TCRAP_Public/110613.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, June 13, 2011, Vol. 14, No. 115

                            Headlines



A U S T R A L I A

ADVANCED MEDICAL: Administrators Win Rights to Sell Firm
GLOBAL RULE: Grant Thornton's M. McCann Named as Firm's Liquidator
RELIANCE RAIL: S&P Cuts Rating on AU$2.06-Bil. Sr. Debt to 'CCC+'


C H I N A

CHINA ORGANIC: Retains Paritz & Company to Audit FY2011 Financials


H O N G  K O N G

ALEPPO INT'L: Liu Yuk Ming Stephen Steps Down as Liquidator
CALF INVESTMENT: Seng and Lo Appointed as Liquidators
CELESTIAL ASSETS: Placed Under Voluntary Wind-Up Proceedings
COMMSECURE (HK): Members' Final Meeting Set for July 12
COOLABAH 1: Young and Wong Step Down as Liquidators

DATA DOMAIN: Creditors' Proofs of Debt Due July 4
DIODES ZETEX: Kit and Wai Step Down as Liquidators
E-POWER GROUP: Creditors' Proofs of Debt Due July 8
FAIR & HONEST: Final Meeting Slated for July 11
HAPPY RICH: Commences Wind-Up Proceedings

HK STATIONERY: Young and Wong Step Down as Liquidators
JAUNTWALL LIMITED: Sutton and Chiong Step Down as Liquidators
LEI ER: Members' Final Meeting Set for July 15
ON WING: Lam Hoi Ham Appointed as Liquidator


I N D I A

AEGIS LIMITED: Moody's Assigns '(P)Ba3' Corporate Family Rating
BAGARIA EDUCATION: CARE Places 'CARE BB' Rating to INR25.21cr Loan
BRIDAL JEWELLERY: CARE Assigns 'PR4' Rating to INR28cr Bank Loan
CONVENTION HOTELS: CARE Reaffirms 'CARE BB' Rating to Term Loan
DAYAL ENERGY: CRISIL Reaffirms 'B' Rating on INR200MM Cash Credit

INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
ISPAT DAMODAR: CRISIL Downgrades Rating on INR96.3MM Loan to 'D'
JAIPUR INTEGRATED: ICRA Reaffirms 'LBB' Rating on INR25cr Loan
KPC MEDICAL: CARE Assigns 'CARE B+' Rating to INR131cr LT Loan
MYK SCHOMBURG: CRISIL Assigns 'B+' Rating to INR16.5MM LT Loan

OSWAL PUMPS: ICRA Assigns 'LBB+' Rating to INR38cr Bank Facilities
RATNAVEER STAINLESS: CRISIL Reaffirms 'BB' Rating on INR17.1M Loan
SHREE BHAGESHWARI: ICRA Assigns 'LBB+' Rating to INR44.5cr Loan
SHREE MADHAV: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
SHRI RAM SOLVEX: CARE Rates INR15cr LT Loan at 'CARE B+'

SONIC THERMAL: CRISIL Cuts Rating on INR107.4MM Term Loan to 'D'
VHM INDUSTRIES: CRISIL Raises Rating on INR454MM Term Loan to 'BB'


I N D O N E S I A

DAVOMAS ABADI: Moody's Confirms 'Caa3' CFR; Outlook Stable


J A P A N

ACOM CO: S&P Lowers Long-term Counterparty Credit Rating to 'BB+'


N E W  Z E A L A N D

ALLIED FARMERS: Gets 9-Month Reprieve on Repaying NZ$7.5MM Loan
BRIDGECORP LTD: High Court Denies Petricevic's Bid for Legal Aid
FOCUS (DIY): Methven to Recoup NZ$460,000 from Firm
GENESIS POWER: S&P Affirms Rating on Capital Bonds at 'BB-'
SOUTH CANTERBURY: Receivers Put Racehorses Up For Sale

WESTERN PACIFIC: Liquidator Reveals NZ$3-Mil. Shortfall in Funds


S I N G A P O R E

AESTHETIC CONSTRUCTION: Creditors' Proofs of Debt Due June 24
GLOBALFOUNDRIES SINGAPORE: Fitch Raises Standalone Rating to 'BB+'
HAWICK PROPERTY: Court to Hear Wind-Up Petition on June 22
KELSO PROPERTY: Court to Hear Wind-Up Petition on June 22
MOTOROLA SOUTH: Creditors' Proofs of Debt Due July 11

MOTOROLA TRADING: Creditors' Proofs of Debt Due July 11
PHARMVISION VENTURES: Court Enters Wind-Up Order
PIONEER FREIGHT: Creditors Get 1.34069% Recovery on Claims


                            - - - - -


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


ADVANCED MEDICAL: Administrators Win Rights to Sell Firm
--------------------------------------------------------
Kate Mcclymont and Lucy Battersby at The Sydney Morning Herald
report that while Advanced Medical Institute Pty Ltd was under
fire in the Federal Court in Melbourne for failing to advise
clients of its financial woes, in the Supreme Court in Sydney its
administrators were paving the way to hand the firm back to its
founder, Jack Vaisman.

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2011, The Advertiser said that the Australian
Competition and Consumer Commission said Advanced Medical
Institute is insolvent but has not told its customers.  The ACCC
launched a federal action, seeking to force AMI to disclose its
administration status and its impact on clients.  The ACCC is also
seeking to restrain the company from taking payment for goods and
services to be provided after July 20, or the date of the next
creditors' meeting.  The company was placed in administration on
Dec. 22, 2010, with debts of about AU$50 million, the day after
the ACCC started court action alleging the company had engaged in
unconscionable conduct towards customers, the report said.

The Sydney Morning Herald notes that ACCC launched an action to
have Mr. Vaisman banned from corporate life and AMI prosecuted for
"unconscionable conduct."

On June 10, 2011, AMI's administrators agreed to limitations
sought by the ACCC stopping the company from taking money and
forcing it to tell potential customers that it was in
administration and might not be able to provide treatment or
refunds.

In Sydney, the report relates, the administrators won permission
to potentially prevent creditors from having a say in the future
of the AMI business.

The creditors include the publisher of the Herald, Fairfax Media,
which is owed AU$500,000 after failed legal action by AMI, The
Sydney Morning Herald discloses.

Administrators Trent Hancock and Michael Hird of BDO said they had
been granted permission by Acting Justice William Windeyer to
either close AMI or sell it without having to seek approval from
creditors, The Sydney Morning Herald relates.

The Sydney Morning Herald notes that Mr. Vaisman, who has put in a
bid to buy back AMI, has told colleagues that he will soon be
"back in control."

                      About Advanced Medical

Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.

AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB.  AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.


GLOBAL RULE: Grant Thornton's M. McCann Named as Firm's Liquidator
------------------------------------------------------------------
The Australian Securities and Investments Commission has obtained
orders, by consent, from the Supreme Court of Queensland
appointing Michael McCann of Grant Thornton as liquidator of
Global Rule Pty Ltd and as trustee of the Global Rule Trust.

Freezing orders were also entered, restraining the disposal of any
property by Global Rule's director, Frederick Leslie Hansen, for
12 months.  Global Rule's other director, William John Meywes, was
declared bankrupt on Oct. 22, 2010.

Global Rule raised funds from individuals who were offered 21.6%
per annum in interest payments through unsecured loan agreements.
The receivers' report, prepared in October 2010, estimated that
around 170 individuals loaned money to Global Rule and that
approximately AU$16.3 million is still owed to lenders.

ASIC's investigations are continuing.

On Sept. 13, 2010, ASIC obtained interim orders in the Supreme
Court of Queensland appointing Michael McCann and Graham Killer,
of Grant Thornton, as receivers and managers over the assets of
Global Rule.  Freezing orders were also made restraining the
disposal of any property, including monies and securities, by
Global Rule's directors Mr. Hansen and Mr. Meywes.

ASIC commenced its proceeding in the Supreme Court for the
appointment of receivers and managers to identify and secure the
assets for the benefit of creditors.

Australian-based Global Rule Pty Ltd operates managed investment
scheme.


RELIANCE RAIL: S&P Cuts Rating on AU$2.06-Bil. Sr. Debt to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
AU$2.06 billion senior-secured debt issued by Reliance Rail
Finance Pty Ltd. to 'CCC+' from 'B'.  At the same time, the rating
on RRF's AU$100 million junior-secured debt was lowered to 'CCC-'
from 'CCC'. The outlook on the ratings is developing. RRF is the
financing arm of the Reliance Rail consortium that was granted a
30-year concession to manufacture, commission, and maintain 78
commuter trains for the Sydney rail network.

"The downgrades reflect our ongoing concerns surrounding the
company's capacity to fund the project to completion of the
manufacturing phase," Standard & Poor's credit analyst Philip
Grundy said.  "With just over six months until the first scheduled
drawdown under the AU$357 million bank debt facility in February
2012, we believe there is increasing uncertainty about Reliance
Rail's willingness to incur additional debt, regardless of whether
or not conditions precedent to drawdown have been met.  This is a
major concern, and reflects the risks to the long-term ability of
the project to service its debt."

"Furthermore, we believe that the project will require some form
of additional support or restructure if it is to meet its
refinancing obligations over the longer term. However, we see
further shareholder support as unlikely; in the absence of
shareholder support, we see the company's options as limited. We
believe the New South Wales government will want the project to
continue delivering trains and may be prepared to step in and
provide some support," S&P stated.

Mr. Grundy added: "Although government intervention is by no means
certain, our developing outlook on the ratings takes into account
the possibility of government support. The nature, quantum, and
timeliness of any such support would be key to our view of the
debt ratings. If a credible plan with regard to tangible and
timely support is not in place over the next six months, the
ratings may be lowered further."


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C H I N A
=========


CHINA ORGANIC: Retains Paritz & Company to Audit FY2011 Financials
------------------------------------------------------------------
On May 29, 2011 the Board of Directors of China Organic
Fertilizer, Inc., approved the dismissal of P.C. Liu, CPA, P.C.
from its position as the principal independent accountant for the
Company.  China Organic Fertilizer has retained the firm of Paritz
& Company, P.A., to audit its financial statements for the year
ended March 31, 2011.

As reported in the TCR on June 2, 2011, China Organic Fertilizer,
Inc., reported a net loss of US$175,460 on US$894,752 of revenues
for the nine months ended March 31, 2011, compared with a net loss
of US$501,117 on US$36,413 of revenues for the nine months ended
Dec. 31, 2009.

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

The Company also has an accumulated deficit of US$2.46 million at
Dec. 31, 2010.

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

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


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


ALEPPO INT'L: Liu Yuk Ming Stephen Steps Down as Liquidator
-----------------------------------------------------------
Liu Yuk Ming Stephen stepped down as liquidator of Aleppo
International Company Limited on June 2, 2011.


CALF INVESTMENT: Seng and Lo Appointed as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo on May 30, 2011, were appointed
as liquidators of Calf Investment Advisors Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CELESTIAL ASSETS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on June 10, 2011,
creditors of Celestial Assets Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Lam Hoi Ham
         Rooms 905-909
         Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


COMMSECURE (HK): Members' Final Meeting Set for July 12
-------------------------------------------------------
Members of Commsecure (Hong Kong) Limited will hold their final
general meeting on July 12, 2011, at 10:00 a.m., at 22nd Floor,
Tai Yau Building, 181 Johnston Road, Wanchai, in Hong Kong.

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


COOLABAH 1: Young and Wong Step Down as Liquidators
---------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Coolabah 1 Limited on May 23, 2011.


DATA DOMAIN: Creditors' Proofs of Debt Due July 4
-------------------------------------------------
Creditors of Data Domain Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 4, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chan Mi Har
         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


DIODES ZETEX: Kit and Wai Step Down as Liquidators
--------------------------------------------------
Ho Man Kit and Kong Sau Wai stepped down as liquidators of Diodes
Zetex Procurement (AP) Limited on June 2, 2011.


E-POWER GROUP: Creditors' Proofs of Debt Due July 8
---------------------------------------------------
Creditors of E-Power Group Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 8,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 2, 2011.

The company's liquidators are:

         Lim Shyang Guey
         6th Floor, 4 Cornwall Street
         Kowloon Tong
         Kowloon, Hong Kong

         Lau Wai Ming Raymond
         Flat C, 21/F
         Celestial Mansion
         Siena Two, Discovery Bay
         Lantau Island, Hong Kong


FAIR & HONEST: Final Meeting Slated for July 11
-----------------------------------------------
Contributories and creditors of Fair & Honest (HK) Company Limited
will hold their final meetings on July 11, 2011, at 11:00 a.m.,
and 11:15 a.m., respectively at Room 1901, 19th Floor, Easey
Commercial Building, 253-261 Hennessy Road, Wanchai, in Hong Kong.

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


HAPPY RICH: Commences Wind-Up Proceedings
-----------------------------------------
Members of Happy Rich Investment Limited, on May 31, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HK STATIONERY: Young and Wong Step Down as Liquidators
------------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Hong Kong
Stationery Manufacturing Company Limited on May 30, 2011.


JAUNTWALL LIMITED: Sutton and Chiong Step Down as Liquidators
-------------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong stepped down as
liquidators of Jauntwall Limited on May 30, 2011.


LEI ER: Members' Final Meeting Set for July 15
----------------------------------------------
Members of Lei Er Company Limited will hold their final meeting on
July 15, 2011, at 10:00 a.m., at Unit D, 12th Floor, Seabright
Plaza, 9-23 Shell Street, in Hong Kong.

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


ON WING: Lam Hoi Ham Appointed as Liquidator
--------------------------------------------
Lam Hoi Ham on June 10, 2011, was appointed as liquidator of On
Wing Investments Limited.

The liquidator may be reached at:

         Lam Hoi Ham
         Rooms 905-909
         Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


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I N D I A
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AEGIS LIMITED: Moody's Assigns '(P)Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
Corporate Family Rating to Aegis Limited.

At the same time, Moody's has assigned a provisional (P)Ba3
foreign currency rating to the proposed senior unsecured bonds
issued by Aegis.

The outlook for both ratings is stable.

This is the first time Moody's has assigned ratings to Aegis.
Moody's expects to affirm the debt rating and remove its
provisional status upon the closing of the bond issue and a review
of the final terms. Moody's will also remove the provisional
status of the corporate family rating on completion of the bond.

Ratings Rationale

"Aegis' Ba3 Corporate Family Rating reflects its favorable market
position close to the top tier of Business Process Outsourcing
("BPO") providers. However, this has been achieved primarily by
acquisitions, which have raised debt levels in the short-term,"
says Alan Greene, a Moody's Vice President -- Senior Credit
Officer.

"Nevertheless, the purchases have helped to diversify the
geographic spread of customers and the locations of operations as
well as reduce the concentration risks in respect of industries
served and services offered", adds Mr. Greene.

The rating also recognizes that the integration of acquisitions
and close control of costs have been supportive of margins so far,
but that pressures from labor arbitrage and wage differentials are
ever present, while break clauses are not onerous for Aegis'
customers.

"The potential to extend the scope of work with existing clients
offers the best opportunity for organic growth in what is a highly
competitive and fragmented market.  A shift in strategy towards
organic growth will lead to positive free cash flows and improving
credit metrics, and Moody's has reasonable expectations for this
to occur," adds Mr. Greene.

Aegis' financial metrics, diversified business profile and cash
flow generation support a Ba3 rating although its current revenue,
despite a raft of acquisitions, and pre-tax profits are small
relative to similarly rated peers. The company needs to
demonstrate an ability to grow without significant increases in
debt levels and to develop a funding profile and strategy less
dependent on the larger, private Essar group, which wholly owns
Aegis.

The proposed bond, to be issued by Essar Services (Mauritius), is
guaranteed by Aegis Ltd. and co-guaranteed by certain operating
subsidiaries in USA, the Philippines and Australia. Initially, the
bulk of group debt lies at ESM, and so the bond rating is
equalized with the Corporate Family Rating.  The bond proceeds
will be primarily used to pay down a bridge facility, thus
extending the company's debt maturity profile and alleviating
refinancing and liquidity pressure.

The rating is somewhat prospective and the stable outlook reflects
Moody's expectations that Aegis' business model remains consistent
and the company is able to grow without resorting to frequent
acquisitions. The recent diversification into higher margin,
network technical services, through the acquisition of a 79% stake
in AGC Networks is assumed to be integrated successfully. Under
this scenario, margins should be maintained or improved and the
company continues to increase revenues while maintaining its
market share, in a highly competitive market.

The rating is unlikely to be upgraded in the near to medium term
as the company needs to continue to build size profitably and to
maintain market share in its BPO offering. Credit metrics that
could indicate an upgrade would include i) total debt/EBITDA below
3.0x; or ii) free cash flow (FCF)/total debt in the mid teens (%);
or iii) (EBITDA -- Capex)/interest expense substantially over 3x,
all on a sustained basis.

On the other hand, the rating could face downward pressure if free
cash flow is adversely impacted by a decline in revenues and
rising costs, or by a continuation of the aggressive acquisition
policy or by excessive disbursements to the Essar Group.  This
could be accompanied by i) a total debt/EBITDA ratio in excess of
3.5-4.0x; or ii) FCF/total debt declines below 8%; or iii)
(EBITDA--Capex)/interest expense falls below 2.5x, all on a
sustained basis.

The principal methodology used in rating Aegis Limited was the
Global Business & Consumer Service Industry Rating Methodology,
published October 2010.

Aegis Limited is an Indian-based company providing customer
relationship management and other business process outsourcing
(BPO) for businesses in the telecom, media and technology sectors.
With some 53,000 employees worldwide and around 300 clients, it is
a leading player in the BPO sector and increasingly extending into
other areas such as network and technology services. Owned by the
Essar Group, Aegis recorded revenue of INR32.1 billion and EBITDA
of INR4.6 billion in the year to March 2011.


BAGARIA EDUCATION: CARE Places 'CARE BB' Rating to INR25.21cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Bagaria
Education Trust.

                                Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank facilities      25.21     'CARE BB' Assigned

Rating Rationale

The rating of Bagaria Education Trust is primarily constrained by
its small scale of operations, short track record of three years,
weak financial profile marked by deficit during first two years of
its functioning, highly leveraged capital structure and high
revenue concentration risk.  The rating also takes in to
consideration high competition in the sector from other
established colleges and high regulatory restrictions applicable
on educational institutes in India.

The constraints are however partially offset by promoters'
experience of more than a decade in the education sector, strong
enrolment ratio in the courses offered and favorable demand
prospects for higher education in India.  The ability of BET to
improve the overall financial risk profile along with increase in
scale of operations, sustaining the strong enrolment ratio and
successful completion of project before the start of new academic
session commencing from July 2011 would be the key rating
sensitivity.

Jaipur-based Bagaria Education Trust was formed as a charitable
trust on Dec. 13, 2002, with an objective to set up educational
institutions.  Kalu Ram Bagaria, Managing Trustee, has experience
of more than a decade in the field of technical education in state
of Rajasthan.  In the year 2008, BET set up two colleges namely
Vivekananda Institute of Technology and Vivekananda Institute of
Technology-East at Jaipur (Rajasthan).


BRIDAL JEWELLERY: CARE Assigns 'PR4' Rating to INR28cr Bank Loan
----------------------------------------------------------------
CARE assigns a 'PR4' to the short-term bank facilities of M/S
Bridal Jewellery Mfg. Co.

                                  Amount
   Facilities                   (INR Crore)   Ratings
   ----------                   -----------   -------
   Short-term Bank Facilities       28.00     'PR4' Assigned

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

Rating Rationale

The rating is constrained by the legal structure of BJMC, being a
partnership firm, high customer concentration risk since most of
the sales are made to its sister concern, small scale of
operations of the firm, stretched operating cycle and low
profitability margins. The ratings are also constrained by
vulnerability of margins to volatility in gold prices and industry
risk associated with high competition from players in organized
and unorganized sectors.

The rating however takes into account the promoters experience and
long track record in the same line of operations and low gearing
levels.  Going forward, BJMC's ability to diversify its customers
profile, scale up its operations and improve profitability would
remain the key rating sensitivities.

BJMC was incorporated in year 2000, as a partnership firm with
Rajan Kohli (75%) and his wife Neelja Kohli (25%) as partners. The
firm is engaged in manufacturing and export of 22 ct plain
gold jewellery to US, UK & UAE. It is a 100% export-oriented
undertaking (EOU) and has its manufacturing unit located at
Special Economic Zone-Noida, UP (NSEZ). The present production
capacity of the unit is 40-50 kg jewellery per month.
Of the total manufacturing of BJMC, 90% is done based on orders.
The firm exports jewellery mainly to UK (85-90%) through its
sister concern, M/s Siddharth Jewellery (U.K) Ltd. in London and
remaining (10-15%) is sold directly to US and UAE.


CONVENTION HOTELS: CARE Reaffirms 'CARE BB' Rating to Term Loan
---------------------------------------------------------------
CARE reaffirms 'CARE BB' rating to the bank facilities of
Convention Hotels India (P) Ltd.

                                    Amount
   Facilities                    (INR Crore)   Ratings
   ----------                    -----------   -------
   Long-term Bank Facilities       136.8      'CARE BB' Reaffirmed
   Term Loan (reduced from 142.0)

The rating continues to factor in the delay in completion of the
hotel projects resulting in cost escalation and necessitating debt
restructuring by CHI. However, the rating derives strength from
management tie-ups with global hospitality brands for the hotel
projects and also the locational advantage of the projects.
However, timely and successful completion of projects as per the
revised schedule and cost estimates shall remain the key rating
sensitivities.

Convention Hotels India Pvt. Ltd, promoted by Mr. Priyakant Amin
and Ms. Namrata Amin was established in August 2006.  CHI is
presently undertaking 5-star hotel development projects at Goa and
Bangalore.  At Goa, CHI is refurbishing, expanding and upgrading
an apartment hotel into a luxury resort having 28 rooms and 108
suites. The Goa Project involving a total outlay of INR94.2 crore
is expected to be operational from January 2012.

CHI is also constructing a INR181.3 crore 5-star mixed use
Transient business hotel in Bangalore with 260 rooms.  This hotel
project is expected to be operational from April 2012.  As on
Dec. 31, 2010, CHI incurred around INR121.4 crore (INR51.3 crore
for Goa and INR70.1 crore for Bangalore) on the projects; financed
by term loans of INR47.8 crore and balance INR73.6 crore through
equity.


DAYAL ENERGY: CRISIL Reaffirms 'B' Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Dayal Energy and
Proteins Ltd continues to reflect the company's below-average
financial risk profile, marked by a small net worth, a high
gearing, and weak debt protection metrics, and exposure to intense
competition and to risks inherent in the commoditized soya bean
oil industry.

   Facilities                         Ratings
   ----------                         -------
   INR200.0 Million Cash Credit       B/Stable (Reaffirmed)
   INR133.0 Million Rupee Term Loan   B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
Dayal Energy derives from the industry experience of its promoters
and from its integrated operations.

Update

DEPL's performance in 2010-11 (refers to financial year, April 1
to March 31) was in line with CRISIL's expectations. The company
is estimated to have reported a year-on-year increase in revenues
of more than 80% with a topline of about INR1.8 billion and an
operating margin of about 3.5% in 2010-11, which was the first
year of full operations; the company was able to commence
operations only by August 2009.  A full year of operations, along
with increase in end product prices (about 5% and 14% increase in
average soya DOC and refined oil prices in 2010-11 over average
prices between August 2009 and March 2010) were the key drivers
for increase in revenues. Average capacity utilization was at 75%
during the year.  The company is expected to touch nearly full
utilization levels over the near term on the back of steady demand
for soya products.

DEPL has moderate capital expenditure (capex) plans; it plans to
install a lecithin plant at an outlay of INR4 million to INR5
million over the next few months. The capex is to be funded out of
internal accruals. Despite the expected increase in scale of
operations, the company's net cash accruals are estimated to
remain weak, especially in comparison to large and increasing
maturing annual debt obligations; annual repayments are expected
to increase to about INR36 million by 2012-13 as against INR24
million in 2010-11. The extent of cash accruals generated from the
enhanced capacities, therefore, remains a key rating sensitivity
factor.

For 2010-11, DEPL reported a provisional profit after tax (PAT) of
INR5.6 million on net revenues of INR1.8 billion, against a PAT of
INR1.2 million on net revenues of INR974.5 million in the
preceding year.

Outlook: Stable

CRISIL believes that DEPL will benefit over the medium term from
its established contacts with its customers and suppliers, and the
steady demand for its soya products. The outlook may be revised to
'Positive' if the company reports higher-than-estimated cash
accruals, or if there is substantial improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case its cash accruals remain weak vis--vis repayments, if there
is any stretch in its working capital cycle, or if it undertakes
any large debt-funded capex.

                       About Dayal Energy

DEPL, based in Akola (Maharashtra), is a soya bean oil extractor
and refiner. It has solvent extraction capacities of 500 tpd and
refining capacities of 90 tpd (on lease from associate concern
Dayal Agro Products Ltd). It sells refined oil in the local market
and soy DOC to large exporters such as Cargill India Pvt Ltd.
Dayal Energy commenced commercial operations in August 2009. The
company derives about 65% of its revenues from DOC, 20% from sale
of refined oil, and the rest from trading of other agro
commodities such as cotton, sarso, and toor dal.


INDIAN BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has assigned Indian Bank a Long-Term Foreign
Currency Issuer Default Rating of 'BBB-' with Stable Outlook and a
Short-term Foreign Currency IDR of 'F3'. A Support Rating Floor of
'BB+' has also been assigned.

IB's IDRs reflect the bank's consistently strong performance
through the last economic slowdown in 2009-2010. The bank's
profitability and capitalization ratios have been amongst the
highest in the Indian banking system over the last five to six
years and provide buffer against cyclical downturns. Funding is
mostly through customer deposits on the back of a strong branch
network.

The National Long-term 'AA+(ind)' rating, while factoring the
above mentioned factors, also reflects the bank's regionally
concentrated presence and lower income diversity compared with
banks rated 'AAA(ind)' (see "Fitch affirms Indian Bank at
AA+(ind); Outlook Stable"; on 23 May 2011).

IB's Support Rating Floor of 'BB+' is a notch lower than that of
systemically more important banks. This is partly due to the
bank's mid-size and regional focus (15th largest bank in India)
but also due to the sovereign's own fiscal limitations in
providing timely support to all banks in a crisis.

IB's LTFC IDR may be downgraded to the Support Rating Floor if the
bank's long-term prospects were to be impacted, for example, by a
sustained economic downturn in its home market.

IB is a government bank with over 1,860 branches across India, one
branch in Singapore and two in Sri Lanka. It has a particularly
strong presence in Tamil Nadu.

IB's rating actions are:

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

   -- Short-term Foreign Currency IDR assigned at 'F3'

   -- Support Rating Floor assigned at 'BB+'

   -- National Long-term rating affirmed 'AA+(ind)'; Outlook
      Stable

   -- National Short-term rating affirmed at 'F1+(ind)'.

   -- Individual rating affirmed at 'C/D'

   -- Support rating affirmed at '3'

   -- INR80bn certificate of deposit programme affirmed at
      'F1+(ind)'

   -- INR3bn lower tier 2 subordinated debt programme affirmed at
      'AA+(ind)'


ISPAT DAMODAR: CRISIL Downgrades Rating on INR96.3MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ispat
Damodar Ltd to 'D/P5' from 'BB/Stable/P4+'.  The downgrade
reflects instances of delay by IDL in servicing its term loan; the
delays have been caused by the company's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR28.8 Million Cash Credit     D (Downgraded from 'BB/Stable')
   INR96.3 Million Term Loans      D (Downgraded from 'BB/Stable')
   INR7.0 Mil. Letter of Credit    P5 (Downgraded from 'P4+')

IDL's rating also factors in the potential deterioration in the
group's financial risk profile driven by proposed debt funded
capital expenditure (capex) over the near term, limited risk
management policies and vulnerability to cyclicality in the steel
business. The company continues to benefit from the moderate
operational synergy that it shares with other group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of IDL, Brand Alloys Ltd, Haldia Steels
Ltd and Sonic Thermal Pvt Ltd, together referred to as the Haldia
group. The combined approach is because the entities have strong
operational linkages and a common management.

                         About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility. HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferro alloys, at its
plant in Durgapur (West Bengal [WB]).

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur (WB), has manufacturing capacity of 80,000 tpa for
ingots, 60,000 tpa for sponge iron, 325,000 tpa for coal washing,
15,000 tpa of steel fabrication and steel casting, and 30,000 tpa
for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed
IDL) in April 1996. IDL began operations in December 2006 with
sponge iron and steel ingot manufacturing facilities. IDL
currently has manufacturing capacity of 60,000 tpa for sponge iron
and 95,000 tpa for ingots.

STPL, set up in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes each,
for the production of ferro manganese and silico manganese. STL's
operations began in January 2011.

The Haldia group is expected to undertake capex programme of
around INR4 billion over the next few years to increase its
existing capacities and backward integration of existing
operations.

The Haldia group reported a profit after tax (PAT) of INR28.5
million on net sales of INR4.8 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR40.1
million on net sales of INR5.3 billion for 2008-09.


JAIPUR INTEGRATED: ICRA Reaffirms 'LBB' Rating on INR25cr Loan
--------------------------------------------------------------
ICRA reaffirms the 'LBB' rating for INR25 crore term loan
facilities of Jaipur Integrated Texcraft Park Private Limited.

As JITPPL continues to be in project execution mode, the rating
reaffirmation is driven primarily by the nascent phase of the
project which subjects it to execution and project completion
risks. Moreover, the rating continues to be constrained due to
delays in commissioning of the facilities in comparison to the
original plan.

The timely completion of the development work is critically
dependent on external support, in the form of Government of India
grant under Scheme of Integrated Textile Parks for 40% of the
project cost. However the rating takes comfort from IL&FS' project
management capability, liquidity support in the form of debt
servicing reserve account, established operations of the share
subscribers who intend to extend their manufacturing facilities in
the park, demonstrated synergies amongst these units in the past
and the flexibility in structure offered as per the contract terms
which allows to replace non performing members.

The company is developing an integrated textile park over 23.42
acres of land at Bagru, near Jaipur.  The project has been
approved under Scheme of Integrated Textile Parks enabling 40% of
project cost to be funded by Government of India grant


KPC MEDICAL: CARE Assigns 'CARE B+' Rating to INR131cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' & 'PR4' ratings to the bank facilities of
KPC Medical College And Hospital.

                                Amount
   Facilities                 (INR Crore)    Ratings
   ----------                 -----------    -------
   Long-term bank facilities      131.0      'CARE B+' Assigned
   Short-term bank facilities      15.0      'PR 4' Assigned

Rationale

The ratings are constrained by short track record of operation of
KPC, net loss and operating loss during the last three years
leading to erosion of networth, stress on liquidity resulting in
restructuring of term loan and fragmented nature of the healthcare
industry. The ratings also factor in association of eminent
doctors with the hospital, satisfactory infrastructure with latest
available technology and favorable demand outlook for medical
institutions in the area. Ability to successfully commence
multi-specialty services & post- graduate courses and to enhance
occupancy level with high service quality would remain the key
rating sensitivities.

KPC was promoted by Dr. K.P. Chaudhuri in August, 2003 and
registered as a society with the objective of setting up a medical
college along with a 750-bed hospital on 48 acres of land in
Kolkata.  KPC is one of the first private medical educational
institutions in West Bengal and admits 150 students in the MBBS
course. While the hospital became operational in 2007, the medical
college started its operation in 2008. KPC also has a B.Sc Nursing
college and a General Nursing & Midwifery (GNM) Nursing school in
the same campus.

KPC earned PBILDT of INR0.5 crore (loss of INR5.3 crore in FY09)
and loss of INR24.4 crore (loss of INR19.0 crore in FY09) on net
revenue of INR22.6 crore (Rs.12.5 crore in FY09) in FY10.


MYK SCHOMBURG: CRISIL Assigns 'B+' Rating to INR16.5MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of MYK Schomburg India Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR70.00 Million Cash Credit        B+/Stable (Assigned)
   INR16.50 Million Long-Term Loan     B+/Stable (Assigned)
   INR25.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect MYK's large working capital requirements,
small scale of operations, and susceptibility to intense
competition in the construction chemicals industry. These rating
weaknesses are partially offset by MYK's moderate financial risk
profile, marked by a moderate capital structure and healthy debt
protection metrics, and the strong support of MYK's joint venture
partner, Aquafin International GMBH (Schomburg).

Outlook: Stable

CRISIL believes that MYK will continue to benefit from its healthy
business prospects and Schomburg's strong support, over the medium
term.  The outlook may be revised to 'Positive' if MYK
significantly scales up its operations without any deterioration
in its profitability and its capital structure.  Conversely, the
outlook may be revised to 'Negative' if MYK's profitability or
revenues decline or if the company undertakes any larger-than-
expected, debt-funded capital expenditure programme.

                         About MYK Schomburg

Incorporated in 2006 and based in Hyderabad (Andhra Pradesh), MYK
is a 50:50 joint venture between the Hyderabad-based MYK group and
the Germany-based Schomburg.  The company manufactures
construction chemicals such as admixtures, waterproofing systems,
and industrial flooring. MYK's plants are located in Rajasthan and
Andhra Pradesh. The company is managed by Mr. Y Muralidhar.


OSWAL PUMPS: ICRA Assigns 'LBB+' Rating to INR38cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating assigned to the INR38 crore fund
based bank facilities of Oswal Pumps Limited.  The outlook
assigned to the long-term rating is Stable.

The rating factors in the company's experienced management and
favorable demand outlook in the pumps industry due to significant
investments planned in key user industries.  The rating is,
however, constrained by the intensely competitive industry with
the presence of few organized and numerous unorganized players.
The rating also takes into account high working capital
requirements which have resulted in high gearing and modest debt
protection metrics for the company. Going forward, ICRA expects
the backward integration steps taken by OPL in the last few years
to translate into healthy margins for the company.

                          About Oswal Pumps

Oswal Pumps Limited is a Karnal based company engaged in the
production of various types of electric pumps. Oswal Pumps was
incorporated in 2003 by Mr. Padam Sain Gupta and his sons, Mr.
Rajev Gupta and Mr. Vivek Gupta; it was reconstituted as a closely
held limited company in January 2007. OPL manufactures submersible
and monoblock pumps, and electric motors at its unit in Karnal
(Haryana).  The electrical pumps find applications in domestic,
industrial and agricultural sector. OPL manufactures more than 900
varieties of pumps and motors and has more than 750 distributors
and agents spread all across India.


RATNAVEER STAINLESS: CRISIL Reaffirms 'BB' Rating on INR17.1M Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ratnaveer Stainless
Products Private Limited continue to reflect RSPPL's moderate
financial risk profile marked by high gearing and exposure to
risks relating to fluctuations in the value of the Indian rupee.
These rating weaknesses are partially offset by the benefits that
RSPPL derives from its promoters' experience in the stainless
steel industry, and improving operating efficiency.

   Facilities                           Ratings
   ----------                           -------
   INR109.9 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR17.1 Million Term Loan            BB/Stable (Reaffirmed)
   INR299.9 Million Letter of Credit    P4+ (Reaffirmed)
   INR1.1 Million Bank Guarantee        P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that RSPPL will maintain a stable business risk
profile over the medium term backed by promoters' experience in
the steel industry. RSPPL's financial risk profile however is
expected to remain constrained due to high gearing. The outlook
may be revised to 'Positive' if the company's operating margins
improve further leading to improvement in debt-protection measures
and gearing improves due to equity infusion. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability is adversely impacted by volatility in raw material
prices or adverse movements in foreign exchange rates, or if the
company's debt protection measures deteriorate due to larger-than-
expected debt-funded capital expenditure programmes.

                       About Ratnaveer Stainless

RSPPL, incorporated in 2002 by Ramanand Sanghvi, manufactures
stainless steel products in Vadodara (Gujarat).  The company
manufactures four types of stainless steel products, namely
stainless steel washer, used along with nuts and bolts for fitting
machinery parts in the automobile and power sectors; solar
mounting hooks used in solar panels; street railings and street
sculptures; and finishing lines used in the elevators, doors, and
home appliances. The company's total capacity for manufacturing
stainless steel washers, solar mounting hooks, and finished steel
sheets is 3600 tonnes per annum (TPA), 1200 TPA, and 3000 TPA,
respectively.

RSPPL has provisionally reported profit after tax (PAT) of INR17
million on net sales of INR783 million for 2010-11, as against a
PAT of INR11 million on net sales of INR517 million for 2009-10.


SHREE BHAGESHWARI: ICRA Assigns 'LBB+' Rating to INR44.5cr Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR44.5 crore fund based and
non fund based bank facilities of Shree Bhageshwari Papers
Limited.  The rating carries a stable outlook.

ICRA has also assigned an 'A4+' rating for short-term for INR3.5
crore non-fund-based bank facilities of SBPL.  The ratings take
into consideration SBPL's levered capital structure, its weak debt
protection indicators, its moderate scale of operations and high
competitive intensity in the industry, which is characterized by
the presence of large number of small-to-medium sized players.
Moreover, the value addition in the segments in which the company
is present (mild steel ingots and kraft paper) is low, which
coupled with the low capital expenditure requirements lead to
limited entry barriers and impact the bargaining power and
profitability of all the players in the industry.

The ratings, however, derive comfort from the long and established
presence of the promoters in the kraft paper business and captive
6MW rice husk based power plant of SBPL which reduces the power
and fuel costs of the company, and supplements the revenues
through carbon credits. While assigning the rating, ICRA notes
that the company has commenced operations at its newly constructed
white paper plant in October 2010 with a capacity of 23100 Metric
tonnes per annum. Going forward, ability of the company to operate
the newly commissioned plant at high utilization level and to
improve the capital structure will remain key rating
sensitivities.

SBPL was incorporated in 1996 as a public limited company. The
company manufactures kraft paper, white paper and mild steel
ingots. During 2006-07, the company installed a 6 MW power plant
(rice-husk based) to meet its power and steam requirements. The
white paper manufacturing unit was established recently and it
started operations in November 2010. The kraft paper mill has a
capacity of 10000 TPA, white paper mill has a capacity of 23100
TPA and the ingot manufacturing unit has a capacity of 13500 TPA.
The three manufacturing units and the power plant are located
adjacent to each other at Bhopa Road, Mazaffarnagar.


SHREE MADHAV: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Shree Madhav Ispat
Pvt Ltd's standby line of credit and corporate loan facilities,
while reaffirming its 'BB+/Stable/P4+' ratings on its existing
bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR110 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR3.5 Million Long-Term Loan    BB+/Stable (Reaffirmed)
   INR16.5 Million Standby Line     BB+/Stable (Assigned)
          of Credit
   INR17.1 Million Corporate Loan   BB+/Stable (Assigned)
   INR87.3 Million Proposed LT      BB+/Stable (Reaffirmed)
          Bank Loan Facility
   INR10 Million Bank Guarantee     P4+ (Reaffirmed)
   INR10 Million Letter of Credit   P4+ (Reaffirmed)

The ratings continue to reflect SMIPL's marginal market share in
the sponge iron industry and its susceptibility to volatility in
raw material prices and to risks related to project
implementation.  These weaknesses are partially offset by SMI's
above-average financial risk profile, marked by moderate gearing
and debt protection metrics.

Outlook: Stable

CRISIL believes that SMIPL will continue to benefit over the
medium term from its promoters' extensive experience in the sponge
iron industry. The outlook may be revised to 'Positive' in case
the company is able to generate more-than-expected revenues and
improve its operating margin, or in case of better-than-expected
in capacity utilisation. Conversely, the outlook may be revised to
'Negative' in case of more-than-expected deterioration in SMIPL's
operating margin.

                        About Shree Madhav

Set up in 2003 by Mr. Pradip Kumar Lodha, Mr. Madhav Kumar Lodha,
Mr. Anup Kumar Lodha, and Mr. Anant Kumar Lodha, SMIPL
manufactures sponge iron. Its production facility in Jharsuguda
(Orissa) is spread over 54 acres and has two sponge iron kilns
with a combined installed capacity of 200 tonnes per day. The
company is planning to forward integrate its operations by setting
up an additional ingot casting line in 2012-13 (refers to
financial year, April 1 to March 31) at an estimated cost of
INR110 million. The new capacity is expected to be commercialised
by March 2013.

SMIPL, on a provisional basis, reported a profit after tax (PAT)
of INR5.0 million on net sales of INR408.4 million for 2010-11, as
against a PAT of INR4.4 million on net sales of INR379.6 million
for 2009-10.


SHRI RAM SOLVEX: CARE Rates INR15cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Shri Ram Solvex.

                                Amount
   Facilities                 (INR Crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     15.00      'CARE B+' Assigned

Rating Rationale

The rating is constrained by small size of operations of Shri Ram
Solvex, low profitability margins and its constitution as a
partnership firm leading to possibility of withdrawal of capital
and restricted financial flexibility. Inherent risk associated
with the seasonal nature of agro industry, working capital
intensive nature of operations and high level of intergroup
transactions further constraint the rating. Rating draws strength
from experienced promoters, locational advantage, favorable
industry prospects and absence of long term debt.  Increasing
scale of operations, improvement in profitability along with
timely availability of raw material are the key rating
sensitivities.

SRS is a small partnership firm of Sukhbir Group based out of
Punjab, incorporated in August 2005 and commenced its operations
from December 2005. SRS is engaged in the production of rice bran
oil and De-oiled cakes (DOC).  The firm has plant situated in
Guruharsahi near Ferozpur, Punjab having crushing capacity of 100
Tonne Per Day (TPD).

During FY10, SRS has reported PAT of INR0.02 crore on a total
income of INR22.63 crore as against PAT of INR0.01 crore on a
total income of INR20.28 crore in FY09. During 10MFY11, SRS has
achieved PBDILT of INR1.45 crore on total income of INR38.81
crore.


SONIC THERMAL: CRISIL Cuts Rating on INR107.4MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sonic
Thermal Pvt Ltd to 'D/P5' from 'BB/Stable/P4+', while assigning
its 'D' rating to the company's proposed long-term facility.  The
downgrade reflects instances of delay by STPL in servicing its
term loan; the delays have been caused by the company's weak
liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       D (Downgraded from 'BB/Stable')
   INR107.4 Million Term Loans     D (Downgraded from 'BB/Stable')
   INR42.6 Million Proposed LT     D (Assigned)
            Bank Loan Facility
   INR50 Million Letter of Credit  P5 (Downgraded from 'P4+')
              and Bank Guarantee

STPL's rating also factors in the potential deterioration in the
group's financial risk profile driven by proposed debt funded
capital expenditure (capex) over the near term, limited risk
management policies and vulnerability to cyclicality in the steel
business. The company continues to benefit from the moderate
operational synergy that it shares with other group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of STPL, Ispat Damodar Ltd, Brand Alloys
Ltd and Haldia Steels Ltd, together referred to as the Haldia
group. The combined approach is because the entities have strong
operational linkages and a common management.

                        About the Group

Established in 1996, HSL commenced operations in 2002 with an
ingot manufacturing facility. HSL currently has manufacturing
capacities of 120,000 tonnes per annum (tpa) for sponge iron,
120,000 tpa for ingots, and 36,000 tpa for ferro alloys, at its
plant in Durgapur (West Bengal [WB]).

BAL, set up in March 1994 as a steel and engineering unit in
Sreerampur (WB), has manufacturing capacity of 80,000 tpa for
ingots, 60,000 tpa for sponge iron, 325,000 tpa for coal washing,
15,000 tpa of steel fabrication and steel casting, and 30,000 tpa
for steel bars and rods.

The Haldia group also set up Brand Projects Ltd (later renamed
IDL) in April 1996. IDL began operations in December 2006 with
sponge iron and steel ingot manufacturing facilities. IDL
currently has manufacturing capacity of 60,000 tpa for sponge iron
and 95,000 tpa for ingots.

STPL, set up in December 2002, is setting up two submerged
electric arc furnaces with capacity of 7.5 megavolt amperes each,
for the production of ferro manganese and silico manganese. STL's
operations began in January 2011.

The Haldia group is expected to undertake capex programme of
around INR4 billion over the next few years to increase its
existing capacities and backward integration of existing
operations.

The Haldia group reported a profit after tax (PAT) of INR28.5
million on net sales of INR4.8 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR40.1
million on net sales of INR5.3 billion for 2008-09.


VHM INDUSTRIES: CRISIL Raises Rating on INR454MM Term Loan to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of VHM
Industries Ltd to 'BB/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR454.3 Million Term Loan       BB/Stable (Upgraded from
                                               'B+/Stable')

   INR46.6 Million Corporate Loan   BB/Stable (Upgraded from
                                               'B+/Stable')

   INR510.0 Million Cash Credit     BB/Stable (Upgraded from
                                              'B+/Stable')

   INR150.0 Mil. Letter of Credit   P4+ (Upgraded from 'P4')

   INR20.0 Million Bank Guarantee   P4+ (Upgraded from 'P4')

The rating upgrade reflects the successful completion of VHM's
capital expenditure (capex) programme for increasing its
manufacturing capacity three months ahead of schedule and within
the budgeted cost, and the steady offtake from the incremental
capacity. VHM's revenues are estimated to have improved to
INR2320.0 million in 2010-11 (refers to financial year, April 1 to
March 31) from INR1597.7 million in 2009-10, because of higher
sales from the enhanced capacity, which came on stream in 2010-11.
The operating margin are also estimated to have remained stable at
around 10% in 2010-11, because of the company's increasing focus
on higher-value-added products and the gradual shift of its
revenue-mix towards manufacturing, as against trading in fabrics.
CRISIL expects VHM's manufacturing segment to account for more
than 50% of its revenues over the medium term.

The ratings continue to reflect VHM's average financial risk
profile marked by high gearing and weak debt protection measures,
and its modest scale of operations in a highly competitive and
unorganized industry. These rating weaknesses are partially offset
by VHM's established market position in the fabrics segment and
its widespread distribution network.

Outlook: Stable

CRISIL believes that VHM will continue to report healthy growth in
revenues from its fabric manufacturing segment on the back of its
established market position and widespread distribution reach. The
outlook could be revised to 'Positive' if the company is able to
generate higher-than-expected revenues and operating margin from
its incremental capacity, or if there is an equity infusion by the
promoters to support the increase in the company's scale of
operations, or if its debt protection metrics improve as a result
of increase in profitability. Conversely, the outlook may be
revised to 'Negative' if VHM is unable to generate higher volumes
from the incremental capacity, leading to deterioration in its
profitability, or if the company undertakes any additional larger-
than-expected debt-funded capex programme.

                       About VHM Industries

Incorporated in 1989 as a private limited company by Mr. Vijayraj
Mehta and his family, VHM was reconstituted as a closely held
public limited company in 1996. VHM manufactures and processes
blended fabrics for suiting and shirting, and sells the fabrics
through its distribution network that spans 18 states in India.
The company implemented a project to treble its capacity to 9
million metres per annum (mpa) during 2007-08 and 2008-09, from 3
million mpa in 2006-07, and undertook further capex to increase
its capacity to 18 million mpa in 2010-11. Its facilities are
located at Bhiwandi (Maharashtra) and Umargaon (Gujarat).

VHM reported a profit after tax (PAT) of INR35.7 million on
revenues of INR1597.7 million for 2009-10, against a PAT of
INR20.6 million on revenues of INR1084.2 million for 2008-09.


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


DAVOMAS ABADI: Moody's Confirms 'Caa3' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has confirmed PT Davomas Abadi Tbk's
Caa3 corporate family rating.  The rating outlook is stable.
This concludes the review for possible upgrade initiated on
March 29, 2011.

"The confirmation follows the ongoing delay in P.T. Uniflora
Prima's proposed acquisition of Davomas, thereby diminishing the
likelihood of Davomas' outstanding notes being redeemed in the
process," says Alvin Tan, a Moody's Analyst.

Moody's had previously placed Davomas' corporate family rating on
review for possible upgrade after Uniflora had announced its plan
to acquire a 51.9% stake in Davomas, and redeem the outstanding
senior secured notes due 2011 and 2014, with cash proceeds from a
proposed bond issuance.

"Davomas will therefore need to rely on its cash on hand and
internally generated cash flows to fund its interest payments for
the outstanding bonds, as well as the principal maturing in 2014,"
adds Tan.

Since March 7, 2011, Davomas is required to service its quarterly
interest payments for its outstanding senior secured bonds in cash
at 11% per annum. Previously, the company had the option of
issuing additional new notes at a rate of 13.75% per annum, or in
cash at a rate of 5.5% per annum.

"Although Davomas has increased its production since it resumed
operations in December 2009 after a seven month suspension, its
operating performance remains volatile, with capacity utilization
constrained by its limited working capital and increased
competition in the Industry. In addition, the company's interest
coverage position remains weak, thus limiting financial
flexibility," says Tan.

While Davomas' cash on hand and operating cash flows could be
sufficient to fund its interest payments and maintenance capital
expenditure over the next four quarters, its weak credit profile
and lack of financial flexibility render it vulnerable to the
volatile operating environment.

Davomas' rating continues to be driven by the uncertainty over
near-term business performance, volatile operating profile due to
the commodity nature of its business and weak pricing power
against its customers, as well as a history of debt restructuring
and weak risk management policies.

The stable outlook incorporates Moody's expectation that cocoa
bean prices will stabilize over the next one to two years, with
Davomas' cash on hand and operating cash flow at a sufficient
level to fund its quarterly interest payments, given its leading
position in Indonesia's cocoa grinding industry.

Upward rating pressure could develop over time, if Davomas
successfully implements its business plan and improves its
operating performance while strengthening liquidity.

On the other hand, the ratings could be downgraded, if its
liquidity weakens, and it is therefore unable to meet its
quarterly cash interest payments.

The principal methodology used in this rating was Moody's "Global
Food -- Protein and Agriculture Industry" published in September
2009.

Established in 1990 and listed on the Jakarta Stock Exchange since
1994, Davomas is one of the dominant producers and exporters of
cocoa butter and cocoa powder in Indonesia.


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


ACOM CO: S&P Lowers Long-term Counterparty Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and debt ratings on ACOM Co. Ltd. by one notch
to 'BB+' and the short-term counterparty credit rating by
one notch to 'B'. "At the same time, we affirmed the long-term
counterparty credit and debt ratings on Promise Co. Ltd. at 'BB'
and the short-term counterparty rating at 'B'. The outlooks on the
long-term counterparty credit ratings on ACOM and Promise are
negative," S&P said.

"The downgrades on ACOM resulted from our lowering of its stand-
alone assessment, which excludes extraordinary support from its
parent banking group, Mitsubishi UFJ Financial Group Inc. (MUFG;
A/Stable/--). Standard & Poor's holds the view that ACOM is likely
to continue to face downward pressure in its profitability and
cash flow over a longer duration than our initial expectation. We
hold this view because ACOM faces a continuous decline
in outstanding operating loans and a high level of refunds of
overcharged interest. Nevertheless, Standard & Poor's believes
that the credit profile of ACOM is supported by its parent banking
group; ACOM receives direct financing from MUFG, which holds 40%
of ACOM's shares," S&P continued.

Although ACOM maintains short-term liquidity and committed credit
lines at a sufficient level to cover debts that are due within one
year, Standard & Poor's expects the company's financial
performance to remain weak for the next two to three years. This
is because the amended Money Lending Business Law, which became
fully effective in June 2010, has made it difficult for ACOM to
extend new loans. Also, it faces a high level of interest refunds.
The number of interest refund claims is now easing after a surge
in the wake of the bankruptcy of a major player, Takefuji Corp.
(NR), in late September 2010, and Standard & Poor's believes that
refunds of overcharged interest are likely to taper off in the
second half of fiscal 2011 (ending March 31, 2012). However,
assuming a 15%-20% year-on-year decline in interest refunds for
this fiscal year, we expect the company's cash-based operating
margin to stay negative due to the drop in revenues. The negative
margin can continue for two to three years before the decline in
the outstanding balance of loans bottoms out.

Meanwhile, Promise also faces similar industry-wide negative
pressure, and its financial prospects remain weak. "We have
incorporated even weaker operating prospects into the ratings on
the company, and rated its stand-alone credit profile at a lower
level than ACOM. Promise is an equity-method affiliate of
Sumitomo Mitsui Financial Group Inc. (SMFG; A/Stable/A-1), which
holds a 22% stake in Promise. Although Promise's financing base is
supported by SMFG's credit quality, Promise's outstanding loan
balance has fallen at a faster pace than ACOM, and it faces
heavier refinancing burdens," S&P explained.

"Nevertheless, we continue to incorporate a three-notch uplift in
the long-term counterparty credit rating on ACOM based on its
fully consolidated status within the group and a two-notch uplift
in the long-term counterparty credit ratings on Promise. We view
both companies as strategically important subsidiaries for their
parent banking groups, as they will supplement the groups'
consumer finance businesses in the long run. Although both banking
groups' equity interests in ACOM and Promise fall short of
majority stakes, we consider the probability of support from MUFG
and SMFG to each consumer finance subsidiary as higher than that
indicated by their equity interests. This view is based on the
strong influence that Japan's banking groups have on their
affiliated companies, and their history of support for affiliates.
Given ACOM's and Promise's increasing reliance on both banking
parent groups, we intend to continue to monitor any possible
changes in MUFG's and SMFG's support stances, especially if the
stand-alone credit profiles of ACOM and Promise continue to
weaken," S&P elaborated.

The outlooks on the long-term ratings on ACOM and Promise are both
negative. "Amid a difficult operating environment for the consumer
finance industry, Standard & Poor's expects the stand-alone
assessments on both companies to remain under pressure. In
addition, the uplifts attributed to the extraordinary support from
their parent banking groups are at the upper limits described in
our rating criteria. We may revise downward our long-term
counterparty credit ratings on ACOM and Promise if we see signs
that support from their parent groups have weakened, or if we have
reason to believe that the companies are unlikely to achieve their
profit targets. Conversely, we may consider revising upward the
stand-alone assessments and raise the long-term counterparty
credit ratings, or consider revising upward our outlooks, if the
balance between their revenue and the costs of defaults and
refunds of overcharged interest is highly likely to improve. We
may also consider upward revisions if we see evidence of stronger
commitment from the parent banking groups," explained S&P.


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


ALLIED FARMERS: Gets 9-Month Reprieve on Repaying NZ$7.5MM Loan
---------------------------------------------------------------
BusinessDesk reports that Allied Farmers Limited has gained a
nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1.

BusinessDesk relates Allied Farmers Chairman Garry Bluett said the
loan repayment scheduled has been extended to March 31, 2012.

At the same time, BusinessDesk says, Allied Farmers has appointed
Allied Nationwide to manage loans and other remaining assets of
another unit in the group, Allied Farmers Investment, reflecting
its "experience in dealing with finance company assets."

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

BusinessDesk relates that Allied Farmers entered into two loan
agreements with Allied Nationwide last year, converting its
existing debt factoring, credit enhancement and related party loan
arrangements.  All of Allied Farmers' assets are secured by a
general deed covering the loans.

According to BusinessDesk, the parent company had expected to be
able to sell enough assets to repay the debt but in April said the
sales process was hampered by "market saturation of finance
company assets."

                      About Allied Farmers

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


BRIDGECORP LTD: High Court Denies Petricevic's Bid for Legal Aid
----------------------------------------------------------------
The NZ Herald reports that former Bridgecorp director Rod
Petricevic will receive no legal aid from the Government to defend
charges laid by the Serious Fraud Office, the High Court has
ruled.

NZ Herald says Justice Edwin Wylie dismissed Mr. Petricevic's
appeal against a legal aid review panel's decision that previously
declined his application for legal aid.

The panel reviewed the initial decision made by the Legal Services
Agency, which also declined Mr. Petricevic's application for
financial assistance, the report relates.

According to the report, the agency declined Mr. Petricevic's
application because despite being bankrupt, he is a trustee of the
R.M. Petricevic Trust, which has considerable assets, and his wife
Mary and adult sons are discretionary beneficiaries.

"The information before us shows a close-knit family trust with
considerable assets. There is no independent trustee. There is a
history of very large advances made to Mr. Petricevic, and
significant benefits provided to both Mr. and Mrs. Petricevic on
an ongoing basis. Those benefits are provided to them by
themselves as trustees," the agency said, according to NZ Herald.

NZ Herald relates that the agency added that under the Legal
Service Act, Mary Petricevic's assets could be treated as Rod
Petricevic's resources, and that it was entitled to take any
benefit she might receive from the trust into account before
making its decision.

According to NZ Herald, Justice Wylie said it was known Mr.
Petricevic did not personally have money for a defence, but the
primary matter was whether the agency could treat assets under
trust as his assets when assessing eligibility for legal aid.

The Crown said Mary Petricevic had access to the trust's assets at
Rod Petricevic's discretion, and it determined that it was
appropriate that the trust's assets be regarded as part of her
resources.

Petricevic's lawyer Charles Cato said Mary Petricevic's interest
as a discretionary beneficiary was only "an expectancy".

Justice Wylie said there was no "absolute right" to legal aid.  It
was for people with insufficient means to pay for legal services.

The SFO charges are criminal offences relating to Mr. Petricevic's
directorship of Bridgecorp, which collapsed in July 2007 owing
$459 million to 14,500 investors.  He has pleaded not guilty.  The
case is expected to go to trial next year.

                       About Bridgecorp Ltd

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

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


FOCUS (DIY): Methven to Recoup NZ$460,000 from Firm
----------------------------------------------------
NZ Herald reports that luxury shower and tapware designer Methven
is expecting to recover $460,000 from its largest British
customer, Focus (DIY), which is in administration.

According to NZ Herald, Methven said the administrator had
confirmed an agreement under which it was prepared to allow Focus
to pay Methven GBP329,675 plus VAT in aggregate.

Half the agreed sum was to be paid on June 16 with the balance to
be paid on June 30, NZ Herald relays.

Methven expects to recover GBP460,000 once the second installment
was received.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's stores, which continue
to trade as normal, according to H&V News.

According to a separate TCR-EUR report on May 27, 2011, The
Independent related that 3,000 jobs are set to be lost after
administrators failed to find a buyer for the chain.  Guardian
noted that Liverpool discount retail chain B&M Bargains has
acquired 11 stores from joint administrators for an undisclosed
sum, safeguarding more than 200 jobs in the process.  The report
said that B&Q owner Kingfisher bought 31 outlets for GBP23
million; while builders' merchant Travis Perkins, the owner of
home improvement business Wickes, bought 13 properties for GBP8.4
million.  However, administrators said it has not been possible to
find a buyer for the Focus DIY group as a whole, The Independent
disclosed.

Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


GENESIS POWER: S&P Affirms Rating on Capital Bonds at 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed 'BBB+' long-term
corporate and senior debt ratings on Genesis Power Ltd. (trading
as Genesis Energy).  "At the same time, we have revised the
outlook on the long-term corporate rating to stable from negative.
We also affirmed the 'BB-' rating on Genesis Energy's capital
bonds, which were assigned a 'high' equity content," S&P said.

"The outlook revision reflects the final funding structure that
Genesis Energy put in place for the recent acquisition of the
Tekapo A and B power stations, as well as the board's commitment
to a 'BBB+' rating through implementation of clear financial
targets," Standard & Poor's credit analyst Thomas Jacquot
said.

S&P related, "The stable outlook reflects our view of the
company's commitment to maintaining a financial risk profile
supportive of the 'BBB+' rating, and its commitment to balancing
the inherent risks and potential earnings volatility of the
business profile from Genesis Energy's share of the Kupe gas-field
operations."

The rating could come under pressure if Genesis Energy:

    * Fails to demonstrate its commitment to its financial
      policies;

    * Increases its involvement or risk in Kupe without an
       offsetting stronger financial profile; or

    * Allows its financial metrics to weaken below the company's
      targets, including funds from operations (FFO) interest
      cover falling below 4.5x.

"We view an upgrade as unlikely given: the company's weak
financial position relative to its business profile at the 'BBB+'
rating; the New Zealand government's activities to create greater
industry competition; and the likely shareholder pressure on
Genesis Energy to increase future dividend payments," S&P related.


SOUTH CANTERBURY: Receivers Put Racehorses Up For Sale
------------------------------------------------------
The National Business Review reports that among the hotchpotch of
assets South Canterbury Finance receivers are selling are a number
of thoroughbred racehorses, repossessed following the company's
receivership last August.

"We're feeding them lots of hay and looking for a realization
process," receiver Kerryn Downey of McGrathNicol told Without a
Word of a Lie recently, according to NBR.

NBR relates that WWL understands the horses were uplifted from
Michael Tololi's stud in the Waikato, one of several of the former
NBR Rich Lister's companies tipped into receivership in 2009.

The horses were put up as security for a loan from Kelt Finance,
now called SCF Hawke's Bay, one of South Canterbury's former co-
lenders, the report says.

"Its one of the loan book transactions I'm not super close too but
its all part of our asset management unit," NBR quotes Mr. Downey
as saying.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


WESTERN PACIFIC: Liquidator Reveals NZ$3-Mil. Shortfall in Funds
----------------------------------------------------------------
NZ Herald Online reports that the liquidator of Western Pacific
said there will be a shortfall of funds available for claims
resulting from the Christchurch earthquake, striking a blow to
rebuilding efforts by some businesses there.

NZ Herald Online relates that the latest estimates reveal the
company owes creditors NZ$41.2 million, about NZ$35.2 million of
which resulted from the two Christchurch earthquakes.

Earlier estimates put the total level of insurance claims at
almost NZ$6 million, the report says.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
the firm's directors became concerned about the solvency of the
company.

According to NZ Herald Online, the liquidators said they were
hopeful NZ$32 million would be available for Canterbury earthquake
claims, leaving a more than NZ$3 million shortfall in funds for
Christchurch policyholders.

A long list of Western Pacific Insurance creditors as of April
include the Earthquake Commission, global real estate business
Colliers International, New Zealand's largest medical insurer
Southern Cross, AA Insurance, and various car panel-beating and
crash-repair businesses, NZ Herald Online discloses.

NZ Herald Online notes that the liquidators have indicated the
company's aggressive approach to winning market share by promoting
low premiums, coupled with a significant lack of capital, may have
led to its downfall.

The liquidators, as cited by NZ Herald Online, said they were
reviewing the performance of directors to ascertain whether there
were any actions available to recover funds for creditors.  Such
actions could include claims for reckless trading, entering into
transactions when insolvent and certain voidable preference
payments.

Western Pacific is a New Zealand-owned and operated insurance
company.  It was established in April 2005, and is principally a
broker brand that offers a broad range of commercial, domestic and
specialty products as well as programmes for affinity groups,
underwriting agents and preferred brokers.  It has about 7,000
policy holders in New Zealand.


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


AESTHETIC CONSTRUCTION: Creditors' Proofs of Debt Due June 24
-------------------------------------------------------------
Creditors of Aesthetic Construction & Furniture Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 24, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GLOBALFOUNDRIES SINGAPORE: Fitch Raises Standalone Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has affirmed GLOBALFOUNDRIES Singapore Pte. Ltd.'s
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB'
with Positive Outlook.  Its 6.25% and 6.375% senior unsecured
notes, due April 4, 2013, and Aug. 3, 2015, respectively, have
also been affirmed at 'BBB'.

"The rating affirmation reflects the significant improvement of
GFS's financial profile in 2010, as well as Fitch's assessment of
strong parental support from the government of Abu Dhabi," says
Kevin Chang, Director at Fitch's Telecommunications, Media and
Technology team.

Fitch believes that the government of Abu Dhabi ('AA'/Stable) will
provide financial support to GFS should the need arise, given its
important role in the government's technology investment strategy
for diversifying Abu Dhabi into a more knowledge-based economy.

GFS is 100%-owned by GLOBALFOUNDRIES Inc. (Cayman Islands), which
is 85%-owned (before conversion of convertible notes) by Advanced
Technology Investment Corporation (ATIC). ATIC is 100% owned by
the Mubadala Development Company PJSC ('AA'/Stable), which is a
wholly owned investment vehicle of the government of Abu Dhabi.
"Given that ATIC's ownership of GFS fell to 85% from 100% a year
ago, the FC IDR of 'BBB' now incorporates a two-notch uplift from
GFS's standalone rating, compared with the three notches the
agency applied a year ago,' adds Mr. Chang.

However, Fitch has upgraded GFS's standalone rating by one notch
to 'BB+', due to stronger-than-expected operating results for
2010.  This improvement reflected a lower debt burden (supported
by a USD752 million equity injection by ATIC in 2010) and enhanced
profitability resulting from a significant increase in capacity
utilization as well as synergies in customer services, technology
development and operating expenses generated from its operational
integration with GLOBALFOUNDRIES group companies in January 2010.

The Positive Outlook reflects Fitch's expectations that GFS will
generate positive free cash flow on a sustainable basis and will
continue de-leveraging, as a result of a more than 50% yoy cut in
capex in 2012/2013 and planned debt reductions. GFS's financial
leverage measured by adjusted debt over funds from operations
(FFO-adjusted leverage) is likely to continue to fall over the
medium term.

GFS's ratings may benefit from stronger government support, and a
fall in FFO-adjusted leverage below 1.5x on a sustained basis due
to improving core operations or favorable changes in the capital
structure. Conversely, Fitch may consider negative rating action
or revising the Outlook to Stable should government support
weaken, possibly due to a reduction of ATIC's ownership in GFS, or
if FFO-adjusted leverage rises above 2.0x on a sustained basis.
Fitch may also consider the same if ATIC expands its investment
portfolio, lowering the relative importance of GLOBALFOUNDRIES
among its assets.

GFS is one of the world's top five semiconductor foundries by
revenue.  In Singapore, GFS has a 300mm wafer fabrication facility
and five 200mm facilities.


HAWICK PROPERTY: Court to Hear Wind-Up Petition on June 22
----------------------------------------------------------
A petition to wind up the operations of Hawick Property Investment
Pte Ltd will be heard before the High Court of Singapore on
June 22, 2011, at 10:00 a.m.

Wan Lai Cheng filed the petition against the company on March 16,
2011.

The Petitioner's solicitors are:

          Luna Yap & Company
          101A Upper Cross Street
          #12-16 People's Park Centre
          Singapore 058358


KELSO PROPERTY: Court to Hear Wind-Up Petition on June 22
---------------------------------------------------------
A petition to wind up the operations of Kelso Property Investment
Pte Ltd will be heard before the High Court of Singapore on
June 22, 2011, at 10:00 a.m.

Wan Lai Cheng filed the petition against the company on March 16,
2011.

The Petitioner's solicitors are:

          Luna Yap & Company
          101A Upper Cross Street
          #12-16 People's Park Centre
          Singapore 058358


MOTOROLA SOUTH: Creditors' Proofs of Debt Due July 11
-----------------------------------------------------
Creditors of Motorola South Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


MOTOROLA TRADING: Creditors' Proofs of Debt Due July 11
-------------------------------------------------------
Creditors of Motorola Trading Center Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PHARMVISION VENTURES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on May 27, 2011, to
wind up Pharmvision Ventures Pte Ltd's operations.

Malaysia Debt Ventures Berhad filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PIONEER FREIGHT: Creditors Get 1.34069% Recovery on Claims
----------------------------------------------------------
Pioneer Freight International Pte Ltd declared its first and final
dividend on June 1, 2011.

The company paid 1.34069% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


                             *********

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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