TCRAP_Public/110606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, June 6, 2011, Vol. 14, No. 110

                            Headlines


A U S T R A L I A

JOHNSON PROPERTY: Creditors Accept Deed of Company Arrangement


H O N G  K O N G

INCORPORATED OWNERS: Court to Hear Wind-Up Petition on July 13
JIALI BIO: Court Enters Wind-Up Order
MARRIOT CONSTRUCTION: Court Enters Wind-Up Order
NGAN'S INVESTMENT: Creditors Get HK$13.20% Recovery on Claims
OLYMPIC FOOD: Court Enters Wind-Up Order

PACIFIC EAST: Court to Hear Wind-Up Petition on June 15
RICOSTRETCH HK: Court Enters Wind-Up Order
SHEBO CHINA: Court to Hear Wind-Up Petition on July 6
SHINWA MAX: Creditors' Proofs of Debt Due June 15
SPACEINET SUNLINK: Court to Hear Wind-Up Petition on June 29

VALSONS (H.K.): Court to Hear Wind-Up Petition on July 13
YIU FUNG: Creditors Get 0.4829% Recovery on Claims


I N D I A

A. G. TIMBER: CRISIL Assigns 'BB-' Rating to INR10MM Cash Credit
BALAJI AGRO: CRISIL Assigns 'P4+' Rating to INR50MM Term Loan
BIOGENETIC DRUGS: CRISIL Assigns 'BB+' Rating to INR15MM Term Loan
BTC INDUSTRIES: CRISIL Cuts INR10MM Bank Guarantee Rating to 'P4+'
CHOLAS SPICES: CRISIL Rates INR55 Million Cash Credit at 'BB+'

INTERNATIONAL PANAACEA: CRISIL Rates INR85MM Cash Credit at BB+'
KAPKAN ELECTRONICS: CRISIL Assigns 'BB+' Rating to INR60MM Loan
LANCO DEVIHALLI: CRISIL Cuts Rating on INR2.6BB LT Loan to 'BB'
PUSHPAK BULLIONS: CRISIL Rates Proposed INR20MM LT Bank Loan 'BB+'
RAJA HOUSING LIMITED: Fitch Rates INR250MM Bank Loan at 'B(ind)'

SREE NEELAMPATI: CRISIL Assigns 'B-' Rating to INR40MM LT Loan
SRI MOHAN: CRISIL Rates INR145 Million Cash Credit at 'BB-'
TECHNICO STRIPS: CRISIL Raises Rating on INR88 Rupee Loan to 'B-'
VEDIC SYNERGY: CRISIL Assigns 'BB-' Rating to INR26.5MM Term Loan
VIJAY IRON: CRISIL Assigns 'B-' Rating to INR26MM Long Term Loan

VIVEK STEELCO: CRISIL Assigns 'B+' Rating to INR7.7MM Term Loan


I N D O N E S I A

CHANDRA ASRI: Moody's Changes 'B2' Rating Outlook to Stable
LIPPO KARAWACI: Fitch Affirms IDRs at 'B+'; Outlook Stable


N E W  Z E A L A N D

ALLIED FARMERS: Names Steve Morrison as CEO of Rural Unit
BRIDGECORP LTD: Tenders Close for Petricevic's NZ$4.4-Mil. Home
CENTURY CITY: Lenders Move to Acquire Owner's Prime Assets
CYCLE SURGERY: Placed in Voluntary Liquidation
WINDFLOW TECHNOLOGY: Expresses Uncertainty Over Future


T A I W A N

HUA NAN: Fitch Affirms Individual Rating at 'C/D'
NAVNITLAL PRIVATE: Fitch Assigns 'B(ind)' National LT Rating


                            - - - - -


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


JOHNSON PROPERTY: Creditors Accept Deed of Company Arrangement
--------------------------------------------------------------
Damon Cronshaw at theherald.com.au reports that developer Keith
Johnson said his company, Johnson Property Group, will carry on,
after creditors owed about AU$150 million accepted a new
arrangement for the company.

According to the report, Mr. Johnson said a majority of creditors
accepted a deed of company arrangement at a meeting in Sydney on
May 31, 2011.

Secured creditors, owed AU$132 million, backed Mr. Johnson to
produce a better result than a fire sale of assets,
theherald.com.au says.  Unsecured creditors owed about
AU$16 million accepted an offer up to 4 cents in the dollar, the
report notes.

Johnson Property Group went into voluntary administration in April
this year.  Administrator deVriesTayeh listed slow development
approvals from government and falling land values after the global
financial crisis as reasons for the company's position.

                        About Johnson Property

Johnson Property Group is one of New South Wales' largest private
land developers.  The company's current projects include a
AU$200 million development at Lake Macquarie, a development at
Cooranbong near the Hunter Valley, and the giant Pitt Town housing
development in the Hawkesbury Valley.


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


INCORPORATED OWNERS: Court to Hear Wind-Up Petition on July 13
--------------------------------------------------------------
A petition to wind up the operations of The Incorporated Owners of
Nos. 211-215C will be heard before the High Court of Hong Kong on
July 13, 2011, at 9:30 a.m.

Titano Limited filed the petition against the company on May 6,
2011.

The Petitioner's solicitors are:

          Baker & McKenzie
          23rd Floor, One Pacific Place
          88 Queensway, Hong Kong


JIALI BIO: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of Jiali Bio Group Limited.

The acting official receiver is Lee Mei Yee May.


MARRIOT CONSTRUCTION: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of Marriot Construction Limited.

The acting official receiver is Lee Mei Yee May.


NGAN'S INVESTMENT: Creditors Get HK$13.20% Recovery on Claims
-------------------------------------------------------------
Ngan's Investment Company Limited, which is in liquidation, paid
the dividend to its creditors on May 27, 2011.

The company paid HK$13.20% for ordinary claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


OLYMPIC FOOD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 12, 2011, to
wind up the operations of Olympic Food Company Limited.

The company's liquidators are:

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


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

Hang Hing Fuel Oil Company Limited filed the petition against the
company on April 8, 2011.

The Petitioner's solicitors are:

          Liau, Ho & Chan
          30th Floor, China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


RICOSTRETCH HK: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2011, to
wind up the operations of Ricostretch Hong Kong Limited.

The acting official receiver is Lee Mei Yee May.


SHEBO CHINA: Court to Hear Wind-Up Petition on July 6
-----------------------------------------------------
A petition to wind up the operations of Shebo China Limited will
be heard before the High Court of Hong Kong on July 6, 2011, at
9:30 a.m.

Shebo Trading Company Limited filed the petition against the
company on April 29, 2011.

The Petitioner's solicitors are:

          Shebo Trading Company Limited
          Flat F, 4th Floor
          No. 4 Shun Yung Street
          Lederle Garden, Hunghom
          Kowloon, Hong Kong


SHINWA MAX: Creditors' Proofs of Debt Due June 15
-------------------------------------------------
Creditors of Shinwa Max 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


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

Sunlink Solutions 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


VALSONS (H.K.): Court to Hear Wind-Up Petition on July 13
---------------------------------------------------------
A petition to wind up the operations of Valsons (H.K.) Limited
will be heard before the High Court of Hong Kong on July 13, 2011,
at 9:30 a.m.

Bank of India filed the petition against the company on May 6,
2011.

The Petitioner's solicitors are:

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


YIU FUNG: Creditors Get 0.4829% Recovery on Claims
--------------------------------------------------
Yiu Fung Cold Storage and Warehousing Limited, which is in
liquidation, paid final dividend to its creditors on June 3, 2011.

The company paid 0.4829% for ordinary claims.

The company's liquidator is:

         Cosimo Borrelli
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


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


A. G. TIMBER: CRISIL Assigns 'BB-' Rating to INR10MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of A. G. Timber Pvt Ltd (AGT, part of the MB Timber
group).

   Facilities                          Ratings
   ----------                          -------
   INR10.00 Million Cash Credit        BB-/Stable (Assigned)
   INR70.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the MB Timber group's below-average financial
risk profile, marked by low profitability and weak debt protection
metrics, and large working capital requirements.  These rating
weaknesses are partially offset by the group's established market
position and promoters' expertise in procuring timber.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AGT, GB Logs, and MB Timber Pvt Ltd,
collectively referred to as the MB Timber group. This is because
the three entities share a common management and are in the same
line of business.

Outlook: Stable

CRISIL believes that the MB Timber group will continue to maintain
its established market position, over the medium term. However,
its financial risk profile will remain weak because of low
profitability and large working capital requirements. The outlook
may be revised to 'Positive' in case of a significant improvement
in the group's gearing and liquidity, most likely because of more-
than-expected cash accruals, or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case the
group's liquidity weakens, most likely because of large
incremental working capital requirements, or it undertakes a
larger-than-expected debt-funded capital expenditure programme, or
its profitability declines.

                         About the Group

Incorporated in 2010 and promoted by Mr. Ajay Gupta, AGT trades
timber logs primarily in West Bengal, Orissa, Bihar, and Assam. MB
Timber Pvt Ltd and GB Logs are also in the same business. The MB
Timber group sources about 30% of its timber requirements from
Malaysia, Ghana, Nigeria, Saudi Arabia, and Burma, and the rest is
procured domestically.

The MB Timber group reported a profit after tax (PAT) of INR13.4
million on net sales of INR2742.4 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.3
million on net sales of INR1821.8 million for 2008-09.


BALAJI AGRO: CRISIL Assigns 'P4+' Rating to INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Balaji Agro Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR50.00 Million Foreign Discount      P4+ (Assigned)
                       Bill Purchase

   INR10.00 Million Letter of Credit/     P4+ (Assigned)
                      Bank Guarantee

   INR50.00 Million Proposed Short Term   P4+ (Assigned)
                     Bank Loan Facility

The rating reflects BAPL's constrained financial risk profile
marked by weak debt protection metrics, large working capital
requirements, and susceptibility to intense competition in the tea
industry. These rating weaknesses are partially offset by the
extensive industry experience of BAPL's promoters and its
established customer relations.

                       About Balaji Agro

Incorporated in 2000, BAPL is engaged in blending, processing, and
packaging CTC tea; it procures tea from auctions in North East
India and packages it under its Meri Chai brand for the domestic
and export market. Around 60% of its revenues come from exports
and the rest from the domestic market; packaged tea accounts for
85% of its sales, and tea sold in bulk to traders accounts for the
rest. BAPL mainly exports to Russia, Kazakhstan, Iran, Tajikistan,
Jordan, and the United Arab Emirates. In the domestic market, its
presence is primarily in eastern India.

BAPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR702.6 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR0.6 million on net
sales of INR345.7 million for 2008-09.


BIOGENETIC DRUGS: CRISIL Assigns 'BB+' Rating to INR15MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term bank
facilities of Biogenetic Drugs Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR15 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR41 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects Biogenetic's small scale of operations in the
pharmaceutical industry, susceptibility to customer concentration,
and large working capital requirements. These rating weaknesses
are partially offset by Biogenetic's above-average debt protection
metrics and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that Biogenetic will continue to benefit from its
promoters' extensive experience in the pharmaceutical industry and
above-average financial risk profile, marked by low gearing and
adequate debt-protection metrics, over the medium term. The
outlook may be revised to 'Positive' if Biogenetic significantly
improves its operating margin.  Conversely, the outlook may be
revised to 'Negative' if the company's operating margin declines,
resulting in lower-than-expected cash generation and/or if there
is any significant debt funded capital expenditure which would
deteriorate the financial risk profile of the company.

                       About Biogenetic Drugs

Incorporated in 2004, Biogenetic undertakes contract manufacturing
of pharmaceutical formulations for Lupin Limited, Wockhardt
Limited, Cadila Pharmaceuticals Limited, and Intas Pharmaceuticals
Limited, among others. Promoted by Mr. Mukut Bihari Goyal, its
manufacturing facilities are in Baddi (Himachal Pradesh).
Biogenetic also manufactures self-branded products, which
contribute around 5% to its overall revenues. Biogenetic markets
the self-branded products mainly in North East and South India.

Biogenetic reported a profit after tax (PAT) of INR10 million on
net sales of INR257 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR211 million for 2008-09.


BTC INDUSTRIES: CRISIL Cuts INR10MM Bank Guarantee Rating to 'P4+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of BTC
Industries Pvt Ltd to 'BB/Stable/P4+' from 'BBB-/Stable/P3

   Facilities                        Ratings
   ----------                        -------
   INR10.0 Million Bank Guarantee   P4+ (Downgraded from 'P3')

The downgrade reflects deterioration in BIPL's financial risk
profile, especially liquidity, in the recent past because of the
company's increased working capital requirements arising out of
its increased inventory and debtor levels.

The ratings reflect BIPL's weak liquidity, because of large
working capital requirements, and the risks inherent in the thermo
mechanically treated (TMT) bars industry, including market
fragmentation and volatility in raw material prices. These rating
weaknesses are partially offset by BIPL's financial risk profile,
marked by moderate gearing and debt protection measures, and the
promoters' business experience and established presence in
Uttarakhand and Uttar Pradesh.

Outlook: Stable

CRISIL believes that BIPL's operations will remain small, but
semi-integrated, over the medium term.  The outlook may be revised
to 'Positive' if BIPL's financial risk profile, particularly its
liquidity improves, through higher-than-expected sales and
profitability. The outlook may be revised to 'Negative' if
inability to maintain profit margins leads to decline in BIPL's
cash accruals along with deterioration in the company's financial
risk profile because of large, debt-funded capital expenditure.

                       About BTC Industries

Incorporated in 2003 by Yashoda Nandan Agarwal and his sons,
Navneet Agarwal and Tushar Agarwal, BIPL began commercial
production under the present management in February 2006.  The
company manufactures TMT bars at its Khasra (Uttarakhand)-based
facility, with capacity of 120,000 tonnes per annum (tpa).  BIPL
enjoys 100% income tax exemption till 2010-11, and 30% rebate for
the next three years.  The company is also exempt from central
excise duty.  The company markets its products under the Mittal
Sariya brand.  Its clientele largely comprises distributors in
Uttarakhand, Uttar Pradesh, New Delhi, Punjab, and Haryana.  BIPL
also sells directly to builders such as Omaxe Ltd, Ansal
Properties & Infrastructure Ltd, and DLF Ltd.  BIPL also
manufactures ingots, with capacity of 80 tonnes per day (tpd).
This capacity is expected to increase to 150 tpd by mid 2011-12
(refers to financial year, April 1 to March 31).

For 2009-10, BIPL reported a profit after tax (PAT) of INR36.5
million (Rs.27.7 million for 2008-09) on an operating income of
INR1266.1.6 million (Rs.1176.8 million).


CHOLAS SPICES: CRISIL Rates INR55 Million Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Cholas Spices Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR55.00 Million Cash Credit   BB+/Stable (Assigned)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CSPL with those of its associate
entities, Emil Traders Pvt Ltd and Kuriakose & Sons, together
referred to herein as the Cholas group. This is because these
entities are in the same line of business, under a common
management, and have strong intra-group operational and business
linkages.

The rating reflects the Cholas group's modest scale of operations
and susceptibility to intense industry competition and to
volatility in raw material prices. These rating weaknesses are
partially offset by the Cholas group's moderate financial risk
profile, marked by a healthy ratio of total outside liabilities to
tangible net worth and moderate debt protection metrics, and the
extensive experience of the group's promoters in the coffee and
spices trading business.

Outlook: Stable

CRISIL believes that the Cholas group will continue to benefit
from its promoters' extensive experience in the coffee and pepper
trading industry, over the medium term. The outlook may be revised
to 'Positive' in case the group reports a sustainable increase in
its scale of operations and profitability, while maintaining its
healthy capital structure.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes a larger-than-expected,
debt-funded capital expenditure programme or its volumes or
margins decline steeply, leading to deterioration in its financial
risk profile.

                          About the Group

Set up in 1999 by Mr. C K Saji and his brother, Mr. C K Salu, CSPL
processes and sells coffee and pepper to various domestic
customers. The company is based in Pullamala in Wayanad district
(Kerala). Set up in 1988, K&S processes and sells coffee beans and
pepper to various domestic customers such as Nestle India Ltd. Set
up in 2010, Emil processes and exports coffee and pepper to
various international customers.

The Cholas group reported a profit after tax (PAT) of INR2 million
on net sales of INR609 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR6 million on net
sales of INR505 million for 2008-09.


INTERNATIONAL PANAACEA: CRISIL Rates INR85MM Cash Credit at BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of International Panaacea Ltd.

   Facilities                   Ratings
   ----------                   -------
   INR85 Million Cash Credit    BB+/Stable (Assigned)

The rating reflects IPL group's large working capital
requirements, marked by high gross current assets (GCA) days of
150 around days due to high debtors and inventory holding, and
susceptibility to project implementation risks and intense
competition in the agrochemical industry.  These rating weaknesses
are partially offset by the group's above average financial risk
profile, marked by moderate net worth, low gearing, and strong
debt protection metrics, and promoters' extensive experience in
the bio-chemical industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of IPL and its subsidiary, Panaacea
International Agro Industries PLC, Ethiopia, collectively referred
to as IPL group.  This is because both the companies have same
management.  Also, PIAI is working as an extended arm of IPL in
Ethiopia, and IPL supports PIAI through investments and
technology.

Outlook: Stable

CRISIL believes that the IPL group will continue to benefit over
the medium term on the back of promoters' established position and
sufficient cash accruals.  The outlook may be revised to
'Positive' if the IPL group's Ethiopian operations stabilize
earlier-than-expected while maintaining the financial risk
profile, leading to generation of larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the group's management undertakes a larger-than-expected debt-
funded capital expenditure programme or there is a delay in
stabilisation of its Ethiopian operations or in case of lower-
than-expected cash accruals.

                   About International Panaacea

Incorporated in 1994, IPL belongs to the M2K group, which is
headed by Mr. Mahesh Bhagchandka. It is engaged in manufacturing
of bio-chemicals for the agriculture sector and trades
agricultural inputs such as neem kali and neem oil. It is an ISO
9001: 2000 certified company and its products include bio-
fertilisers and bio-pesticides. Its manufacturing facility in
Haridwar (Uttarakhand) has a capacity of 5200 tonnes per annum. It
also has a research and development laboratory, certified by the
Department of Scientific & Industrial Research.

IPL reported a profit after tax (PAT) of INR34.7 million on net
sales of INR523.8 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR389.0 million for 2008-09.


KAPKAN ELECTRONICS: CRISIL Assigns 'BB+' Rating to INR60MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Kapkan Electronics Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR60.0 Million Cash Credit Limit       BB+/Stable (Assigned)
   INR9.0 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR0.5 Million Proposed Long-Term Bank  BB+/Stable (Assigned)
                            Loan Facility
   INR86.0 Million Letter of Credit        P4+ (Assigned)
   INR68.2 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect KEPL's high customer concentration and small
scale of operations with a low operating margin. These rating
weaknesses are partially offset by KEPL's healthy financial risk
profile, marked by a low gearing and strong debt protection
metrics, longstanding presence in the contract manufacturing of
television sets, and the extensive industry experience of the
company's promoters.

Outlook: Stable

CRISIL believes that KEPL will continue to benefit from its
longstanding presence in the contract manufacturing of television
sets, over the medium term. The outlook may be revised to
'Positive' if KEPL scales up its operations and profitability,
most likely by adding new customers or new products. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
KEPL's revenues or profitability, or if the company undertakes any
large, debt-funded capital expenditure programme.

                         About Kapkan Electronics

KEPL was set up in 2003 by Mr. Kapil Khanna, a second-generation
entrepreneur. KEPL commenced operations by assembling colour
televisions, air conditioners, and printed circuit boards.
However, because of a low operating margin, KEPL discontinued its
AC assembly business in October 2007. KEPL sells only to LG
Electronics India Pvt Ltd (LG, rated AA+/Stable/P1+ by CRISIL),
with some CTV sales to Electronics Corporation of Tamil Nadu Ltd
(Elcot, a government of Tamil Nadu undertaking,) in the past three
years on specific orders.

KEPL reported a profit after tax (PAT) of INR7.6 million on an
operating income of INR1.3 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR8.7
million on an operating income of INR1.2 billion for 2008-09.


LANCO DEVIHALLI: CRISIL Cuts Rating on INR2.6BB LT Loan to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of Lanco
Devihalli Highways Pvt Ltd to 'BB/Negative' from 'BBB-/Negative'.

   Facilities                       Ratings
   ----------                       -------
   INR2610 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 LDHPL has entered into with
National Highways Authority of India, the original COD of LDHPL's
Nelamangala-Devihalli 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
INR669.4 million, which is being met by the promoters.

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

Outlook: Negative

CRISIL believes that LDHPL 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 LDHPL is unable to devise a feasible plan for
meeting its scheduled debt repayments on time. Conversely, the
outlook could be revised to 'Stable' if LDHPL meets its scheduled
debt repayments on time and demonstrates sustained traffic flow in
line with CRISIL's expectations.

About Lanco Devihalli

LDHPL is a special purpose vehicle, promoted by the Lanco group to
bid for the Nelamangala-Devihalli BOT toll road project.  NHAI has
awarded LDHPL the contract to design, construct, develop, finance,
operate, and maintain the 81.8-kilometre stretch of National
Highway 48.  LITL owns 26.10% of LDHPL, while investment companies
of the promoter group own the rest.


PUSHPAK BULLIONS: CRISIL Rates Proposed INR20MM LT Bank Loan 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Pushpak Bullions Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Secured Overdraft    BB+/Stable (Assigned)
   INR20.0 Million Proposed Long-Term    BB+/Stable (Assigned)
                   Bank Loan Facility
   INR250.0 Million Gold Loan            P4+ (Assigned)
   INR280.0 Million Letter of Credit/    P4+ (Assigned)
             Standby Letter of Credit
   INR30.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect Pushpak Bullions' low operating margin and
declining volumes in the bullion trading business. These rating
weaknesses are partially offset by Pushpak Bullions' sound risk
management practices, and the benefits that the company derives
from its established presence and its promoters' experience in
bullion trading.

Outlook: Stable

CRISIL believes that Pushpak Bullions will maintain its position
in bullion trading and benefit from its promoters' business
experience, over the medium term. The outlook may be revised to
'Positive' if Pushpak Bullions' revenues and profitability
increase substantially. Conversely, the outlook may be revised to
'Negative' if the levels of Pushpak Bullions' unhedged inventory
increase or if the company's profitability reduces.

                        About Pushpak Bullions

Pushpak Bullions, set up by Mr. Chandrakant N Patel and Mr. Ketan
M Shroff, has been in the bullion trading business since 1999. The
company also trades in diamonds and manufactures gold jewellery,
coins, and medallions for both the domestic and export markets.
Pushpak Bullions is also a market maker for gold exchange traded
funds.

For 2009-10 (refers to financial year, April 1 to March 31),
Pushpak Bullions reported a profit after tax (PAT) of INR154.9
million on net sales of INR37.99 billion, against a PAT of INR28.0
million on net sales of INR45.88 billion for 2008-09.


RAJA HOUSING LIMITED: Fitch Rates INR250MM Bank Loan at 'B(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned India-based Raja Housing Limited a
National Long-Term rating of 'B(ind)'.  The Outlook is Stable. The
agency has also assigned RHL's INR250 million term loan facility a
'B(ind)' rating.

The ratings reflect the relatively small size of the company's
operations and the high supply of flats in the project locations
from competing real estate companies. RHL faces the challenge of
significantly increasing the sales of its flats, which is
necessary in order to meet its debt service commitments.  The risk
is partly mitigated by the potential for phased launch of its
larger project, Aristos, which would also lead to phased drawal of
project debt.

The ratings draw comfort from RHL's track record of operations
(over 15 years) and the achievement of financial closure for the
Raja Aristos project.  Fitch expects the company to increase the
sale of its flats substantially during FY12.

Inability of the company to achieve flat sales in line with Fitch
expectations would lead to a negative rating action. Substantial
improvement in cash flows resulting from higher-than-expected
increase in revenues would lead to a positive rating action.

RHL is a Bangalore-based real estate company. It was promoted by
Raja Suchindra and Raja Datta in 1995. The company executes real
estate projects in the residential and commercial space.  The
company is currently developing two residential projects in
Bangalore -- Raja Aristos and Raja Prakruthi -- Phase II. In FY10,
RHL reported revenues of INR8 million (FY09: INR58.5 million) and
operating EBITDA of -INR1.1 million (FY09: INR2.9 million). At
FYE10, total debt was INR9.7 million (FYE09: INR23.4 million).


SREE NEELAMPATI: CRISIL Assigns 'B-' Rating to INR40MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Sree Neelampati Lakshmi Ammavari Cold Storage Pvt Ltd.

   Facilities                   Ratings
   ----------                   -------
   INR40.00 Million Long-Term Loan  B-/Stable (Assigned)
   INR60.00 Million Cash Credit  B-/Stable (Assigned)

The rating reflects SNCS's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
its small scale of operations, and susceptibility to intense
industry competition.  These rating weaknesses are partially
offset by the extensive industry experience of SNCS's promoters in
the cold storage business.

Outlook: Stable

CRISIL believes that SNCS will continue to benefit from its
promoters long standing experience, over the medium term. The
outlook may be revised to 'Positive' in case SNCS's financial risk
profile improves because of larger-than-expected improvement in
the company's gearing as a result of equity infusion, or increase
in its operating margin and realizations.  Conversely, the outlook
may be revised to 'Negative' in case of significant delays in
realization of receivables or larger-than-expected debt

                       About Sree Neelampati

Incorporated in 2005, SNCS commenced commercial operations in
April 2009. Based in Guntur, (Andhra Pradesh), SNCS is engaged in
cold storage services, primarily temperature-controlled
warehousing. SNCS has three cooling chambers with a holding
capacity of 11,200 tonnes per annum.  SNCS was promoted by
Mr. Rayani Venkateswarulu and his family.  SNCS's day-to-day
operations are run by Mr. Nagesh Kumar Anne who has around
decade's experience in cold storage segment.

SNCS reported a profit after tax (PAT) of INR0.02 million on net
sales of INR9.40 million for 2009-10 (refers to financial year,
April 1 to March 31).


SRI MOHAN: CRISIL Rates INR145 Million Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its rating 'BB-/Stable' to the cash credit
facility of Sri Mohan Motors.

   Facilities                       Ratings
   ----------                       -------
   INR145.00 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects SMM's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection metrics,
large working capital requirements, and a small scale of
operations with low profitability and high supplier concentration.
These rating weaknesses are partially offset by the benefits that
SMM derives from its promoters' extensive industry experience and
its established relationship with Mahindra & Mahindra Ltd.

Outlook: Stable

CRISIL believes that SMM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with M&M.  The outlook may be revised to
'Positive' in case of an improvement in SMM's capital structure,
most likely because of equity infusion or more-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SMM's financial risk profile deteriorates further because of
large, incremental working capital requirements, or support to
related parties.

                      About Sri Mohan Motors

Set up in 2001, SMM has a dealership of M&M's passenger cars,
light commercial vehicles, and two-wheelers in Mahendragarh and
Rewari districts (both in Haryana), with a showroom-cum-workshop
in each district.  The firm commenced dealership of two-wheelers
in 2009-10 (refers to financial year, April 1 to March 31). SMM
earns about 97% of its revenues from sales of four-wheelers; it
sells an average of 120 four-wheelers and 5 two-wheelers every
month.

SMM reported a profit after tax (PAT) of INR2.2 million on net
sales of INR782.3 million for 2009-10, against a PAT of INR1.9
million on net sales of INR716.2 million for 2008-09.


TECHNICO STRIPS: CRISIL Raises Rating on INR88 Rupee Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on Technico Strips & Tubes Private
Limited to 'B-/Stable/P4' from 'D/P5'.

   Facilities                          Ratings
   ----------                          -------
   INR88.8 Million Rupee Term Loan     B-/Stable (Upgraded from
                                                  'D')
   INR50.0 Million Cash Credit         B-/Stable (Upgraded from
                                                  'D')
   INR30.0 Million Letter of Credit    P4 (Upgraded from 'P5')

The rating upgrade is driven by timely debt servicing of its term
loan post stabilization of its operations and increase in capacity
utilization of electric resistance-welded (ERW) and cold drawn-
welded (CDW) steel tubes. The upgrade also reflects CRISIL's
belief that TSTPL will continue to generate adequate cash
accruals, albeit with limited cushion, to meet its maturing debt
obligations over the medium term.

The ratings continue to reflect TSTPL's weak financial risk
profile, small scale of operations and limited track record in the
steel forgings and auto ancillary industries. These weaknesses are
mitigated by the promoters' long experience and established trade
relationships in these industries.

Outlook: Stable

CRISIL believes that TSTPL would maintain its business risk
profile backed by experience of its promoters in steel forgings
and auto ancillary business. The outlook may be revised to
'Positive' if the company's scale of operations increases notably
while maintaining healthy profitability. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates materially due to large debt funded capex or
significantly higher working capital requirements.

                       About Technico Strips

TSTPL, which is currently promoted by Mr. Ajay Gupta, commenced
commercial production, manufacturing electric resistance-welded
(ERW) steel tubes, in September 2008, and manufacturing cold
drawn-welded (CDW) steel tubes in third quarter, 2009-10. The
company's facilities at Ludhiana (Punjab) have capacity to
manufacture 700 tonnes and 800 tonnes of ERW and CDW steel tubes
per month, respectively.

TSTPL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR257.1 million for 2009-10 (refers to financial year,
April 1 to March 31) against net loss of INR5.1 million on net
sales of 44.1 million in 2008-09.


VEDIC SYNERGY: CRISIL Assigns 'BB-' Rating to INR26.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vedic Synergy Bio-Technologies Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR42.50 Million Cash Credit     BB-/Stable (Assigned)
   INR26.50 Million Term Loan       BB-/Stable (Assigned)
   INR1.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect VSBL's modest scale of operations, large
working capital requirements, tender based nature of business and
susceptibility to crop contamination risks. These rating
weaknesses are partially offset by VSBL's comfortable financial
risk profile, marked by low gearing and comfortable debt
protection metrics, and the management's industry experience.

Outlook: Stable

CRISIL believes that VSBL will maintain a stable business profile
over the medium term on the back of its management's extensive
industry experience and the benefits expected from the new tie-
ups. The outlook may be revised to 'Positive' if VSBL
significantly increases its revenues through successful tie-ups,
while sustaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if VSBL
undertakes a larger-than-expected debt-funded capital expenditure
programme or its sales volumes and profitability decline sharply.

                          About Vedic Synergy

VSBL, based in Durgapur (West Bengal), is engaged in propagation
and growing of plants and tissue culture activities. Set up in
2004 as Synergy Bio-technologies Ltd, and subsequently renamed,
VSBL mainly grows banana and bamboo plants, and supplies it to
state agricultural departments; it has an annual capacity of 7.5
million plants. Its laboratory and research activities are headed
by Mr. Pradeep Kumar who has experience of more than 18 years in
this field.

VSBL reported a profit after tax (PAT) of INR14.6 million on net
sales of INR45.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.3 million on net
sales of INR33.6 million for 2008-09.


VIJAY IRON: CRISIL Assigns 'B-' Rating to INR26MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Vijay Iron Foundry Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit    B-/Stable (Assigned)
   INR26 Million Long-Term Loan  B-/Stable (Assigned)
   INR40 Million Letter of Credit  P4 (Assigned)

The ratings reflect VIFPL's weak financial risk profile marked by
small net worth and high gearing, and its exposure to intense
competition in the iron ingots and billets segment. These rating
weaknesses are partially offset by the extensive experience of
VIFPL's promoter in the steel industry.

Outlook: Stable

CRISIL expects VIFPL to maintain its business risk profile over
the medium term, backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company scales up its operations and improves its capital
structure. Conversely, the outlook may be revised to 'Negative' if
VIFPL's financial risk profile deteriorates because of a
significant decline in its profitability and cash accruals, or if
it undertakes a larger-than-expected debt-funded capital
expenditure programme.

                        About Vijay Iron

Set up in 2004 by Mr. Suresh Singhal, VIFPL manufactures ingots
and billets. Its manufacturing facility in Medak at Hyderabad
(Andhra Pradesh) has capacity of about 75,000 tonnes per annum.

VIFPL reported a profit after tax (PAT) of INR9.2 million on net
sales of INR681.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9.0 million on net sales
of INR984.0 million for 2008-09.


VIVEK STEELCO: CRISIL Assigns 'B+' Rating to INR7.7MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Vivek Steelco Pvt Ltd.

   Facilities                   Ratings
   ----------                   -------
   INR7.7 Million Term Loan       B+/Stable (Assigned)
   INR99.0 Million Cash Credit    B+/Stable (Assigned)

The rating reflects the Agarwal group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its large working capital requirements. These weaknesses are
partially offset by the extensive experience of the group's
promoters in the steel industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shubhlaxmi Casting Pvt Ltd, Arjun
Alloys, Anjani Enterprises, V S Multimetal Pvt Ltd, VSPL, and Ritu
Shipping Pvt Ltd, together referred to as the Agarwal group. This
is because the entities have common promoters and management, and
significant intra-group transactions.

Outlook: Stable

CRISIL believes that the Agarwal group will maintain its moderate
business risk profile over the medium term, on account of the long
existence in the steel industry. The outlook may be revised to
'Positive' if a strong increase in the group's revenues and
profitability leads to an improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in profitability, or if the group
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                       About the Group

Established in 1998 as Vivek Steel Industries, VSPL was
reconstituted as a private limited company in 2008. It
manufactures various alloy steel, stainless steel, and mild-steel
rolled products. Its rolling mill unit is located at Changodar
(Gujrat). The company is part of the Agarwal group, which has been
manufacturing various steel products since 1972.

The Agarwal group, whose chairman is Mr. Suresh B Agarwal, has
various manufacturing units under its flagship. These include
SCPL, AA, AE, VSMPL, VSPL, RSPL, and Shri Laxmi Ship Breakers.

VSPL reported a profit after tax (PAT) of INR3.83 million on net
sales of INR351.6 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.87 million on net
sales of INR299.9 million for 2008-09.


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


CHANDRA ASRI: Moody's Changes 'B2' Rating Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook for the B2 rating on PT Chandra Asri Petrochemical Tbk,
and the B2 rating on the US$ bonds issued by Altus Capital Pte Ltd
guaranteed by CAP and PT Styrindo Mono Indonesia.

At the same time, Moody's has affirmed the B2 ratings.

"The outlook revision reflects execution risks associated with
CAP's increased capital expenditure budget, which is more sizeable
than Moody's original expectations," says Renee Lam, a Moody's
Vice President and Senior Analyst.

"While CAP's moderate level of debt leverage and a planned rights
issue to be completed in 3Q2011 provide a cushion against the
risks associated with its growth plans, the potential for an
upgrade over the next 18 months is limited, given its evolving
growth strategies," says Lam, also the lead analyst on CAP.

"CAP faces challenges in its downstream capacity build-out, which
will be implemented when the commissioning of significant new
capacity in China and the Middle East and its own maintenance
operations in 2011 could pressure its free cash flow," adds Lam.

CAP plans to invest US$700 million in 2011-2014, averaging US$175
million annually, and compared to Moody's previous expectation of
a US$60-75 million annual investment in 2011-2012.

The major items behind the increase in budget include new plans to
expand cracking capacity from 600 KTPA to 1,000 KTPA, and to
expand polyethylene capacity from 320 KTPA to 536 KTPA, both
currently under feasibility study. This is all on top of the
original plan of constructing a butadiene plant for US$110-130
million.  Completion of these facilities is planned for 2013-2015.
Moody's recognizes that CAP has a degree of flexibility to delay
or cancel certain of these projects.

To partly fund its capex, CAP plans to issue 20% of its shares to
the public, raising its public float from the current 5% to 25%.
This planned offering, expected to raise around US$300 million
during 3Q2011, is subject to regulatory and shareholders'
approvals as well as investor interests.

While partly alleviating the financial risks to CAP's investments,
more debt issuance would still be required, given the magnitude of
the capex compared to the company's internal cash flow generation.

The B2 rating continues to reflect CAP's leading position in the
Indonesian domestic petrochemicals market, premised on its
competitive vertically integrated operations. The rating also
incorporates CAP's moderate debt leverage, and adequate liquidity
with minimal near-term refinancing requirements.

The rating is constrained, however, by CAP's small global presence
and its asset concentration, the inherently cyclical nature of the
petrochemicals industry, which results in volatile earnings and
cash flow, and the company's evolving growth strategies.

Upward rating pressure could develop if (1) the company maintains
low debt leverage through industry cycles; (2) its capex programs
are executed within their planned time frames and budgets; (3) it
maintains its liquidity profile while improving its financial
flexibility.

Credit metrics that will support an upgrade include adjusted
Debt/Book Capitalization below 25% and adjusted debt/EBITDA at 2-
2.5x on a sustained basis.

The rating could be subject to downward pressure if the company's
petrochemicals product spreads experience an abrupt downturn,
leading to continued losses for an extended period, or if debt
leverage -- adjusted debt/EBITDA -- increases to 3-3.5x as a
result of new acquisitions, substantial capital expenditures, or
distributions to shareholders.

The last rating action on CAP was on January 4, 2011 when the
outlook on its ratings was changed to positive from stable. The
principal methodology used in rating CAP was the Global Chemical
Industry Methodology, published in December 2009 and available on
moodys.com.

CAP is the largest petrochemical producer in Indonesia. It was
established in January 2011 through the merger between its
predecessor PT Chandra Asri and PT Tri Polyta Tbk with Barito
Pacific owning about 72% stake. Temasek owns a 23% stake. CAP is
listed on the Jakarta Stock Exchange.


LIPPO KARAWACI: Fitch Affirms IDRs at 'B+'; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed PT Lippo Karawaci Tbk's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'
and upgraded its National Long-term rating to 'A(idn)' from
'BBB+(idn)'. The Outlook is Stable.

At the same time, Fitch has assigned LK a senior unsecured rating
of 'B+'. It has also affirmed the USD395m senior unsecured notes
due 2015 issued by Sigma Capital Pte. Ltd. and guaranteed by LK at
'B+' with a Recovery Rating of 'RR4'.

The ratings reflect LK's position as one of Indonesia's leading
property developers, the increasing share of strong recurring
revenue streams and its sound liquidity. Earnings from healthcare,
hospitality and infrastructure and asset management to some extent
mitigate the volatility associated with property development and
now account for nearly 50% of LK's earnings, despite its total
revenues increasing by over 50% since 2007. These strengths also
drive the upgrade of the National rating.

The company's ratings are, however, constrained by the cyclicality
of its exposure to property development, which still accounts for
around 50% of earnings. In mitigation, however, Fitch notes that
its established urban development projects showed a degree of
resilience during the downturn in 2008 and 2009, and the execution
risks in relation to its large scale integrated development
projects are lessened by the phased nature of these projects.

Furthermore, LK is aggressively expanding its healthcare and
retail assets. It plans to add over 10 new malls (currently 25
owned or managed) and 20 more hospitals (seven currently) in the
coming five-year period. This would require continued funding and
result in persistent negative free cash flows although the
company's liquidity position is strong following the IDR2.4trn
equity issue in late-2010 and the refinancing of its 2011 USD
notes. At March 31, 2011, it had cash reserves of IDR3.3trn and
undrawn credit facilities of IDR940bn. Furthermore, much of the
expansion capex is not committed, allowing LK to scale back in the
event of liquidity constraints.

LK also intends to generate cash flows from monetising completed
and established assets, primarily via sale and leaseback
arrangements with its affiliated Singapore-listed REITs. While
Fitch believes that LK can manage its development plans with
existing resources for another 18 to 24 months, plans beyond that
would require continued success of the asset monetization program.
The sale and leaseback of assets also exposes the company to
foreign exchange risk as the lease payments are denominated in
Singapore dollars while LK's rental revenues are denominated in
Indonesian rupiah.

The Stable Outlook reflects Fitch's view that LK can maintain a
liquidity profile appropriate for its ratings over the short- to
medium-term, despite the afore-highlighted risks. A sustained
weakening of property sales and/or a weakening of its liquidity
position (cash reserves less than USD100 million) may result in
negative rating action. At the same time, a significant increase
in LK's indebtedness weakening its risk profile may also lead to
negative rating action; Fitch notes that LK's gearing (as measured
by debt to equity) is currently around 0.4x which compares with
the company policy of maximum 1.0x , leaving room for additional
debt. Further positive rating action is unlikely until LK improves
its scale and recurring revenue base and until its capex moderates
with improved free cash generation.


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


ALLIED FARMERS: Names Steve Morrison as CEO of Rural Unit
---------------------------------------------------------
Allied Farmers on June 2, 2011, announced the appointment of
Steve Morrison to the role of chief executive for its rural
division.

Mr. Morrison has held various management roles in the New Zealand
dairy industry over the past twenty years and was responsible for
a significant portion of Fonterra's manufacturing operations for a
number of years as Regional General Manager - Central, based in
Hawera.  Most recently, he has held the role of Manufacturing
Value Add Manager for New Zealand operations for Fonterra.

Allied Farmers Chairman Garry Bluett said "With his deep
experience of the rural industry and in particular the dairy
industry, I am sure Steve will be an asset to Allied Farmers."

Allied Farmers also announced that Ross O'Neill, who has held the
position of General Counsel and Company Secretary, has resigned
from his fulltime position.  Mr. O'Neill joined the company in
April 2010.  Mr. O'Neill will continue to contract to the company
on a part time consultancy basis.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2011, The New Zealand Herald said Allied Farmers, the
finance company hobbled by the collapse in value of its loan book,
may not be able to repay NZ$7.5 million owed to its failed Allied
Nationwide Finance unit when it comes due on July 1, 2011.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


BRIDGECORP LTD: Tenders Close for Petricevic's NZ$4.4-Mil. Home
---------------------------------------------------------------
Stuff.co.nz reports that tenders for the multimillion-dollar
Remuera home of bankrupt Bridgecorp Ltd boss Rod Petricevic have
closed.

Agent Leila MacDonald from Barfoot and Thompson confirmed tenders
were now closed for the home but would not disclose any further
information, stuff.co.nz says.

Stuff.co.nz notes that Mr. Petricevic and his wife Mary paid
NZ$988,800 for the 100-year-old home in 2001 when it was valued at
NZ$1.8 million.  It was recently valued at NZ$4.4 million.

Earlier this year, Stuff.co.nz recalls, it was reported that
Mr. Petricevic planned to sell the home to raise funds to defend
claims that his family trust owed NZ$2.2 million to a Bridgecorp
subsidiary.

The mansion, near the Remuera village, was owned by the R M
Petricevic Family Trust, Stuff.co.nz discloses.

                       About Bridgecorp Ltd

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

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


CENTURY CITY: Lenders Move to Acquire Owner's Prime Assets
----------------------------------------------------------
BusinessDesk reports that lenders on one of Century City owner
Terry Serepisos's prime assets, including his own head office, are
moving to acquire the waterfront Todd Building on Wellington's
central city Hunter Street.

With naming rights relating to the headquarters of New Zealand's
most valuable oil and gas corporation, owned by the billionaire
Todd family, the building is also the location for the financially
troubled property investor's Century City empire, which includes
the A-League football franchise, The Phoenix.

BusinessDesk relates that the first mortgage on the property was
previously held by the ASB bank, but a Pyne Gould Corporation
subsidiary, Real Estate Credit, has "assumed the risk" on non-core
real estate loans made by PGC-owned Marac, including a loan
relating to the Todd Building.

"To protect this loan, action has been taken to acquire 95
Customhouse Quay from Century City Hunter Street Ltd," a statement
issued to BusinessDesk by Pyne Gould chairman Bryan Mogridge
noted.

"PGC is confident that this high quality building will retain its
current value and should show value growth in the medium term,"
Mr. Mogridge said.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.


CYCLE SURGERY: Placed in Voluntary Liquidation
----------------------------------------------
Simon Hartley at Otago Daily Times reports that Cycle Surgery
Dunedin 2008 Ltd was placed in voluntary liquidation on June 2,
possibly prompted by the withdrawal of a major cycle supplier.

Cycle Surgery was placed in the hands of Insolvency Management Ltd
of Dunedin.  No details are available yet of what debts may be
involved, Otago Daily says.

According to the report, liquidator Gus Jenkins said because of
the suddenness of the liquidation proceedings, many members of the
public were concerned about getting back their bikes "some of
which are worth thousands of dollars" and are on the company's
premises to be repaired.  Mr. Jenkins reassured bike owners that
although the bikes were "under lock and key", they would get their
bikes back, the report notes.

Otago Daily relates that Mr. Jenkins said it was too early in the
liquidation process to give any estimate of assets, debts or
potential creditors involved.

Mr. Jenkins, says Otago Daily, understood Cycle Surgery "may have
lost the support of a major supplier overnight", which while yet
to be confirmed, might have prompted the liquidation process.

Dunedin bike specialist Cycle Surgery Dunedin 2008 Ltd was
incorporated in early 2008, with Paul Gough, of Dunedin, the sole
director and 100% shareholder.


WINDFLOW TECHNOLOGY: Expresses Uncertainty Over Future
------------------------------------------------------
Otago Daily Times reports that Windflow Technology Ltd expressed
uncertainty about the future.  The company is looking for a bridge
finance while it waits for developments in the United Kingdom
market.

The firm's directors informed the market Friday that trading
conditions had not improved since the firm last made a statement
on April 14, Otago Daily relates.

Otago Daily further relates that the firm said it has yet to
receive orders from the UK, due to uncertainty about the tariff
regime, and due to a larger competing product in that market.
This had created an increasing fundamental uncertainty regarding
the future, the company said.

To address this, the firm has restructured its manufacturing,
reduced its overhead, costs and is now actively realizing certain
assets, Otago Daily relays.

                          About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                           *     *     *

Windflow Technology incurred a net loss of NZ$7.95 million in the
financial year ended June 30, 2010, compared with the NZ1.23
million loss booked in the prior financial year.  The company
posted a net loss of NZ$1.45 million for the year ended June 30,
2008.


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T A I W A N
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HUA NAN: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Hua Nan Commercial Bank's
Long-Term Foreign Currency IDR at 'BBB+' with Stable Outlook.

HNCB's IDRs reflect the high probability of support from the
government should the need arise, given the bank's significant
market position in the Taiwanese banking industry. As HNCB's Long-
Term IDR is currently at the Support Rating Floor, a downgrade is
unlikely unless there is a change in the government's ability
and/or propensity to support HNCB.

HNCB's Individual Rating reflects the bank's satisfactory and
improved asset quality, as well as its established market
position. It also reflects the bank's modest capitalization
compared with those of similar sized regional and local peers.
Nevertheless, it is viewed by Fitch as adequate considering the
bank's reasonably sound risk profile. A sustained improvement in
HNCB's earnings leading to improved capitalization would benefit
the Individual Rating. However, a sharp deterioration in the
domestic economy -- which agency views to be unlikely in the
short-term -- leading to much weaker asset quality and capital may
lead to a downgrade of the Individual Rating.

HNCB's return on equity improved to 6.9% at end-2010 from 4.9% at
end-2009, benefiting from a marked decline in impairment charges
and higher spread income and strong fee revenues. Asset quality
has continued to improve, with a reported non performing loan
ratio and loan loss reserve coverage ratio of 0.67% and 122.9%
respectively at end-Q111. Its Tier 1 ratio was 7.54% at end-2010.
HNCB has a sound liquidity profile, underpinned by its strong
deposit-taking franchise.

HNCB, established in 1919, ranks as the sixth-largest bank in
Taiwan by assets, with a network of 183 domestic branches and six
overseas branches at end-2010.

HNCB ratings:

   -- Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook
      Stable

   -- Short-Term Foreign Currency IDR affirmed at 'F2'

   -- National Long-Term Rating affirmed at 'AA-(twn)'; Outlook
       Stable

   -- National Short-Term Rating affirmed at 'F1+(twn)'

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB+'


NAVNITLAL PRIVATE: Fitch Assigns 'B(ind)' National LT Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Navnitlal Private Limited (NPL)
a National Long-Term rating of 'B(ind)'. The Outlook is Stable.
The agency has also assigned these ratings to NPL's instruments:

   -- INR57.7 million outstanding term loans: 'B(ind)'; and

   -- INR170 million fund-based limits: 'B(ind)'.

The ratings reflect NPL's long operating track record of over 14
years and the experience of its promoters in the manufacturing of
grey cotton cloth. The ratings also reflect NPL's improved
financial performance during FY11 due to increasing demand from
the domestic and overseas markets. Fitch also notes that this
marks a turn from the severe demand fall experienced by the
company in FY09 and FY10.

The ratings are however constrained by NPL's weak credit metrics,
volatile margins, and its small scale operations. The ratings are
also constrained by severe liquidity pressure faced by the company
during FY09 on account of lower demand which resulted into
restructuring of its term loans. As per the restructuring
proposal, the company has been given a one-year extension for
principal repayment, keeping the interest rate constant. Fitch
notes that promoters are bringing additional capital through
unsecured loans to ease liquidity pressure.

In case the company continues to improve its revenues and margins,
such that its EBITDA interest coverage is above 1.75x on a
sustained basis, it would be a positive for the ratings. Negative
rating guidelines include EBITDA interest coverage ratio of below
1.1x on a sustained basis on account of a fall in margins.

NPL started its grey cotton cloth manufacturing operations in
1997. As per its provisional figures for FY11, the company's total
revenue were INR608.4m, up 38.5% yoy, with EBITDA margins of 8.8%
(FY10: 2.62%), EBITDA interest coverage of 1.78x (FY10: 0.34x) and
net debt to EBITDA of 5.43x (FY10: 25.16x).


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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