TCRAP_Public/110608.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

            Wednesday, June 8, 2011, Vol. 14, No. 112

                            Headlines



A U S T R A L I A

BELLA TRUST: Moody's Assigns 'Ba1' Rating to AUD10MM Class E Notes
BOOTS AND COMPANY: Bidding Period for Old Hospital Site Ends
CITIGATE MOUNT: Royal Bank of Scotland Places Hotel on The Market
CLEAR SOLAR: Goes Into Receivership, Axes 40 Jobs
VICTORIA FOODS: Receivers Seek Expressions of Interest


C H I N A

BIOPACK ENVIRONMENTAL: Awaits Judgment on Landlord's Claim
DUOYUAN PRINTING: To Continue Appeal of NYSE Delisting
KAISA GROUP: Moody's Changes 'B1' CFR Rating Outlook to Negative


H O N G  K O N G

AKAMAI FINANCIAL: Creditors and Members to Meet on June 28
ANCO INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
ANTIBAC (HK): Court to Hear Wind-Up Petition on July 13
BELONG LIMITED: Court to Hear Wind-Up Petition on August 3
BEST ASSET: John Howard Batchelor Appointed as New Liquidator

BEST SUCCESS: Members' Final Meeting Set for July 4
CELLOPARK ASIA: Members' Final Meeting Set for July 4
COBALT MFG: Final General Meeting Set for July 6
FAIRGO INTERNATIONAL: Members' Final Meeting Set for July 4
FIRST CHINA: Members' Final Meeting Set for July 13

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases


I N D I A

AMJEY CHEMICALS: CARE Assigns 'CARE BB+' Rating to INR3.28cr Loan
BHUWALKA ALLOYS: ICRA Reaffirms 'LBB+' Rating on INR4cr Bank Loan
BHUWALKA CASTINGS: ICRA Reaffirms 'LBB+' Rating on INR6cr Loan
CELESTIAL BIOLABS: Fitch Rates INR150MM Term Loans at 'BB(ind)'
CITY CAT: CARE Assigns 'CARE BB+' Rating to INR8cr LT Bank Loans

DECCAN ALLOYS: ICRA Reaffirms 'LBB+' Rating on INR6cr Bank Loan
CITY CAT: CARE Assigns 'CARE BB+' Rating to INR8cr LT Bank Loans
GOBIND SUGAR: Fitch Cuts National Long Term Rating to 'B-(ind)'
JIVANDHARA COTTON: CARE Rates INR6.41cr LT Loan at 'CARE B+'
KINGFISHER AIRLINES: To Raise $300 Million Thru GDR Issue

MOHAN MEAKIN: ICRA Reaffirms 'LBB' Rating on INR55cr Bank Loans
PARSVNATH: Fitch Migrates Loan Ratings to "Non Monitored" Category
PRINTOTECH GLOBAL: ICRA Rates INR17.56cr Term Loan at 'LBB+'
QUALITY HEIGHTCON: ICRA Retains 'LBB+' Rating on INR13cr Loan
RADHA CONSTRUCTION: ICRA Reaffirms 'LBB' Rating on INR1cr Loan

SHIV HARI: CARE Assigns 'CARE BB' Rating to INR6.57cr LT Bank Loan
SONA ALLOYS: CARE Assigns 'CARE BB+' Rating to INR426.2cr LT Loan
SRI ADITYA: ICRA Assigns 'LB+' Rating to INR30.5cr Term Loan
VEDANTA RESOURCES: Moody's Assigns 'Ba2' Ratings to New Bonds
VIKAS TELECOM: Fitch Cuts National Long Term Rating to 'D(ind)'

VISHWAKARMA REFRACTORIES: ICRA Rates INR3.41cr Term Loan at 'LBB+'


J A P A N

APROCEED CO: Moody's Downgrades Rating on Class B, C & D Bonds
LEOPARD TWO FUNDING: Fitch Cuts Ratings on 2 Note Classes to BBSf
TOKYO ELECTRIC: Not Meeting Conditions For Delisting, TSE Says


K O R E A

KIA MOTORS: Moody's Upgrades Issuer Rating to Baa2; Outlook Stable
MAZDA MOTOR: To Transfer Production of Next CD-Car to Hofu


N E W  Z E A L A N D

BLUE CHIP: Victims Close to Signing "Lifetime Tenancy" Deal
CENTURY CITY: Liquidation Hearing Moved Until July 18
KINGSTON ACQUISITIONS: Mystery Buyer to Acquire Kingston Flyer


S I N G A P O R E

FIRST SHIP LEASE: Fitch Affirms Long-Term IDR at 'B+'
SEA-SHORE TRANSPORTATION: Court to Hear Wind-Up Petition June 15
SPURWAY COOKE: Unsecured Creditors to Get 40% Recovery on Claims
ULTRAPOLIS 3000: Court Enters Wind-Up Order
YODAI WINDOW: Court to Hear Wind-Up Petition June 15


T A I W A N

STANDARD CHARTER: Fitch Upgrades Individual Rating to 'C'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BELLA TRUST: Moody's Assigns 'Ba1' Rating to AUD10MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned these definitive short-term
and long-term ratings to notes issued by BNY Trust Company of
Australia Limited as Trustee of Bella Trust No. 2 Series 2011-1.

Issuer: Bella Trust No. 2 Series 2011-1

   -- AUD90.00 million Class A1 Notes, Assigned P-1 (sf)

   -- GBP120.00 million Class A2a Notes, Assigned Aaa (sf)

   -- AUD176.00 million Class A2b Notes, Assigned Aaa (sf),

   -- AUD56.30 million Class B Notes, Assigned Aa2 (sf)

   -- AUD17.80 million Class C Notes, Assigned Aa3 (sf)

   -- AUD4.20 million Class D Notes, Assigned A2 (sf)

   -- AUD10.40 million Class E Notes, Assigned Ba1 (sf)

The AUD12.8 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.

The transaction is a securitization of a portfolio of Australian
auto loans extended to individual and small business obligors. All
loans are secured by motor vehicles and originated by Capital
Finance Australia Limited, a wholly owned subsidiary of Lloyds
International Pty Limited.

Bella Trust No. 2 Series 2011-1 is CFAL's fourth ABS transaction
to date and is the second Australian ABS transaction rated this
year following Macquarie Leasing's USD deal in March 2011. Bella
Trust No. 2 Series 2011-1 is also targeting offshore markets by
issuing GBP denominated Class A2a Notes.

Ratings Rationale

From a collateral pool composition perspective, Bella Trust No. 2
Series 2011-1 ("Bella 2011-1") is similar to CFAL's previous
securitizations issued in December 2009, July 2010 and December
2010.  However, in terms of transaction structure this transaction
differs in that it has GBP denominated Class A2a Notes.

The deal is exclusively backed by motor vehicles, predominantly
cars. In Moody's opinion, receivables backed by cars exhibit less
cyclical default patterns and, on average, higher recovery rates.
At the same time, the pool includes a relatively low proportion of
receivables backed by used vehicles (36.5%). This is a positive
feature of the transaction, given that contracts secured by used
cars have historically experienced higher default rates as well as
lower recoveries compared to contracts taken out to finance new
cars.

In order to fund the purchase price of the portfolio, the Trust
will issue seven classes of notes. The notes will be repaid on a
sequential basis in the initial stages and during the tail end of
the transaction.

Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

An unusual feature of the transaction is that the maturity dates
of the Class A1 Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies). Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A1 Notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A1 Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 3.25% and a
recovery rate of 30%. These imply an expected (net) loss of 2.28%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 2.8% and 35.4%
respectively.

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in July
2009.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

      Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among other
factors, we note the availability of a substantial amount of
historical performance data in the Australian ABS market as well
as on an issuer-by-issuer basis. Here, we have been provided with
detailed vintage data segregated for different receivable
categories for the 2001-2010 period. This allows Moody's to have a
material degree of comfort with regard to assumptions made in
rating Bella Trust No. 2 Series 2011-1. Moreover, CFAL retaining a
significant proportion of the transaction helps to better align
incentives compared to other transactions where no or a minor
proportion of notes is retained by the sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed. The analysis assumes
that the deal has not aged. Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint.

In the case of Bella Trust No. 2 Series 2011-1, the Class A Notes
remain strongly investment grade under all scenarios, i.e. A2
under the most severe stress assumptions under which the default
rate rises to 6.55% (more than double of Moody's assumption of
3.25%) and the recovery rate decreases to 10% (a third of Moody's
assumption of 30%). Due to the over-subordination provided to the
Class A Notes (18.4%) the Aaa (sf) rating is maintained when the
base recovery rate is stressed from the assumed 30% to 10%
(holding other factors, including the assumed default rate of
3.25%, constant).


BOOTS AND COMPANY: Bidding Period for Old Hospital Site Ends
------------------------------------------------------------
ABC News reports that bidding has closed on Mount Gambier's
derelict old hospital site.

The building has been at the centre of controversy over developer
Boots and Company not following through on plans to convert it
into residential apartments, ABC News relates.

ABC News relates that Boots and Co's hospital redevelopment has
since gone into receivership but the sale of the old hospital is
going ahead.

Receiver Bruce Carter said expressions of interest for the site
closed at midday on June 6.


CITIGATE MOUNT: Royal Bank of Scotland Places Hotel on The Market
-----------------------------------------------------------------
Brian Wood at Western Advocate reports that Citigate Mount
Panorama Hotel, after several years in receivership with Deloitte,
has been put on the market at the instruction of the Royal Bank of
Scotland, which holds a debt on the building.  Citigate is run by
Mirvac Hotels, which has a 20-year lease on the resort.

While expressions of interest for the sale continue to be accepted
through June 23, it is expected that the establishment could be a
bargain hunter's dream, according to Western Advocate.

Western Advocate notes that at the time of going into
receivership, the hotel was reported as having debts of more than
AUD$30 million.

Andrew Jackson from selling agent CBRE Hotels said that Deloitte
had opened the property and put in Mirvac as its operator, Western
Advocate notes.

Mr. Jackson, Western Advocate relates, would not speculate on how
much Citigate Mount Panorama would fetch, only to say that
expressions of interest would give a good indication.  He however
believes that now was the right time to sell the facility.


CLEAR SOLAR: Goes Into Receivership, Axes 40 Jobs
-------------------------------------------------
Tom Arup at theage.com.au reports that Clear Solar has gone into
receivership, terminating up to 40 jobs and prompting warnings of
more closures in the coming months.

Household customers however have been spared, with Clear Solar
being bought out by one of its creditors, electrical wholesaler
Middy's, according to theage.com.au.  Middy's has guaranteed 500
of the firm's outstanding contracts to install solar panels.

Clear Solar called in administrators Pitcher Partners on May 6.

theage.com.au notes that secured Clear Solar creditors include
Middy's and the ANZ, among others.  The report relates that
Middy's is backing a new company, Akora Energy, to carry out the
existing 500 contracts with customers and suppliers, which equates
to about two months' work.

Akora Energy Director Michael Carew said the new company had taken
on 50 Clear Solar staff, and was committed to retaining them
beyond existing contracts with an eye to expanding the business,
theage.com.au discloses.

Clear Solar is one of Australia's largest rooftop solar panel
retailers.


VICTORIA FOODS: Receivers Seek Expressions of Interest
------------------------------------------------------
Rob Kirman, Sam Davies, and Johan Vorster, as Joint and Several
Receivers and Managers of the Victoria Foods Group, seek urgent
expressions of interest in the business and/or assets comprising:

   * purpose built office and warehouse facilities with
     frozen, fresh and ambient storage capabilities
     (VIC - owned, NSW - leased and QLD - leased);

   * plant and equipment and motor vehicles (owned and
     leased);

   * stock; and

   * established international and domestic supplier and
     customer relationships including the major Australian
     chains.

The Victoria Foods Group is a wholesale food distributor with
operations in Victoria, New South Wales and Queensland.


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C H I N A
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BIOPACK ENVIRONMENTAL: Awaits Judgment on Landlord's Claim
----------------------------------------------------------
The People's Court of Guandong Jiangmen Pengjiang District held a
hearing relating to Biopack Environmental Solution Inc.'s
landlord's claim for unpaid rent for the Company's factory plus
penalty interest and other claims.

The landlord has made a claim for payment of overdue rent in the
amount of RMB1,236,000, penalty interest in the amount of RMB
1,067,930 and a claim for potential loss of income in the amount
of RMB 618,000, for a total amount claimed of RMB 2,921,930
(approximately $451,379).

At the hearing, the Company was informed that the court intends to
issue a judgment on June 14, 2011.  If a settlement with the
landlord with respect to the matter is not reached by then, the
Company expects that its factory assets will be seized and the
process of selling them by auction to satisfy the claim will begin
on June 14, 2011.  The Company anticipates the enforcement date
will be effective 7 to 10 days from June 14, 2011.  The Company
understands that the court will randomly select a valuation
company and an auction company to assist it in this process and
that this auction proceeding will last two to three months.  Once
the assets are sold, the court will decide on the distribution of
the proceeds from the auction proceeding.

                    About Biopack Environmental

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

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

The Company reported a net loss $472,596 on $3,594 of revenue for
the three months ended March 31, 2011, compared with net profit of
$28,966 on $68,639 of revenue for the same period during the prior
year.

The Company's balance sheet at March 31, 2011, showed $959,834 in
total assets, $3.45 million in total liabilities and a
$2.49 million total stockholders' deficit.

                           Going Concern

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

In the Form 10-Q, the Company noted that it had a loss for the
three month period ended March 31, 2011, of $472,596 and, on March
31, 2011, it had an accumulated deficit of $7,749,519 and a
working capital deficit of $2,287,474.  These conditions raise
substantial doubt as to the Company's ability to continue as a
going concern, according to the quarterly report.

The Company said that its future is dependent upon its attaining
profitable operations and raising the capital it will require in
order to achieve profitable operations through the issuance of
equity securities, borrowings or a combination thereof.


DUOYUAN PRINTING: To Continue Appeal of NYSE Delisting
------------------------------------------------------
Duoyuan Printing, Inc., previously received a notice on March 28,
2011, indicating that NYSE Regulation, Inc. has determined that
the Company is subject to delisting and that the common stock of
the Company should be suspended prior to the opening on April 4,
2011. The decision was reached in view of the fact that the
Company is a late filer and was under review by NYSE Regulation in
light of the delay in filing with the Securities and Exchange
Commission of its June 30, 2010 Form 10-K and certain of its
fiscal 2011 Form 10-Q filings.  On April 4, 2011, the Company's
stock was suspended from trading on the NYSE and commenced trading
on the over-the-counter market following the suspension.

On April 11, 2011, the Company requested a review of NYSE
Regulation's determinations.  The Company did not request that the
suspension be lifted pending the appeal.  On May 4, 2011, NYSE
Regulation, Inc. Board of Directors' Committee for Review granted
the Company a hearing date of September 12, 2011.

On May 5, 2011, the Company received a notice from NYSE Regulation
requesting the provision of certain information pursuant to the
Company's listing agreement with the NYSE.  In particular, NYSE
Regulation requested information mainly concerning:

   * details and the status of the Company's internal
     Investigation;

   * all documents provided to, collected by or gathered in
     connection with the Company's internal investigation or the
     SEC investigation;

   * copies of all correspondence between the Company and the SEC
     regarding the SEC investigation and copies of all documents
     and information provided or produced to the SEC in connection
     with the SEC investigation;

   * details and the status of the Company's retention of an
     independent auditor;

   * complete biographical data for current members of the Board
     of Directors and the Audit Committee; and

   * a detailed analysis of the Company's current shareholders'
     equity, including any support for the financial and operating
     data disclosed in the Company's March 21, 2011 Form 8-K.

In the May 5 letter, NYSE Regulation also reiterated that it would
continue to monitor the Company's compliance with the other
qualitative and quantitative continued listing standards
applicable to the Company.

The Company in a June 6 statement said it has since provided a
response to NYSE Regulation's May 5 letter as well as responses to
subsequent follow-up requests from NYSE Regulation and its
counsel, including, in part, the Company's assertion of attorney-
client and work product privileges over NYSE Regulation's request
for documents provided to, collected by or gathered in connection
with the Company's internal investigation or the SEC
Investigation.

On May 31, 2011, the Company received a notice from NYSE
Regulation informing the Company that NYSE Regulation has
determined there are additional grounds that render the Company as
no longer suitable for continued listing under Section 802.01 of
the NYSE's Listed Company Manual.  The additional grounds include
determinations that:

    * the Company and/or its management has engaged in operations
      which, in the opinion of the NYSE, are contrary to the
      public interest and make further dealings or listing of the
      Company's common stock on the NYSE inadvisable or
      unwarranted, which are based on the circumstances under
      which the Company (a) terminated Deloitte after it
      identified questionable activity and reported difficulty
      obtaining information and documentation necessary to
      complete its audit, (b) disregarded the opinions of the
      Company's former independent directors with respect to
      terminating Deloitte, (c) has yet to have retained an
      independent auditor and has not presented any evidence to
      NYSE Regulation that it will be able to retain one at any
      time in the near future, and (d) experienced the
      resignations of its Chief Financial Officer and two
      independent directors (including the chair of the Audit
      Committee);

    * the Company has failed to provide support for its $50
      million stockholders' equity calculation, leading NYSE
      Regulation to determine that the Company has failed to
      observe good accounting practices in reporting its earnings
      and financial position;

    * the Company's responses to the May 5th letter and subsequent
      correspondence has failed to comply with its disclosure
      obligations to the NYSE under its listing agreement; and

    * the Company has failed to comply with quantitative continued
      listing standards.

At this time, the Company intends to continue pursuing the appeal
of NYSE Regulation's determinations.  The Company will address the
allegations raised by NYSE Regulation at a hearing at NYSE's
offices in New York City scheduled on September 12, 2011.

                    About Duoyuan Printing

Duoyuan Printing, Inc. -- http://www.duoyuan.com/-- is a leading
manufacturer of commercial offset printing presses in China.  The
Company combines technical innovation and precision engineering to
offer a broad range of printing equipment and solutions.  Duoyuan
Printing, Inc. has manufacturing and research and development
facilities in Langfang, Hebei Province and Shaoyang, Hunan
Province in addition to a distribution and service network with
over 85 distributors that operate in over 65 cities and 28
provinces in China. Headquartered in Beijing, the Company is one
of the largest non-government owned major offset printing
equipment and solutions providers in China.


KAISA GROUP: Moody's Changes 'B1' CFR Rating Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for the B1 corporate family rating and B2 senior unsecured
debt rating of Kaisa Group Holdings Ltd.

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

"Kaisa's contracted sales in the first five months of 2011 have
been weaker than expected, warranting a change in its rating
outlook to negative," says Kaven Tsang, a Moody's Assistant Vice
President.

"Kaisa's exposure to regulatory measures in Shenzhen and Guangzhou
have adversely affected contracted sales in both these southern
Chinese cities," says Tsang, adding, "Kaisa will need -- as an
offset -- to generate more contracted sales from new locations,
but this could be a challenge".

"If Kaisa falls short of its budgeted sales for 2011, then its
interest coverage could weaken and limit its financial
flexibility; such a development would mean, in turn, that its
financial position would be weaker than that of its B1 peers,"
says Tsang.

"While its latest issuance of an additional US$300 million in
notes will improve its liquidity position, debt maturity profile,
and support the launch of more projects, Moody's believes that it
must ultimately achieve strong sales execution if it is to sustain
a good liquidity position," says Tsang.

The proposed US$300 million new notes are an increment to its
existing 13.5% US$ senior notes due 2015, and will be used to
finance the acquisition of land in China, as well as for real
estate projects.

The notes are subject to approval from existing bond holders, and
which would involve them consenting to amend the indenture on the
2015 notes to allow the additional amount.

With the completion of the US$300 million note issue, Moody's
expects Kaisa's projected credit metrics -- adjusted Debt/Total
Capitalization at approximately 55%, and EBITDA/interest coverage
of 2-2.5x -- to weaken towards the weaker end of the range for its
rating level in the next 12 - 18 months.

Nonetheless, Kaisa's B1 corporate family rating continues to
reflect its track record in developing property projects in major
Chinese cities, such as Shenzhen. It is also based upon Kaisa's
ability to purchase land for low cost for redevelopment projects
in Guangdong Province.

However, Kaisa's rating is constrained by its rapid expansion
beyond its home base, and which has resulted in high debt leverage
and a volatile profit margin.

The rating outlook could return to stable if the company can
improve its contracted sales to a level above RMB 10 billion, but
without pushing EBITDA margin below 20-25%, and if it can maintain
reasonable liquidity; that is unrestricted cash above 10% of total
assets.

However, downward rating pressure will emerge if (1) the company's
contracted sales fall below Moody's expectations; (2) its debt
rises as a result of aggressive acquisitions; (3) there is a
material decline in profitability -- EBITDA margin below 15%; (4)
there is a weakening in credit metrics with Debt/Total
Capitalization above 55-60% and EBITDA/interest below 2.5 -3.0x on
a sustained basis; or (5) its liquidity weakens with its cash
falling under 5% of total assets.

Moody's last rating action on Kaisa was on May 5, 2010, when it
affirmed the company's B1 corporate family rating and its B2
senior unsecured bond rating with a stable outlook.

The principal methodology used in rating Kaisa was the Global
Homebuilding Industry Methodology, published March 2009.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. It has 56 projects in the Pearl River and Yangtze
River deltas, in the Bohai Rim, and in western China.


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H O N G  K O N G
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AKAMAI FINANCIAL: Creditors and Members to Meet on June 28
----------------------------------------------------------
Creditors and members of Akamai Financial Markets (Hong Kong)
Limited will hold their annual meetings on June 28, 2011, at
9:30 a.m., and 10:00 a.m., respectively at FTI Consulting
(Hong Kong) Limited, 14/F, The Hong Kong Club Building, 3A Chater
Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


ANCO INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on May 31, 2011,
creditors of Anco Investment Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Fung Kit Yee
         402, Jardine House
         1 Connaught Place
         Central, Hong Kong


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

Antibac Laboratories Pte Ltd filed the petition against the
company on April 13, 2011.

The Petitioner's solicitors are:

          Stephen Mok Co.
          21/F, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


BELONG LIMITED: Court to Hear Wind-Up Petition on August 3
----------------------------------------------------------
A petition to wind up the operations of Belong Limited will be
heard before the High Court of Hong Kong on Aug. 3, 2011, at
9:30 a.m.

Global Fine Foods Limited filed the petition against the company
on May 27, 2011.

The Petitioner's solicitors are:

          K.Y. Lo & Co
          Room 1502, 15th Floor
          Wing On House
          71 Des Voeux Road
          Central, Hong Kong


BEST ASSET: John Howard Batchelor Appointed as New Liquidator
-------------------------------------------------------------
John Howard Batchelor on May 12, 2011, was appointed as liquidator
of Best Asset Holdings Limited.

Mr. Batchelor replaces Desmond Chung Seng Chiong who stepped down
as the company's liquidator.

The liquidators may be reached at:

         Roderick John Sutton
         John Howard Batchelor
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


BEST SUCCESS: Members' Final Meeting Set for July 4
---------------------------------------------------
Members of Best Success Enterprises Limited will hold their final
general meeting on July 4, 2011, at 10:00 a.m., at 20th Floor,
Euro Trade Centre, 21-23 Des Voeux Road Central, in Hong Kong.

At the meeting, Chak Wing Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CELLOPARK ASIA: Members' Final Meeting Set for July 4
-----------------------------------------------------
Members of Cellopark Asia Limited will hold their final general
meeting on July 4, 2011, at 11:30 a.m., at Level 17, Tower 1,
Admiralty Centre, 18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


COBALT MFG: Final General Meeting Set for July 6
------------------------------------------------
Members and creditors of Cobalt Manufacturing Limited will hold
their final general and final meetings on July 6, 2011, at
10:30 a.m., at 5th Floor, Gloucester Tower, The Landmark,
11 Pedder Street, Central, in Hong Kong.

At the meeting, Lo Wing Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


FAIRGO INTERNATIONAL: Members' Final Meeting Set for July 4
-----------------------------------------------------------
Members of Fairgo International Limited will hold their final
general meeting on July 4, 2011, at Flat H, 10/F, Siu Wah
Building, 116-122 Tsat Tsz Mui Road, North Point, in Hong Kong.

At the meeting, Chan Kin Sun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


FIRST CHINA: Members' Final Meeting Set for July 13
---------------------------------------------------
Members of First China Winery Company Limited will hold their
final meeting on July 13, 2011, at 10:00 a.m., at Room No. 2-1,
Daying Village, Yanhai Building, at Nanbao Road, Haikou City, in
Hainan, China.

At the meeting, Chan Man Lee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on May 27 that
investigation of over 99% of a total of 21,794 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,590 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,705 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 467 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 118 cases.

    A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7616

                         *     *     *

Hong Kong investors who faced significant losses from financial
products tied to collapsed investment bank Lehman Brothers
Holdings Inc. have voted to accept a deal to get some of their
money back, The Canadian Press said in a May 20 report.

According to the report, receivers from PricewaterhouseCoopers
said investors voted in favor of the agreement during three days
of meetings that ended May 20.

Sixteen banks who sold the products said in March that they would
buy back the so-called "mini-bonds" from investors for up to 96.5
per cent of their value -- an improvement, according to the
report, on about 60 per cent in a 2009 agreement.  "Mini-bonds"
and other financial products were sold to more than 40,000
investors, including retirees who invested their life savings,
the report said.  The value of the products, estimated by the
government at $2.6 billion, plummeted after Lehman collapsed, the
news agency related.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


AMJEY CHEMICALS: CARE Assigns 'CARE BB+' Rating to INR3.28cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Amjey Chemicals.

                                  Amount
   Facilities                  (INR Crore)     Ratings
   ----------                  -----------     -------
   Long-term Bank Facilities      3.28         'CARE BB+' Assigned
   Short-term Bank Facilities    15.50         'PR4' Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings are constrained by the relatively small size of
operations, low profitability margins & moderate interest coverage
due to trading nature of business and exposure to price risk.
The ratings derive strength from experienced partners, marketing
synergies and tie-ups to increase the market penetration, reputed
clientele, healthy and consistent return ratios and comfortable
leverage position.  Ability to maintain profitability amidst
increasing competition and volatile price and exchange rates is
the key rating sensitivity.

                       About Amjey Chemicals

Amjey Chemicals, a partnership firm, is based in Mumbai and is in
the business of trading of various chemicals. The partners of
Amjey Chemicals, members of the Jhanwar family, have been in the
business of trading in chemicals since about three decades. Amjey
has marketing tie-ups with various companies. The firm reported
net sales of INR86 crore in FY10 with net profit of INR0.67 crore.

During H1FY11, the firm achieved total sales of INR48.60 crore
with profit before tax of INR0.47 crore.


BHUWALKA ALLOYS: ICRA Reaffirms 'LBB+' Rating on INR4cr Bank Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR4.0
crore bank facilities of Bhuwalka Alloys Private Limited at
"LBB+".  The outlook on the rating is Stable.

The rating action takes into account the BAPL's healthy growth in
sales volumes supported by improved realizations in the recent
past and reduction in the working capital intensity. The rating
continues to factor in the long experience of the promoters in the
rolled steel product business and their well established
relationships with several real estate developers for over 10
years in the state of Karnataka. The rating is however constrained
by BAPL's low profitability, and competitive pressures arising out
of highly competitive and fragmented nature of the industry with
low entry barriers.  This is further compounded by the fact that
company does not have access to captive sources of raw material,
which show high level of price volatility sources. The rating also
takes into account BAPL's stretched capital structure with high
gearing (2.17 times as on March 31, 2011)  although we note that
significant proportion of debt is in the form of unsecured loans
from promoters and other group associates.

                       About Bhuwalka Alloys

BAPL, which was taken over by the Bhuwalka Premier Group in 1988,
is in the business of trading of steel products and also
manufactures & sells steel long products including TMT bars at its
plant in Whitefield, Bangalore.  The Whitefield unit was taken
over by Bhuwalka Group in 1988 as a sick unit. This sick unit was
converted into a profitable one within a short period of two years
and entire loss was wiped off during that period. The plant has
the manufacturing capacity of 30,000 MT per annum.

Bangalore based Bhuwalka Premier Group has interests in steel
trading business, refractory bricks, and manufacturing of steel
rolled products including TMT bars and steel structural sold under
the brand name 'Bhuwalka'.

For the financial year 2010-11, BAPL recognized an operating
income of INR193.68 crore and net profit of INR0.87 crore as
against an operating income of INR157.83 crore and net profit of
INR0.81 crore during FY 2009-10.


BHUWALKA CASTINGS: ICRA Reaffirms 'LBB+' Rating on INR6cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the enhanced
INR6.0 crore bank facilities (enhanced from INR4.0 crore) and
enhanced INR5.27 crore term loans (enhanced from INR4.64 crore) of
Bhuwalka Castings & Forging Private Limited at "LBB+".  The
outlook on the rating is Stable.

The rating action favorably considers BCFPL's experienced
management and its long track record in the castings and forging
business. The rating also takes into account the benefits enjoyed
by BCFPL on account of being a part of Bhuwalka Premier Group
namely established brand image, captive consumer for products like
rolls, extensive linkages with steel industry players and easy
access to some raw material and consumables like scraps, mis-rolls
and refractory bricks. The rating is however constrained by
BCFPL's moderate scale of operations with an operating income of
INR62.5 Cr coupled with low profitability as reflected in
operating and net profit margin of 2.8% and 0.7% respectively for
FY11. While assigning the rating, ICRA also considers BCFPL's
adverse capital structure with gearing of 3.0 times (March 31,
2011). Moreover, the rating continues to factor in the execution
risk with respect to the expansion project and demand risk
associated with new product lines such as industrial castings,
rolls and machined products. Going forward, ICRA expects BCFPL's
financial profile to remain stretched with low cash accruals and
increased debt on account of the current expansion project
undertaken by the company.

                     About Bhuwalka Castings

Bhuwalka Castings & Forging Pvt Ltd is part of Bhuwalka Premier
Group and is into making cast and forged iron products for
industrial use. The Plant is located in Tamaka Industrial Area,
Kolar about 80 kms. from Bangalore. This unit has the
manufacturing facilities for 20,000 TPA of Steel Casting & M.S.
Ingots using scrap metal. Company was earlier primarily into ingot
production which in turn was used by group companies for rolled
products. However it has now stopped manufacturing ingots from Dec
2009 and is now completely focusing on industrial castings, rolled
products and machined products. It possesses capability to
manufacture various grades of Grey iron and S.G. iron castings in
the weight range of 0.5 to 6 MT single pieces. The company
presently caters primarily to the domestic market and serves
industries like Machine Tool Industry, Air Compressors and
Refrigeration, High Speed Diesel Engines, valve and vacuum pump
Industries. Bangalore based Bhuwalka Premier Group has interests
in steel trading business, refractory bricks, and manufacturing of
steel rolled products including TMT bars and steel structural sold
under the brand name 'Bhuwalka'.

For the financial year 2010-11, BCFPL recognized an operating
income of INR62.46 crore and net profit of INR0.45 crore as
against an operating income of INR69.21 crore and net profit of
INR0.49 crore during FY 2009-10.


CELESTIAL BIOLABS: Fitch Rates INR150MM Term Loans at 'BB(ind)'
---------------------------------------------------------------
Fitch Ratings has assigned India's Celestial Biolabs Limited a
National Long-Term rating of 'BB(ind)' with Stable Outlook. The
agency has also assigned these ratings to Celestial's bank
facilities:

   -- INR150m term loans: 'BB(ind)';

   -- INR40m fund-based working capital limits:
      'BB(ind)'/'F4(ind)'

   -- INR10m non-fund based LC limits: 'BB(ind)'

Celestial's ratings factor in its relatively small size of
operations. The ratings however draw strength from the company's
extensive experience in the pharmaceutical industry and its
moderate credit metrics, with financial leverage (debt/EBIDTA)
including the project debt and EBIDTA interest coverage expected
to be around 3.0x and 2.8x, respectively, in FYE12 (financial year
to end March 31, 2012). Fitch notes that Celestial is setting up
an INR250m pharmaceutical manufacturing facility in Shameerpet,
near Hyderabad, which is expected to be completed by FYE12.

An increase in Celestial's debt/EBITDA to above 3.5x on a
sustained basis can lead to a negative rating action. Successful
completion of its pharmaceutical manufacturing facility and a
reduction in the financial leverage to 2.0x or below on a
sustained basis could lead to a positive rating action.

Celestial is a Hyderabad-based pharmaceutical company, which was
started in 1997 as a Bio-IT software service provider for drug
discovery companies abroad.  This division contributes about one
third of the company's revenues. In 2008, it diversified into
marketing over-the-counter as well as prescription drugs in
ayurvedic, allopathic and herbal segments. Celestial outsources
all its manufacturing activities, while it owns all the brands. In
FY11, it had revenues of INR252 million (FY10: INR215 million),
EBITDA of INR73.6 million (FY10: INR41.1 million), and EBIDTA
margin of 29.2% (FY10: 19.1%). At end-FY11, its total debt was
INR109.3 million and financial leverage was 1.5x.


CITY CAT: CARE Assigns 'CARE BB+' Rating to INR8cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of City Cat Overseas Chemicals Ltd.

                               Amount
   Facilities                (INR Crore)     Ratings
   ----------                -----------     -------
   Long-term Fund Based Bank    8.00         'CARE BB+' Assigned
   Facilities

   Short-term Non Fund Based    0.60         'PR4+'    Assigned
   Bank Facilities

Rating Rationale

The ratings are constrained by the small size of CCOCL's
operations, its low profit margins due to the trading nature of
its business, the susceptibility of its profit margins to
volatility in prices of chemicals, iron and steel and fluctuations
in foreign exchange rates, predominant dependence on overseas
markets for procurement and sales of its products, and substantial
geographical concentration in both,, and the intense competition
in the industry. The ratings also consider the stretched debt
service coverage indicators of the company.

The ratings, however, are supported by the experience of CCOCL's
promoters in the chemical trading business, the company's
diversified product portfolio and its efficient inventory
management.

CCOCL's ability to maintain a steady profitability amidst
increasing competition, volatile chemical and iron and steel
prices and fluctuating foreign exchange rates are the key rating
sensitivities.

                          About City Cat

City Cat Overseas Chemicals Ltd, promoted by Ms. Swati Walawalkar,
Mr. Anil Prabhu and Ms. Uma Agarwal, started as a partnership firm
in 1985 but was later converted into a closely held public limited
company. CCOCL is engaged in the business of merchant trading of
specialty chemicals (mainly pigments and dyestuffs) and iron and
steel products. The company procures goods both domestically and
through imports and sells only in the export markets. CCOCL's
group companies include City Cat International Ltd, Hanoi Impex
Pvt Ltd and Valerion Impex Pvt Ltd which are engaged in trading of
chemicals, iron and steel products, ornamental ironware items,
auto parts, etc.


DECCAN ALLOYS: ICRA Reaffirms 'LBB+' Rating on INR6cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.0
crore bank facilities of Deccan Alloys Private Limited at 'LBB+'.
The outlook on the rating is Stable.

The rating reaffirmation takes into account the improvement in
DAPL's capital structure supported by growth in net sales during
FY 2010-11 and reduction in the working capital intensity.  The
rating continues to factor in the long experience of the promoters
in the rolled steel product business and their well established
relationships with several real estate developers for over 10
years in the state of Karnataka.  The rating is however
constrained by DAPL's low profitability, and competitive pressures
arising out of highly competitive and fragmented nature of the
industry with low entry barriers. This is further compounded by
the fact that company does not have access to captive sources of
raw material, which show high level of price volatility sources.

                         About Bhuwalka Premier

Incorporated in the year 1980 and taken over by Bhuwalka Premier
Group in 1992, DAPL is in the business of trading of steel
products and also manufactures & sells steel long products
including TMT bars. DAPL was a sick company taken over in 1992 by
the Bhuwalka Premier Group from the Industrial Reconstruction Bank
of India, Madras. With modernization and expansion of the facility
locate at Plot No. 62, Sipcot Industrial Complex, Hosur,
Karnataka, DAPL recommenced its commercial production in August
1993 and has a current manufacturing capacity of 60,000 MT per
annum. Bangalore based Bhuwalka Premier Group has interests in
steel trading business, refractory bricks, and manufacturing of
steel rolled products including TMT bars and steel structural sold
under the brand name 'Bhuwalka'. Recent Results For the financial
year 2010-11, DAPL recognized an operating income of INR161.57
crore and net profit of INR1.32 crore as against an operating
income of INR144.01 crore and net profit of INR0.91 crore during
FY 2009-10.


CITY CAT: CARE Assigns 'CARE BB+' Rating to INR8cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of City Cat Overseas Chemicals Ltd.

                               Amount
   Facilities                (INR Crore)     Ratings
   ----------                -----------     -------
   Long-term Fund Based Bank    8.00         'CARE BB+' Assigned
   Facilities

   Short-term Non Fund Based    0.60         'PR4+'    Assigned
   Bank Facilities

Rating Rationale

The ratings are constrained by the small size of CCOCL's
operations, its low profit margins due to the trading nature of
its business, the susceptibility of its profit margins to
volatility in prices of chemicals, iron and steel and fluctuations
in foreign exchange rates, predominant dependence on overseas
markets for procurement and sales of its products, and substantial
geographical concentration in both,, and the intense competition
in the industry. The ratings also consider the stretched debt
service coverage indicators of the company.

The ratings, however, are supported by the experience of CCOCL's
promoters in the chemical trading business, the company's
diversified product portfolio and its efficient inventory
management.

CCOCL's ability to maintain a steady profitability amidst
increasing competition, volatile chemical and iron and steel
prices and fluctuating foreign exchange rates are the key rating
sensitivities.

                          About City Cat

City Cat Overseas Chemicals Ltd, promoted by Ms. Swati Walawalkar,
Mr. Anil Prabhu and Ms. Uma Agarwal, started as a partnership firm
in 1985 but was later converted into a closely held public limited
company. CCOCL is engaged in the business of merchant trading of
specialty chemicals (mainly pigments and dyestuffs) and iron and
steel products. The company procures goods both domestically and
through imports and sells only in the export markets. CCOCL's
group companies include City Cat International Ltd, Hanoi Impex
Pvt Ltd and Valerion Impex Pvt Ltd which are engaged in trading of
chemicals, iron and steel products, ornamental ironware items,
auto parts, etc.


GOBIND SUGAR: Fitch Cuts National Long Term Rating to 'B-(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Gobind Sugar Mills
Limited's National Long-Term rating to 'B-(ind)' from 'B+(ind)'
and simultaneously placed it on Rating Watch Negative (RWN). The
agency has also taken these actions on GSML's bank loans:

   -- Outstanding INR210.4m long term loans (reduced from
      INR446m): downgraded to 'B-(ind)' from 'B+(ind)'; on RWN;

   -- INR748m fund-based limits: downgraded to 'B-(ind)' from
      'B+(ind)'; on RWN;

   -- INR3m fund based limits: assigned at 'F4(ind)'; on RWN; and

   -- INR27m non-fund based limits (increased from INR5m):
      'F4(ind)'; on RWN.

The downgrade reflects the deterioration in GSML's financial
metrics and erosion of its net worth as per the provisional
results for nine months ended March 31, 2011 (9MFY11). The RWN
reflects Fitch's view that the ratings could be further downgraded
if the company is referred to the Board for Industrial and
Financial Reconstruction (BIFR) on account of negative net worth
at the end of FY11.

The ratings however draw strength from the strong support extended
by the established K.K. Birla group through group companies,
Texmaco Ltd and Zuari Industries Ltd, in the form of inter-
corporate loans. This has enabled GSML to ride out liquidity
pressures and timely service its debt obligations

GSML has been in loss since FY07 (except FY09). Consequently, its
net worth reduced to INR60.7 million at FYE10, with an outstanding
debit balance of INR45.9 million in its profit and loss (P/L)
account. In 9MFY11, it continued to post losses (INR99.3 million)
at the net level, which further increased its P/L account debit
balance to INR145.2 million, further eroding its net worth to
negative INR84.5 million. The company had earlier significantly
mitigated the erosion of net worth by creating deferred tax assets
(DTA) in anticipation of future profits, with outstanding DTA of
INR175.4 million at FYE10. It created further DTA of INR44.2 for
9MFY11 but that could not prevent the erosion of the entire net
worth.

The RWN will be resolved post FY11 audited results, and the
subsequent rating action will be based on whether GSML is referred
to the BIFR or not. A RWN implies that the ratings may be affirmed
or downgraded upon resolution.

GSML has a sugar capacity of 7,500 tonnes crushed per day. Due to
the cyclical nature of the sugar industry, its top line declined
to INR1,296 million in FY10 (FY09: INR1,923.1 million) with an
EBITDA loss of INR122.9 million (FY09: profit of INR285.1
million). As a result, its net leverage for FY10 was negative at
11.1x (FY09: 3x). However, the company's performance improved in
9MFY11 compared to FY10, with net revenue of INR1650.6 million and
EBITDA of INR19.4 million. However, in view of the low EBITDA and
high level of debt, Fitch expects the net leverage to be high, at
over 30x, for FY11.


JIVANDHARA COTTON: CARE Rates INR6.41cr LT Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Jivandhara Cotton Industries.

                               Amount
   Facilities                (INR Crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities    6.41         'CARE B+' Assigned

Rating Rationale

The rating is constrained by small scale of operations of
Jivandhara Cotton Industries restricting economies of scale, its
constitution as a partnership firm leading to possibility of
withdrawal of capital and restricted financial flexibility,
limited value addition in cotton ginning business and its weak
financial risk profile marked by thin profitability, low capital
base and highly leveraged capital structure.  Susceptibility of
its inherently low margins to volatility associated with cotton
prices, presence in the highly fragmented and competitive agro-
commodity business entailing limited pricing flexibility
and regulatory uncertainties on export of cotton and fixation of
Minimum Support Price (MSP) of cotton further constrain the
rating.  These constraints far outweigh the benefits derived from
the partners' experience and locational advantage by way of
proximity to the cotton seed growing regions in Gujarat.
Rationalization of debt levels coupled with increase in capital
base and JCI's ability to manage volatility associated with cotton
prices and thereby improving its profitability and cash accruals
would remain the key rating sensitivity.

                     About Jivandhara Cotton

Gujarat-based JCI, a small-sized partnership firm formed on May 1,
2006, is mainly engaged in cotton ginning and pressing to produce
cotton bales and cotton seeds. While cotton bales are used in
manufacturing of cotton yarn, cotton seeds are further processed
for extraction of edible oil and oil cake. JCI's manufacturing
facilities are located at Rajkot with an installed capacity of
12,500 MTPA of cotton bales as on March 31, 2010. There are four
partners in the firm viz Usman Ibrahim Kadivar, Husain Ibrahim
Kadivar, Ahmed Ibrahim Kadivar and Ibrahim Valibhai Kadivar, each
having 25% share in the firm.  All the partners have 10 years of
experience in the cotton industry and prior to formation of JCI,
all of them were engaged in trading of cotton.


KINGFISHER AIRLINES: To Raise $300 Million Thru GDR Issue
---------------------------------------------------------
The Economic Times reports that Kingfisher Airlines plans to raise
$300 million through a GDR issue as oil prices show signs of
easing after sustained upward spiral, its promoter Vijay Mallya
said.

"When I made my business plan fuel prices were at $90 which later
climbed up to $120.  What the investors have asked me is to come
back with a revised business plan and the negotiations are still
on," The Economic Times quotes Mr. Mallya as saying at the
sidelines of the annual general meeting of International Air
Transport Association (IATA) in Singapore.

The Economic Times relates that Mr. Mallya also said the
government should consider allowing foreign carriers to invest in
airlines in India.  "We will keep making representations to the
government. A foreign airline will understand the investment
opportunity in a much better way," he said.

According to the report, Mr. Mallya said Kingfisher has applied to
the Indian civil aviation regulator and the civil aviation
ministry for traffic rights on some of the international routes.
Kingfisher will leverage its membership of oneworld alliance to
strengthen international footprint especially on the London and
Hong Kong routes, Mr. Mallya said.  The airline will become a
fully operational member of the alliance by 2012.

                       About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.


MOHAN MEAKIN: ICRA Reaffirms 'LBB' Rating on INR55cr Bank Loans
---------------------------------------------------------------
ICRA has reaffirmed a long term rating of "LBB" to the INR55 crore
bank facilities of Mohan Meakin Limited.  ICRA has also reaffirmed
a short term rating of "A4" to the INR5 crore bank facilities of
MML. The outlook on the long term rating is stable.

The ratings reaffirmation by ICRA continues to reflect weak
profitability and debt coverage indicators of the company arising
out of limited volumetric growth during past years, purchase of
high cost spirit due to declining in-house production, high fixed
overhead expenses especially manpower costs and steady increase in
debt levels. The ratings also factor in the concentration risks
arising out of high dependence on single brand i.e. 'Old Monk' for
majority of its sales. The ratings however favorably factor in the
MML's long operating history of over 15 decades in the Indian
liquor industry; especially the rum segment, and pan-India
presence of its brands either through its own selling and
distribution network (largely North India), or through tie-ups
with various bottling units in other states.

The rating also favorably factors in the various cost reduction
initiatives being undertaken by the company over past year to
reduce the fixed overheads, which has resulted in improvement in
profitability during FY 2009-10 as well as 9 months of FY 11 in
relation to FY 2008-09. To further improve its cost structure, MML
plans to establish new manufacturing unit over next three to four
years. Going forward, ICRA expects ability of MML to leverage its
established brand and its extensive sales and distribution network
to grow its sales turnover, improving the profitability by various
cost reduction measures are going to be the key rating drivers.
The extent of profitability improvement, reduction in debt levels
and funding mix of the planned capital expenditure for new
manufacturing units will remain the key rating sensitivities.

                        About Mohan Meakin

MML was initially established in 1855 by Edward Dyer of Britain,
who established the first brewery in India and later in 1949; Late
Narendra N Mohan took over the company. During 2008-09, the
alcoholic business segment which include Indian Made Foreign
Liquor (largely rum) and Beer account for almost 80% of the
company's sale while the balance was equally contributed by glass
bottles and food product division. As per industry's estimate, MML
has around 5-6% share in IMFL segment but a relatively higher
share of around 30% in rum segment.


PARSVNATH: Fitch Migrates Loan Ratings to "Non Monitored" Category
------------------------------------------------------------------
Fitch Ratings has migrated India-based Parsvnath Developers
Limited's 'B-(ind)' National Long-Term rating to the "Non-
Monitored" category. The rating was earlier placed on Ratings
Watch Positive (RWP). This rating will now appear as 'B-(ind)nm'
on Fitch's Web site.  Simultaneously, the agency has classified
these bank loan ratings as "Non-Monitored":

   -- Long term loans of INR2bn and INR9bn: migrated to 'B-
      (ind)nm' from 'B-(ind)'/RWP; and

   -- Short term loans of INR2bn: migrated to 'F4(ind)nm' from
      'F4(ind)'/RWP.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Parsvnath Developers. The
ratings will remain in the "Non-Monitored" category for a period
of six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".


PRINTOTECH GLOBAL: ICRA Rates INR17.56cr Term Loan at 'LBB+'
------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to the INR17.56
crores term loans and INR7.94 crores fund based limits of
Printotech Global Limited.  The long term rating carries a Stable
Outlook.

The assigned rating takes into account the significant experience
of promoters in the plastic tubes manufacturing business and
continuous increase in scale of operation which coupled with
healthy operating margins has resulted in moderate debt coverage
indicators. The rating also takes into account the strong customer
base for the company and positive growth prospects for the
personal care industry (end user segment for Printotech) which is
expected to keep the PGL's topline growth intact in future. The
rating is however constrained by the competitive nature of the
industry and vulnerability of the profit to fluctuation in raw
material prices and foreign exchange movements. The rating is also
constrained by the PGL's relatively high gearing level (2.16 times
as on FY11) on account of debt funded capex in the past. Going
forward the company's ability to scale up its operations and to
maintain adequate margins in the competitive business will be the
key rating sensitivities.

Printotech Global Limited was originally incorporated in January
1993 by Jitendra Kumar as Printotech Services (India) Pvt. Ltd as
web offset printing company. In the year 1996 it was converted
into a public company under the name of Printotech Global Ltd and
started manufacturing Co-extruded seamless and laminated tubes in
1998.  The company is owned by Jitendra Kumar and his family
members who along with his son look after the operations of the
company.

As per the unaudited results for the year ended March 31 2011, PGL
reported a net profit of INR0.72 crore on an operating income of
INR29.08 crore as against a net profit of INR0.96 crore on an
operating income of INR22.11 crore for the year ended March 31,
2010.


QUALITY HEIGHTCON: ICRA Retains 'LBB+' Rating on INR13cr Loan
-------------------------------------------------------------
ICRA has retained the long term rating assigned to the INR13.0
crore fund-based facilities and INR17.0 crore non-fund based
facilities of Quality Heightcon Private Limited at 'LBB+'.  ICRA
has also retained the short term rating assigned to the INR17.0
crore non-fund based facilities of QHPL at 'A4+'.  ICRA has
assigned stable outlook to the long term rating.

The ratings reaffirmation take into account QHPL's moderate scale
of operation, geographical risk owing to concentration of projects
in Mumbai, dependence on a few clients, highly competitive nature
of the industry and concentration of order book towards projects
from real estate sector. A high exposure to real estate companies
and client concentration risk exposes the company to delays in
progress of the projects as well as delays in realization of
receivables by the company.  During 2009-10, the promoters have
converted the partnership into a private limited company; however
at the same time the promoter's capital account/equity has been
significantly reduced and converted into an unsecured loan,
thereby resulting in an adverse capital structure. The ratings
take comfort from the promoter's statement of not withdrawing the
unsecured loans till the bank loans being rated are outstanding.
Nevertheless, the ratings favorably factor in the healthy order-
book position of the company, improvement in operating margins and
the long track record of the company in the construction sector
having experience in executing projects for private and government
clients.

                     About Quality Heighton

Quality Heighton Private Limited (erstwhile Quality Construction
Company - QCC) was founded in 1969 as a partnership firm; partners
being Shri Mahendra K Shah, Smt. Bhamini D Shah, Shri Parag D Shah
and Smt. Hemalli R Shah. QCC was converted into a private limited
company with effect from July 2009. QHPL executes construction
projects which spans into areas including Civil, Structural,
Plumbing, Sanitation and Finishing Jobs. The company has
experience of working with both private and government clients.
Over four decades of its operations, the company has successfully
executed wide range of projects like construction of hospital
building, shopping mall, atomic reactors buildings, community
hall, educational complex and slum rehabilitation, and residential
and commercial buildings


RADHA CONSTRUCTION: ICRA Reaffirms 'LBB' Rating on INR1cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term ratings of 'LBB' assigned
earlier to the INR1.00 crore term loans and INR10.00 crore fund
based facilities of Radha Construction Co.  ICRA has also re-
affirmed the short term rating of 'A4' assigned earlier to the
INR8.00 crore non-fund based facilities of RCC.  The long term
ratings carry a stable outlook. The ratings re-affirmation takes
into account the healthy growth witnessed in RCC's order book
which imparts visibility of revenues in medium term and its
diversification into Sewerage Treatment Plant (STP) segment. The
ratings continue to draw comfort from its geographically
diversified operations and its long association with Military
Engineering Services (MES). The ratings, however, are constrained
by RCC's high working capital intensity resulting in increased
funding requirement which in absence of fresh capital infusion has
led to high gearing levels (stood at 2.1 times as on March 31,
2011) and its project concentration risk with a single order
accounting for 38% of the pending order book. The ratings continue
to be constrained on account of vulnerability of its moderate
profitability to raw material price risk and the risks inherent in
partnership firm. Going forward, timely execution of its pending
order book, and improvement in its receivable days and gearing
levels will be amongst the key rating sensitivity factors.

                     About Radha Construction

Radha Construction Co. was started in 1983 by Ravi Kumar Jain and
his mother as partners.  Overtime Mr. Jain introduced his wife,
Mrs. Neeru Jain as a partner while his mother retired from the
firm.  Ravi Kumar Jain is the active partner in the firm with more
than 35 years of experience in this industry. RCC is engaged in
the construction and maintenance work mainly for MES which is the
largest Government construction agency in India which provides
works cover to Defense establishments. RCC is an approved Special
Class contractor by Military Engineering Services (MES) for all
over India and secures all its contracts through open tendering
process with technical and financial bidding rounds.  In FY11, the
firm also entered into STP segment and won orders worth INR30
crore. Currently it is operating at diverse geographical locations
ranging from Rajasthan, Madhya Pradesh, Maharashtra etc.


SHIV HARI: CARE Assigns 'CARE BB' Rating to INR6.57cr LT Bank Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Shiv Hari Plywood Ltd.

                               Amount
   Facilities                (INR Crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities     6.57        'CARE BB' Assigned
   Short-term Bank Facilities    1.70        'PR4' Assigned

Rating Rationale

The ratings of Shiv Hari Plywood Ltd. are constrained by its small
scale of operations, low capital base, below-average financial
risk profile marked by low profitability margins and modest
leverage. Susceptibility of its inherently low margins to raw
material price fluctuation, high working capital intensity of its
operations, presence in the highly fragmented and competitive
plywood industry and the inherent risk of cyclicality (its
fortunes being linked to the real estate sector) further constrain
the ratings.

These constraints far offset the benefits derived from the
promoters' vast experience and wide range of plywood and door
products offered by it.  SHPL's ability to increase its scale of
operations as well as profitability margins along with efficient
management of working capital cycle would remain the key rating
sensitivities.

                     About Shiv Hari Plywood

SHPL, incorporated on Oct. 15, 1987, is a small-sized company
mainly engaged in the manufacturing of plywood and block board
products. It has two divisions - plywood and modular furniture -
spread across two locations at Jaspur in Uttarakhand. SHPL had a
total installed capacity of 23.10 lakh sq mtr p.a. as on March 31,
2010.  Hargovind Prasad Singhal, the main promoter and
Chairman of SHPL, has vast experience of over two decades in the
plywood and laminates industry.

As against a PAT of INR0.18 crore on a total operating income of
INR14.98 crore in FY09, SHPL earned a PAT of INR0.20 crore on a
total operating income of INR14.76 crore in FY10.  Furthermore, as
per the provisional results for 9MFY11, SHPL earned a PBT of
INR0.22 crore on a total operating income of INR16.56 crore


SONA ALLOYS: CARE Assigns 'CARE BB+' Rating to INR426.2cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of Sona Alloys Pvt. Ltd.

                                 Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities    426.20      'CARE BB+' Assigned
   Long-term/Short-term Bank    112.00      'CARE BB+'/'PR4+'
   Facilities                               Assigned

The ratings are constrained by SAPL's nascent stage of operations,
project implementation and stabilization risk associated with
steel melting shop (SMS) and rolling mill, risk associated with
the volatility in prices of key raw materials and inherent
cyclical nature of steel industry. Further, the absence of firm
tie-up for key raw materials, also constrain the ratings.  These
risks are partly mitigated by commissioning of mini blast furnace,
demonstrated ability of promoters to arrange equity for the
project with relatively lower debt equity ratio and various state
government incentives available to project.  Successful
commissioning of the SMS and rolling mill without any significant
time and cost overrun, subsequent stabilization of operations and
increase in scale of operations are the key rating sensitivities.

                         About Sona Alloys

Sona Alloys Pvt. Ltd. was incorporated on Jan.04, 2007 with an
objective to set up a green-field integrated mini steel plant at
MIDC, Lonand, on Pune - Satara Highway, Maharashtra. The company
is promoted by Jain Group from Ahmedabad who have interest in ship
breaking, steel trading, health care, horticulture and industrial
gases. The total project cost of INR563 crore is structured with
the project DER of 1.79 times.

SAPL's project includes setting up of a Mini Blast Furnace (MBF)
with capacity of 3,36,000 metric tonne per annum (MTPA), steel
melting shop (SMS) of 3,15,000 MTPA, rolling mill with capacity of
2,40,000 MTPA, sintering plant with capacity of 4,45,000 MTPA and
captive power plant of 4.70 mega watt (MW) with waste heat
recovery boiler.

In November 2010, SAPL started commercial production of pig iron
with commissioning of MBF.  Further, the company also commissioned
its captive power plant in January 2011. The installation
work of SMS and rolling mill is in advance stages and the same is
expected to be completed by September 2011. Company manufactured
75,521 MT of pig iron during the first four months of operation
(ended March 31, 2011) with an average capacity utilization of
around 67%. The company achieved total income of INR116 crore
(Unaudited) during this period with increasing trend of monthly
income.


SRI ADITYA: ICRA Assigns 'LB+' Rating to INR30.5cr Term Loan
------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR30.50 crore term loan and
INR2.00 crore cash credit facilities of Sri Aditya Homes Private
Limited.  The assigned rating factors in the tight liquidity
situation as reflected by very high working capital intensity,
weak financial profile characterized by high gearing of 1.97 times
as on March 31, 2010, and stretched coverage indicators with Total
Debt/OPBITDA of 8.28 and NCA/Total Debt of 3% in FY 10. Further,
the ratings are constrained by high geographical concentration as
all projects are located in Hyderabad and weak demand outlook for
Hyderabad market on account of separate Telangana state Movement.
However, the ratings draw comfort from the established track
record of the company in the residential real estate market and
company's huge land bank of 1.12 million sq. ft. (124,487 sq
yards) at prime locations in Hyderabad.

Sri Aditya Homes Private Limited was incorporated in the year 1994
and was promoted by Kota Reddy.  The company since inception has
completed 32 projects in housing and commercial segments with a
total built up area of 1.21 million sq ft in Hyderabad. 26 out of
the 32 projects amounting to 1.02 million sft (84.6% of total
development) were in residential segment and 6 out of 32 amounting
to 0.18 million sft (15.4% of total development) in commercial
segment. Most of the past projects were located in prime locations
of Hyderabad.  The largest residential project undertaken by the
company till now was Aditya Elite in Somajiguda, Hyderabad with a
built up area of 0.17 million sft and a cost of INR10.75 crores
and is developed during FY 04 - FY 06. The largest commercial
project was Aditya Court in Banjara Hills, Hyderabad with a built
up area of 0.05 million sft.


VEDANTA RESOURCES: Moody's Assigns 'Ba2' Ratings to New Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned definitive Ba2 senior
unsecured ratings to the US$750 million, 6.75% bonds due 2016 and
the US$900 million, 8.25% bonds due 2021, issued by Vedanta
Resources Plc (Vedanta).  The ratings are also on review for
possible downgrade.

At the same time, Moody's continues its review for possible
downgrade of Vedanta's Ba1 corporate family rating (CFR) and Ba2
senior unsecured debt rating.

Ratings Rationale

Moody's definitive rating for these debt obligations confirms the
provisional rating assigned on 20th May 2011. Moody's rating
rationale was set out in a press release published on the same
day.

The net proceeds of the issue will be used to finance part of the
Cairn India Ltd. acquisition costs if that transaction is
consummated. In the event that the acquisition does not proceed,
Vedanta intends to use the proceeds from the bonds to fund capital
expenditure, repay debt and for other general corporate purposes.
Moody's notes that the aggregate value of the bonds issued was
greater than the initial indication of US$1.5 billion due to
strong demand.

The rating review was initiated on 17th August 2010, after Vedanta
announced the proposed acquisition of a controlling stake of up to
60% in CIL for US$9.6 billion or less. On 21st December 2010 and
18th April 2011, Moody's announced the continuation of its review.

The review will conclude once the outcome of the CIL acquisition
is known. Moody's expectations are: 1) for Vedanta's CFR to be
lowered by one notch to Ba2 and its bond rating to Ba3 if Vedanta
succeeds, based on the existing terms, and 2) for the CFR and bond
rating to remain at their current level if the deal falls through.

However, in both circumstances Vedanta's credit profile at these
rating levels would be challenged. For more details of the
rationales, refer to Moody's press release on Vedanta on 18th
April, 2011.

As a result of further delays in the regulatory approval process,
Cairn Energy Plc and Vedanta have agreed to a second extension of
the completion date deadline. The government of India's final
decision is awaited and the outcome is in the hands of a special
ministerial panel.

Moody's expects to conclude the rating review when the outcome of
the CIL transaction is known.

The principal methodology used in rating Vedanta Resources plc was
the Global Mining Industry Methodology, published May 2009.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation. Its operations are
predominantly located in India. It is listed on the London Stock
Exchange and is 59.67% owned by Volcan Investments Ltd.


VIKAS TELECOM: Fitch Cuts National Long Term Rating to 'D(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Vikas Telecom Limited's
National Long-Term rating to 'D(ind)' from 'C(ind)'. The agency
has also downgraded VTL's instruments:

   -- INR3,410m term loans: downgraded to 'D(ind)' from 'C(ind)';
      and

   -- INR850m cash credit facilities: downgraded to 'D(ind)' from
      'C(ind)'.

The downgrades reflect the continued delays in debt servicing by
the company due to lack of sufficient liquidity. VTL has applied
to its bankers for debt restructuring.

A positive rating guideline would be regularity of debt service
payments for at least six months.

VTL is a special purpose vehicle established for real estate
development. It is developing a special economic zone, Vikas IT
Park project also known as Vrindavan Tech Village, in Bangalore.


VISHWAKARMA REFRACTORIES: ICRA Rates INR3.41cr Term Loan at 'LBB+'
------------------------------------------------------------------
ICRA has reaffirmed the enhanced long term rating assigned to the
INR11.0 crore bank facilities and INR3.41 crore term loans of
Vishwakarma Refractories Private Limited at 'LBB+'.  The outlook
on the rating is Stable.

The rating reaffirmation takes into account VRPL's improved
profitability supported by moderate debt protection indicators
during FY2010-11. The rating continues to factor in the long
experience of VRPL's promoters in the refractory industry, its
wide product portfolio, its established brand image and a reputed
client base. The rating, however, is constrained by relatively
high gearing of the company, its susceptibility to adverse
movements in input prices and also dependence on the fortunes of
steel industry. In addition, the rating factors in intensely
competitive nature of refractory industry because of presence of a
number of unorganized players and threat from cheaper imports.

                     About Vishwakarma Castings

Incorporated in the year 1982 as Vishwakarma Castings Limited, and
later renamed as Vishwakarma Refractories Private Limited in the
year 1996, VRPL is in the business of manufacturing and selling
high quality refractory bricks of various types - high alumina,
basic, silica bricks & monolithics for meeting stringent
requirements of wide range of customers including reputed players
like Ispat Industries, JSW Steel Limited, Bhilai Steel Plant,
Rourkela Steel Plant etc. VRPL has a 16000MT refractory brick
manufacturing unit located at Kolar, Karnataka.

Bangalore based Bhuwalka Premier Group has interests in steel
trading business, refractory bricks, and manufacturing of steel
rolled products including TMT bars and steel structural sold under
the brand name 'Bhuwalka'.

For the financial year 2010-11, VRPL recognized an operating
income of INR22.15 crore and net profit of INR1.93 crore as
against an operating income of INR22.23 crore and net profit of
INR1.73 crore during FY 2009-10.


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APROCEED CO: Moody's Downgrades Rating on Class B, C & D Bonds
--------------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class B
through D bonds issued by Aproceed Co., Ltd.

   -- Class B, downgraded to Ba3 (sf); previously, on July 22,
      2010 downgraded to Baa3 (sf)

   -- Class C, downgraded to Caa3 (sf); previously, on July 22,
      2010 downgraded to B1 (sf)

   -- Class D, downgraded to C (sf); previously, on July 22, 2010
      downgraded to B3 (sf)

Deal Name: Aproceed Co., Ltd

Class: Class A through D bonds

Issue Amount (initial): JPY 8.0 billion

Dividend: Floating

Issue Date (initial): March 28, 2007

Final Maturity Date: February 2012

Underlying Asset (initial): 5 office buildings backed by real
estate trust certificates

Arranger: Asset Securities Co., Ltd.

CMBS Transaction-Aproceed Co., Ltd., effected in March 2007,
represents the securitization of a portfolio of five real estate
trust certificates backed by five properties located in Tokyo and
in smaller cities throughout the country.

Since February 2010 (the expected maturity), the relevant party
has been trying to sell the five properties.

Two of the five properties have now been sold, and the rated bonds
are currently backed by three properties.

Aproceed Co., Ltd. has issued class A through D bonds (senior) and
class E through H bonds (subordinate) backed by five real estate
trust certificates.

Only classes A through D bonds are rated.

The coupon payments on the rated bonds will be based on the
distributions paid on property trust certificates that comprise
the rental income proceeds from the underlying properties.

Rating Rationale

The rating action reflects these factors:

(1) Moody's received the bid result report dated 30 May, 2011,
    which stated that the remaining three backing properties will
    be sold at prices which are lower than the amount on the rated
    notes. Accordingly, Class C and Class D notes are highly
    likely to suffer losses.

(2) Class B note may suffer losses if the disposition price
    declines after negotiations on the disposition.

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

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


LEOPARD TWO FUNDING: Fitch Cuts Ratings on 2 Note Classes to BBSf
-----------------------------------------------------------------
Fitch Ratings has downgraded two classes of notes from Leopard Two
Funding Limited.  The agency has also affirmed all other rated
notes from this transaction and removed all notes from Rating
Watch Negative.  The transaction is a securitization of fully
amortizing mortgage loans backed by multi-family apartment
properties throughout Japan. The rating actions are:

   -- JPY4,903m* Class A-1 notes affirmed at 'AAAsf'; Off RWN;
      Outlook Stable;

   -- JPY4,903m* Class A-2 notes affirmed at 'AAAsf'; Off RWN;
      Outlook Stable;

   -- JPY520m* Class B notes affirmed at 'AAsf'; Off RWN; Outlook
      Stable;

   -- JPY520m* Class C notes affirmed at 'Asf'; Off RWN; Outlook
      Stable;

   -- JPY540m* Class D notes downgraded to 'BBsf' from 'BBBsf';
      Off RWN; Outlook Stable; and

   -- JPY41m* Class E notes downgraded to 'BBsf' from 'BBB-sf';
      Off RWN; Outlook Stable.

* as at June 2, 2011

Fitch has downgraded the class D and E notes to reflect the
agency's view that the available credit enhancements for these
classes are not sufficient for investment-grade ratings due to the
expected performance deterioration at the property level. The
affirmations of Class A1 to C notes are based on Fitch's
assumption that any limited deterioration in property performance
would be mitigated by the available credit enhancement (CE).

CE levels have grown since closing due to stable loan level
performance and sequential payment from scheduled amortization and
prepayments. As a result, the impact of the deterioration of
property level performance has been mitigated for higher rated
classes.

All of the rated notes were placed on RWN on December 8, 2010
reflecting Fitch's view that the end-tenant performance of the
collateral properties may have deteriorated. This view was based
on publicly available information on the performance trends of
apartment portfolios of similar characteristics and in the absence
of recent actual end-tenant performance data.


TOKYO ELECTRIC: Not Meeting Conditions For Delisting, TSE Says
--------------------------------------------------------------
Dow Jones Newswires reports that the Tokyo Stock Exchange said
Monday that the current predicament of Tokyo Electric Power Co.
does not meet the bourse's conditions for the delisting of its
shares.

"We don't recognize any facts at this moment regarding Tepco that
run counter to the bourse's share listing requirements," the
bourse said in a statement, referring to the company's earnings,
financial standing and other factors, according to Dow Jones.

The comments, says Dow Jones, came after the online edition of the
Asahi Shimbun quoted bourse president Atsushi Saito as saying that
TEPCO could be temporarily nationalized if it falls into negative
net worth.  Such a move would necessitate the delisting of Tepco's
shares, although they could be listed again several years later,
Mr. Saito was quoted as saying, Dow Jones relates.

Mr. Saito also called for the restructuring of the embattled
utility under a bankruptcy protection, Dow Jones adds.

Bloomberg News said the utility 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 (US$135 billion).

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.

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.

                              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.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, 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.


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K O R E A
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KIA MOTORS: Moody's Upgrades Issuer Rating to Baa2; Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Kia Motors Corp's issuer
rating to Baa2 from Baa3.  The rating outlook is stable. This
concludes Moody's review for possible upgrade initiated on May 26,
2011.

Ratings Rationale

"A significant and rapid improvement in Kia's financial profile,
underpinned by its improved product line-up and brand equity, has
resulted in the upgrade of its standalone rating to Ba1 from Ba2,"
says Chris Park, a Moody's Vice President/Senior Analyst.

"In addition, the two-notch uplift as a result of parental support
will remain unchanged. The uplift reflects Hyundai Motor's (Baa2,
stable) strong financial capability and willingness to render
assistance to Kia in view of their highly integrated operations
and Kia's strategic importance to the group."

Given its strong product launch strategy, improved brand equity
and product quality, as well as a balanced geographical portfolio
that includes a significant exposure to the fast-growing emerging
markets, Moody's expects market share growth to continue over the
short to medium term, although the pace will slow due to its
profit-oriented strategy.

Due to the rapid debt reduction from strengthened earnings and
tight working capital management, Kia's current financial profile
-- as highlighted by debt/EBITDA of 1.6x and retained cash flow
("RCF")/debt of 66% - solidly positions the company in the
standalone rating.

Despite the negative impact of the Won's potential appreciation,
Moody's expects robust sales growth and improvements in its
product mix to enable Kia to maintain solid credit metrics over
the next couple of years.

The rating action also factors in a marked improvement in Kia's
liquidity profile, as evidenced by a swift reduction in short-term
debt and large liquidity holdings that comfortably cover maturing
debt over the next 12 months.

The stable outlook reflects Moody's expectation that Kia's overall
business and financial profiles will remain solid for its
standalone rating, underpinned by its robust auto sales. This
outlook also mirrors the stable outlook for Hyundai Motor.

The rating could be upgraded if Hyundai Motor's rating is upgraded
and, at the same time, Kia's standalone rating is upgraded by
establishing a longer track record to sustain strong financial
profile, with RCF/net debt of above 50-60% and debt/EBITDA of less
than 2x, and continued progress in the growth of its global market
share.

The rating could be downgraded if Kia experienced a substantial
deterioration in its operating cash flow, as a result of worse-
than-anticipated market conditions, or is unable to outperform the
market and contain its working capital deficits. This development
could be evidenced by RCF/net debt below 35-40% and debt/EBITDA
maintained above 3x. A downgrade in Hyundai Motor's rating should
also result in a downgrade of Kia's rating.

The principal methodology used in rating Kia was "Moody's Rating
Methodology for Global Automobile Manufacturer Industry,"
published in December 2007.

Kia, headquartered in Seoul, is Korea's second largest automotive
maker. The company is part of Hyundai Motor Group which is the
world's fifth largest and Korea's dominant automotive maker. Kia
sold 2.1 million auto units in 2010.


MAZDA MOTOR: To Transfer Production of Next CD-Car to Hofu
----------------------------------------------------------
Mazda Motor Corporation announced Tuesday that the company will
build its next midsize car (CD-car) for the North American market
at its Hofu Plant in Yamaguchi prefecture, Japan, as part of
ongoing efforts to increase global manufacturing efficiencies.

"Currently, production of the Mazda6 (known as Atenza in Japan)
exists in three locations: at our Hofu Plant in Japan,
AutoAlliance International (AAI) in Michigan, USA, and at FAW Car
Co., Ltd. in Changchun, Jilin province, China. Our intention is to
transfer production of our next CD-car for North America from AAI
and consolidate it at Hofu in order to improve production and
investment efficiencies and optimize our business," said Takashi
Yamanouchi, Representative Director and Chairman of the Board,
President and CEO of Mazda Motor Corporation.

"The decision was made after carefully assessing all risks and
opportunities, including global needs, changing demand in North
America, and exchange rate exposure. Going forward, Mazda will
strive to maintain and grow our business in America.

"The decision to relocate to Hofu and consolidate the production
of the next CD-car, makes the most sense for our business," stated
Mr. Yamanouchi.  "However, we are committed to working with Ford,
our joint venture partner in AAI, to identify potential future
opportunities for the plant.  Mazda and Ford have enjoyed a close
relationship for over 30 years.  We have collaborated on projects
where there are mutual benefits, and both companies remain
committed to continuing this strategic partnership."

Mazda said the current North American Mazda6 will continue to be
built at AAI until the end of its current cycle plan.  Mazda is
conducting various studies with Ford on the future of AAI and will
announce details at the appropriate time.

AAI was established as Mazda Motor Manufacturing (USA) Corporation
in 1985.  It became a joint venture between Mazda Motor
Corporation and Ford Motor Company in 1992, when the name was
changed to AutoAlliance International, Inc.

                          About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

Mazda Motor incurred a consolidated net loss of JPY60.04 billion
in fiscal 2010 ended March 31, 2011, much larger than
JPY6.48 billion in net loss logged the previous year.


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


BLUE CHIP: Victims Close to Signing "Lifetime Tenancy" Deal
-----------------------------------------------------------
Maria Slade at The New Zealand Herald reports that Blue Chip New
Zealand Ltd. victims settling their outstanding loans with finance
company GE Money are being forced to say nothing "adverse" about
the lender.

The Herald relates that the gagging order, contained in "lifetime
tenancy" agreements some of the elderly investors have little
choice but to sign, prohibits them from airing their views on the
internet.

"The borrowers agree not to comment adversely about the mortgagee
or any member of the General Electric group of companies whether
in New Zealand or elsewhere, to include any social media, websites
or blogs," the clause said, according to the Herald.

A spokesman for GE, which is owned by the American General
Electric corporation, said the agreement was standard.

"GE Money can confirm that each agreement contains a
confidentiality clause obliging all parties to the agreement to
keep the contents of the agreement strictly confidential. This is
not an unusual clause to see in an agreement of this nature," the
GE spokesman relates.

As a result of the Blue Chip property scheme collapse three years
ago, hundreds of investors were left with loans over their homes
to financiers such as GE.

In a test case, the Herald notes, Whangarei pensioners Bruce and
Judy Bartle went to the Supreme Court arguing the loans were
oppressive and documentation had been fraudulently altered to
describe them as "self employed" so they would qualify.

But the court ruled in December that GE could not be held
responsible for Blue Chip's actions, the Herald says.

According to the Herald, the decision cleared the way for GE and
other lenders to enforce their rights.  In at least one case,
Westpac has sold a Blue Chip couple's West Auckland property in a
mortgagee auction.

The Herald notes that GE has about 100 Blue Chip-affected
customers and has said that it will not put any of them out on the
street.  It has been trying to reach agreements with those who
qualify for its hardship provisions.

Many of the over-65 investors are understood to be close to
signing "lifetime tenancies" allowing them to remain in their
homes until they die, at which time the lender will take the
property.  Others have been offered discounts on the total owed if
they clear the debt.

The moves come as a former Blue Chip parent company is finally
liquidated.

                          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.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation this
month.


CENTURY CITY: Liquidation Hearing Moved Until July 18
-----------------------------------------------------
TVNZ reports that Terry Serepisos has managed to save another of
his Century City companies from liquidation.

TVNZ says five of the embattled property owner's Century City
Companies, including the one which ones the Phoenix, escaped
liquidation earlier this year thanks to funding from an unnamed
source.

The High Court in Wellington on Tuesday heard a sixth company,
Century City Ventures, who also looks to stay afloat, TVNZ says.

TVNZ notes that Judge Gendall was told a settlement arrangement
has been reached between the company and Peck Consultants over
debts of more than NZ$130,000.

The matter was adjourned until July 18, 2011, for the agreement to
be fully satisfied.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said 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.


KINGSTON ACQUISITIONS: Mystery Buyer to Acquire Kingston Flyer
--------------------------------------------------------------
The Southland Times reports that a mystery buyer is expected to
complete a deal to buy the Kingston Flyer this week.

Assets in receivership included the engine, carriages, the
Kingston Tavern, storage shed, a railway corridor, residential
lots and development blocks, according to The Southland Time.

On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was placed
into receivership by financier Prudential Mortgage Nominees, who
is owed at least NZ$4.7 million.  The company's assets, which
include 80 hectares of development land, would be sold in an
international tender organized by Bayleys Queenstown, the
Southland Times said.

The Southland Times notes that Kingston Community Association
Chairwoman Annette Dalziel said outgoing Chairman Peter Gibson
told the group a deal was expected to be completed by Thursday.

Last week, David Bryce, of Renwick, in Marlborough, registered
Kingston Tavern Ltd and Kingston Flyer Ltd with the New Zealand
Companies Office, The Southland Times discloses.

United States company Railmark was also known to be interested in
the vintage train, The Southland Times says.

                      About Kingston Flyer

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.


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


FIRST SHIP LEASE: Fitch Affirms Long-Term IDR at 'B+'
-----------------------------------------------------
Fitch Ratings has revised Singapore-based First Ship Lease Trust's
Outlook to Stable from Negative, and simultaneously affirmed its
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.

The revision of the Outlook follows a period of stable cash
generation from FSLT's long-term bareboat chartering operations
since May 2010, when one of its then eight lessees defaulted on
two shipping contracts; the agency believes that counterparty
credit quality has, to an extent, since stabilized.

The two ships relating to the defaulted contracts are employed in
spot markets and, given prevailing weak shipping market
conditions, are unlikely to make any meaningful cash returns in
the next 12 months. The Stable Outlook also reflects FSLT's
reduced distributions to unit holders (Q111: USD5.7 million;
average quarterly payout of USD11 million in 2009), debt reduction
(from Q409 to date: USD8 million per quarter), as well as an
improved market value of ships.

Fitch notes that the new lease contract announced on June 1, 2011
does not significantly alter FSLT's risk profile. However, the
seven-year bareboat charter on its USD46m product tanker, which is
half-funded by equity, marginally improves its credit measures,
cash generation and counterparty diversity.

As FSLT charters out ships on long-term contracts on a bareboat
basis, it removes ship operating and utilisation risks, providing
earnings visibility. The existing 22 long-term contracts currently
have an average remaining life of 6.8 years with outstanding
contracted future rentals of USD602 million. FSLT has a strong
risk management framework and strict lease origination standards.
Although the company has struggled to grow its long-term charter
business amid the industry's downturn, Fitch takes a positive view
of FSLT's policy of not compromising its lease origination
standards for growth. However, given the current shipping market
conditions, there is a strong possibility that any new lessees's
credit quality may be lower than what FSLT considers as ideal.

FSLT's 'B+' rating is constrained by its small size with only
eight long-term customers and only 24 ships. These factors
increase the impact on FSLT from any customer defaults or lease
rate renegotiations. For example, the defaulted contracts in 2010
shaved off nearly 15% of its annual revenues from its long-term
chartering operations. A large majority of FSLT's contracts were
originated during the last shipping up-cycle; as a result the
contracted rates on these are considerably higher than current
market rates, adding to FSLT's counterparty risks.

FSLT is currently in discussion with its lenders to refinance
credit facilities maturing in 2012 and 2014 (USD226.2 million and
USD226.1 million, respectively, as of March 31, 2011). Fitch
believes that the company's stable performance over the last 12
months and improved ship values should aid the refinancing
process.

The Stable Outlook is based on Fitch's view that FSLT will not
face any significant defaults or rate renegotiations and that it
can successfully refinance its credit facilities. However, the
company's loss absorption capacity remains limited and its debt
service coverage (interest and debt amortization) is modest at
around 1.3x (funds from operations interest coverage: around
3.5x). Any further negative developments in relation to its
existing leases, and a weakening of debt service coverage may
result in a negative rating action. Furthermore, a weakening of
counterparty credit quality of existing lessees or addition of new
lessees of materially lower credit quality may also put downward
pressure on FSLT's rating.

No positive rating action is envisaged until FSLT meaningfully
increases its scale, without deteriorating its credit profile.


SEA-SHORE TRANSPORTATION: Court to Hear Wind-Up Petition June 15
----------------------------------------------------------------
A petition to wind up the operations of Sea-Shore Transportation
Pte Ltd will be heard before the High Court of Singapore on
June 15, 2011, at 10:00 a.m.

IFS Capital Limited Formerly Known As International Factors
(Singapore) Ltd filed the petition against the company on May 16,
2011.

The Petitioner's solicitors are:

         Hin Tat Augustine & Partners
         20 Upper Circular Road
         #02-10/12, The Riverwalk
         Singapore 058416


SPURWAY COOKE: Unsecured Creditors to Get 40% Recovery on Claims
----------------------------------------------------------------
Spurway Cooke Industries Pte Ltd declared the first and final
preferential dividend and first interim dividend to creditors on
May 31, 2011.

The company paid 100% of all admitted preferential claim and 40%
of all admitted unsecured claim.

The company's liquidator is:

         Aw Eng Hai
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


ULTRAPOLIS 3000: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on May 26, 2011, to
wind up the operations of Ultrapolis 3000 Investments Ltd
(formerly known as Ultrapolis 3000 Theme Park Investments Ltd).

Denmark Skibstekniske Konsulenter A/S I Likvidation (formerly
known as Knud E Hansen A/S) filed the petition against the
company.

The company's liquidators are:

         Chia Soo Hien and
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


YODAI WINDOW: Court to Hear Wind-Up Petition June 15
----------------------------------------------------
A petition to wind up the operations of Yodai Window System &
Engineering Pte Ltd will be heard before the High Court of
Singapore on June 15, 2011, at 10:00 a.m.

Subweld Engineering & Fabrication Pte Ltd filed the petition
against the company on May 13, 2011.

The Petitioner's solicitors are:

         Eldan Law LLP
         1 Coleman Street
         #06-03, The Adelphi
         Singapore 179803


===========
T A I W A N
===========


STANDARD CHARTER: Fitch Upgrades Individual Rating to 'C'
---------------------------------------------------------
Fitch Ratings has upgraded Standard Chartered Bank (Taiwan)
Limited's Long-Term Foreign Currency Issuer Default Rating (IDR)
to 'AA-' from 'A+'. The Outlook is Stable. Its Individual rating
has also been upgraded to 'C' from 'C/D'.

The upgrade of the IDR is underpinned by SCBT's increased
integration with its parent Standard Chartered Bank (SCB, 'AA-
'/Outlook Stable) since its acquisition of HIB in 2006. The
aspects of integration consist of, but are not limited to,
alignment of management and risk management platform, plus sharing
brand name and networking. SCB has a strategic focus on and a
strong franchise in Asia-Pacific, which contributes more than 60%
of group earnings. In particular, SCBT is viewed by its parent as
one of the key markets in the Greater China region that offers
long-term growth prospects. Strong parental support was
demonstrated by its capital injection in SCBT to fund the latter's
various acquisitions between 2006 and 2008.

The upgrade of the Individual Rating primarily reflects SCBT's
improved balance sheet strength and renewed earnings momentum
after efforts to clean up the legacy problem loans at HIB and to
capitalize on the expanded franchise. Constraining factors include
the inherent growth risk associated with the rapid growth of its
mortgages (80%+ between 2006 and 2010 versus the sector's average
of 20%) amid rapidly rising housing prices. However, Fitch notes
that the mortgage growth is mostly focused on Taoyuan and HsinChu
and not concentrated in Greater Taipei which witnessed excessive
housing price gains for the last eight years.

SCBT reported TWD4.5bn pre-tax profits in 2010, versus TWD4.9bn in
2009 as it gradually cleaned off legacy problem assets, regained
earnings in wealth management and benefited from bad debt
recovery. Fitch expects SCBT to maintain the earnings momentum
seen so far in 2011 on the back of stable interest margin, modest
fee income growth and reasonable loan book quality amid a
favorable economic outlook.

SCBT's strong brand and own expanding franchise underpin its
growing deposits and liquidity. Earnings momentum helped enhance
capitalization, with a reported Tier 1 ratio of 8.87% at end-2010
versus 6.88% at end-2009. Its asset quality profile also
strengthened with non-performing loans (NPLs) and loan loss
provisions/NPL ratios at 0.69% and 153.9% respectively at end-2010
(end-2009: 1.41% and 51.2%; end-2008: 2.57% and 45.9%). Any
downside risks to provisions should be manageable, considering the
bank's disciplined and proactive charge-off approach.

The Stable Outlook is in line with that of SCB. Any rating action
on SCB could trigger a similar rating action on SCBT. Stability of
SCBT's Individual Rating will be predicated on its ability to
contain provision risk and maintain reasonable earnings momentum.
SCBT's rather concentrated mortgage exposures (i.e. 65% of total
loan at end-2010) may pressure its Individual Rating if Taiwan's
property market were to see a sharp correction.

SCB acquired HIB in 2006 and renamed it as SCBT. SCBT integrated
SCB Taiwan Branch in 2007 and acquired AEB Taiwan and Asia Trust
in 2008. SCBT has 89 branches and commanded a deposit market share
of 2.3% at end-2010.

SCBT's ratings:

   -- Long-Term Foreign Currency IDR upgraded to 'AA-' from 'A+;
      Outlook Stable

   -- Short-Term Foreign Currency IDR upgraded to 'F1+' from 'F1'

   -- Individual Rating upgraded to 'C' from 'C/D'

   -- Support Rating affirmed at '1'

   -- National Long-term Rating affirmed at 'AAA(twn)'; Outlook
      Stable

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

   -- Senior unsecured debt affirmed at 'AAA(twn)'

   -- Subordinated debt affirmed at 'AA+(twn)'


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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