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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Friday, June 3, 2011, Vol. 14, No. 109

                            Headlines


A U S T R A L I A

HI-FERT PTY: First Creditors Meeting Slated For June 7
REDGROUP RETAIL: 315 Jobs Go as Final Borders Stores Close


C H I N A

CHINA ORGANIC: Posts US$175,500 Net Loss in 9-Months Ended Dec. 31


H O N G  K O N G

ACTION INDUSTRIAL: Creditors' Proofs of Debt Due June 15
ALCO DEVELOPMENT: Court Enters Wind-Up Order
ARTS & SALES: Sutton and Chiong Step Down as Liquidators
CARESHIP AVIATION: Arab and Wong Appointed as Liquidators
CARLSON INDUSTRIAL: Creditors' Proofs of Debt Due June 15

CHINA FEI: Court Enters Wind-Up Order
CHINA FEI TENG: Court Enters Wind-Up Order
C.Y. TECHNOLOGIES: Court Enters Wind-Up Order
GRANDE HOLDINGS: Court Appoints Provisional Liquidators for Firm
HINGFAT INDUSTRIES: Court Enters Wind-Up Order

HK CAB: Court to Hear Wind-Up Petition on June 29


I N D I A

ASHOKA EDUCATION: CRISIL Assigns 'B+' Rating to INR162.8MM Loan
M R DAIRY: CRISIL Upgrades Rating on INR270MM Cash Credit to 'BB'
LANCO HOSKOTE: CRISIL Cuts Rating on INR3.5BB LT Loan to 'BB'
MANGANESE PRODUCTS: CRISIL Rates INR20MM Cash Credit 'BB'
NILACHAL CARBO: CRISIL Assigns 'B+' Rating to INR95MM LT Loan

PRATHAM MOTORS: CRISIL Assigns 'BB' Rating to INR6MM Term Loan
RANGI INTERNATIONAL: CRISIL Puts 'P4' Rating on INR10MM Bank Loan
REGENT RESORTS: CRISIL Raises Rating on INR10MM Cash Credit to 'B'
REPROSCAN TECH: CRISIL Rates INR2.15 Billion Term Loan 'BB-'
SHREE GOVARDHAN: CRISIL Reaffirms 'B' Rating on INR19MM Term Loan

SUDIVA SPINNERS: CRISIL Reaffirms 'B+' Rating on INR263MM Loan
SUJAN BARRE: CRISIL Assigns 'BB-' Rating to INR35MM Term Loan


J A P A N

AOZORA BANK: Moody's Reviews 'Baa1' Rating for Possible Downgrade
HAYASHIBARA GROUP: CJ Group Offers Highest Bid for Firm
SIGNUM VANGUARD: S&P Lowers Ratings on Secured Fixed Notes to 'B+'
TOKYO ELECTRIC: Faces 53% Chance of Defaulting After Rating Cut
TOKYO ELECTRIC: S&P Lowers Long Term Corp. Credit Rating to 'B+'

TOKYO STAR: Creditors to Take Over Bank From Advantage Partners


N E W  Z E A L A N D

BLUE CHIP: Northern Crest Investment Goes Into Liquidation
DESIGNLINE INT'L: Has Valuable Forward Order Book, Receiver Says
STEVE ROUT: Business Placed Into Receivership


S I N G A P O R E

INTELLIGENT COMMUNICATION: Posts US$1.2MM First Quarter Net Loss


V I E T N A M

VIETNAM SHIPBUILDING: Asks Bondholders to Write Off 90% of Debt


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HI-FERT PTY: First Creditors Meeting Slated For June 7
------------------------------------------------------
George Georges and James Shady of Ferrier Hodgson were appointed
administrators of Hi-Fert Pty Ltd on May 26, 2011, pursuant to
Section 436C of the Corporations Act 2001.

On May 24, 2011, Andrew Yeo of Pitcher Partners was appointed as a
Fixed Charge Receiver of certain assets of the Company.

On May 26, 2011, Daniel Bryant and David McEvoy of PPB Advisory
were appointed Receivers and Managers of the Company.

The Receivers and Managers are in control of the Company's day-to-
day operations. They will be responsible for, and will determine
all issues relating to, the Company's ongoing trading operations
and the manner in which the assets are dealt with.

A first creditors meeting will be held on June 7, 2011.

Hi-Fert Pty, Ltd. produces fertilizers.  It offers sulphur,
potassium, magnesium, nitrogen, and phosphorus fertilizers. The
company also offers soil, plant tissue, SAP nitrate, and near
infrared reflectance testing; and financial services.  The company
was founded in 1984 and is based in Melbourne, Australia.


REDGROUP RETAIL: 315 Jobs Go as Final Borders Stores Close
----------------------------------------------------------
The administrators of REDgroup Retail Pty Ltd, owner of the Angus
& Robertson and Borders bookstore chains, announced Thursday that
the remaining nine Borders stores in Australia will close.

A total of 315 staff will be affected by the closures, which will
take place over the next six to eight weeks.

The final Borders stores will close on July 17, but others may
close sooner depending on the sellthrough of remaining stock.

Administrator John Melluish of Ferrier Hodgson said the stores are
closing because no buyers had emerged for the Borders outlets.

"The employees have shown extraordinary commitment in their
efforts to keep the business going," Mr. Melluish said.
"Unfortunately, the reasons for the store closures are beyond
their control."

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 realisation, which will be known within
the next few weeks," the administrators said.

                       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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CHINA ORGANIC: Posts US$175,500 Net Loss in 9-Months Ended Dec. 31
------------------------------------------------------------------
China Organic Fertilizer, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$175,460 on US$894,752 of revenues
for the nine months ended March 31, 2011, compared to a net loss
of US$501,117 on US$36,413 of revenues for the nine months ended
Dec. 31, 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$3.87
million in total assets, US$3.98 million in total liabilities, and
stockholders' equity of US$110,952.

The Company also has an accumulated deficit of US$2,460,515 at
Dec. 31, 2010.

The Company believes that the foregoing matters, among other
things, raise substantial doubt about its ability to continue as a
going concern.

A copy of the Form 10-Q is available at http://is.gd/Jz4HWf

Based in Beijing, PRC, China Organic Fertilizer, Inc., through its
subsidiary, Beijing Shennongxing Technology Co., Ltd., engages in
the manufacture and marketing of organic fertilizer in China.  All
of Beijing Shennongxing's business is currently in China.


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


ACTION INDUSTRIAL: Creditors' Proofs of Debt Due June 15
--------------------------------------------------------
Creditors of Action Industrial (International) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 15, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Lau Wu Kwai King Lauren
          Kennic Lai Hang Lui
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street
          Central, Hong Kong


ALCO DEVELOPMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of Alco Development Limited.

The acting official receiver is Lee Mei Yee May.


ARTS & SALES: Sutton and Chiong Step Down as Liquidators
--------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong stepped down as
liquidators of Arts & Sales (Hong Kong) Limited on April 29, 2011.


CARESHIP AVIATION: Arab and Wong Appointed as Liquidators
---------------------------------------------------------
Osman Mohammed Arab and Wong Tak Man Stephen on April 20, 2011,
were appointed as liquidators of Careship Aviation Limited.

The liquidators may be reached at:

          Osman Mohammed Arab
          Wong Tak Man Stephen
          29/F Caroline Centre Lee
          Gardens Two, 28 Yun Ping Road
          Hong Kong


CARLSON INDUSTRIAL: Creditors' Proofs of Debt Due June 15
---------------------------------------------------------
Creditors of Carlson Industrial (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Ho Man Kit Horace
          Kong Sze Man Simone
          Unit 511, 5th Floor
          Tower 1, Silvercord
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


CHINA FEI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of China Fei Teng Educational Foundation
Limited.

The acting official receiver is Lee Mei Yee May.


CHINA FEI TENG: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of China Fei Teng Foundation Limited.

The acting official receiver is Lee Mei Yee May.


C.Y. TECHNOLOGIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 2, 2011, to
wind up the operations of C.Y. Technologies (International)
Limited.

The company's liquidators are:

          Mat Ng
          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


GRANDE HOLDINGS: Court Appoints Provisional Liquidators for Firm
----------------------------------------------------------------
Stanley James at Bloomberg News reports that the Hong Kong High
Court granted an order appointing Fok Hei Yu and Roderick John
Sutton, both of FTI Consulting (Hong Kong) Ltd., as provisional
liquidators of The Grande Holdings Ltd.

Based in Hong Kong, The Grande Holdings Ltd manufactures and
distributes personal computers and consumer electronics primarily
in the US, Europe, and Asia under the brand names Nakamichi, Akai,
and Sansui.  Its Kawa TV brand is distributed only in China.
Grande Holdings' production plants are located in Zhongshan and
Panyu, China; it also makes OEM products for other consumer
electronics and computer makers.


HINGFAT INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2011, to
wind up the operations of Hingfat Industries (Far East) Co.
Limited.

The company's liquidators are:

          Mat Ng
          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


HK CAB: Court to Hear Wind-Up Petition on June 29
-------------------------------------------------
A petition to wind up the operations of Hong Kong Cab ITS Limited
will be heard before the High Court of Hong Kong on June 29, 2011,
at 9:30 a.m.

Sunlink mSolutions Limited filed the petition against the company
on April 27, 2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


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I N D I A
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ASHOKA EDUCATION: CRISIL Assigns 'B+' Rating to INR162.8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Ashoka Education
Foundation's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR2.5 Million Cash Credit         B+/Stable (Assigned)
   INR162.8 Million Long-Term Loan    B+/Stable (Assigned)
   INR37.2 Million Proposed LT Bank   B+/Stable (Assigned)
                      Loan facility

The rating reflects AEF's weak financial risk profile marked by
negative net worth and poor debt-protection metrics, and limited
track record in the education field.  These rating weaknesses are
partially offset by AEF's advanced infrastructure and healthy
growth in student strength.

Outlook: Stable

CRISIL believes that AEF will leverage its modern infrastructure
to steadily increase its student strength and revenues. The
society's revenue-mix is also expected to improve with increase in
student strength in both its graduate and post-graduate courses.
The outlook may be revised to 'Positive' if AEF's capital
structure improves, most likely because of substantial donation or
equity infusion. Conversely, the outlook may be revised to
'Negative' if AEF generates lesser-than-expected cash accruals,
thereby adversely affecting its debt servicing ability, or
undertakes larger-than-expected debt-funded capital expenditure
programme, weakening its capital structure.

Established in 2005, AEF operates six educational institutions.
The main institution, Ashoka Universal School in Nashik
contributes around 90 per cent of AEF's total revenues. The school
is affiliated to the Council for Indian School Certificate
Examination. AEF was promoted by Mr. Ashok Katariya, promoter of
Ashoka Buildcon Ltd (rated 'A+/Stable/P1' by CRISIL). AEF also
provides graduate and post-graduate courses in business
management.

AEF reported a net loss of INR45 million on net sales of INR57
million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR35 million on net sales of
INR39 million for 2008-09.


M R DAIRY: CRISIL Upgrades Rating on INR270MM Cash Credit to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of M
R Dairy Products Pvt Ltd to 'BB/Stable' from 'BB-/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR270.0 Million Cash Credit    BB/Stable (Upgraded from
                                              'BB-/Stable')

The rating upgrade is driven by the improvement in MR Dairy's
financial risk profile, caused by regular equity infusion by the
promoters. The rating upgrade also reflects an improvement in the
company's business risk profile, driven by gradually increasing
turnover and profitability. CRISIL believes that MR Dairy will
continue to benefit from its promoter's extensive industry
experience.

The rating reflects MR Diary's large working capital requirements
and limited revenue diversity. These rating weaknesses are
partially offset by the company's moderate financial risk profile,
marked by a healthy ratio of total outside liabilities to tangible
net worth and strong risk coverage ratio, established market
position in trading dairy products, and promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that MR Dairy will continue to benefit from its
established regional position and strong relationships with
vendors and customers, over the medium term. The outlook may be
revised to 'Positive' if the company diversifies its revenue
profile and scales up its operations, while improving its margins.
Conversely, the outlook may be revised to 'Negative' if MR Dairy's
capital structure weakens considerably, most likely because of
larger-than-expected debt-funded capital expenditure or pressure
on margins.

                      About of M R Dairy Products

Set up in 1997 and closely held by Mr. Mani Mohan Dey and his
family, MR Dairy primarily trades skimmed milk powder (SMP) in
West Bengal. The late Mr. Madan Mohan Dey, father of Mr. Mani
Mohan Dey, had set up the SMP and other dairy products trading
business in the early 1950s.

MR Diary reported a provisional profit after tax (PAT) of INR5.5
million on net sales of INR1.1 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.5
million on net sales of INR961.8 million for 2009-10.


LANCO HOSKOTE: CRISIL Cuts Rating on INR3.5BB LT Loan to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of Lanco
Hoskote Highway Pvt Ltd to 'BB/Negative' from 'BBB-/Negative'.

   Facilities                       Ratings
   ----------                       -------
   INR3568 Million Long-Term Loan   BB/Negative (Downgraded from
                                                 'BBB-/Negative')

The downgrade is primarily driven by significant delay in project
execution which has resulted in a reduced time gap between the
commercial operations date (COD) and the date of commencement of
the debt repayment. The reduced time cushion will lead to reduced
liquidity build up, which will result in a diminution in the
company's debt servicing ability.

As per the concession agreement that LHHPL has entered into with
National Highways Authority of India, the original COD of LHHPL's
Bengaluru-Mulbagal build-operate-transfer (BOT) toll road project
was July 2010. The project, however, has been delayed by one year,
and the COD has been revised to June 30, 2011. The delay has been
caused primarily by delays in land acquisition and in obtaining
few approvals, and has resulted in a cost overrun of INR449.6
million, which is being met by the promoters.

The rating reflects the significant delay in completion of the
project, LHHPL's exposure to revenue collection risks, and its
limited track record in executing BOT projects.  These rating
weaknesses are partially offset by the operational and financial
support that LHHPL receives from its promoter, Lanco Infratech Ltd
(LITL; rated 'A-/Rating Watch with Developing Implications/P2+' by
CRISIL).

Outlook: Negative

CRISIL believes that LHHPL will face pressure on its debt
servicing ability on account of the reduced time cushion between
the COD and date of commencement of debt repayment. The rating may
be downgraded if LHHPL is unable to devise a feasible plan for
meeting its scheduled debt repayments on time. Conversely, the
outlook could be revised to 'Stable' if LHHPL meets its scheduled
debt repayments on time and demonstrates sustained traffic flow in
line with CRISIL's expectations.

                           About Lanco Hoskote

LHHPL is a special purpose vehicle (SPV) promoted by the Lanco
group to bid for the Bengaluru-Mulbagal BOT toll road project.
NHAI has awarded LHHPL the contract to design, construct, develop,
finance, operate, and maintain the 80.3-kilometre Bengaluru-
Mulbagal stretch of National Highway 4. LITL holds a 26.42 per
cent stake in the SPV, while investment companies of the promoter
group own the rest.


MANGANESE PRODUCTS: CRISIL Rates INR20MM Cash Credit 'BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' rating to the bank loan
facilities of Manganese Products Corporation.

   Facilities                               Ratings
   ----------                               -------
   INR20.00 Million Cash Credit             BB/Stable (Assigned)
   INR35.00 Million Proposed Cash Credit    BB/Stable (Assigned)
   INR15.00 Million Letter of Credit        P4+ (Assigned)

The rating reflects MPC's limited track record of the promoters in
the manufacturing of manganese oxide and risks associated products
and risks associated with the working capital nature of the
operations. These rating weaknesses are partially offset by the
extensive industry experience of MPC's promoters in the manganese
mining and trading industry.

Outlook: Stable

CRISIL believes that MPC will benefit from its promoter's
extensive experience in the manganese ore mining and trading
industry. The outlook may be revised to 'Positive', if MPC reports
significant improvement in the operating revenues and cash
accruals while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to negative, if
MPC reports significant decline in the operating margins or in
case of large debt funded capital expenditure thereby adversely
affecting the capital structure or its debt protection metrics.

                       About Manganese Products

Manganese Products Corporation is a partnership firm started in
2005 and taken over from the original promoters by the Khandelwal
family in 2009, and is engaged in production of manganese
compounds such as manganese oxide, manganese dioxide which find
applications primarily in chemical (battery manufacturers), paints
and varnish, and ceramics manufacturing industries. The
manufacturing activities of MPC are located at Kanhan
(Maharashtra) with an installed capacity of 325 KVA.

Apart from production of manganese compounds the promoters are
also engaged in manganese mining, trading, ferro manganese
manufacturing, and civil construction activities in other group
entities.

MPC is actively managed by Mr. Ramesh Khandelwal, his son Mr. Ajay
R Khandelwal, and Mr. Ajay's friend Mr. Ajay B Khandelwal.

MPC reported a profit after tax (PAT) of INR4.65 million on net
sales of INR189.1 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.38 million on net
sales of INR68.8 million for 2008-09.


NILACHAL CARBO: CRISIL Assigns 'B+' Rating to INR95MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Nilachal Carbo Metalicks Pvt Ltd.

   Facilities                                 Ratings
   ----------                                 -------
INR5-Mil. Cash Credit                        B+/Stable (Assigned)
INR95-Mil. Long-Term Loan                    B+/Stable (Assigned)
INR15-Mil. Proposed LT Bank Loan Facility    B+/Stable (Assigned)
INR155-Mil. Proposed Short-Term              P4 (Assigned)
             Bank Loan Facility
INR225-Mil. Letter of Credit                 P4 (Assigned)

The ratings reflect NCM's limited scale of operations in the low
ash metallurgical (LAM) coke industry, susceptibility to
cyclicality in the end-user ferro alloy industry, and substantial
capital expenditure (capex) plans for the medium term. These
rating weaknesses are partially offset by the expected improvement
in the company's operating efficiencies because of ongoing
capacity expansion and backward integration into coal washery.

Outlook: Stable

CRISIL believes that NCM's operating efficiencies will improve
over the medium term upon successful stabilization of the
company's ongoing capacity expansions. The outlook may be revised
to 'Positive' if NCM reports higher-than-expected revenues and
profitability, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected revenues and profitability,
further weakening its financial risk profile, or in case of any
significant debt-funded capex or acquisitions.

                       About Nilachal Carbo

Incorporated in 2003, NCM manufactures and trades LAM coke. The
company commenced commercial production in 2004, with an installed
capacity of 50,000 tonnes per annum (tpa), at its plant near
Jajpur (Orissa). NCM is currently owned by Mr. B Panda and his
associates. Mr. B Panda looks after its daily operations. The
company is currently expanding its LAM coke capacity to 75,000 tpa
and setting up a coal washery with a capacity of 100 tonnes per
day, at an investment of around INR205 million, expected to be
funded in a gearing ratio of 0.87 times. The project was to be
commissioned by October 2010, but has been delayed. It is now
expected to be commissioned by May 2011. NCM also has significant
capex plans for the medium term. It proposes to set up an 8000-
tonne per month coke plant, backed by a coal washery, at
Tajikistan, in two phases. This project is expected to be
undertaken in a joint venture (JV). The project work for the first
phase is expected to commence from July 2011 and is estimated to
require an investment of INR80 million. The project work for the
second phase is expected to start during July 2012, with an
estimated investment of INR80 million. NCM proposes to set up a
1.5-million-tpa coke plant in Paradip (Orissa) over the next two
years. The project is expected to require an investment of INR500
million; NCM might undertake the project in a JV with Ennore Coke
Ltd.

NCM reported a profit after tax (PAT) of INR31 million on
operating income of INR972 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR1
million on operating income of INR45 million for 2008-09. NCM
posted a provisional profit before tax of INR30 million on
provisional operating income of INR1146 million for 2010-11.


PRATHAM MOTORS: CRISIL Assigns 'BB' Rating to INR6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Pratham Motors.


   Facilities                      Ratings
   ----------                      -------
   INR85.00 Million Cash Credit    BB/Stable (Assigned)
   INR6.00 Million Term loan       BB/Stable (Assigned)

The rating reflects PM's weak financial risk profile, marked by
small net worth, average gearing, low profitability, and weak debt
protection metrics. The rating also reflects PM's large working
capital requirements, small scale of operations, low bargaining
power with principal, and exposure to stiff competition in the
automotive dealership business. These rating weaknesses are
partially offset by PM's long track record in the two-wheeler
dealership business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PM and City Motors Pvt Ltd.  This is
because CMPL, a 99 per cent partner in PM, is only a holding
company and has no activity. The two-wheeler dealership business
of Hero Honda Motors Ltd, which was started in 1984, was carried
out under CMPL and was transferred to PM in 2007. CRISIL has also
treated unsecured interest-free loans from promoters as neither
debt nor equity, since the same have been subordinated to the
bankers.

Outlook: Stable

CRISIL believes that the PM will continue to benefit from its
association with HHML. However, PM's financial risk profile is
expected to remain constrained by its small cash accruals and
large working capital requirements. The outlook may be revised to
'Positive' if the firm increases its scale of operations
significantly, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, most likely because of its large
debt-funded capital expenditure or higher-than-expected increase
in its working capital requirements.

                        About Pratham Motors

PM is a partnership firm, set up in September 2007, with one
dealership for HHML. The firm has two showrooms-cum-workshops in
Pune (Maharashtra). The firm sold about 10,000 two-wheelers in
2010-11 (refers to financial year, April 1 to March 31).

PM's profit after tax (PAT) and net sales are estimated at INR5.3
million and INR510 million respectively for 2010-11; the firm
reported a net loss of INR24 million on net sales of INR400.5
million for 2009-10.


RANGI INTERNATIONAL: CRISIL Puts 'P4' Rating on INR10MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Rangi International Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR30 Million Letter of Credit        P4 (Assigned)
   INR70 Million Packing Credit          P4 (Assigned)
   INR60 Million Post Shipment Credit    P4 (Assigned)
   INR10 Mil. Proposed Short-Term Bank   P4 (Assigned)
                         Loan Facility

The rating reflects RIPL's small scale of operations in the
intensely competitive readymade garments industry, the
vulnerability of its profitability to volatility in raw material
prices and foreign exchange rates, and customer concentration in
its revenue profile. These weaknesses are partially offset by the
extensive industry experience of RIPL's promoters and its strong
order book position.

                      About Rangi International

RIPL was established as a proprietorship firm in 1981, promoted by
Mr. Surinder Singh. It was reconstituted as a private limited
company in 2001. The company manufactures of readymade garments,
catering mainly to the export market. Men's wear accounts for
around 60 per cent of the company's sales, while women's and
children's wear account for 35 per cent and 5 per cent,
respectively. The company has a capacity of around 0.35 million
pieces per month and is currently operating at around 55 per cent
capacity utilisation.

RIPL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR258.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.8 million on net
sales of INR172.0 million for 2008-09.


REGENT RESORTS: CRISIL Raises Rating on INR10MM Cash Credit to 'B'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Regent
Resorts & Properties Pvt Ltd to 'B/Stable/P4' from 'D/P5'.

   Facilities                    Ratings
   ----------                    -------
   INR10 Million Cash Credit     B/Stable (Upgraded from 'D')
   INR20 Million Overdraft       B/Stable (Upgraded from 'D')
   INR207.50 Million LT Loan     B/Stable (Upgraded from 'D')
   INR10 Million Proposed LT     B/Stable (Upgraded from 'D')
          Bank Loan Facility
   INR5 Million Bank Guarantee   P4 (Upgraded from 'P5')

The upgraded ratings reflect RRPL's timely payment of all its debt
obligations over the past two quarters ended March 2011. The
upgrade also reflects CRISIL's belief that RRPL will generate cash
accruals that are adequate to service its term debt, over the
medium term.

The rating reflects RRPL's limited revenue diversity, constrained
financial risk profile, marked by low networth and high gearing
levels, and susceptibility to cyclicality in the hospitality
industry.  These rating weaknesses are partially offset by the
established market position of RRPL's hotel, The Sonnet, in
Jamshedpur (Jharkhand).

Outlook: Stable

CRISIL believes that RRPL will continue to benefit from the
established position of its hotel, The Sonnet, in Jamshedpur, over
the medium term. The outlook may be revised to 'Positive' if the
company's liquidity improves as a result of an increase in
occupancy and average room revenue (ARR). Conversely, the outlook
may be revised to 'Negative' in case of weak occupancy, decline in
ARR, most likely because of intense competition, or larger-than-
expected debt-funded capital expenditure.

                        About Regent Resorts

RRPL was set up in 1998 by Mr. Ravi Parikh, Mr. Atul Taunk, and
their families. The company owns a 69-room hotel, The Sonnet, in
Jamshedpur, and a 67-room hotel in Kolkata (West Bengal). The
Kolkata hotel commenced operations in February 2010. The hotels
cater primarily to business customers. Though both hotels offer
four-star facilities, the certification is yet to be obtained.

RRPL reported a profit after tax (PAT) of INR30 million on net
sales of INR233 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR15 million on net
sales of INR124 million for 2008-09.


REPROSCAN TECH: CRISIL Rates INR2.15 Billion Term Loan 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Reproscan Tech park.

   Facilities                          Ratings
   ----------                          -------
   INR2.15 Billion Rupee Term Loan     BB-/Stable (Assigned)
   INR100 Million Proposed Long-Term   BB-/Stable (Assigned)
                  Bank Loan Facility

The ratings reflect RT's exposure to the execution and offtake
risks in respect of its ongoing commercial real estate project at
Salt Lake City, Kolkata. The ratings also factor in the risks
arising from the limited cushion available between the rentals
from its existing commercial property,'PS Srijan Techpark' at Salt
Lake City, Kolkata, and the debt servicing commitments towards the
lease rental loan pertaining to the said property.

Outlook: Stable

CRISIL believes that RT will maintain its stable business risk
profile on the back of established market position of the Srijan
Group in Kolkata real estate market. The outlook may be revised to
'Positive' in case of a significant improvement in RT's accruals
either due to lease renewals at higher than expected rate
translating into improvement in the debt service coverage
meterics. The outlook may be revised to 'Negative' if the debt
protection indicators deteriorate as a result of either the
changes in rental variables like interest rate or rentals from its
existing property or the cost and time overruns in execution of
the ongoing project.

                         About Reproscan Tech

RT is a 50:50 partnership firm belonging to 'Srijan Group' and
'P.S. Group' of Kolkata. RT , which was formed in 2007, has
constructed and leased out a 3.6 lakh square feet IT park, 'PS
Srijan Techpark', in Salt Lake City premises which as been leased
out to various commercial entities. RT is also in the process of
constructing 8 lakh square feet commercial property in Kolkata.

Srijan Group, founded by Shyamsundar Agarwal and family 15 years
ago, is engaged in real estate construction and development and
has developed property of more than 3 million square feet over
last 6 years.

PS Realty Group has been founded by Mr. Surendar Dugar in 1986. PS
Realty Group has developed more than 100 small to medium sized
projects and has developed projects across Kolkata, Patna and
Coimbatore.

RT posted a PAT of INR52.5 million (estimated) on Net Sales of
INR133.3 million (estimated) for year 2010-11 (Refers to financial
year April 1 to March 31) as against a PAT of INR41.3 million on
net sales of INR616.5 million for year 2009-10


SHREE GOVARDHAN: CRISIL Reaffirms 'B' Rating on INR19MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on Shree Govardhan Cot-Gin Pvt Ltd's bank
facilities continue to reflect SGCPL's below-average financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics, and its susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by experience of SGCPL's promoters in the cotton ginning industry.

   Facilities                           Ratings
   ----------                           -------
   INR94.5 Million Cash Credit Limit    B/Stable (Reaffirmed)
   INR19.0 Million Term Loan            B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGCPL will continue to benefit from its
promoters' experience in the cotton ginning industry over the
medium term. The outlook may be revised to 'Positive' if SGCPL's
financial risk profile improves, driven by improvement in capital
structure, supported by significant equity infusion. Conversely,
the outlook may be revised to 'Negative' if SGCPL's operating
margin declines, leading to decline in its cash accruals and debt
protection metrics.

Update

SGCPL's sales, for 2010-11 (refers to financial year, April 1 to
March 31), are estimated at INR1.2 billion, an increase of around
57 per cent over the previous year. The growth in revenues is on
account of rise in cotton prices, which increased by over 60 per
cent year-on-year and are trading at a 10-year high; as on
March 31, 2011, cotton was trading at INR163 per kilogram. For
2010-11, the operating profitability of the company is in line
with its historical range of 2 to 3 per cent. CRISIL believes that
on the back of rising cotton prices, the growth in demand for
cotton will be moderate, at around 8.5 per cent over the medium
term, leading to moderate growth in SGCPL's topline.  The
promoters infused fresh equity of INR27 million in FY 2010-11, to
augment a portion of incremental working capital requirements
during the year. Its bank lines continued to be utilized at close
to 100 per cent during the year, reflecting large working capital
requirements.

SGCPL reported, on provisional basis, profit after tax (PAT) of is
INR3 million on net sales of INR1.2 billion for 2010-11, as
against a PAT of INR2 million on net sales of INR782 million for
2009-10.

                       About Shree Govardhan

Incorporated in 2006, SGCPL commenced manufacturing in April 2008.
It manufactures cotton bales, crude cottonseed oil, and oil cakes,
at its facilities at Rajkot (Gujarat).  In 2007-08, prior to
commencement of its manufacturing operations, SGCPL was only
involved in cotton trading activities. The company's plant has a
capacity to manufacture around 400 bales of cotton per day and
10,000 Litres of crude cottonseed oil per day and is presently
operating at about 70 per cent utilization levels.


SUDIVA SPINNERS: CRISIL Reaffirms 'B+' Rating on INR263MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sudiva Spinners
Pvt Ltd continue to reflect SSPL's small scale of operations,
limited track record, and below-average financial risk profile
marked by a modest net worth, an aggressive gearing, and
inadequate debt protection metrics, particularly the ratio of net
cash accruals to total debt.  These rating weaknesses are
partially offset by the benefits that SSPL derives from its
promoters' experience in the textiles industry and its improving
operating efficiencies, on the back of increased economies of
scale.

   Facilities                            Ratings
   ----------                            -------
   INR125.00 Million Cash Credit Limit   B+/Stable
   (Enhanced from INR75.0 Million)

   INR263.0 Million Term Loan            B+/Stable
   (Enhanced from INR199.5 Million)

   INR10.00 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' industry experience. Its financial risk
profile is, however, expected to remain constrained by its
aggressive capital expenditure (capex) plans. The outlook may be
revised to 'Positive' if SSPL significantly scales up its
operations, while maintaining its profitability and gearing.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile deteriorates, most likely because
of a larger-than-expected, debt-funded capex or decline in
profitability.

                        About Sudiva Spinners

Set up in 2007 by Mr. Varun Laddha, SSPL manufactures open-end
yarn and cotton, and viscose-based yarn ranging from 6 to 24
counts and 20 to 30 counts respectively. The company's plant in
Bhilwara (Rajasthan) has 1248 rotors with a production capacity of
300 tonnes per month. The company's current capacity expansion to
1728 rotors is expected to be completed by April 2011. In 2011-12
(refers to financial year, April 1 to March 31), the company plans
to undertake an additional capex of INR110 million; this will
include an addition of a new machine of 432 rotors and upgrade the
old machine to 432 rotors from 408 rotors. The same is expected to
be funded by debt of INR88 million and internal accruals.

SSPL reported a net profit of INR2.0 million on net sales of
INR262.9 million for 2009-10, against a net loss of INR8.6 million
on net sales of INR189 million for 2008-09.


SUJAN BARRE: CRISIL Assigns 'BB-' Rating to INR35MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sujan Barre Thomas Antivibration Systems Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       BB-/Stable (Assigned)
   INR35 Million Rupee Term Loan   BB-/Stable (Assigned)
   INR10 Million Letter of Credit  P4+ (Assigned)

The ratings reflect Sujan's limited track record in the business
of manufacturing anti-vibrations systems, its average financial
risk profile marked by losses incurred 2008-09 (refers to
financial year, April 1 to March 31) and 2009-10, and high gearing
because of its ongoing, debt-funded capital expenditure (capex)
programme, and its customer concentration. The capex of around INR
55 million is being funded by a term loan of INR 35 million and
promoters' equity capital. These rating weaknesses are partially
offset by the technological expertise and established market
position of Sujan's promoters, the Sujan group and the Thomas
Barre group, in the anti-vibrations systems industry.

Outlook: Stable

CRISIL believes that Sujan will continue to benefit from its
healthy client relationships and technological and operational
support from its promoters over the medium term. The outlook may
be revised to 'Positive' if Sujan commissions its expansion
project as per schedule, and achieves better-than-expected
offtake, resulting in higher revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if Sujan
reports lower-than-expected revenue growth and profitability,
there are significant time and cost overruns in its expansion
project, or if offtake level is lower than expected, thereby
adversely affecting its existing operations and weakening its debt
protection metrics.

                         About Sujan Barre

Incorporated in 2008, Sujan manufactures anti-vibration automotive
components, which are used in four-wheeler vehicles. Sujan is
jointly promoted by the India-based Sujan group and the France-
based Thomas Barre group, both of which have established position
in the automobile ancillary sector. Sujan has a manufacturing unit
in Vasai, near Mumbai.

Sujan reported a net loss of INR24.5 million on net sales of
INR162.2 million for 2009-10, as against a net loss of INR7.0
million on net sales of INR30.4 million for 2008-09.


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


AOZORA BANK: Moody's Reviews 'Baa1' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Japan K.K. has taken these rating actions on Japanese
banks, including their keep-well letter-supported subsidiaries,
subsequent to Moody's decision to place the Aa2 ratings of the
government of Japan on review for possible downgrade.

                        Ratings Rationale

  (i) Review for possible downgrade the long-term deposit and debt
      ratings of all Japanese banks, including their keep-well
      letter-supported subsidiaries;

(ii) Review for possible downgrade the short-term deposit and
      debt ratings of selected Japanese banks, including their
      keep-well letter-supported subsidiaries.

The review for possible downgrade affects all Japanese bank
ratings that benefit from any form of systemic support uplift.

In this respect, deposit and debt ratings that benefit from uplift
due to systemic support may be negatively affected by either:

  (i) a weakening in the government of Japan's creditworthiness;
      or

(ii) a potential reduction in the likelihood that the Japanese
      government would support Japanese banks, in case of need,
      although Moody's believes that the incentive for the
      government to continue providing support -- within its
      capacity -- remains strong.

Over the course of the review period, Moody's will assess the
extent to which a potentially lower-rated government would be able
to support its banking system, in case of need, and to the extent
captured in current ratings.

In the case of Japan's banking system, Moody's notes that the
amount of uplift in some existing ratings is high, when seen in a
global context, and reflects the historic support that has
occurred, as well as the presence of a framework that allows the
government to act quickly to provide capital to troubled banks.

The Bank of Japan has also historically acted promptly to provide
liquidity to the system, when required, most recently in the
environment following the March 11 earthquake.

Nevertheless, Moody's is concerned that, as fiscal pressures
continue to build for the government, it may be increasingly
difficult to expect it to be able to provide support at those
levels seen historically.

Risks are increasing that hard choices will have to be made in the
future between protecting the government's own balance sheet and
providing significant levels of support to a banking system at a
time of stress.

In this context, Moody's notes recent events surrounding The Tokyo
Electric Power Company, Incorporated (long-term debt rating of
Baa2 on review for possible downgrade) -- the operator of the
troubled Fukushima Daiichi Nuclear Power Station -- and which
highlight the increasing pressures faced by the government as it
seeks to balance growing fiscal and political challenges and
address the needs of large, systemically important institutions
that require support.

The review will also consider the ongoing negative outlook for the
Japanese banking system, and the small, but growing, risk that
pressures on the sovereign will ultimately spill over into the
broader macro-economic environment; thereby impacting in turn bank
asset quality and ultimately bank standalone financial strength
ratings.

For example, a rise in government yields could carry significant
implications for the valuations of the large amounts of government
bonds held in the banking system. In addition, such a rise in
yields, if material, would likely increase asset quality pressures
for the banks' broader loan books.

Looking ahead, Moody's believes that the profitability of the
banks will remain weak, given the country's difficult economic
conditions, long-term structural challenges, and the competitive
nature of the banking environment. As such, capital regeneration
is a long- term challenge for the banking sector in Japan, leaving
the banks less able to manage unexpected and large losses without
external support or further capital raisings.

In reviewing the long-term deposit and senior debt ratings,
Moody's will take into account the conclusion of the review of the
sovereign rating.

As the banks' subordinated ratings are also impacted by a change
in the senior debt ratings and current support assumptions,
Moody's has also placed these ratings on review for possible
downgrade, together with the short-term deposit and debt ratings.

However, the preferred stock ratings for those preferred
securities issued by the special purpose corporations of large
Japanese banks are not on review as these ratings do not
incorporate any expectation of systemic support.

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology and Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology published on September 30, 2010, and available on
www.moodys.co.jp.

List of the affected ratings are:

  Mitsubishi UFJ Securities Holdings Co., Ltd.: A1 issuer rating
  and Prime-1 issuer rating

  Mitsubishi UFJ Securities (HK), Ltd.: Aa3 long-term Deposit
  Note/CD Program

  Mitsubishi UFJ Securities International plc: Aa3 issuer rating,
  Aa3 senior debt rating, and A1(hyb) subordinated debt rating

  Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.: Aa3 issuer
  rating

  Mitsubishi UFJ Trust and Banking Corporation: Aa2 long-term
  deposit rating

  Mitsubishi UFJ Trust International, Ltd.: Aa3 issuer rating

  Bank of Tokyo-Mitsubishi UFJ, Ltd.: Aa2 issuer rating, Aa2 long-
  term deposit rating, Aa2 senior unsecured rating, Aa3 senior
  subordinated debt rating, Aa3 subordinated debt rating, and
  A1(hyb) junior subordinated debt rating

  Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch: Aa2 long-
  term Deposit Note/CD Program

  BTMU (Curacao) Holdings N.V.: Aa2 senior debt rating, Aa3
  subordinated debt rating, and A1(hyb) junior subordinated debt
  rating

  Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Branch: Aa2 long-term
  Deposit Note/CD Program

  Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch: Aa3
  subordinated debt rating

  UFJ Finance Aruba A.E.C.: Aa3 subordinated debt rating

  Sumitomo Mitsui Banking Corporation: Aa2 long-term deposit
  rating, Aa2 senior debt rating, Aa3 subordinated debt rating,
  and A1(hyb) junior subordinated debt rating

  Sumitomo Mitsui Banking Corporation, New York Branch: A1(hyb)
  junior subordinated debt rating

  SMBC Capital Markets, Inc.: Aa2 senior debt rating

  SMBC International Finance N.V.: Aa3 subordinated debt rating
  and A1(hyb) junior subordinated debt rating

  Sumitomo Mitsui Banking Corporation Europe Ltd.: Aa2 long-term
  deposit rating

  SMBC Nikko Securities Inc.: Aa3 issuer rating and Aa3 senior
  debt rating

  Mizuho Financial Group, Inc.: Prime-1 short-term debt rating

  Mizuho Bank, Ltd.: Aa3 issuer rating, Aa3 long-term deposit
  rating, Aa3 senior debt rating, A1 senior subordinated debt
  rating, and A2 (hyb) junior subordinated debt rating

  Mizuho Corporate Bank, Ltd.: Aa3 issuer rating, Aa3 long-term
  deposit rating, Aa3 senior debt rating, A1 senior subordinated
  debt rating, and A2 (hyb) junior subordinated debt rating

  Mizuho Corporate Asia (HK) Limited: Aa3 senior debt rating

  Mizuho Corporate Bank Nederland N.V.: Aa3 senior debt rating

  Mizuho Corporate Bank, Ltd. Hong Kong Branch: Aa3 long-term
  deposit rating

  Mizuho Corporate Bank, Ltd. Paris Branch: Aa3 long-term deposit
  rating

  Mizuho Corporate Bank, Ltd. Sydney Branch: Aa3 senior debt
  rating

  Mizuho Finance (Aruba) A.E.C.: A1 senior subordinated debt
  rating, and A2 (hyb) junior subordinated debt rating

  Mizuho Finance (Cayman) Limited: A1 senior subordinated debt
  rating, and A2 (hyb) junior subordinated debt rating

  Mizuho Finance (Curacao) N.V.: Aa3 senior debt rating, A1 senior
  subordinated debt rating, and A2 (hyb) junior subordinated debt
  rating

  Mizuho International plc: A1 senior debt rating, and Prime-1
  short-term debt rating

  Mizuho Securities Co., Ltd.: A1 senior debt rating, and Prime-1
  short-term debt rating

  Mizuho Securities USA Inc.: A1 senior debt rating, and Prime-1
  short-term debt rating

  Mizuho Financial Group (Cayman) Limited: A1 senior subordinated
  debt rating, and A2 (hyb) junior subordinated debt rating

  Mizuho Trust & Banking Co., Ltd.: Aa3 long-term deposit rating,
  Aa3 senior debt rating, A1 senior subordinated debt rating, and
  A2 (hyb) junior subordinated debt rating

  Mizuho TB (Aruba) A.E.C.: A1 senior subordinated debt rating

  Trust & Custody Services Bank, Ltd.: Aa3 long-term deposit
  rating

  Resona Holdings, Inc.: A3 senior subordinated debt rating, and
  Baa1 (hyb) junior subordinated debt rating

  Resona Bank, Ltd.: A1 long-term deposit rating, A2 senior
  subordinated debt rating, A3 (hyb) junior subordinated debt
  rating, and Prime-1 short-term debt rating

  Saitama Resona Bank, Ltd.: A1 long-term deposit rating, A2
  senior subordinated debt rating, A3 (hyb) junior subordinated
  debt rating, and Prime-1 short-term debt rating

  Kinki Osaka Bank, Ltd.: A1 long-term deposit rating, and Prime-1
  short-term debt rating

  Daiwa International Finance (Cayman) Ltd.: A2 senior
  subordinated debt rating

  Daiwa PB Limited: A3 (hyb) junior subordinated debt rating

  Asahi Finance (Cayman) Ltd.: A2 senior subordinated debt rating,
  and A3 (hyb) junior subordinated debt rating

  Sumitomo Trust And Banking Co. Ltd.: Aa3 long-term deposit
  rating, Aa3 senior debt rating, A1 senior subordinated debt
  rating, and A2 (hyb) junior subordinated debt rating

  Sumitomo Trust & Banking Co. (U.S.A.): Aa3 long-term deposit
  rating

  STB Finance Cayman Ltd.: A1 senior subordinated debt rating, and
  A2 (hyb) junior subordinated debt rating

  Chuo Mitsui Trust & Banking Co., Ltd.: A1 long-term deposit
  rating, A2 senior subordinated debt rating, A3 (hyb) junior
  subordinated debt rating, and Prime-1 short-term debt rating

  Chuo Mitsui Asset Trust and Banking Co, Ltd.: A1 long-term
  deposit rating, and Prime-1 short-term debt rating

  Japan Trustee Services Bank, Ltd.: Aa3 long-term deposit rating

  Shinsei Bank, Limited.: Baa3 long-term deposit rating, Baa3
  senior debt rating, Ba1 senior subordinated debt rating, Ba2
  (hyb) junior subordinated debt rating, and Prime-3 short-term
  debt rating

  Aozora Bank, Ltd.: Baa1 long-term deposit rating, Baa1 senior
  debt rating, and Prime-2 short-term debt rating

  Shinkin Central Bank: Aa3 long-term deposit rating

  The Norinchukin Bank: Aa3 issuer rating, Aa3 long-term deposit
  rating, and Aa3 senior unsecured rating

  The Chiba Bank, Ltd.: A1 issuer rating, A1 long-term deposit
  rating, A2 senior subordinated debt rating, and Prime-1 short-
  term debt rating

  The Shizuoka Bank, Ltd.: Aa3 issuer rating, Aa3 long-term
  deposit rating, and Aa3 senior debt rating

  The Higo Bank, Ltd.: A1 long-term deposit rating and Prime-1
  short-term debt rating

  The Gunma Bank, Ltd.: A1 issuer rating, A1 long-term deposit
  rating, and Prime-1 short-term debt rating

  The Joyo Bank, Ltd.: A1 long-term deposit rating, A1 senior debt
  rating, and Prime-1 short-term debt rating

  The Bank of Yokohama, Ltd.: A1 long-term deposit rating and
  Prime-1 short-term debt rating

  The Minato Bank, Ltd.: Aa2 long-term deposit rating, Aa3 senior
  subordinated debt rating, and Prime-1 short-term debt rating

  The Hiroshima Bank, Ltd.: A3 long-term deposit rating

  The Chugoku Bank, Limited: Aa3 issuer rating and Aa3 long-term
  deposit rating

  Kansai Urban Banking Corporation: Aa2 long-term deposit rating,
  Aa3 senior subordinated debt rating, A1(hyb) junior subordinated
  debt rating, and Prime-1 short-term debt rating

  The Ogaki Kyoritsu Bank, Ltd.: A3 long-term deposit rating

  The Hyakujushi Bank, Ltd.:A2 long-term deposit rating and Prime-
  1 short-term debt rating

  The San-in Godo Bank, Ltd.: A2 long-term deposit rating and
  Prime-1 short-term debt rating

  The Daishi Bank, Ltd.: A2 long-term deposit rating and Prime-1
  short-term debt rating

  The Bank of Fukuoka, Ltd.: A3 issuer rating and A3 long-term
  deposit rating

  Suruga Bank, Ltd.: A3 long-term deposit rating

  The Kiyo Bank, Ltd.: Baa1 long-term deposit rating and Prime-2
  short-term debt rating


HAYASHIBARA GROUP: CJ Group Offers Highest Bid for Firm
--------------------------------------------------------
Bloomberg News, citing the Mainichi newspaper, reports that CJ
Group submitted the highest bid for failed Hayashibara Group.

Bloomberg says CJ Group offered more than JPY80 billion (US$985
million), the highest among four bidders.  CJ Group is a South
Korean food company.

Bloomberg relates that the newspaper said Hayashibara's
administrator may select the bankruptcy sponsor by early July.

Hayashibara Co. is an Okayama, Japan-based biotechnology firm.  It
is a maker of artificial sweetener and drugs.  Hayashibara in
February this year filed for bankruptcy with liabilities of JPY130
billion.


SIGNUM VANGUARD: S&P Lowers Ratings on Secured Fixed Notes to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Signum
Vanguard Ltd.'s series 2010-7 and 2011-2 secured fixed rate notes,
and at the same time kept the ratings on CreditWatch with
developing implications. The rating actions follow
changes to the issuer credit rating on the reference entity of the
transactions' single-name credit default swaps (CDS).

Ratings Lowered, Kept on CreditWatch Developing

Signum Vanguard Ltd.

* Series 2010-7 secured
  fixed rate note due 2020

    To              From             Issue amount
    B+/Watch Dev    BBB/Watch Dev      JPY5.0 bil.

* Series 2011-2 secured
  fixed rate note due 2021

    To              From             Issue amount
    B+/Watch Dev    BBB/Watch Dev      JPY5.0 bil.


TOKYO ELECTRIC: Faces 53% Chance of Defaulting After Rating Cut
---------------------------------------------------------------
Bloomberg News reports that the cost of protecting Tokyo Electric
Power Co.'s debt shows the likelihood of a default increased to
53% after the utility's credit rating was cut to junk status by
Standard & Poor's.

Bloomberg, citing data provider CMA, says the contracts to insure
JPY6.85 trillion in bonds and loans of TEPCO for five years jumped
to as much as 913.5 basis points Tuesday, or JPY91.35 million per
year to protect JPY1 billion of the debt.  That's pricing in a
53% chance of default by 2016, according to data compiled by
Bloomberg.

The probability of a company with B-rated debt defaulting during
any five-year period between 1975 and 2010 was 19.14 percent,
according to S&P's research.

The debt downgrade came as the government is attempting to prevent
TEPCO from going bankrupt while trying to compensate those
affected by the worst nuclear crisis since Chernobyl.

                               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: S&P Lowers Long Term Corp. Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered Tokyo Electric Power
Co. Inc.'s (TEPCO) long-term corporate credit rating to 'B+' from
'BBB' and its short-term corporate credit rating to 'B' from 'A-
2'.  At the same time, the long-term debt rating on TEPCO was
lowered to 'BB+' from 'BBB'.  All ratings remain on CreditWatch
with developing implications. "At the same time, we lowered
TEPCO's stand-alone credit profile (SACP) to 'ccc+' from 'bb-',
and we lowered the likelihood that it will receive extraordinary
support from the government of Japan (AA-/Negative/A-1+)
to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.

"We lowered its SACP on TEPCO to 'ccc+' from 'bb-', based on our
view that prospects for any significant increase in electricity
tariffs and injection of additional equity, which could partially
mitigate the company's deteriorating financial profile and
liquidity, are becoming increasingly unclear, given the political
climate and public sentiment since our last rating action on
May 13, 2011. We have factored into our analysis a greater
probability of a lower tariff increase than we originally expected
and a later start date for its implementation, given ongoing
uncertainty and the lack of a detailed plan from TEPCO and the
government. We prefaced the base case assessment for our last
rating action on a tariff increase of at least 10% from April 1,
2012. Furthermore, TEPCO's recently announced financial results
for fiscal 2010 (ended March 31, 2011) point to significant
erosion in TEPCO's equity. Absent an additional injection of
equity or another form of support, the company's financial profile
remains highly vulnerable. In addition, TEPCO's deteriorating
financial position leaves it vulnerable to a potential
restructuring of its bank debt," S&P continued.

S&P lowered its assessment of the likelihood that TEPCO will
receive extraordinary support from the government of Japan to
"high" from "very high''. Standard & Poor's still sees a strong
likelihood that the government will legislate and implement the
plan it announced May 13, 2011, to help TEPCO finance compensation
for damage related to the nuclear crisis. "However, in our view,
it remains unclear from the announcement whether the framework for
the scheme is subject to lender banks' cooperation and, if it is,
what form the bank cooperation will take. Standard & Poor's now
believes that some politicians think banks should share the burden
in some form, which may fall into our definition of default. We
now think such a scenario is more likely than we previously
thought," noted S&P.

S&P also lowered its rating on TEPCO's long-term senior secured
general mortgage bonds by two notches to 'BB+' from 'BBB', putting
it three notches higher than TEPCO's 'B+' corporate credit rating.
S&P sees a lower probability that TEPCO will default on its senior
secured general mortgage bond issues than on its bank borrowings,
for these reasons:

    * The Japanese government has indicated it will stop TEPCO
      sliding into negative net worth;

    * In the event that TEPCO defaults on its senior secured
      general mortgage bonds, S&P understands that bond holders
      will take priority with regard to payment over those
      claiming compensation for damages, which would not be in the
      interest of damage victims;

    * With over JPY trillion in bonds outstanding, the Japanese
      bond market would suffer a negative impact if TEPCO were to
      default on its bond payments; S&P believes the Japanese
      government has an economic incentive to avoid such a
      scenario.

The CreditWatch Developing status on the ratings on TEPCO
continues, taking into account the possibility of both downward
and upward rating transitions. "We could further lower the ratings
on TEPCO if, in our view, the likelihood of debt forgiveness or
any other form of restructuring of TEPCO's bank borrowings
increases to the extent that the probability that TEPCO's long-
term corporate credit rating will be downgraded to 'SD' is higher
than we expect; the final form, substance, or timing of any
extraordinary government support approved by the Diet is weaker
than we expect; there is a material increase in the refinancing
risk related to TEPCO's debt obligations; the extent of TEPCO's
share of total costs for third-party damages, still unknown at
this stage, is likely to materially impair the company's ability
to remain a going concern; or problems at the Fukushima No. 1
nuclear plant, such as radiation leakage, increase," S&P said.

According to S&P, "On the other hand, in our view, the final
substance, form, timing, and detailed terms and conditions of any
extraordinary government support that the Diet approves will be
critical for any upgrade to the ratings on TEPCO. We would also
view any increase in electricity tariffs of more than 10% as
positive for the ratings. In addition, TEPCO would need to avoid
default on any of its bank loans in order for us to revise upward
the ratings on the company."


TOKYO STAR: Creditors to Take Over Bank From Advantage Partners
---------------------------------------------------------------
The Financial Times reports that Lone Star Funds, the U.S.
investment fund, Shinsei Bank and other lenders are taking over
control of the Tokyo Star Bank from Advantage Partners after funds
set up by the Japanese private equity firm, which owns the bank,
had trouble repaying debt.

According to the FT, the Japanese group bought the bank from Lone
Star in 2008 at the height of the leverage buy-out boom just
before the global financial crisis.  But in January, the FT
relates, Advantage Partners' affiliated funds that owned the mid-
sized bank were unable to pay interest on JPY160 billion of loans
used to finance the acquisition of Tokyo Star.

The creditors, says the FT, will transfer the funds' shares to a
special-purpose vehicle.  The creditors plan to reset the terms of
their loan to the bank and eventually sell the shares, the FT
says.  The process, according to the FT, will probably take
several months.

The Tokyo Star Bank, Ltd., is a Japanese bank established on
June 11, 2001, out of the reorganization of then bankrupt Tokyo
Sowa Bank by Lone Star Funds.  Advantage Partners LLC wholly owns
Tokyo Star Bank Ltd.


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


BLUE CHIP: Northern Crest Investment Goes Into Liquidation
----------------------------------------------------------
The New Zealand Herald reports that Northern Crest Investments,
the last surviving business of Mark Bryers' failed Blue Chip
group, has gone into liquidation.

The liquidation was sought by businessman Ross Haywood who was
seeking to enforce a statutory demand for AU$142,000 in the High
Court in Auckland, the NZ Herald says.

According to the NZ Herald, Daniel Grove, the lawyer acting for
Mr. Haywood, said the result was satisfying and, subject to
funding, would allow a full investigation into the collapse of the
Blue Chip group.

"Issues into the conduct of Northern Crest could never be
investigated because it (Northern Crest) was never in
liquidation," the NZ Herald quotes Mr. Grove as saying.

The NZ Herald discloses that Northern Crest twice avoided
liquidation in 2009, the first time when the High Court in
Auckland decided the firm's new board, which sidelined Mr. Bryers,
would have a better chance of trading out of cash deficit, easing
the pressure on the liquidators of the rest of the group.  The
second time, the company managed to convince Robt Jones Holdings
to give it more time to repay debt, according to the report.

Northern Crest, according to the NZ Herald, closed its New Zealand
office and relocated across the Tasman last year after settling
outstanding bills with Jones.

The NZ Herald relates that Mr. Grove said it was "remarkable" that
Northern Crest had not been placed in liquidation earlier.

"This is a publically listed company, which I have been told
directed, or oversaw the Blue Chip operation," the NZ Herald
quotes Mr. Grove as saying.  "All of the records show the current
directors are all in Australia, so we need to get from somewhere
urgent funding so the liquidator can go over and seize the assets
if there are any, but more importantly seize the company's
documentation."

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


DESIGNLINE INT'L: Has Valuable Forward Order Book, Receiver Says
----------------------------------------------------------------
The New Zealand Press Association reports that Designline
International has a valuable forward order book, according to
receiver Keiran Horne.  "There has to be some real value in the
ongoing orders," Ms. Horne said, but declined to disclose the size
of the order book.

According to NZPA, the company is continuing to trade while Ms.
Horne and Craig Melhuish of HFK chartered accountants, as
receivers, work to repay BNZ, then hand on to a liquidator.

About 75 workers are continuing to work for Designline while the
receiver works on selling the business, NZPA says.

NZPA notes that all of the company's assets are for sale,
including plant and intangible assets like registered patents.
The receivers are investigating where the ownership of the
intellectual property lay, according to Ms. Horne.

Ms. Horne said on Radio New Zealand that there was very strong
interest in the company, according to The National Business
Review.  Potential buyers include bus firms, which were customers
of the bus maker, NBR says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2011, BusinessDay.co.nz said Designline International has
been placed in liquidation.  A last minute appeal to adjourn the
decision for two weeks while a possible sale to Malaysian
interests was negotiated was declined by the High Court in
Christchurch Tuesday.  The court was told Designline's debt could
be as high as NZ$10 million, the report says.

According to BusinessDay.co.nz, the court appointed the Official
Assignee as liquidator after applications were filed by two
creditors, suppliers ENI Engineering and window manufacturer
Lysaght Limited, owed more than NZ$1.8 million by the company.

DesignLine International, founded in 1985 by Ashburton
entrepreneur John Turton, is a bus maker company.  The buses were
sold locally and also exported.  BusinessDay said Mr. Turton sold
a large part of the company to U.S. investors Buster and Brad
Glosson at the end of 2006.  DesignLine has about 80 staff at its
Rolleston operations.


STEVE ROUT: Business Placed Into Receivership
---------------------------------------------
Matt Stewart at Otago Daily Times reports that Steve Rout
Contracting went into receivership and owner Steve Rout said
various factors were at play in the company's downfall.

Of 40 workers affected by the receivership, all had been offered
jobs with Mr. Rout's other companies and about 35 of the workers
have agreed to continue working for a one-to-three-month interim
term while Mr. Rout gauges the market, according to Otago Daily
Times.

Otago Daily Times notes that Mr. Rout said that work undertaken by
Steve Rout Contracting on the Forsyth Barr Stadium would continue
with his Blue 9 company, where many of the workers affected by the
receivership had been redeployed.  Employees were back at work
within an hour of the announcement and were paid holiday pay and
wages in arrears, he added.

Otago Daily Times discloses that Mr. Rout said that during the
global credit crunch in 2008-09, the company took a "big hit",
first losing nine clients and writing off NZ$750,000 in debt, then
six months later losing more clients and dumping another
NZ$250,000 in debt.  That amount equaled what we'd written off in
30 years of business, Mr. Rout related.  "We've had a fair knock
around," he stated, according to the report.

Adding to the problem was the loss of "the biggest contract in our
career" -- Gibbston developer David Henderson's failed Five Mile
development, which the company was due to begin work on before the
NZ$2 billion project was abandoned in July 2008, Mr. Rout
specified, Otago Daily Times cites.

Steve Rout Contracting is based in Frankton.


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


INTELLIGENT COMMUNICATION: Posts US$1.2MM First Quarter Net Loss
----------------------------------------------------------------
Intelligent Communication Enterprise Corporation filed its
quarterly report on Form 10-Q, reporting a net loss of
US$1.2 million on US$2.8 million of revenue for the three months
ended March 31, 2011, compared with a net loss of US$2.8 million
on US$2.5 million of revenue for the same period last year.

The Company's balance sheet at March 31, 2011, showed US$5,980,831
in total assets, US$3,891,54 in total liabilities, and all
current, and stockholders' equity of US$2,089,290.

Peterson Sullivan LLP, in Seattle, Washington, expressed
substantial doubt about Intelligent Communication's ability to
continue as a going concern, following the Company's results for
2010.  The independent auditors noted that the Company has
incurred losses, has negative working capital, and has accumulated
deficits at Dec. 31, 2010.

A copy of the Form 10-Q is available at http://is.gd/dMu6Ry

Based in Singapore, Intelligent Communication Enterprise
Corporation (OTC BB: ICMC) -- http://www.icecorpasia.com/--
offers a range of innovative enterprise and consumer solutions
over the mobile phone.  ICE Corp owns and operates the ICEsync
platform, which currently hosts Modizo.com the celebrity video
blog and the related applications for mobile devices.  Intelligent
Communication Enterprise is a Pennsylvania corporation, with
offices in Singapore and Malaysia.


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


VIETNAM SHIPBUILDING: Asks Bondholders to Write Off 90% of Debt
---------------------------------------------------------------
Bloomberg News reports that Vietnam Shipbuilding Industry Group,
the state-owned company with more than $4 billion of debt, asked
holders of a local-currency bond it defaulted on in April to write
off as much as 90% of the money owed, according to a bondholder
who met company officials last week.

Vinashin told creditors at the meeting in Hanoi that it is unable
to make any loan payments until 2015 at the earliest, Pham Viet
Bac, general director of Ho Chi Minh City-based Sabeco Fund
Management, which holds 30 billion dong (US$1.5 million) of
Vinashin bonds, told Bloomberg.

"I'm very disappointed," Mr. Bac told Bloomberg.  The shipbuilder
also declined to provide a copy of its latest audit, he said.

Vinashin failed to pay a 9% coupon due on April 13, 2011, on a
VND3 trillion, 10-year bond issued in 2007, Bloomberg relates.

According to Bloomberg, Vinashin's financial difficulties have
raised concerns about government support for state-owned companies
as it tries to speed up a privatization drive, locally referred to
as equitization.  Prime Minister Nguyen Tan Dung has also asked
police to investigate whether there are any signs of corruption at
the shipbuilder.

"I want the company to be transparent to its creditors," Bloomberg
quots Mr. Bac as saying.  "We have the right to know."

Vinashin, whose debts of more than US$4 billion pushed it to the
brink of bankruptcy, in December reportedly defaulted on the first
US$60 million installment of a US$600 million loan arranged by
Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage points
more than the London interbank offered rate, according to data
compiled by Bloomberg.  While it made a US$6.8 million interest
payment on Dec. 23, the company missed a Dec. 20 deadline to make
a US$60 million principal payment and asked lenders for a one-year
extension, Bloomberg relates.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, 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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