TCRAP_Public/110602.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

             Thursday, June 2, 2011, Vol. 14, No. 108

                            Headlines



A U S T R A L I A

INTERPACIFIC RESORTS: Appoints Ferrier Hodgson as Liquidators
CENTRO PROPERTIES: Smartec to Inspect U.S. Asset Sale Docs
REDGROUP RETAIL: A&R Franchisees Should Consider Launching Own Bid


C H I N A

CHINA CGAME: Posts US$4.7 Million Net Loss in First Quarter
CHINA IVY: Posts US$924,300 Net Loss in First Quarter
CHINA RENEWABLE: Posts US$94,700 First Quarter Net Loss
CHINA TEL GROUP: Enters Into Amended Purchase Pact with Isaac
CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt

SHANGHAI ZENDAI: Moody's Cuts Rating on Unsecured Debt to 'Caa1'
SOLAR ENERTECH: Posts US$3.1 Million First Quarter Net Loss


H O N G  K O N G

LUCKY COSMOS: Keung and Wai Step Down as Liquidators
LUCKY GROUP: Keung and Wai Step Down as Liquidators
NB HANTCHY: Creditors' Proofs of Debt Due July 5
RIBO INDUSTRIAL: Kwok Siu Man Appointed as Liquidator
SINOWAY KINGDOM: Creditors' Proofs of Debt Due June 30

SKYNET LIMITED: Creditors' Proofs of Debt Due June 17
SOCOMEC SICON: Placed Under Voluntary Wind-Up Proceedings
STAR EAST: Keung and Wai Step Down as Liquidators
STAR EAST ON-LINE: Keung and Wai Step Down as Liquidators
TYRONE ELECTRIC: Members' Final Meeting Set for July 5

UNIVERSE LINK: Keung and Wai Step Down as Liquidators
WELL FORTUNE: Yu and Choi Step Down as Liquidators
WIDE TREASURE: Keung and Wai Step Down as Liquidators
YORK RISE: Creditors' Proofs of Debt Due June 30


I N D I A

C. A. V. COTTON: CARE Assigns 'CARE C' Rating to INR14.25cr Loan
HANS ISPAT: CARE Assigns 'CARE BB+' Rating to INR71.29cr LT Loan
GAURAVH WINES: ICRA Assigns 'LB' Rating to INR5cr Bank Limits
JOYSHREE POWEROL: ICRA Assigns 'LBB-' Rating to INR3cr Term Loan
MALUK EDUCATIONAL: ICRA Assigns 'LBB-' Rating to INR33.62cr Loan

RANA SPONGE: ICRA Suspends 'LB+' Rating on INR82.32cr Bank Limits
RANA UDYOG: ICRA Suspends 'LBB-' Rating on INR40cr Bank Limits
RATAN PLANET: ICRA Assigns 'LBB-' Rating to INR15cr Term Loans
RIDHAM SYNTHETICS: CARE Rates INR15.79cr LT Loan at 'CARE BB'
SHREE KRISHNA: ICRA Assigns 'LC' Rating to INR4cr Bank Loan

SYNERGY PUNCHING: ICRA Places 'LBB-' Rating on INR3.25cr Term Loan
UNITECH POWER: CARE Assigns 'CARE B+' Rating to INR30cr Bank Loans
VINAYAK STEELS: ICRA Cuts Rating on INR5.3cr Term Loans to 'LBB+'
VIVEKANANDA FORGING: CARE Assigns 'CARE BB' Rating to INR24cr Loan


I N D O N E S I A

BANK MEGA: Fitch Ratings Affirms Individual Rating at 'D'


J A P A N

TOKYO ELECTRIC: Begins Compensation Payments to Affected Farmers


K O R E A

HYNIX SEMICONDUCTOR: Fitch Ratings Affirms IDRs at 'BB-'


N E W  Z E A L A N D


REAL GROOVY: Closes Shop; 12 Staff Lost Jobs
YARROWS BAKERS: Goes Into Receivership, BDO to Take Over


P H I L I P P I N E S

BANCO FILIPINO: Court of Appeal Denies Bank's Bid to Reopen


                            - - - - -


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A U S T R A L I A
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INTERPACIFIC RESORTS: Appoints Ferrier Hodgson as Liquidators
-------------------------------------------------------------
ninemsn reports that Ferrier Hodgson partners Will Colwell and
Tim Michael have been appointed members' voluntary liquidators
over the four companies that own and control the real estate and
rights to the Couran Cove Island Resort.

The resort, at South Stradbroke Island in Queensland, was placed
in care and maintenance on Tuesday, ninemsn says.

According to ninemsn, the four companies are subsidiaries of the
US-based InterPacific Group Inc.  They are InterPacific Resorts
(Australia) Pty Ltd; InterPacific Group (Australia) Pty Ltd;
Couran Cove Management Pty Ltd; and Couran Cove Services Pty Ltd.

ninemsn relates that InterPacific said the resort had been
operating at "a significant trading loss" for a number of years.

InterPacific said that following the effect of the global
financial crisis, damaging weather and a weakening tourism market,
it had formed the view that the resort was no longer financially
sustainable, according to ninemsn.

InterPacific said it had decided to seek a buyer for its real
estate assets and rights on the resort and that the sale would be
facilitated through the members' voluntary liquidation process,
ninemsn relates.

According to the report, Mr. Colwell said the real estate assets
and rights for the resort would be immediately marketed for sale
through Trevor Weinert of Colliers International.

Although the resort will no longer be trading as an operating
resort, while on care and maintenance, unit-owners will still be
able to access and use their units, have ongoing access to certain
resort facilities and be able to privately let their units,
ninemsn adds.

Interpacific Resorts (Aust) Pty Ltd is the developer of the Couran
Cove Island Resort located on South Stradbroke Island, in
Australia.


CENTRO PROPERTIES: Smartec to Inspect U.S. Asset Sale Docs
----------------------------------------------------------
Bridget Carter at The Australian reports that SMARTEC Capital has
claimed a partial victory through the New South Wales Supreme
Court in its attempt to inspect documents linked to Centro
Properties Group's proposed sale of its US portfolio for US$9.4
billion (AU$8.8 billion).

A court judgment said Monday that Smartec had "no proper purpose"
seeking access to five out of six categories of documents linked
to the proposed Centro Properties sale to private equity giant
Blackstone, the Australian relates.  However, the court ruled that
Smartec was able to inspect correspondences between the Australian
Securities Exchange and Centro Properties.

The Australian relates that Centro maintained that the
correspondences had been available to Smartec from the start.

According to the report, Smartec spokeswoman Rebecca Li said the
ASX documents were those the group had wanted to inspect and had
not been offered by the company before.

"We wanted to see whether they actually told the ASX that it (the
transaction) would not require shareholder's approval," The
Australian quotes Ms. Li as saying.  The final order would be
released within a week and further action would depend on whether
that order had any confidentiality conditions attached to it,
Ms. Li said.

Smartec, which owns almost 5% of Centro Properties Group, launched
the court claim in March, saying they believed the sale of the US
assets to Blackstone should have been put to a shareholders' vote,
The Australian notes.

Centro Properties decided in November 2010 to put all its assets
on the block after having received approval to refinance the next
round of debt.  The sale of the assets comes almost three years to
the day that Centro's former chief executive, Andrew Scott, and
the board revealed the group did not have the funds needed to pay
the AU$4 billion of debt that was due in December 2007.  That
resulted in the shares of the company dropping in value by as much
as 90%, according to the Sydney Morning Herald.

                       About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


REDGROUP RETAIL: A&R Franchisees Should Consider Launching Own Bid
------------------------------------------------------------------
SmartCompany reports that franchise experts said franchisees of
the stricken Angus & Robertson chain should consider launching
their own bid for the brand, as administrators for the business
hunt desperately for a buyer before they are forced to close it
down.

According to SmartCompany, rival book chains Collins and Dymocks
have both expressed interest in buying some stores from the debt-
laden REDGroup Retail, which owns company-owned Borders and Angus
& Robertson stores plus the A&R franchise network.

The group of 25 breakaway A&R franchisees are yet to comment,
although franchise experts said this is a prime opportunity to
launch a buyout bid if they want to continue to operate under the
A&R brand and grab control of the chain's future, SmartCompany
says.

"Here's an opportunity to band together and make an offer for the
A&R trademarks," SmartCompany quotes Norton Rose partner Stephen
Giles as saying.  Buying the entire company might be too difficult
for one buyer to digest, he pointed out.

Franchise Advisory Centre director Jason Gehrke agrees with Mr.
Giles' observation, SmartCompany says.  "It would be a logical
next step for the franchisees to consider a buyout.  Let's face
it, they have the most to lose and consequently the most to gain,"
Mr. Gehrke told SmartCompany.

                        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
=========


CHINA CGAME: Posts US$4.7 Million Net Loss in First Quarter
-----------------------------------------------------------
China CGame, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$4.7 million on contract revenues earned
of US$8.8 million for the three months ended March 31, 2011,
compared with a net loss of US$3.5 million on contract revenue
earned of US$11.5 million for the same period last year.

The Company's balance sheet at March 31, 2011, showed
US$139.9 million in total assets, US$106.4 million in total
liabilities, and stockholders' equity of US$33.5 million.

As reported in the TCR on April 26, 2011, Samuel H. Wong & Co.,
LLP, in San Mateo, California, expressed substantial doubt about
China CGame's ability to continue as a going concern, following
the release of the Company's 2010 results.  The independent
auditors noted that the Company incurred a net loss of US$23.2
million in 2010.  "As of Dec. 31, 2010, the Company has an
accumulated deficit of US$11.2 million due to the fact that the
Company continued to incur losses over the past few years.  The
Company also has difficulty to maintain sufficient working capital
for operation activities."

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

Changzhou, China-based China CGame, Inc. (Nasdaq: CCGM) is a self-
developer of online games and provider of high-end building
envelope architectural systems.


CHINA IVY: Posts US$924,300 Net Loss in First Quarter
---------------------------------------------------
China Ivy School, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$924,313 on US$1.69 million of revenues
for the three months ended March 31, 2011, compared with a net
loss of US$352,811 on US$1.66 million of revenues for the same
period last year.

The Company's balance sheet at March 31, 2011, showed
US$18.08 million in total assets, US$17.73 million in total
liabilities, all current, and stockholders' equity of US$348,562.

As reported in the TCR on April 8, 2011, Michael T. Studer CPA
P.C., in Freeport, New York, expressed substantial doubt about
China Ivy School's ability to continue as a going concern,
following the release of the Company's 2010 results.  Mr. Studer
noted that as of Dec. 31, 2010, and 2009, the Company had a
working capital deficit of US$12,255,303 and US$11,038,871,
respectively.  The Company also had an accumulated deficit of
US$5,949,928 as of Dec. 31, 2010, he stated.

A copy of the Form 10-Q is available at http://is.gd/1DHNgQ

Based in Jiangsu Province, China, China Ivy School, Inc., operates
an educational facility under the name "Blue Tassel School" which
provides a comprehensive curriculum required by the government of
the People's Republic of China, supplemented by a broad range of
elective courses which may be chosen from by the school's
students.


CHINA RENEWABLE: Posts US$94,700 First Quarter Net Loss
-----------------------------------------------------
China Renewable Energy Holdings, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of US$94,708 on US$843,224 of
revenue for the three months ended March 31, 2011, compared with a
net loss of US$75,121 on US$271,250 of revenue for the same period
of 2010.

The Company's balance sheet as of March 31, 2011, showed
US$1.0 million in total assets, US$1.4 million in total
liabilities, all current, and a stockholders' deficit of
US$411,524.

De Leon & Company, P.A., in Pembroke Pines, Fla., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has suffered recurring
losses from operations, net capital deficiencies, and negative
cash flows from operations.

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

Based in Wanchai, Hong Kong, China Renewable Energy Holdings,
Inc., was incorporated under the laws of the State of Florida on
Dec. 17, 1999.  The Company was originally organized to provide
business services and financing to emerging growth entities, and
later redirected its business focus to market and to distribute
energy-efficient products in China.


CHINA TEL GROUP: Enters Into Amended Purchase Pact with Isaac
-------------------------------------------------------------
China Tel Group, Inc., and Isaac Organization, Inc., entered into
a second amended and restated stock purchase agreement on May 9,
2011.  The original SPA was entered into by the parties on Feb. 9,
2010, as subsequently amended on March 5, 2010.  The 2nd Amended
SPA supersedes the terms of the prior operative SPA in its
entirety.

The stock, which is the subject of all of the parties' SPAs,
consists of shares of China Tel's Series A common stock, together
with warrants granting the holder the right to acquire Shares.
The material changes reflected in the 2nd Amended SPA are:

  1. Isaac's price per Share is reduced both prospectively and
     retroactively.  Under the SPA, the nominal price per Share
     was $1.50.  However, Isaac was entitled to issuance of
     additional shares without additional payment pursuant to a
     fully diluted calculation performed quarterly.  Pursuant to
     the terms of the Original SPA and prior to the effective date
     of the 2nd Amended SPA, Isaac has paid $25,109,659; has been
     issued 29,166,110 Shares; and is entitled to issuance of
     4,465,782 Shares that have not been issued.  Isaac's total
     weighted average price per Share under the Original SPA is
     therefore $0.7466.  Under the terms of the 2nd Amended SPA,
     for all Shares Isaac purchased between Feb. 8, 2010, through
     Nov. 30, 2010, the price per Share is adjusted to $0.2637,
     which is equal to the volume-weighted average of the closing
     price of Shares for the time period June 1, 2010, through
     Nov. 30, 2010.  For all Shares Isaac purchased between Dec.
     1 through 31, 2010, the price per Share is adjusted to
     $0.1707, which is equal to the volume-weighted average of the
     closing price of Shares during that time period.  For all
     Shares Isaac purchased between Jan. 1, 2011, through the
     Effective Date of the 2nd Amended SPA, as well as for all
     Shares Isaac purchases after the Effective Date of the 2nd
     Amended SPA, the price per Share is the volume-weighted
     average of the closing price of Shares for the ten-day
     trading period immediately preceding the date the Company
     received or in the future receives any Installment.  In no
     event will the price per Share be less than $0.18 for any
     Installment received after the Effective Date.  The total
     aggregate number of Shares to which Isaac is entitled based
     on retroactive adjustments to the Purchase Price is
     71,519,975 Shares.  China Tel has received $6,017,000 from
     Isaac between Jan. 1, 2011, and the Effective Date.

  2. The number of Warrants Isaac is entitled to receive is
     increased and the Warrant exercise price is reduced, both
     prospectively and retroactively.  Under the Original SPA,
     Isaac was entitled to receive one Warrant for each dollar
     paid toward the Purchase Price.  Pursuant to the terms of the
     Original SPA and prior to the Effective Date of the Original
     SPA, Isaac is entitled to issuance of 25,109,659 Warrants,
     none of which have been issued.  Pursuant to the 2nd Amended
     SPA, China Tel will instead issue one Adjusted Warrant for
     each Share Isaac has been issued pursuant to the SPA, one
     Warrant for each Additional Share, and one Warrant for each
     Share Isaac purchases in the future.  Under the SPA, each
     Warrant had an exercise price of $1.00.  The total aggregate
     number of Adjusted Warrants to which Isaac is entitled is
     105,151,867, inclusive of 25,109,659 Warrants earned by Isaac
     pursuant to the SPA that have not been issued.  Under the
     2nd Amended SPA, the exercise price is adjusted as: (i) for
     Adjusted Warrants earned based on Installments received
     between February 8 and Nov. 30, 2010, the exercise price will
     be $0.211, which is equal to 80% of the volume weighted
     average of the closing price of Shares for the time period
     June 1, 2010 through Nov. 30, 2010; (ii) for Adjusted
     Warrants earned based on Installments received between
     Dec. 1 to 31, 2010, the exercise price will be $0.137, which
     is equal to 80% of the volume weighted average of the closing
     price of Shares during that time period; and (iii) for
     Adjusted Warrants earned based on Installments received
     between Jan. 1, 2011, and May 2, 2011, as well as for
     Warrants earned based on receipt of future Installments, the
     exercise price will be the volume-weighted average of the
     closing price of Shares for the ten-day trading period
     immediately preceding the date the Company received or in the
     future receives the Installment giving rise to the right to
     issuance of the Warrant or Adjusted Warrant.  The exercise
     price of Warrants and Adjusted Warrants is not subject to a
     cashless exercise, unless both parties agree in writing.

  3. The time period during which Isaac has the right to exercise
     a Warrant is reduced prospectively and in part retroactively.
     Under the Original SPA, each Warrant had a five-year exercise
     period, as measured from the date each Warrant became subject
     to issuance.  Under the 2nd Amended SPA, each of the Adjusted
     Warrants earned based on an Installment received on or before
     Dec. 31, 2010, will have the same five-year exercise period
     as the original Warrant it is intended to replace, which
     exercise period relates back to the date Isaac earned each
     Adjusted Warrant.  Each of the Warrants or Adjusted Warrants
     earned based on an Installment received after Dec. 31, 2010,
     will have an exercise period of three years, which exercise
     period will either relate back or will begin to run from the
     date Isaac earned or earns each Warrant or Adjusted Warrant.

  4. China Tel's obligations to periodically issue Isaac
     additional Shares pursuant to a fully diluted calculation
     whenever China Tel issues shares, options or warrants to
     others is eliminated.

  5. Isaac's right to purchase a minimum of $205,000,000 worth of
     Shares, which would constitute 27.9% of the total equity of
     China Tel, is eliminated.

  6. Isaac's maximum investment is reduced from $360,000,000 to
     $75,109,659.

  7. The time period during which China Tel is entitled to make
     Funding Requests to receive Installments is extended from
     Dec. 31, 2011, to June 30, 2012.

  8. China Tel's obligation to use the proceeds of the Purchase
     Price solely towards deployment of broadband
     telecommunications networks or sales, general and
     administrative expense is eliminated.

Other material terms of the 2nd Amended SPA that are similar or
identical to the Original SPA are:

  9. The Parties intend to enter into a separate Registration
     Agreement, under which Shares and Warrants issued to Isaac
     may enjoy "piggyback" rights if China Tel registers any of
     its Shares in the future.

10. China Tel has the right to terminate Isaac's rights under
     the 2nd Amended SPA if Isaac fails to pay any Installment
     after a Funding Request and before expiration of the Grace
     Period.  In such instance, China Tel may issue a Notice of
     Termination for Monetary Default, in which event China Tel is
     entitled to cancel 10% of the Shares, Warrants and Warrant
     Shares previously issued to Isaac.

A full-text copy of the 2nd Amended Stock Purchase Agreement is
available for free at http://is.gd/gqlUeM

                          About China Tel

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

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

The Company's balance sheet at Dec. 31, 2010 showed $3,888,292 in
total assets, $28,11,423 in total current liabilities, all
current, $35,483 in mandatory redeemable Series B common stock,
and a $24,260,614 total stockholders' deficit.

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


CHINESEWORLDNET.COM INC: Recurring Losses Cue Going Concern Doubt
-----------------------------------------------------------------
Chineseworldnet.com Inc. filed on May 13, 2011, its annual report
on Form 20-F for the fiscal year ended Dec. 31, 2010.

Chang Lee LLP, in Vancouver, Canada, expressed substantial doubt
about the Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred recurring
losses from inception and requires additional financing for its
intended business operations.

The Company reported net income of US$296,604 on US$1.7 million of
revenue for 2010, compared with a net loss of US$402,209 on
US$906,455 of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$2.2
million in total assets, US$384,673 in total liabilities, all
current, and   stockholders' equity of US$1.8 million.

A complete text of the Form 20-F is available for free at:

                       http://is.gd/R6zgvM

Vancouver, Canada-based Chineseworldnet.com Inc. was incorporated
under the laws of Cayman Islands on Jan. 12, 2000.

The Company's business is to provide online internet services
through its Chinese world-wide-web site.  The online internet
services comprise banner advertisements, web page hosting and
maintenance, online promotion for customers, translation services,
investment seminars, investment handbooks, website contest events,
and subscription fees.


SHANGHAI ZENDAI: Moody's Cuts Rating on Unsecured Debt to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has downgraded Shanghai Zendai Property
Limited's senior unsecured debt rating from B3 to Caa1.

At the same time, Moody's has put Zendai's B3 corporate family
rating and Caa1 senior unsecured debt rating on review for
possible downgrade.

                         Ratings Rationale

"Moody's expects that Zendai's onshore debt to total assets will
likely remain above 15% in the next 12 -- 18 months, which will,
in turn, result in a higher level of subordination risk. Such a
development warrants notching the offshore senior unsecured debt
to Caa1" says Jiming Zou, a Moody's Analyst.

"The rating review reflects Zendai's increased refinancing risk as
it has a material amount of trust finance and USD notes of around
RMB 2 billion coming due in the next 12 -- 18 months and against
the backdrop of tightening credit conditions in China," says Mr.
Zou.

"Zendai's property sales in January-April were well below Moody's
expectation, a development which has further aggravated its
liquidity position," adds Mr. Zou.

In its review, Moody's will focus on Zendai's ability to improve
its property contract sales, improve liquidity through disposing
of its interests in property projects and/or raising new equity,
refinance its trust loans and USD notes.

The principal methodology used in rating Shanghai Zendai Property
Limited was the Global Homebuilding Industry Methodology,
published March 2009.

Shanghai Zendai Property Ltd is a mainland China property
developer focusing on the development, investment, and management
of residential and commercial properties in China. The group
currently has property projects under development in 12 cities in
three regions, including northern China, Shanghai and adjacent
areas, and Hainan Province.


SOLAR ENERTECH: Posts US$3.1 Million First Quarter Net Loss
---------------------------------------------------------
Solar Enertech Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of US$3.1 million on US$10.7 million of sales
for the three months ended March 31, 2011, compared with a net
loss of US$19.2 million on US$17.8 million of sales for the three
months ended March 31, 2010.

During the three months ended March 31, 2010, the Company recorded
a cumulative loss on debt extinguishment of approximately
US$18.5 million as a result of the Conversion Agreement and the
Exchange Agreement.

The Company's balance sheet at March 31, 2011, showed
US$23.5 million in total assets, US$12.6 million in total
liabilities, all current, and stockholders' equity of US$10.9
million.

As reported in the Troubled Company Reporter on Dec. 22, 2010,
Ernst & Young Hua Ming, in Shanghai, the Peoples Republic of
China, expressed substantial doubt about Solar Enertech's ability
to continue as a going concern, following the Company's results
for the fiscal year ended Sept. 30, 2010.  The independent
auditors noted of the Company's recurring losses from operations.

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

                        http://is.gd/gpnREj

                       About Solar EnerTech

Mountain View, Calif.-based Solar EnerTech Corp. (OTC QB: SOEN)
-- http://www.solarE-power.com/-- is a photovoltaic solar energy
cell manufacturing enterprise.  The Company has established a
sophisticated 67,107-square-foot manufacturing facility at Jinqiao
Modern Technology Park in Shanghai, China.  The Company currently
has two 25 MW solar cell production lines and a 50 MW solar module
production facility.

Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.


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


LUCKY COSMOS: Keung and Wai Step Down as Liquidators
----------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Lucky Cosmos Limited on May 16, 2011.


LUCKY GROUP: Keung and Wai Step Down as Liquidators
---------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Lucky Group Investments Limited on May 16, 2011.


NB HANTCHY: Creditors' Proofs of Debt Due July 5
------------------------------------------------
Creditors of NB Hantchy International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 5, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Liu, Wing Ting, Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road West
         Sheung Wan, Hong Kong


RIBO INDUSTRIAL: Kwok Siu Man Appointed as Liquidator
-----------------------------------------------------
Kwok Siu Man on May 20, 2011, was appointed as liquidator of Ribo
Industrial Limited.

The liquidator may be reached at:

         Kwok Siu Man
         11/F, Lai Sun Commercial Centre
         680 Cheung Sha Wan Road
         Kowloon, Hong Kong


SINOWAY KINGDOM: Creditors' Proofs of Debt Due June 30
------------------------------------------------------
Creditors of Sinoway Kingdom 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:

         Lau Shiu Wah
         Room 609, Yu To Sang Building
         37, Queen's Road
         Central, Hong Kong


SKYNET LIMITED: Creditors' Proofs of Debt Due June 17
-----------------------------------------------------
Creditors of Skynet Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 17,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Ho Wai Ip
         Room 1903, World-Wide House
         19 Des Voeux Road
         Central, Hong Kong


SOCOMEC SICON: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on May 13, 2011,
creditors of Socomec Sicon Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kan Ping Kee
         Units A & B, 15/F
         Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


STAR EAST: Keung and Wai Step Down as Liquidators
-------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Star East Culture Development Limited on May 16,
2011.


STAR EAST ON-LINE: Keung and Wai Step Down as Liquidators
---------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Star East On-line Limited on May 16, 2011.


TYRONE ELECTRIC: Members' Final Meeting Set for July 5
------------------------------------------------------
Members of Tyrone Electric Motor Limited, which is in members'
voluntary liquidation, will hold their final meeting on July 5,
2011, at 9:00 a.m., at 12 Science Park East Avenue, 6/F., Hong
Kong Science Park, Shatin, New Territories, in Hong Kong.

At the meeting, Yip Chee Lan and Regina Tam Lai Ha, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UNIVERSE LINK: Keung and Wai Step Down as Liquidators
-----------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Universe Link Industries Limited on May 16, 2011.


WELL FORTUNE: Yu and Choi Step Down as Liquidators
--------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy stepped down as
liquidators of Well Fortune Limited on May 23, 2011.


WIDE TREASURE: Keung and Wai Step Down as Liquidators
-----------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Wide Treasure Limited on May 16, 2011.


YORK RISE: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Creditors of York Rise 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 commenced wind-up proceedings on May 18, 2011.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit F, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


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


C. A. V. COTTON: CARE Assigns 'CARE C' Rating to INR14.25cr Loan
----------------------------------------------------------------
CARE assigns 'CARE C' and 'PR4' Ratings to the bank facilities of
C. A. V. Cotton Mills Ltd.

                                     Amount
   Facilities                       (INR cr)     Ratings
   ----------                       --------     -------
   Long-term Bank Facilities          14.25      'CARE C' Assigned
   Short-term Bank Facilities          4.00      'PR 4' Assigned
   Long / Short-term Bank Facilities  14.00      'CARE C'/'PR 4'
                                                  Assigned

                         Rating Rationale

The ratings are mainly constrained on account of highly stressed
liquidity position of CAV Cotton Mills Ltd. and the other Sangeeth
Group companies resulting in irregularity in debt servicing in the
past. The ratings are also constrained by the group's high
dependence on borrowed funds for its working capital requirement
and recent volatility in raw-material prices.  The ratings,
however, favorably take into account experience and track record
of the promoters of the Sangeeth group in textile business and
installation of wind mills meeting majority of the group's power
requirements.  Improvement in its short-term liquidity situation
along with overall improvement in the financial risk profile
remains key rating sensitivity.

                        About C.A.V. Cotton

C.A.V. Cotton Mills Limited was incorporated in 1987 by the
promoters of the Coimbatorebased Sangeeth Group.  CCML is into
manufacturing of combed knitting and weaving yarn from raw
cotton. CCML operates from a single manufacturing facility located
in Vellabommanpatty village in Dindigul district of Tamil Nadu
having an installed capacity of 33,888 spindles which enables the
company to manufacture 12 tons of combed and compact cotton yarn
per day.  The Sangeeth Group consists of four group companies
Sangeeth Textiles Ltd, Sri Vasudeva Textiles Limited, Shri
Mookambiga Spinning Mills Limited and C.A.V. Cotton Mills Limited.
All the group companies of the Sangeeth Group are in the same line
of business.


HANS ISPAT: CARE Assigns 'CARE BB+' Rating to INR71.29cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to bank facilities of
Hans Ispat Limited.

                                 Amount
   Facilities                  (INR cr)      Ratings
   ----------                  --------      -------
   Long-term Bank Facilities    71.29        'CARE BB+' Assigned
   Short-term Facilities        20.00        'PR4' Assigned

                          Rating Rationale

The ratings take into account relatively weak financial risk
profile of Hans Ispat Ltd.; marked by low profitability, stressed
liquidity and low networth base, risk associated with inherent
cyclicality in steel sector and its exposure to fluctuation in raw
material prices. The ratings however factor in the wide experience
of promoters of the parent company, Electrotherm (India) Ltd.
(ETIL), in the field of engineering, steel and electric vehicles
business; its sales and distribution synergy with ETIL and
improvement in operational efficiency post its acquisition by
ETIL. The improvement in profitability & overall capital structure
and any future capex and its funding profile are the key rating
sensitivities.

                           About Hans Ispat

Hans Ispat Ltd. was incorporated in 1991 and was promoted by Mr.
Hans Raj Kumar and Late Mr. Vijay Kant Kumar. In June 2010, HIL
was acquired by Electrotherm (India) Ltd. (ETIL; rated: CARE
BBB/PR3+) and with this, HIL became 100% subsidiary of ETIL.  HIL
has its manufacturing facilities for Billets (capacity 80,000
MTPA), TMT Bars (110,000 MTPA) and SS Bars (127,000 MTPA) at Anjar
in the Kutch district of Gujarat. During past three years ending
with FY10, the capacity utilization remained low. However, post-
acquisition, capacity utilization improved in 9MFY11 and remained
at 85-90%, as HIL is now benefited through wide sales and
distribution network of ETIL. HIL sells its products in Gujarat
and Rajasthan through dealers' network.

During FY10, TMT bars constituted 88% of total sales, followed by
SS/MS flats (11%) and SS/MS Billets (1%). During FY10 (Audited),
HIL reported a total operating income of INR184.57 crore (FY09:
INR172.15 crore) and a net loss of INR0.34 crore (FY09: profit
INR0.28 crore).


GAURAVH WINES: ICRA Assigns 'LB' Rating to INR5cr Bank Limits
-------------------------------------------------------------
ICRA has assigned a 'LB' rating to the INR5.0 crore fund-based
limits of Gauravh Wines Private Limited.

The ratings factor in the long standing track record of promoters
in the liquor, healthy return indicators given the trading nature
of the business with little investments in gross block and
benefits from synergies arising out of presence of group companies
in liquor industry. However the ratings are constrained by high
business risk inherent in the liquor industry owing to high taxes
and stringent government controls and risk of the government not
renewing the wholesale license annually. Presence in the lower end
of the value chain with operations confined to trading activity
leads to low profitability margins (as indicated by operating
margins of 1.8% and net margins of 0.40%) and coverage indicators
(as indicated by interest coverage of 1.5). Moreover the financial
profile of the company is weak with a gearing as on 31st March
2010 at 3.28 times.

Gauravh Wines Private Limited was started as a partnership firm by
Mr. Gaurav Malhotra and Mr. Jaspal Singh. The firm was converted
to a private limited company during FY 2008. The company has
wholesale liquor licences for 3 districts in Punjab (Gurdaspur,
Hoshiarpur and Ludhiana). The promoter's family has been
associated with the liquor industry since the 1950's. Oasis Group
of companies has diversified business operations in the fields of
exports, hotels and liquor. The group has set up hotels and
resorts at Mussoorie, Ludhiana and New Delhi. The group has set up
Oasis distillery in Indore and Malbros International in Punjab.
The group has also launched various brands of country liquor
blends like Royal Arms Real Whisky, Every Day Gold Prestige
Whisky, Old Fox XXX Matured Rum.

For FY 2011, the company reported operating income of INR56.70
crore and PAT of INR0.23 crore on a provisional basis.


JOYSHREE POWEROL: ICRA Assigns 'LBB-' Rating to INR3cr Term Loan
----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR3.00 crore term loan
and INR3.00 crore cash credit facilities of Joyshree Powerol.  The
outlook on the long term rating is stable.

The rating takes into account the fiscal benefits available for
JP, which are likely to favorably impact the profitability and
cash flows of the firm going forward, the access to a ready
customer base of a group company, which is in a similar line of
business, the favorable demand outlook for diesel generator (DG)
sets and the comfortable capital structure of the firm at present.
The rating is however constrained by the limited track record of
the firm, although mitigated to an extent by the experience of the
promoters in running another company in the same industry, the
dependence on the association with Mahindra & Mahindra Ltd for
long term stability of the business, geographical concentration
risks with most of the existing customers located in the state of
Assam and increasing competition from other reputed DG set brands
in India. While assigning the rating, ICRA has also factored in
the legal status of JP as a partnership firm, including the risks
of withdrawal of capital by the partners.

Joyshree Powerol was incorporated in August 2009 as a partnership
firm. The firm started assembling and selling of DG sets under the
brand name of Mahindra Powerol from February 2011.  The existing
assembling facility of JP is located at Chang Sari in Assam, with
an annual assembling capacity of around 1,800 DG sets.

As per provisional numbers, during the two months of operations in
2010-11, JP posted a net loss of INR0.42 crore on an operating
income of INR1.17 crore.


MALUK EDUCATIONAL: ICRA Assigns 'LBB-' Rating to INR33.62cr Loan
----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR33.62 crore term loan
facilities and INR3.70 crore fund based facilities of Maluk
Educational Health and Charitable Trust.  The outlook on the long-
term rating is stable.

The rating considers the trust's healthy margins and the favorable
demographics which are likely to drive demand for the education
sector. The rating also considers the trust's highly-geared
capital structure (due to significant debt funded capital
expenditure), which is expected to remain stretched over the
medium term. While lower occupancy levels in some of the
institutions are likely to impact the profitability, the high
competition is expected to impact growth in revenues and margins.

MEHCT was founded in October 1993 as Muslim minority institution
by Mr. Haji M. Abdul Majedu with the main objective of promoting
education. The trust manages eight educational institutions,
comprising four engineering colleges, a business school, a
polytechnic college, a teacher training college and a school. All
the institutions share the campus at Tiruchirapalli, Tamil Nadu.
MEHCT's trustees comprise close family members of Mr. Haji M.
Abdul Majedu.  In October 2010, 4,793 students were enrolled in
these institutions.

For the year ended 2009-10, the trust reported net profit of
INR2.0 crore on operating income of INR20.9 crore. According to
unaudited results for the eight months ended November 2010, the
trust reported operating profit of INR6.0 crore on operating
income of INR17.7 crore.


RANA SPONGE: ICRA Suspends 'LB+' Rating on INR82.32cr Bank Limits
-----------------------------------------------------------------
ICRA has suspended the 'LB+' rating assigned to the INR82.32 crore
fund based limits & 'A4' rating to the INR6 crore short term non
fund based bank facilities of Rana Sponge Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during surveillance. ICRA will withdraw the
rating in case it remains under suspension for a period of three
years.


RANA UDYOG: ICRA Suspends 'LBB-' Rating on INR40cr Bank Limits
--------------------------------------------------------------
ICRA has suspended the rating of 'LBB-' with stable outlook
assigned to the INR40 crores bank limits of Rana Udyog.  The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of the relevant information.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during surveillance. ICRA will withdraw the
rating in case it remains under suspension for a period of three
years.


RATAN PLANET: ICRA Assigns 'LBB-' Rating to INR15cr Term Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' to the INR15.00
crore term loans of Ratan Planet.  The long term ratings carry a
Stable outlook.

The rating is constrained on account of nascent stage of the Ratan
Planet project and moderate bookings achieved (currently -25% of
the project is sold) in the project which exposes it to market
risk.  This is also important as apart from equity and debt, a
part of the cost is envisaged to be funded through customer
advances which accentuate the funding risks for the project. The
rating, however, favorably factors in the low approval risks for
its project 'Ratan Planet' and the experience of the developers
associated with its project. Going forward, ability to achieve
sales and maintain collection efficiency will be amongst the key
rating sensitivity factors.

                         About Ratan Planet

Ratan Planet is an Association of Persons (AOP) formed to carry
out the development of its single project called Ratan Planet
located at Naramau Banger, Kanpur (Uttar Pradesh). The AOP was
formed in July 2009 and the parties involved are Nimmi Buildtech
Private Limited (earlier known as Poonam Developers &
Infrastructure (I) Private Limited), Ratan Housing Development
Limited, Ratan Colonisers Private Limited and Ratan Apartments
(India) Private Limited.


RIDHAM SYNTHETICS: CARE Rates INR15.79cr LT Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Ridham
Synthetics Pvt Ltd.

                                     Amount
   Facilities                       (INR cr)    Ratings
   ----------                       --------    -------
   Long-term Bank Facilities          15.79     'CARE BB' Assigned

                         Rating Rationale

The rating is constrained by relatively small size of operations
of the company and weak financial profile marked by low
profitability margins, high gearing levels and stretched liquidity
position. Further, project execution risk, fragmented and highly
competitive nature of the industry also acts as constraining
factor.  The rating favorably factors in experience of the
promoters and diversified customer profile of the company.
The ability of the company to successfully shift and integrate its
manufacturing facility and improve its profitability margins in
the scenario of stiff competition are the key rating
sensitivities.

                        About Ridham Synthetics

Incorporated in the year 1991, Ridham Synthetics Pvt Ltd is a
fabric processing house with facility located at Mahalaxmi,
Mumbai. The company mainly does job work and around 80% of its
revenue is contributed by job work income.

In FY10 RSPL earned profit of INR0.14 crore on total operating
income of INR21.32 crore.  During 9MFY11, RSPL posted PAT of
INR0.36 crore on total operating income of INR16.52 crore.


SHREE KRISHNA: ICRA Assigns 'LC' Rating to INR4cr Bank Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of "LC" to the INR4.00 crore
(enhanced from INR62 crore) fund based facilities of Shree Krishna
Paper Mills & Industries Limited.  SKPMIL also has a long term
rating of "LC" assigned to its INR5.00 crore Cumulative Redeemable
Preference Shares and a short term rating of "A5" rating to the
INR14.00 crore non fund based short term bank facilities.

The ratings continue to remain constrained on account of weak
financial performance of the company as is reflected in continued
net losses of INR6.18 crore during the 9 month period ending
December 2010 as against a net loss of INR8.46 crore in FY 2010.
The losses till the end of FY 2010 already resulted in an erosion
of net worth, which coupled with losses in current year has
further deteriorated the financial profile. While the operational
performance of the company in terms of capacity utilization levels
has improved during the FY 2011, whereby its capacity utilization
levels increased to 68% as against 28% in previous year, however
growth in turnover coupled with weak profitability has resulted in
stretched liquidity position for the company. The profitability of
the company continues to remain weak in the backdrop of its
inability to pass on the increase in raw material prices.
Stretched liquidity profile has also resulted in delays in
repayment of the loans due in April 2011, which have already been
restructured twice during past four years, latest being in August
2009, whereby the company underwent a Corporate Debt Restructuring
(CDR) exercise. Going forward, the ability of the company to
improve its operational performance by achieving high capacity
utilization of its plant on consistent basis, improving the
profitability margins and reduce its debt levels will remain key
rating sensitivities.

                         About Shree Krishna

Shree Krishna Paper Mills & Industries was incorporated in
September 1972 by Pasari Group.  The company has a coated paper
manufacturing unit at Bahadurgarh, Haryana, which was acquired
from Bansal Paper Mills in 1974.  During 2005-06, the company also
commissioned a Greenfield paper plant of 30000 MTPA to manufacture
Printing and Writing Paper (PWP) at Kotputli Rajasthan.

During FY 2010, the company reported net sales of INR65.36 crore
and net loss of INR8.46 crore as against net sales of INR127.18
crore and net loss of INR1.16 crore during FY 2009. During the 9
month period ended December 2010, the company reported net sales
of INR74.81 crore and net loss of INR6.18 crore.


SYNERGY PUNCHING: ICRA Places 'LBB-' Rating on INR3.25cr Term Loan
------------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' to the INR3.25
crore term loan and INR4 crore fund based limits of Synergy
Punching Private Limited.  ICRA has also assigned an 'A4' rating
to the INR0.50 crore fund-bases facilities and INR3 crore non-fund
based facilities of the company. The long-term rating carries a
stable outlook.

The ratings take into account SPPL's moderate scale of operations
resulting in limited economies of scale; vulnerability of its
margins to fluctuations in raw material prices; high customer
concentration risk; and high competitive pressures due to the
fragmented nature of the industry. The ratings are also
constrained by the moderate financial profile of the company as
reflected by low operating margins, high working capital intensity
of operations, moderately high gearing (1.31 times as on March 31,
2010). Further, the planned capex of the company is expected to
further stretch the financial risk profile of the company over the
short to medium term.  The ratings however positively factor in
the company's long track record of operations, its experienced
management and expected increase in order inflow due to improved
demand scenario. Going forward, the company's ability to increase
its margins and keep its working capital requirements in check
would remain key rating sensitivities.

                       About Synergy Punching

Synergy Punching Pvt Ltd was incorporated on Feb 2001 with
Mr. H. M. Reddy, Mr. S.Nagaraju, Mr. Kenchaiah, and Mr. Chand
Basha as the directors in the company. Since inception, SPPL is
engaged in manufacturing of control panel structures which are
used as base structures for assembly of control panels for various
electronic systems. These products find their application in
industries such as telecommunications, construction engineering
and electrical components. The process of manufacturing involves
procurement of raw materials, quality assessment, fabrication and
heat treatment, preparation of structures, powder coating, packing
and dispatch. The products are designed as per the specifications
and requirements provided by the customers. The company has an
installed capacity of manufacturing around 300 tones per month,
which is currently utilized up to 95.00 percent.

Recent Results

SPPL reported an operating income of INR30.68 crore and a profit
after tax of INR1 crore for 2009-10 as compared to an operating
income of INR29.98 crore and a profit after tax of INR1.34 crore
for 2008-09.


UNITECH POWER: CARE Assigns 'CARE B+' Rating to INR30cr Bank Loans
------------------------------------------------------------------
CARE assigns 'CARE B+' and 'PR4' rating to the bank facilities of
Unitech Power Transmission Ltd.

                                       Amount
   Facilities                         (INR cr)    Ratings
   ----------                         --------    -------
   Fund-based Working Capital Limits   30.00      CARE B+ Assigned
   Non Fund-based Working Capital      145.00     PR4 Assigned
                           Limits
Rating Rationale

The ratings are constrained due to under utilization of installed
capacity by UPTL, subdued financial health of the company,
irregularities observed in debt servicing by UPTL in the past and
working capital intensive nature of operations. The rating draws
strength from the reputed clientele of UPTL with a strong order
book position, favorable demand for power distribution
infrastructure and support from the promoter group company.
Going forward, ability of UPTL to revamp growth in production and
profitability in future and effective and efficient working
capital management shall be the key rating sensitivities.

                          About Unitech Power

Unitech Power Transmission Ltd. was incorporated on Sept. 14,
1995, as a 60:40 joint venture between Unitech Ltd. and Hyundai
Engg Construction Co. Ltd. by the name of Hyundai Unitech
Electrical Transmission Ltd.  During 2005, its name was changed to
Unitech Power Transmission Ltd. Presently UPTL is a wholly owned
subsidiary of Unitech Ltd. involved in manufacturing, fabricating,
galvanizing, selling and marketing of steel lattice towers and all
attachments, components and fixtures for electrical transmission
lines in India. UPTL also executes turnkey projects from designing
to laying of the transmission structure networks. The basic
services offered by UPTL are powerline services along-with some
telecommunication services.


VINAYAK STEELS: ICRA Cuts Rating on INR5.3cr Term Loans to 'LBB+'
-----------------------------------------------------------------
ICRA has downgraded the long term rating of the INR5.30 crore term
loans and INR22.50 crore fund based facilities of Vinayak Steels
Limited from 'LBBB-'  to 'LBB+'.  The outlook on the rating is
Stable. ICRA has also downgraded the short term rating of the
INR0.25 crore fund based facilities and INR0.50 crore non fund
based facilities of VSL from 'A3' to 'A4+'.  ICRA has assigned an
A4+ rating to the INR5.00 crore fund based sub-limits of VSL.

The revision in ratings reflects the significantly lower
profitability of the company in 2010-11, deterioration in capital
structure as well as debt coverage indicators and increase in
working capital intensity of operations. These factors are however
offset, to an extent, by the partially integrated nature of
operations, increasing level of value addition in the business in
recent years, favorable association of the company with Andhra
Pradesh Gas Power Corporation Limited, which favorably impacts the
cost of production to some extent and the favorable demand outlook
for the steel industry driven by the infrastructure sector. While
revising the ratings, ICRA has derived some comfort from the
demonstrated ability of the promoters to bring in funds by way of
equity and unsecured loans. The ratings also reflect the inherent
cyclicality and the increasing competition in the highly
fragmented steel rolled products industry and the exposure of the
company to highly volatile raw material prices which has affected
its operating margins during 2010-11.

                        About Vinayak Steels

VSL was incorporated in 1985 and subsequently taken over by the
current management in 1995-96. Mr. Vinod Kumar Kedia is the
Chairman cum Managing Director of the company. The company
commenced operations with two 4 MT induction furnaces, which were
refurbished and upgraded in 2002-03. The company acquired 0.63
million shares of APGPCL following which the company is entitled
to 2.34 MW of APGPCL's power generated at favorable rates. VSL
commissioned its 30,000 MT sponge iron unit in 2004-05 and a
54,000 MT rolling mill in 2007-08. The company increased its
melting capacity by 30,000 MT in 2008-09. VSL sells TMT bars under
the brand "Vinayak TMT" largely to the regional customers.


VIVEKANANDA FORGING: CARE Assigns 'CARE BB' Rating to INR24cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Vivekananda Forging (India) Ltd.

                                  Amount
   Facilities                    (INR cr)    Ratings
   ----------                    --------    -------
   Long-term Bank Facilities      24.0       'CARE BB' Assigned
   Short-term Bank Facilities      7.0       'PR4' Assigned

Rating Rationale

The ratings are constrained by the company's declining
profitability, low profit levels & margin, volatile raw material &
finished goods prices, high overall gearing ratio, stiff
competition from organized and unorganized sector, high average
collection period, dependence on the fortunes of steel industry
and risks associated with VFL embarking on a relatively large
capex programme.  The ratings also factor in considerable
experience of the promoter in steel industry, majority of the
clients being government enterprises and improving outlook of the
steel industry.  Ability of the company to increase scale of
operations and profitability in the wake of rising raw material
prices and future performance of the steel industry would remain
the key rating sensitivities.

                      About Vivekananda Forging

Vivekananda Forging (India) Ltd. was incorporated in 1988 by Shri
Subrata Mondal of Kolkata.  In 1992, the company commenced
operation by setting up forged steel manufacturing unit (15,000
MTPA) at Uluberia, West Bengal.  The company is mainly engaged in
manufacturing of railway items and its major customers are
government enterprises (viz. railways & defense) and steel
companies.

VFL earned PBILDT of INR5.6 crore (INR6.2 crore in FY09) and PAT
(after defd. tax provision) of INR0.7 crore (Rs.1.4 crore in FY09)
on net sales of INR51.7 crore in FY10 (INR61.6 crore in FY09). GCA
and interest coverage in FY10 were moderate.  Long-term debt
equity ratio was almost nil as on March 31, 2010.  However,
overall gearing ratio was high as on March 31, 2010.

VFL has plans to set up a new manufacturing facility at an
estimated project cost of around INR100 crore.  However, the
project location, application for debt and the implementation
modalities are in the drawing board stage.


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


BANK MEGA: Fitch Ratings Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has placed Bank Mega's National Long Term 'A+(idn)'
Rating and subordinated debt 'A(idn)' rating on Rating Watch
Negative. At the same time, Fitch has affirmed the bank's
Individual rating at 'D' and Support rating at '4'. This follows
Bank Indonesia's announcement that it has imposed sanctions on
Bank Mega as a result of weak internal control.

The Rating Watch Negative reflects the potential negative impact
that the sanctions would have on Bank Mega's business profile and
funding.

Under the sanctions, the bank is prohibited from opening new
branches, from renewing or opening new deposit on call and from
offering negotiable certificates of deposits in one year. Fitch
believes the sanctions would limit the bank's rapid growth in the
medium term. The sanctions would also adversely affect the bank's
short and medium-terms liquidity profile given its reliance on
time deposits and the less steady nature of this type of funding.

Despite the possibility that the bank's funding may contract,
liquidity at present remains reasonably robust given Bank Mega's
low loans-to-deposits ratio (55% at end-March 2011). This,
together with its adequate capital buffer, has resulted in the
Individual rating being affirmed.

Fitch expects to resolve the Rating Watch Negative once there is
evidence of improvement of Bank Mega's internal controls and of
the impact on the bank's credit profile from the sanctions.

Fitch also notes that the bank must set up an escrow account to
cover potential losses of up to IDR191bn stemming from the ongoing
dispute between the bank and its depositors, namely PT Elnusa Tbk
and Batu Bara district administration. However, Fitch believes
that the potential losses can be absorbed by the bank's net profit
(Q111: IDR 259bn; FY 10: IDR 952bn).

Bank Mega's ratings are currently based on satisfactory capital
position, liquid assets and modest profitability. The ratings also
consider its concentrated loan book and small franchise relative
to peers. Its total capital adequacy ratio and Tier 1 ratio was
16.3% and 13.9%, respectively at end-2010 (2009: 18% and 15.1%)
which are adequate for supporting further loan growth.

Bank Mega was established in 1969 and, at end-2010, was among the
15 largest banks in Indonesia by assets. It was acquired by the
privately-owned Para Group in 1996. After a public listing in 2000
and subsequent rights issues, Para Group's stake was diluted to
57.82% at end-2010.


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


TOKYO ELECTRIC: Begins Compensation Payments to Affected Farmers
----------------------------------------------------------------
Mitsuru Obe at Dow Jones Newswires reports that Tokyo Electric
Power Co. began to pay initial compensation Tuesday to farmers for
their lost income due to contamination of their crops from
radioactive fallouts from the stricken Fukushima Daiichi nuclear
complex.

In the first compensation payments to businesses hit by the
March 11 disaster, Dow Jones relates, Tepco paid out JPY500
million (US$6 million) to farmers who suffered losses because they
were unable to sell their produce due to concerns over radiation.

Separately, Dow Jones reports, Tepco paid JPY47 billion in living
expenses to about 50,000 households who evacuated the area around
the plant.

According to Dow Jones, farmers who were requested to stop
shipments of their produce by the government or the local
authorities are eligible for the payment program.  Dow Jones notes
that Tepco said it is reimbursing half of the losses suffered by
the farmers, pending final settlement at a later date.

Agricultural cooperatives in four prefectures around the plant
have been asking for JPY13.4 billion in compensation, the report
says.  In addition, Dow Jones says, a new compensation guideline
adopted Tuesday by a government panel decided that Tepco should be
liable for damages farmers suffered due to the rumors of radiation
contamination that had affected sales from the region.

Tepco also said it will start to accept requests for compensation
from small business owners who have been forced to abandon their
operations due to the government's evacuation order, according to
Dow Jones.

                           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
=========


HYNIX SEMICONDUCTOR: Fitch Ratings Affirms IDRs at 'BB-'
--------------------------------------------------------
Fitch Ratings has revised South Korea-based Hynix Semiconductor
Inc.'s Outlook to Positive from Stable. Its Long-Term Foreign and
Local-Currency Issuer Default Ratings (IDRs) have been affirmed at
'BB-'. Its senior unsecured rating has also been affirmed at 'BB-
'.

The Outlook revision reflects Hynix's robust operating results and
the notable improvement in its financial profile during FY10. It
also reflects Fitch's view that the company's financial profile
will remain in line with that of FY10 over the next 12-18 months,
given the stable industry outlook and its market position as the
second-largest dynamic random access memory (DRAM) maker globally.
Fitch believes that maintenance of a strong financial profile and
management's ongoing commitment to deleveraging will remain key
for any positive rating action over the next 12-18 months.
Specifically, the ratings may be upgraded if the company maintains
its EBIT margin above 6% and FFO adjusted leverage below 2x with
sustained positive FCF generation.

Despite a sharp erosion in memory prices since H210, Hynix's FY10
revenues grew 53% to KRW12.1trn and its EBITDA margin rose to
50.2% from 36.7%. More importantly, Fitch acknowledges the
deleveraging progress the company has made over the past two years
with positive free cash flow (FCF) generation in FY09 and FY10.
Accordingly, Hynix's funds from operation (FFO) adjusted leverage
decreased to 1.1x at FYE10 from 6.2x at FYE08 with adjusted net
debt falling to KRW4.4trn from KRW8.3trn

Fitch expects the stable operating environment to continue
throughout FY11 despite likely continued price declines for both
DRAM and NAND. Although weak demand and sustained over-supply will
continue to put pressure on DRAM prices, price erosion is unlikely
to accelerate given DRAM manufacturers' conservative capex
allocation for commodity DRAM. Fitch further notes that the
proliferation of smart devices, such as smartphones and tablet
PCs, has enabled Hynix to mitigate the negative impact from weak
PC demand, and the company's average selling prices have been
supported by an increasing share of specialty DRAMs used in smart
devices and servers. In addition, Fitch expects that the rapid
penetration of such smart devices will continue to provide strong
growth momentum for NAND. Under this environment, Hynix will
likely improve its revenue mix by increasing the NAND revenue
share close to 25% in FY11 from 17% in FY10.

Fitch expects Hynix to maintain its deleveraging effort. Although
cash generation from operations will weaken from FY10 given the
downtrend in memory prices, the company should still be able to
generate positive FCF after capex and reduce total debt.


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


REAL GROOVY: Closes Shop; 12 Staff Lost Jobs
--------------------------------------------
The Dominion Post reports Real Groovy, the largest independent
music store in the Upper Cuba St., Wellington area, is shutting
its doors for the last time.  Chances of the store reopening are
remote, the report notes.

According to the Dominion Post, owner Mark Thomas announced in
April that Real Groovy would be shutting down, with 12 staff
losing their jobs.

Mr. Thomas attributed the store closure to a decline in business
caused by the economic recession, rising fuel prices, big-chain
retailers able to sell at reduced prices, file-sharing, and
competition from online retailers and auction sites, The Dominion
Post relays.

The Dominion Post notes that despite selling most of his stock, it
was unclear whether Mr. Thomas would be able to cover his debts
with the shop's closure.


YARROWS BAKERS: Goes Into Receivership, BDO to Take Over
--------------------------------------------------------
Radio New Zealand News reports that Yarrows Bakers has been placed
in receivership.  The report relates that accountants BDO have
been brought in to take over the company.

Radio New Zealand notes that the company has been on the market
for some time and sale talks are continuing.  The report says that
receiver Brian Mayo Smith of BDO said the company will continue to
operate until a buyer is found.

Mayo Smith told Checkpoint Yarrows' directors requested that the
company be placed into receivership due to a number of problems
which could not be resolved, according to Radio New Zealand.  The
report notes that Mr. Smith said the only business in receivership
at this stage is the factory in Manaia.  Other operations in
Rotorua and Australia are not affected.

Yarrows Bakers began exporting in the late 1970s and in 1996, won
the contract for the Subway sandwich chain throughout Australasia.
It produces 30,000 frozen dough rolls a week for Subway in New
Zealand, Australia, and parts of Asia.  It also supplies frozen
dough to Foodstuffs supermarkets in New Zealand and Coles in
Australia, as well as to North America, the Pacific, United Arab
Emirates and Japan.


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


BANCO FILIPINO: Court of Appeal Denies Bank's Bid to Reopen
-----------------------------------------------------------
Michelle V. Remo at INQUIRER.net reports that the Court of Appeals
has denied the petition of Banco Filipino Savings & Mortgage Bank
to be reopened after being ordered closed by the Bangko Sentral ng
Pilipinas earlier this year.

The appellate court denied the petition filed by BF's stockholders
to stop the implementation of the Central Bank's order to place it
under receivership, INQUIRER.net says.

According to INQUIRER.net, the appellate court said in a
resolution report obtained by the media on Tuesday that it found
no merit to the request of the closed thrift bank.

"After having considered and deliberated on the petition and the
comments of the respondents, as well as the respective discussions
and argumentations stated therein, we do not find sufficient cause
to grant it," the appellate court said in the resolution penned by
Associate Justice Agnes Reyes-Carpio, INQUIRER.net reports.

INQUIRER.net relates that the appellate court said the Bangko
Sentral ng Pilipinas was right to have placed BF under
receivership, noting that it is the role of the regulator to
protect the public against problem banks. It added that the
regulatory action against a bank suffering from financial woes is
necessary to maintain public confidence on the banking system.

The Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSF also placed the bank 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.

                             *********

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

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

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


                            *********


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

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

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

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

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





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