans
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dharampal Premchand Ltd
continue to reflect DPL's speculative business of trading in
equity and derivative contracts, negative cash accruals from its
steel division because of operational hurdles, and susceptibility
to intense competition and adverse regulatory changes in the
tobacco business.  These rating weaknesses are partially offset by
DPL's established market position in the flavored chewing tobacco
segment, moderate financial risk profile, marked by adequate net
worth and low gearing, and the financial support it gets from its
group company, Dharampal Satyapal Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR980 Million Cash Credit        BB/Stable (Reaffirmed)
   INR20.0 Million Stand by Line     BB/Stable (Reaffirmed)
                       of Credit
   INR450 Million Term Loan          BB/Stable (Reaffirmed)
   INR20 Million Bank Guarantee      P4+ (Reaffirmed)
   INR150 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that DPL will continue to face pressures over the
medium term because of continued losses in its steel division and
its large exposure to equity and derivatives portfolios. The
outlook may be revised to 'Positive' if DPL curtails its
speculative activities and starts generating profit in its steel
division. Conversely, the outlook may be revised to 'Negative' in
case of more-than-expected losses, either in the equity and
derivatives division or in the steel division, which will lead to
further deterioration in its debt protection metrics.

                         About Dharampal Premchand

DPL is part of the Dharampal Premchand group, which was founded by
the late Mr. Dharampal in 1929 as a Delhi-based trader in tobacco
and related products.  The company is currently managed by Mr.
Ravinder Kumar, grandson of Mr. Dharampal.  Over the years, DPL
has expanded its operations by setting up several manufacturing
facilities. In 1995, it set up its engineering division in Noida
for manufacturing fill-and-seal machines.  In 1999, it set up a
tobacco unit in Agartala (Tripura) for manufacturing various
grades of its flagship tobacco brand, Baba Zarda.  In 2000, it set
up a silver unit in Noida for making silver foil/cut silver used
in zarda and other products.  The company also has a tobacco
manufacturing unit in Damowala (Himachal Pradesh) for
manufacturing zarda, supari, qiwam, and elaichi and pan chutney.
In 2009, DPL set up a steel rolling mill in Agartala, with
capacity of 160,000 tonnes per annum (tpa) for conversion of hot-
rolled steel coils into cold-rolled coils/sheets and 50,000 tpa
capacity for galvanised plain/corrugated sheets.  Around INR1.85
billion of the INR2.4 billion of the total project cost was funded
by excise duty reimbursements earlier available for DPL's and
DSL's tobacco operations in North East India.

DPL reported a net profit (after considering income of INR150
million through deferred government grant) of INR73.5 million on
net sales of INR1.86 billion for 2009-10, against a net loss of
INR139.4 million on net sales of INR1.29 million for 2008-09.


FREEDOM FOOTWEAR: CRISIL Assigns 'BB' Rating to INR38.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Freedom Footwear Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB/Stable (Assigned)
   INR38.7 Million Term Loan            BB/Stable (Assigned)
   INR10.0 Million Letter of Credit     P4+ (Assigned)
   INR0.3 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect expectation of deterioration in the Aerobok
group's financial risk profile, on account of its large, debt-
funded capital expenditure (capex) plan, and low profitability, as
compared to competition.  These weaknesses are partially offset by
the group's diversified product range and established marketing
network.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Aerobok Shoes Pvt Ltd (ASPL) and FFPL,
together referred to as the Aerobok group. This is because both
companies are in similar line of business, have common promoters,
and use the same dealers to market and distribute their products.
Furthermore, raw material procurement for certain key raw
materials is consolidated at group level. The promoters have also
indicated that the companies will support each other in case of
any exigency.

Outlook: Stable

CRISIL believes that the Aerobok group will benefit over the
medium term from its diversified product mix and established
marketing network. The outlook may be revised to 'Positive' if the
group achieves more-than-expected cash accruals, driven by
improvement in its profitability. Conversely, the outlook maybe
revised to 'Negative' if the group's working capital requirements
increase or if the group undertakes a larger-than-expected, debt-
funded capex, weakening its financial risk profile.

                          About the Group

ASPL was set up by Anil Kumar Gupta and his brother, Devinder
Gupta in 1995.  The company manufactures footwear at its plants in
Bhadurgarh (Haryana).  In 2001, the promoters set up FFPL, with
its plant also at Bhadurgarh.  The management set up FFPL to
manufacture footwear with a maximum retail price of less than
INR250, as it is excise free. As excise laws require the
designated areas and record of excisable goods and non-excisable
goods to be separate, the management decided to set up a second
company. The Aerobok group has the capacity to manufacture around
60,000,000 pairs per annum.


FUELCO COAL: CRISIL Reaffirms 'BB+' Rating on INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fuelco Coal (India) Ltd
continue to reflect FCIL's average financial risk profile marked
by moderate net worth and modest scale of operations with low
operating margin.  These rating weaknesses are partially offset by
FCIL's promoters' experience in the coal business.

   Facilities                         Ratings
   ----------                         -------
   INR90.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR30.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR25.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that FCIL will continue to benefit from its
existing relationships with its customers and its promoter's
experience in the coal business. The outlook may be revised to
'Positive' if the company increases its scale of operations with
the commencement of coal import business, while maintaining its
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the company's
working capital cycle, or in case of a large, debt-funded capital
expenditure.

                         About Fuelco Coal

FCIL was incorporated in 2004, promoted by Mr. Naval Kishore
Agarwal.  The company procures coal through e-auctions conducted
by Coal India Ltd.  Its customers, besides other coal traders, are
from industries such as paper, textile, chemical, and cement. The
company also undertakes liaison and transportation services for
companies with coal linkages. FCIL has plans to start importing
coal from Indonesia in 2011-12 (refers to financial year, April 1
to March 31).


HARSHIT POWER: Fitch Assigns L-T Loan II 'D(ind)' Rating
--------------------------------------------------------
Fitch Ratings has assigned India's Harshit Power & Ispat Pvt Ltd a
National Long-Term rating of 'Restricted Default (ind)'. The
agency has also assigned these ratings to HPIL's bank facilities:

   -- INR117.2 million long-term loan I: 'C(ind)';

   -- INR70 million long-term loan II: 'D(ind)';

   -- INR97 million fund-based limits: 'C(ind)'; and

   -- INR50 million non-fund based limits: 'F5(ind)'.

The ratings reflect HPIL's delays in servicing its term loan II
which became due in April 2011. There has been a delay in the
execution of its expansion project and the funds have not been
fully drawn.  The company has requested its bankers to extend the
maturity schedule of the term loan II, which if approved will ease
liquidity pressure and may lead to positive rating action.

HPIL's capacity utilization was low at 13% in the financial year
ended March 2011 due to a technical problem in the manufacturing
plant, which has since been resolved; Fitch expects capacity
utilization to improve in FY12. There have been time overruns in
the setting up of a 100TPD kiln for manufacturing sponge iron
adjacent to the company's existing 100TPD kiln. The total outlay
for this project is INR148.1 million, to be funded by INR70
million debt and INR78.1 million equity.

Incorporated in January 2010, HPIL is jointly promoted by the
Sarawagi and Agarwal group, who have extensive experience in the
domestic iron and steel industry.


MANJEERA HOTELS: Fitch Rates Bank Loans 'B-(ind)'/'F4(ind)'
--------------------------------------------------------
Fitch Ratings has assigned India-based Manjeera Hotels and Resorts
Limited a National Long-Term rating of 'B-(ind)'. The Outlook is
Stable. The agency has also assigned ratings to MHRL's bank loans:

   -- INR845.4 million term loans: 'B-(ind)';

   -- INR15 million fund-based working capital limits: 'B-
      (ind)'/'F4(ind)'; and

   -- INR305 million non-fund based working capital limits:
      'F4(ind)'.

The ratings reflect MHRL's recent delays in servicing its term
loan for its windmill project due to the delays in the receipt of
payments from Tamil Nadu Electricity Board for power supplied,
which has strained its liquidity position. The ratings also
reflect the company's high financial leverage and the seven to
eight months delays in the completion of the company's new
INR1,180 million five-star hotel project in Gachibowli, Hyderabad.
It is expected to be operational by June 2011. Fitch notes that a
portion of the equity contribution envisaged for the project is
yet to be brought in.

However over the past three years, MHRL has consistently generated
EBITDA margins of over 45% from its operating assets (FY11: 45.3%,
FY10: 49.82%, FY09: 46.76% and FY08: 47.05%).

Positive rating guidelines include a sustained decrease in MHRL's
total adjusted net debt to EBITDA to below 5.2x. Negative rating
guidelines include delays in servicing its debt obligations or an
interest cover of below 1.2x. Additional equity not being brought
in could also lead to a ratings downgrade.

Incorporated in 1995, MHRL owns two three-star hotels in
Hyderabad: 'Aditya park-inn' and 'Aditya Hometel'. Manjeera Hotels
has a 1.5MW windmill in Nagercoil district, Tamil Nadu. Fitch
estimates the company to generate an operating income of INR171.8
million (FY10: INR137.9 million) and operating EBITDA of INR77.76
million (FY10: INR68.7 million) in FY11. At FYE11, its total debt
outstanding is estimated to be INR983.1 million (FY10: INR525.8
million), leverage 12.64x (FY10: 7.65x) and interest cover 2.25x
(FY10: 1.68x).


MAVERICK PROPERTIES: CRISIL Rates INR349.9MM LT Loan at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term loan
facility of Maverick Properties Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR349.90 Million Long-Term Loan    BB-/Stable (Assigned)

The rating reflects MPPL's exposure to project implementation
risks, geographic concentration in its revenue profile, and its
susceptibility to economic cycles. These rating weaknesses are
partially offset by the extensive experience of MPPL's promoters
in the construction sector and the strategic location of its
proposed commercial mall in Mysore (Karnataka).

Outlook: Stable

CRISIL believes that MPPL will maintain a stable credit risk
profile over the medium term on the back of support from the
holding company, Maverick Holdings and Investments Pvt Limited
(MHIPL; rated 'BB+/Stable' by CRISIL). The outlook may be revised
to 'Positive' if MPPL generates larger-than-expected cash flows on
account of earlier-than-scheduled completion of its ongoing
project or generates more-than-expected lease rental income,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if MPPL faces significant
time overruns in commencement of operations of Phase-I or in case
of less-than-expected lease rentals, leading to weaker financial
risk profile.

                      About Maverick Properties

Set up in 2005 as a 51:49 joint venture between MHIPL and Kshitij
Venture Capital Fund (KVCF), MPPL is constructing a commercial
mall at Mysore. The total area of the mall is around 300,000
square feet. Phase I of the mall with a total space of around
160,000 square feet is expected to be operational by August 2011.
The total outlay for Phase I is expected to be INR460 million,
which has been funded by an equity infusion of INR230 million from
KVCF, term loan of INR210 million and residual through fund
infusion from MHIPL. As on date, the company has signed lease
agreements for nearly 70% of its Phase I space with clients such
as PVR Ltd (rated A+/Stable by CRISIL) and Pantaloons Retail
(India) Ltd. The construction of Phase II is expected to commence
in October 2011 at a total outlay of about INR440 million; the
funding for the same has not yet been finalised. The construction
of Phase II is expected to be complete 16 to 18 months from the
commencement of construction.


PUNJAB COOPERATIVES: INR102 Billion Assets Under Threat
-------------------------------------------------------
The Express Tribune reports that the Punjab Cooperatives Board for
Liquidation (PCBL) has been without a permanent chairman since
February, leaving the embattled institution increasingly weak as
it fends off land grabbers, and unscrupulous officials, interested
in its assets of over a hundred billion rupees.

According to the report, a group in the Cooperatives Department is
said to be lobbying for the board to be merged with the
department, which would give these officials a much greater
influence in how the PCBL's assets are sold off, said officials in
the Civil Secretariat, warning that this could lead to greater
corruption.

The Express Tribune relates that the board is currently led by an
acting chairman.  Since the last chairman, Nazar Chohan, resigned
in February, the PCBL has not convened a single meeting to discuss
cases in the courts, claims on properties or the issuance of no
objection certificates (NOCs), the report says.

The Express Tribune notes that land grabbers have meanwhile been
trying to take over the board's property.  Recently, a group
grabbed agriculture land worth INR11 billion in a Lahore suburb.

The PCBL website has been closed for two months, indicating that
those who work at the board are under no pressure to perform in
the absence of a chairman.

The PCBL was formed in 1992 under an ordinance which was converted
to an act one year later. Its job was to liquidate 102 cooperative
societies which had been deemed defunct or 'undesirable' after an
inquiry commission found them to be involved in massive
irregularities and illegal banking operations.  At that point the
board had to deal with 266,000 claims amounting to about INR13
billion.

The Express Tribune, citing PCBL's valuations, discloses that that
PCBL owns assets worth over INR102 billion, including INR60
billion in disputed properties, INR5.5 billion in undisputed
properties, INR5.0 billion in loans, INR30 billion in hidden
assets and INR1.5 billion in cash.


S & S CONSTRUCTION: CRISIL Rates INR120MM Credit Limit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of S & S Construction Company.

   Facilities                           Ratings
   ----------                           -------
   INR120.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR50.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect SSC's large working capital requirements,
small scale of operations, project concentration, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by SSC's healthy financial risk
profile, marked by moderate gearing and adequate debt protection
metrics, and partner-promoters' extensive experience in the
construction industry.

Outlook: Stable

CRISIL believes that SSC's business risk profile will continue to
be constrained by its small scale of operations, driven by small
order book and moderate revenues, over the medium term. SSC's
liquidity will also remain weak because of its incremental working
capital requirements and high bank limit utilisation. The outlook
may be revised to 'Positive' in case SSC bags a large order, there
is larger-than-expected fresh equity infusion by the partners in
the firm, or there is an enhancement in its working capital
limits. Conversely, the outlook may be revised to 'Negative' if
SSC's liquidity weakens further, most likely because of large
incremental working capital requirements or pressure on cash
accruals.

                      About S & S Construction

SSC was established in 1984 by Mr. Laxman Singh and his friend Mr.
Bhagwant Rai.  The firm is predominantly engaged in civil
construction and infrastructure development work, mainly roads
construction.  Both Mr. Laxman Singh and Mr. Bhagwant Rai are
first-generation entrepreneurs; they commenced construction
business in 1985 by undertaking Punjab State Government's
contracts for construction of roads. Currently, second-generation
entrepreneurs have also joined SSC as partner-promoters. Around
90% of the firm's revenues come from construction of roads; the
rest comes from its recently started business of building schools
and colleges for state government departments. SSC is registered
with the Government of Punjab and operates mainly in Punjab and
Uttarakhand, for the respective state governments.


SHAH PULP: CRISIL Reaffirms 'BB+' Rating on INR13.5MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Shah Pulp &
Paper Mills Ltd continue to reflect SPPML's small scale of
operations, large working capital requirements, and highly
utilized bank lines.  These weaknesses are partially offset by the
company's established market position in the newsprint industry,
and its moderate financial risk profile, marked by low gearing and
moderate debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR120.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR13.5 Million Term Loan           BB+/Stable (Reaffirmed)
   INR120.0 Million Letter of Credit   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPML will maintain its market position over
the medium term, backed by its established clientele, track record
in the newsprint industry, and stable operating margin.  The
outlook may be revised to 'Positive' if SPPML increases the scale
of its operations and increases its cash accruals, while
maintaining its operating margin.  Conversely, the outlook may be
revised to 'Negative' if SPPML's financial risk profile
deteriorates on account of a larger-than-expected, debt-funded
capital expenditure (capex) programme or if its operating margin
declines significantly, on account of volatility in waste and
newsprint paper prices.

Update

SPPML's revenues declined by around 10%, to INR809 million in
2009-10 (refers to financial year, April 1 to March 31), primarily
on account of the fall in prices of newsprint paper.  For 2010-11,
SPPML booked sales of around INR916 million. Although demand
remained steady from existing customers, the overall sales were
higher, with revival in newsprint prices in 2010-11, to INR32,000
per tonne in April 2011 from around INR24,000 per tonne in April
2010.  The company has an installed capacity of 36,000 tonnes per
annum (tpa) and is operating at 98% capacity utilisation levels.
CRISIL believes the overall scale of operations of SPPLM will be
restricted to around INR 1.2 billion as the company does not have
any expansion plans over the medium term.

SPPML maintained its operating margin at around 9% over the two
years ended 2010-11; its operating margin is expected to be in a
similar range over the medium term. Its operations remain working
capital intensive. The company continues to procure raw material
backed by letter of credit of 90-120 days, resulting in higher
credit period available, thereby partially supporting its working
capital requirements. SPPML's gearing remained at less than 1 time
as on March 31, 2011. CRISIL believes that SPPML's gearing will
remain below 1 time as it has no capex plans over the medium term,

For 2009-10, SPPML reported a profit after tax (PAT) of INR13.8
million on net revenues of INR809.1 million, against a PAT of
INR17.1 million on net sales of INR899.2 million for 2008-09.

                          About Shah Pulp

SPPML was incorporated in 1996 with an initial capacity to
manufacture 16,500 tpa of Grade B newsprint. Over the years, the
Vapi-based company has expanded its capacity to 36,000 tpa. Its
associate company, Shah Paper Mill Ltd (SPML), incorporated in
1990, manufactures higher-quality Grade A newsprint, kraft paper,
and writing and printing paper. SPML has three waste-paper-based
manufacturing units, with an aggregate capacity of 117,000 tpa, in
Vapi (Gujarat).

The group has two other companies, Shah Financial Services Ltd (a
non-banking financial company), and Shah Containers Pvt Ltd, which
manufactures industrial packing material.


SREE RAJESWARI: CRISIL Assigns 'B' Rating to INR4 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sree Rajeswari Infrastructure.

   Facilities                             Ratings
   ----------                             -------
   INR4.00 Million Long-Term Loan         B/Stable (Assigned)
   INR80.00 Million Cash Credit           B/Stable (Assigned)
   INR33.50 Million Letter of Guarantee   P4 (Assigned)

The ratings reflect SRI's weak financial risk profile, marked by a
high gearing and weak debt protection metrics, large working
capital requirements, and customer concentrated revenue profile.
These rating weaknesses are partially offset by the benefits that
SRI derives from its healthy order book and its promoter's
extensive experience in the construction industry.

Outlook: Stable

CRISIL believes that SRI will benefit over the medium term from
its experienced management and its established relationship with
Ramky Infrastructure Ltd (Ramky, rated 'A/Stable/P1' by CRISIL).
The outlook may be revised to 'Positive' if SRI increases its
scale of operations and profitability or in case of improvement in
the capital structure, on account of capital infusion. Conversely,
the outlook may be revised to 'Negative' if SRI's margins or
revenues decline, if the firm undertakes a large, debt-funded
capital expenditure programme, in case of delays in projects
execution or receipt of bills from various principal clients, or
in case of deterioration in the firm's financial risk profile.

Set up in August 2008 by Mr. G. Badrinath, Mr. V V S N Murthy, and
their families, SRI undertakes civil works related to drainage
systems, water supply systems, roads, and buildings for Ramky.

SRI reported a profit after tax (PAT) of INR7.3 million on net
sales of INR178 million for 2009-10 (refers to financial year,
April 1 to March 31).


SREE TIRUMALA: CRISIL Upgrades Rating on INR180MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sree Tirumala Steel Enterprises to 'BB/Stable' from 'BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR180.00 Million Cash Credit    BB/Stable (Upgraded from
                                               BB-/Stable')

The ratings upgrade reflects the improvement in STSE's business
risk profile, driven by more-than-expected growth in revenues and
improvement in capital structure and liquidity.  The firm's
revenues registered a growth of 36.5%, increasing to INR2.28
billion in 2010-11 (refers to financial year, July 1 to June 30)
from INR1.67 billion in 2009-10, due to addition of customers and
buoyant demand for steel. In 2010-11, STSE opened three branch
offices, two in Hyderabad and one in Orissa, which helped the firm
add customers.  To fund the increasing scale of its operations,
STSE increased its share capital to INR113.1 million in 2010-11
from INR69.6 million in 2009-10, resulting in improvement in the
capital structure, which stood at 1.1 times as on March 31, 2011,
as compared to 1.9 times as on March 31, 2010. However, a portion
of this capital was invested in fixed deposits, which increased to
INR53.5 million in 2010-11 from INR21.9 million in 2009-10. The
fixed deposits are unencumbered in nature, supporting the firm's
liquidity. The firm's bank limits of INR140 million were highly
utilised, at an average of 89% over the 12 months through March
2011.

The rating continues to reflect STSE's below-average financial
risk profile, marked by small net worth but moderate capital
structure, susceptibility to volatility in steel prices, and
exposure to intense competition in the steel trading business.
These rating weaknesses are partially offset by STSE's established
business relationships with suppliers and customers, and its
promoters' experience in the steel trading business.

Outlook: Stable

CRISIL believes that STSE will continue to benefit from its
established track record in the steel trading business, over the
medium term. The outlook may be revised to 'Positive' if its scale
of operations and profitability increases considerably on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if STSE contracts sizeable debt to fund its capital
expenditure, its sales decrease significantly, or if the partners
withdraw substantial capital from the firm's account, thereby
weakening its capital structure.

                        About Sree Tirumala

Incorporated in 1998, STSE trades in various steel products. The
firm belongs to Mr. Grandhi Ramjee and his family and is
headquartered in Visakhapatnam (Andhra Pradesh).  The firm trades
in thermo-mechanically-treated (TMT) bars, channels, angles,
beams, billets, squares, blooms, and rounds. STSE deals in
products manufactured by Rashtriya Ispat Nigam Ltd (rated P1+ by
CRISIL), Steel Authority of India Ltd, and other re-rollers in and
around Visakhapatnam. The promoters also own Sree Tirumala Steel
Rolling Mills Pvt Ltd, which manufactures TMT bars and other steel
structural products.

STSE reported a provisional profit after tax (PAT) of INR14.1
million on net sales of INR2.3 billion for 2010-11, against a PAT
of INR5.5 million on net sales of INR1.6 billion for 2009-10.


SUNTANA TEXTILE: CRISIL Reaffirms 'P4' Rating on INR105MM Credit
----------------------------------------------------------------
CRISIL's rating on the bank facility of Suntana Textile Mills Pvt
Ltd continues to reflect Suntana's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and customer concentration in its revenue profile.  These
weaknesses are partially offset by Suntana's design capabilities,
the experience of its promoters in the export of fabrics, and its
established customer relationships.

   Facilities                        Ratings
   ----------                        -------
   INR105.0 Million Packing Credit   P4
   (Enhanced from INR75.0 Million)

Update

After declining sharply in 2009-10 (refers to financial year,
April 1 to March 31), due to cancellation of orders from the
Middle East, Suntana's sales grew by 67%, to INR320 million from
INR190 million in 2009-10 (refers to financial year, April 1 to
March 31). The increase in sales, in part, reflects normalization
of the company's sales after the decline in 2009-10. The company
will look to increase its presence in shirting fabrics and
uniforms over the medium term. Additionally, it is increasing its
presence in export markets to geographically diversify its revenue
profile.  Suntana remained exposed to price volatility and has
witnessed pressure on its margins because of its long
manufacturing cycle. The company has faced difficulties in passing
on increases in raw material prices to customers.

Suntana has a long working capital cycle; it offers credit of 120
days to its customers and also has a long inventory holding
period. The company is looking to reduce the credit period offered
to customers and also reduce its inventory holding period; it will
purchase grey fabric instead of partly processing yarn, reducing
its operating cycle by up to 60 days. Average inventory days in
the past have been very high, with raw materials being stocked for
more than three months. Furthermore, despite order-backed
manufacturing, the company has historically had a high stock of
finished goods as it faces operational lags at ports. Total
inventory holding stood at 130 days as on March 31, 2011, as
compared to 180 days in 2009-10. As on March 31, 2011, receivables
were estimated at 95 days, as compared to 110 days for 2009-10.

Gearing is high, estimated at 5.13 times as on March 31, 2011, as
compared to 4.6 times as on March 31, 2010. The ratio of total
outside liabilities to total net worth is estimated at 7.16 times,
as compared with 7.4 times in 2009-10. The company does not have
any capital expenditure plans over the medium term.

Suntana has weak liquidity, with small cash accruals of INR2.3
million in 2010-11, fully utilised bank lines, a long working
capital cycle, and small net worth, estimated at INR21 million as
on March 31, 2011.

                       About Suntana

Suntana, promoted by Mr. Chiranjilal Agarwal, was incorporated in
2006. The company manufactures suiting and shirting fabrics, and
dress material from polyester yarn. The company sells its products
mainly to the export markets, especially Egypt, Dubai, Iraq, Iran
and Saudi Arabia and South East Asia.

Suntana reported a profit after tax (PAT) of INR1.1 million on net
sales of INR191 million for 2009-10, against a PAT of INR1.1
million on net sales of INR245 million for 2008-09.


SURE SAFETY: CRISIL Assigns 'BB' to INR17.5MM LT Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sure Safety Solutions Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR15.00 Million Cash Credit        BB/Stable (Assigned)
   INR17.50 Million Proposed LT        BB/Stable (Assigned)
             Bank Loan Facility
   INR22.50 Million Letter of Credit   P4+ (Assigned)
   INR35.00 Bank Guarantee             P4+ (Assigned)

The ratings reflect SSSPL's modest scale of operations and
susceptibility to risks related to the tender-based nature of its
business.  These rating weaknesses are partially offset by the
extensive industry experience of SSSPL's promoters and established
relations with suppliers and customers.

Outlook: Stable

CRISIL believes that SSSPL will continue to benefit from its
established presence in the defence equipment industry, over the
medium term. The outlook may be revised to 'Positive' in case of
significant improvement in SSSPL's revenues, profitability, and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a slowdown in SSSPL's growth or significant
deterioration in its profitability or debt protection metrics.

                        About Sure Safety

SSSPL set up in 2004 is engaged in trading of products and
solutions for security and surveillance systems, such as radar and
Radio controlled improvised explosive devices (RCIED) jammers, and
defence simulators required by various defence departments. The
company is promoted & managed by the Bhalotia family of Kolkata,
which has been in earthmovers business for past 35 years. SSSPL
has its registered office in Mumbai (Maharashtra), and branch
offices in Delhi and Kolkata (West Bengal). Mr. Arun Bhalotia is
the managing director of the company.

SSSPL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR112.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.3 million on net
sales of INR72.3 million for 2008-09.


TIRUPATI UDYOG: CRISIL Assigns 'D' Rating to INR35.5MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Tirupati Udyog Ltd.  The ratings reflect delay by the company in
servicing its term loan; the delay has been caused by TUL's weak
liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR35.50 Million Long-Term Loan     D (Assigned)
   INR125.00 Million Cash Credit       D (Assigned)
   INR100.00 Million Working Capital   D (Assigned)
                           Term Loan
   INR40.00 Million Letter of Credit   P5 (Assigned)
   INR30.50 Million Bank Guarantee     P5 (Assigned)

TUL has a weak financial risk profile, marked by small net worth
and weak debt protection metrics. Its profitability is susceptible
to volatility in raw material prices and it is exposed to intense
competition in the steel industry. TUL, however, benefits from its
established market position and the extensive experience of its
promoters in the steel industry.

                        About Tirupati Udyog

TUL, based in Hyderabad, manufactures thermo-mechanically-treated
(TMT) bars, angles, girders, and channels with an installed
capacity of 200 tonnes per day. TUL sells TMT bars under the
Tirupati TMT brand. It was earlier known as Caps Steel Ltd; the
company was renamed in 2001, when the business was taken over by
Mr. Yogendar Garg, Mr. Dinesh Goyal, Mr. Vipin Jain and Mr. Pulkit
Garg.

TUL is expected to report net sales of Rs 569 million in 2010-
11(refers to financial year, April 1 to March 31). TUL reported a
profit after tax (PAT) of INR7 million on net sales of INR1.29
billion for 2009-10, as against a PAT of INR36 million on net
sales of INR1.73 billion for 2008-09.


VAISHNODEVI REFOILS: CRISIL Assigns 'C' Rating to INR33MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the long-term bank
facilities of Vaishnodevi Refoils & Solvex.  The rating reflects
instances of delay in the past by VRS in servicing its debt; the
delays have been caused by the firm's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR33 Million Long-Term Loan    C (Assigned)
   INR25 Million Cash Credit       C (Assigned)

VRS also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and small net worth and is
susceptible to intense competition in the edible oil and by-
products industry. These weaknesses are partially offset by the
extensive industry experience of VRS's promoters.

VRS, a partnership firm was set up in 2008 by Shaileshbhai Thakkar
and commenced commercial production in April 2009.  It undertakes
extraction and refining of mustard oil from de-oiled cakes.  The
firm has an extraction capacity of about 300 tonnes per day at its
facilities in Banaskantha (Gujarat).  It also trades mustard seeds
and other refined oil, which contributes about 10% to its total
revenues.

VRS reported a book profit of INR1.0 million on net sales of
INR610.2 million for 2009-10 (refers to financial year, April 1 to
March 31).


YESHASHVI STEELS: CRISIL Reaffirms 'D' Rating on INR815MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Yeshashvi Steels &
Alloys Pvt Ltd continue to reflect instances of delay by Yeshashvi
in servicing its debt; the delays have been caused by Yeshashvi's
weak liquidity.

   Facilities                   Ratings
   ----------                   -------
   INR270 Million Cash Credit   D (Reaffirmed)
   INR815 Million Term Loan     D (Reaffirmed)

Yeshashvi has a weak financial risk profile, marked by a small net
worth, a high gearing, and low cash accruals, and is vulnerable to
the cyclicality in the steel industry.  The company is, however,
expected to benefit from the extensive experience of promoters in
the sponge iron and steel industry.

Update

In 2010-11 (refers to financial year, April 1 to March 31),
Yeshashvi reported positive cash accruals of around INR6.2 million
(estimated) vis-a-vis negative cash accruals of around INR13.6
million in 2009-10 on account of the first kiln being fully
operational.  However, the company's liquidity remains weak
because of delay in the commissioning of the second kiln, which is
expected to start commercial production in July 2011 (earlier
estimate was March 2010). This weak liquidity marked by low cash
generation vis-a-vis term debt obligations has led to delays in
the servicing of its interest and principal repayments. CRISIL
believes that Yeshashvi's liquidity will remain weak over the
medium term until the second kiln becomes fully operational and
the company starts generating adequate cash accruals to service
its maturing term debt in a timely manner.

Yeshashvi reported a net profit of INR1 million (estimated) on net
sales of INR147 million (estimated) in 2010-11, against a net loss
of INR13.6 million on net sales of INR106 million for 2009-10.

                         About Yeshashvi Steels

Yeshashvi, incorporated in 2007 by a team of technocrats,
manufactures sponge iron from iron ore.  The company has installed
two kilns in the Bellary region of Karnataka.  The first kiln,
with an installed capacity of 15,000 tonnes per annum (tpa),
became operational in November 2008.  The second kiln, also of
15,000 tpa capacity, is expected to start commercial production in
July 2011.


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


NCI TRUST: S&P Puts 'B' Rating on Class D Certificates on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
B to D trust certificates issued under the NCI Trust Certificate-2
transaction on CreditWatch with negative implications, and has
affirmed its 'AAA (sf)' rating on the class A trust certificates
issued under the same transaction. "We had lowered the rating on
the class D trust certificates to 'B (sf)' from 'BB (sf)' on Dec.
2, 2010," S&P stated.

This transaction was originally backed by seven loans and one
specified bond. Only one loan and one specified bond are
outstanding. Regarding the loan, which accounts for 14.6% of the
rated initial total issue amount, the cash flow from the
collateral property, which is an office and hotel complex located
in Osaka Prefecture, is under downward pressure. As such, we
have placed the ratings on classes B to D on CreditWatch with
negative implications. We will review the ratings on classes B to
D after examining recovery prospects from the collateral
property," S&P said.

The trust certificates were initially secured by seven loans
originated by Nomura Capital Investment Co. Ltd. and extended to
seven borrowers, and by one specified bond underwritten by Nomura
Securities Co. Ltd.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in September 2013 for the class A
certificates, and the full payment of interest and ultimate
repayment of principal by the legal maturity date for the class B
to D certificates.

Ratings Placed on CreditWatch Negative
NCI Trust Certificate-2
JPY31.1465 billion trust certificates due 2013*
Class   Rating               Initial issue amount
B       A (sf)/Watch Neg     JPY4.2 bil.
C       BBB (sf)/Watch Neg   JPY2.3 bil.
D       B (sf)/Watch Neg     JPY1.4535 bil.

Rating Affirmed
Class   Rating               Initial issue amount
A       AAA (sf)             JPY22.8 bil.

*Class R (initial issue amount: JPY0.393 bil.) is not rated.


ORIX-NRL TRUST: Moody's Cuts Rating on Class H Certs. to 'Ca (sf)'
------------------------------------------------------------------
Moody's Japan K.K has changed the rating for the Class H Trust
Certificates issued by Orix-NRL Trust 14.

   -- Class H, Downgraded to Ca (sf); previously on July 1, 2009
      Downgraded to Caa3 (sf) from B3 (sf)

Deal Name: Orix-NRL Trust 14

Class: Class A through H and Class X Trust Certificates

Issue Amount (initial): JPY 20.7 billion

Dividend: Floating

Issue Date (initial): May 31, 2007

Final Maturity Date: December 2014

Underlying Asset (initial): Eight non-recourse loans and two
specified bonds and cash

Originator: ORIX Corporation

Arranger: ORIX Corporation

Certificate Sales Intermediary: ORIX Securities Corporation (as of
the issue date)

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.

The Originator entrusted the loans to the asset trustee and, in
return, received the Class A through H and X Trust Certificates,
which it then sold through the Arranger and the Certificate Sales
Intermediary to investors. The trust certificates are rated by
Moody's.

In this transaction, interest and principal payments will be made
on a sequential basis. The losses will be allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

Six of the non-recourse loans have been paid down or recovered.

The transaction is currently secured by two non-recourse loans and
two specified bonds.

One non-recourse loan and one specified bond have been under
special servicing. They are backed by two office buildings located
in provincial cities and one office building located in Tokyo
respectively.

The remaining one non-recourse loan and one specified bond (same
borrower) are backed by a retail property located in a provincial
city.

Rating Rationale

The current rating action reflects these factors:

1) The rating downgrade reflects the result of the losses incurred
   through property dispositions on the specially serviced loan,
   which is backed by multiple residential properties.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010, and available on
www.moodys.co.jp.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


ORSO FUNDING: Moody's Reviews Notes Ratings for Possible Downgrade
------------------------------------------------------------------
Moody's Japan K.K. has placed the Class B through E Notes issued
by Orso Funding CMBS 8 Limited under review for possible
downgrade.  The notes will mature in June 2022.

Deal Name: Orso Funding CMBS 8 Limited

   -- Class B, Aa2 (sf) Placed Under Review for Possible
      Downgrade; previously on Nov 28, 2007 Definitive Rating
      Assigned Aa2 (sf)

   -- Class C, A2 (sf) Placed Under Review for Possible Downgrade;
      previously on Nov 28, 2007 Definitive Rating Assigned A2
      (sf)

   -- Class D, Baa2 (sf) Placed Under Review for Possible
      Downgrade; previously on Nov 28, 2007 Definitive Rating
      Assigned Baa2 (sf)

   -- Class E, Ba1 (sf) Placed Under Review for Possible
      Downgrade; previously on Nov 28, 2007 Definitive Rating
      Assigned Ba1 (sf)

Orso Funding CMBS 8 Limited, effected in November 2007, represents
the securitization of a bond and a loan backed by real estate.
Orso Funding CMBS 8 Limited receives the interest/principal
payments of the Bond and Loan, and subsequently uses the cash to
pay the interest/principal of the rated Notes. The underlying
assets were initially 184 properties leased to a single tenant.

Moody's believe that the cash flow from the backing properties
will be stable. Accordingly, interest/principal payments for the
rated Notes will be executed stably.

However, the current review was prompted by Moody's concerns about
the level of recovery from the backing properties, and hence the
need to reconsider its recovery assumptions.

In its review, Moody's will re-assess -- and further stress -- its
recovery assumptions for the properties. The review will include
their operating status.


TOKYO ELECTRIC: Banks Book JPY400-Bil. Losses in Tepco Shares
-------------------------------------------------------------
Kyodo News reports that major financial institutions booked JPY400
billion in losses on their Tokyo Electric Power Co. shareholdings
at the March 31 end of fiscal 2010 as the utility's shares plunged
amid the Fukushima nuclear crisis, industry sources said.

Kyodo says Tepco shares fell to JPY466 per share on March 31,
2011, from more than JPY2,000 before the March 11 earthquake and
tsunami seriously damaged the nuclear plant and led to radiation
leaks.

Life insurance firms and major banking groups have held a massive
amount of Tepco shares as stable assets but are now expected to
reduce the level, Kyodo notes.

According to the report, losses booked on Tepco shareholdings are
estimated at JPY100 billion each for the top shareholder, No. 1
Life Insurance Co., and Nippon Life Insurance Co., JPY10 billion
for Sumitomo Life Insurance Co., JPY5 billion for Mitsui Life
Insurance Co., JPY4 billion for Fukoku Mutual Life Insurance Co.
and several billion yen for Meiji Yasuda Life Insurance Co.

Losses on Tepco shareholdings are put at JPY80 billion for
Sumitomo Mitsui Financial Group Inc., JPY50 billion for Mizuho
Financial Group Inc. and JPY30 billion for Mitsubishi UFJ
Financial Group Inc.  Firms usually log shareholding losses when
market share prices fall more than 50 percent from acquisition
levels.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility known as Tepco is battling
radiation leaks at the Fukushima Dai-Ichi power plant north of
Tokyo after a March 11 earthquake and tsunami knocked out its
cooling systems, causing the biggest atomic accident in 25 years.
More than 50,000 households were forced to evacuate and Bank of
America Corp.'s Merrill Lynch estimates Tepco may face
compensation claims of as much as JPY11 trillion ($135 billion).

The company has JPY5 trillion in debt, making it the fourth-
biggest borrower among members of the Nikkei 225 stock average,
according to data compiled by Bloomberg.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on May 17, 2011, that Japan's government
unveiled a comprehensive plan to protect Tepco from bankruptcy and
fund compensation claims stemming from the country's worst-ever
nuclear energy disaster that are expected to total more than
JPY2.5 trillion.

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


TOKYO ELECTRIC: Won't Sell Land Holdings in Oze National Park
-------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co has said it will
not sell land it owns in the Oze National Park in response to such
a request by the Gunma prefectural government, Gunma Gov Masaaki
Osawa said Friday.

Kyodo relates that the governor told a prefectural assembly
session that TEPCO said it has no plan at this time to sell the
land in Oze as it serves as an important asset for its business.

According to the report, the governor said the utility would
conserve the land for the sake of trekkers in the national park.

Kyodo states that TEPCO is considering selling off non-essential
assets as compensation liabilities stemming from the nuclear
crisis at the Fukushima Daiichi plant, triggered by the March 11
earthquake and tsunami, continue to mount.

The company owns around 40% of the national park's land area
totaling about 37,200 hectares straddling Gunma, Fukushima,
Tochigi and Niigata prefectures, Kyodo discloses.

                            About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility known as Tepco is battling
radiation leaks at the Fukushima Dai-Ichi power plant north of
Tokyo after a March 11 earthquake and tsunami knocked out its
cooling systems, causing the biggest atomic accident in 25 years.
More than 50,000 households were forced to evacuate and Bank of
America Corp.'s Merrill Lynch estimates Tepco may face
compensation claims of as much as JPY11 trillion ($135 billion).

The company has JPY5 trillion in debt, making it the fourth-
biggest borrower among members of the Nikkei 225 stock average,
according to data compiled by Bloomberg.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on May 17, 2011, that Japan's government
unveiled a comprehensive plan to protect Tepco from bankruptcy and
fund compensation claims stemming from the country's worst-ever
nuclear energy disaster that are expected to total more than
JPY2.5 trillion.

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


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


BUSAN SAVINGS: Former State Auditor Arrested on Bribe Charges
-------------------------------------------------------------
Yonhap News reports that Eun Jin-soo, a former state auditor and
aide to South Korea's President Lee Myung-bak, was arrested Monday
on charges of taking bribes from Busan Savings Bank that was
seeking his influence to avoid punishment for extending illegal
loans and other irregularities.

According to the news agency, Mr. Eun, who resigned last week as a
ranking member of the Board of Audit and Inspection (BAI), is
accused of accepting KRW70 million (US$64,635) in cash and a
diamond jewel worth about KRW30 million from the bank.  His
brother is also suspected of taking KRW100 million from the bank,
the report says.

Yonhap relates that Mr. Eun, a former prosecutor who worked for
Lee's presidential election camp in 2007, reportedly denied most
of the charges against him during 14 hours of questioning from
Sunday, saying he received part of the money as a legitimate
reward for offering legal consulting.

Appearing at the Supreme Public Prosecutors' Office on Sunday,
says Yonhap, Mr. Eun apologized in public for "causing concern"
and vowed to cooperate with the investigation.

"I believe the truth will come to light through objective
evidence," Yonahp quotes Mr. Eun as saying.

Yonhap notes that the prosecutors said they are expanding the
probe to see if the bank bribed other high-ranking government
officials and political heavyweights to prevent itself from being
ousted from the market.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2011, The Financial Services Commission suspended three
affiliates of Busan Savings Bank -- Jungang Busan Savings Bank,
Busan II Savings Bank and Jeonju Savings Bank -- as well as Bohae
Bank for six months each.  The China Post said the move came just
days after two other institutions, Busan Savings Bank and its
affiliate Daejeon Mutual Savings Bank, had their activities
suspended.

Yonhap reports that Busan Savings Bank was found to have engaged
in extending illegal loans to large shareholders and other
financial irregularities involving billions of dollars in total.
The bank, according to Yonhap, has also been accused of tipping
off its employees' relatives and VIP customers about its impending
suspension in February so as to help them withdraw their deposits
in advance.

Busan Savings Bank is a savings bank based in Busan, Korea.  The
bank offers a range of financial products and services.


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


REDGROUP RETAIL: Whitcoulls Union Angry Over New Contracts
----------------------------------------------------------
BusinessDay.co.nz reports that the National Distribution Union
said it is outraged at proposed contract changes for staff at
Whitcoulls and Borders, which were sold last week by
administrators.

According to BusinessDay.co.nz, the contracts, given to staff on
Friday to review over the weekend, scrap any previous redundancy
payments and force workers to sign away any claims or grievances
from their previous employer.

Employees were given until the end of Monday to sign up to the new
agreements.  The union is calling for the contracts to be
withdrawn and is seeking legal advice, the report says.

BusinessDay.co.nz relates that NDU general secretary Robert Reid
said last week's "cautious optimism" about the deal has turned to
outrage.

"Never in my 30 years of working as a trade unionist have I ever
seen such a blatant ruse to force workers to sign out of their
rights and entitlements in a business transfer situation,"
BusinessDay.co.nz quotes Mr. Reid as saying.

"Whitcoulls workers are being asked to sign away any entitlement
to redundancy compensation, notice of termination of employment
and any claims or grievances from their previous employer.  If the
administrator made workers redundant today, it would have to make
a lieu-of-notice payment and redundancy payment, up to a cap of
$18,600 per person."

Mr. Reid said under this agreement, the new owner James Pascoe
Group could hire a worker for one week and make them redundant the
following week with no redundancy compensation, according to
BusinessDay.co.nz.

"Even at a conservative estimate, the 900 Whitcoulls workers in
the sales process could have lieu payments and redundancy
entitlements of $5000 each," Mr. Reid said.  "This means that
Whitcoulls' workers are being forced to contribute almost half a
million dollars of entitlements to the sale . . . it could well be
double that."

But new owner David Norman told BusinessDay he promised all
workers would be better off under the new ownership.
He also took exception to the NDU's attempt to sour the deal.

"The offer of employment is on terms consistent with the majority
of those employed by the James Pascoe Group, there is a little
give and take required but in my opinion all staff members will be
better off plus when certainty of employment and staff purchase
benefits are added, the team at Whitcoulls will be considerably
better off," Mr. Norman told BusinessDay.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, REDgroup Retail's administrators agreed to a sale of
the Whitcoulls and Borders New Zealand businesses to 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.

                        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 Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, 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.

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


=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: PDIC Pays Deposit Insurance 75,330 Depositors
-------------------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. (PDIC) has paid deposit insurance to 75,330 depositors of
Banco Filipino Savings and Mortgage Bank with balances of PHP5,000
and below, with complete addresses, and without outstanding loans
through Postal Money Order.

The Tribune relates that the PMOs were sent through registered
mail to the depositors' latest addresses in the bank records.
PDIC said that total payments for these depositors have reached
PHP86.2 million, the report says.

According to the report, PDIC officer-in-charge executive vice
president Imelda Singzon said PDIC continues to mail payments as
soon as these are validated during the examination of accounts.
For accounts with balances of up to PHP10,000 with complete
addresses and without outstanding loans, validation and mailing of
checks for validated accounts is ongoing, the report says.

For accounts with balances of above PHP10,000, the Tribune notes,
PDIC received almost 70,000 claims during the claims receiving
operations (CRO) from April 28 to May 13, 2011.  It shall continue
to receive deposit insurance claims from depositors of BF at the
PDIC Office in Ayala Avenue, Makati City.

The Bangko Sentral ng Pilipinas closed Banco Filipino after its
liabilities overwhelmed its assets by PHP8.4 billion, and then
filed charges against its directors and officials.  It also placed
Banco Filipino under the receivership of the state-run Philippine
Deposit Insurance Corp. to provide immediate relief to the bank's
177,652 depositors.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


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


CLOUGH INVESTMENT: Creditors' Proofs of Debt Due June 27
--------------------------------------------------------
Creditors of Clough Investment Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 27, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Peng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


EAST ASIATIC: Creditors' Proofs of Debt Due June 27
---------------------------------------------------
Creditors of The East Asiatic Company (Singapore) Pte Ltd, which
is in creditors' voluntary liquidation, are required to file their
proofs of debt by June 27, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Peng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


KDMS MANAGEMENT: Creditors' Proofs of Debt Due June 10
------------------------------------------------------
Creditors of KDMS Management Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 10, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tan Suah Pin
          Infinity Consulting Pte Ltd
          133 New Bridge Road
          #25-08 Chinatown Point
          Singapore 059413


STAMFLES REMOTE: Creditors' Proofs of Debt Due June 10
------------------------------------------------------
Creditors of Stamfles Remote Site Services Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 10, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o VA Planner Pte. Ltd.
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


TELEPOINT DISTRIBUTION: Creditors' Proofs of Debt Due June 10
-------------------------------------------------------------
Creditors of Telepoint Distribution Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 10, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          c/o 8 Wilkie Road #03-08
          Singapore 228095


=============
V I E T N A M
=============


* VIETNAM: Some Securities Firms on the Brink of Insolvency
------------------------------------------------------------
Viet Nam News reports that stock brokerages in Vietnam are
struggling to survive during the prolonged stagnation of the
country's stock markets.

Viet Nam News says unofficial data suggests that 10 out of 105
listed securities companies were in danger of insolvency, which
would trigger a Ministry of Finance regulation that a securities
company be placed under control if losses amount to 120-150% of
capital for three consecutive months.

Meanwhile, Viet Nam News relates, a rumour has been raging since
mid-April that securities companies are awash in as much as
VND11.2 trillion (US$533.3 million) worth of bad debt due to the
financing of stock buy backs when prices were higher.

The head of marketing for International Royal Securities Co,
Nguyen Tien Hoang, denies the rumour, however, the report notes.

"Stock markets have been gloomy for a year, and securities firms
have found ways to survive," Viet Nam News quotes Hoang as saying.

According to the report, Mr. Hoang said just a few small-scaled
companies suffered a financing crisis as they were greedy to offer
high lending rates but careless to control risk.

Nguyen Son, the head of market development for the State
Securities Commission, said that the commission would inspect
securities companies, especially unlisted firms, in an effort to
prevent another case such as the one involving Ha Thanh Securities
Co.

The former chairman of Ha Thanh Securities absconded and left the
company with debts of VND100 billion ($4.8 million).

"We will focus on corporate governance in securities companies and
force them to strictly comply with regulations on financial
aquadacy ratios," Mr. Son said.


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


* BOND PRICING: For the Week May 23 to May 27, 2011
---------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       1.98
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.20
EXPORT FIN & INS         0.50    12/16/2019   NZD      64.57
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.26
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.63
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      67.78
NEW S WALES TREA         0.50    09/14/2022   AUD      55.52
NEW S WALES TREA         0.50    10/07/2022   AUD      55.82
NEW S WALES TREA         0.50    10/28/2022   AUD      55.06
NEW S WALES TREA         0.50    11/18/2022   AUD      54.82
NEW S WALES TREA         0.50    12/16/2022   AUD      54.67
NEW S WALES TREA         0.50    02/02/2023   AUD      54.15
NEW S WALES TREA         0.50    03/30/2023   AUD      53.81
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      69.56
RESOLUTE MINING         12.00    12/31/2012   AUD       1.06
TREAS CORP VICT          0.50    08/25/2022   AUD      56.22
TREAS CORP VICT          0.50    11/12/2030   AUD      53.84
TREAS CORP VICT          0.50    11/12/2030   AUD      54.43


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.79
CHINA RAIL GRP           4.48    01/27/2015   CNY      56.16

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      56.17


  INDIA
  -----

NABARD                   9.50    03/07/2014   INR       9.72
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.60
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.34
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.29
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.44
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.77
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.28
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.95
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.75
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.68
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.72


  INDONESIA
  ---------

BAKRIE TELECOM          11.90    09/04/2012   IDR      50.00


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      73.91
AIFUL CORP               1.22    04/20/2012   JPY      56.85
AIFUL CORP               1.74    05/28/2013   JPY      47.93
AIFUL CORP               1.99    10/19/2015   JPY      37.94
COVALENT MATERIA         2.87    02/18/2013   JPY      66.76
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.69
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.40
SHINSEI BANK             5.62    12/29/2049   GBP      75.00
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      73.51
TOKYO ELECTRIC POWER     2.11    12/10/2029   JPY      66.37
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      71.86
TOKYO ELECTRIC POWER     2.36    05/28/2040   JPY      71.66


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.11
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.41
CRESENDO CORP B          3.75    01/11/2016   MYR       1.43
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
DUTALAND BHD             6.00    04/11/2013   MYR       0.81
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.50
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.47
ENCORP BHD               6.00    02/17/2016   MYR       0.94
IJM CORP BERHAD          3.98    05/24/2013   MYR      23.12
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.05
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.30
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.28
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.43
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.76
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.61
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.87
WAH SEONG CORP           3.00    05/21/2012   MYR       3.16
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.22
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.85


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

ALLIED FARMERS           9.60    11/15/2011   NZD      15.47
DORCHESTER PACIF         5.00    06/30/2013   NZD      68.90
INFRATIL LTD             8.50    09/15/2013   NZD       7.90
INFRATIL LTD             8.50    11/15/2015   NZD       8.30
INFRATIL LTD             4.97    12/29/2049   NZD      61.65
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.27
NZF GROUP                6.00    03/15/2016   NZD       5.59
SKY NETWORK TV           4.01    10/16/2016   NZD       6.58
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.90
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.20


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      74.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            8.00    11/20/2012   SGD       0.48
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.64
WBL CORPORATION          2.50    06/10/2014   SGD       1.59


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

GREAT KO 1ST ABS        15.00    08/19/2014   KRW      28.50
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      23.02
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      30.48
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.38
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.02
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.87
HYUNDAI SWISS BK         8.20    10/26/2012   KRW      72.11
IBK 17TH ABS            25.00    12/29/2012   KRW      61.74
JEIL II SAVINGS          8.50    07/19/2014   KRW      40.20
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      70.15
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      54.54
KEB 17TH ABS            20.00    12/28/2011   KRW      61.00
NACF 17TH ABS           20.00    06/03/2011   KRW      22.02
NACF 18TH ABS           25.00    08/20/2011   KRW      30.00
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.02
SEGYE TOUR CO            4.00    11/06/2012   KREW     67.80
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.79
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.77
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.73
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.50
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.53
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.35
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.06
SINGOK NS ABS            7.50    06/27/2011   KRW      72.54
SOLOMON MUTUAL B         8.10    06/22/2012   KRW      70.26
SOLOMON MUTUAL B         8.50    12/09/2013   KRW      50.17
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      49.43
SOLOMON MUTUAL B         8.50    04/19/2015   KRW      74.61


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       64.70


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.93


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      70.00
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.65


                             *********

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.





                 *** End of Transmission ***