TCRAP_Public/110614.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

             Tuesday, June 14, 2011, Vol. 14, No. 116

                            Headlines



A U S T R A L I A

EVERGREEN ENERGY: Joins with WPG to Produce K-Fuel in Australia
ONE.TEL LTD: Liquidator Files Appeal Against Packer Suit Dismissal
ORIGIN ENERGY: S&P Rates EUR500MM Capital Securities at 'BB'
REDGROUP RETAIL: Some A&R Stores to Close by End of June


C H I N A

GITI TIRE: S&P Puts 'B' Corp. Credit Rating on Watch Negative


H O N G  K O N G

BEST AREA: Creditors' Proofs of Debt Due July 9
CARGO LINK: Members' & Creditors' Final Meeting Set for July 11
OPTO TECH: Kit and Wai Step Down as Liquidators
PRIME BUSINESS: Placed Under Voluntary Wind-Up Proceedings
SHARPGAIN INTERNATIONAL: Members' Final Meeting Set for July 11

SUPERB UNION: Commences Wind-Up Proceedings
VALUE TRUCKERS: Fok Hei Yu Appointed as Liquidator
VIEW CHEER: Commences Wind-Up Proceedings
WAYGOOD LIMITED: Members' Final General Meeting Set for July 11
WISEMAX INVESTMENT: Creditors' Proofs of Debt Due July 11


I N D I A

ARVIVA INDUSTRIES: CRISIL Cuts Rating on INR184MM Credit to 'B+'
ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B-'
CHANDIGARH IRON: CRISIL Reaffirms 'D' Rating on INR43MM Term Loan
CYBER AUTOMOBILES: CRISIL Rates INR80 Million Cash Credit at 'B+'
FIVE CORE: CRISIL Assigns 'BB-' Rating to INR1.2 Million Term Loan

GOEL MOTORS: CRISIL Rates INR90 Million Cash Credit at 'BB'
INTELLIGENT INFRA: Fitch Upgrades National LT Rating to 'BB+(ind)'
LAKSHMI STEEL: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
MISFIELD INDUSTRIES: Fitch Rates INR320MM Limits at 'C(ind)'
RELIANCE JUTE: CRISIL Reaffirms 'BB' Rating on INR107MM LT Loan

SAIBABA POLYMER: CRISIL Assigns 'D' Rating to INR68.5MM Term Loan
SRG APPARELS: CRISIL Assigns 'B+' Rating to INR231.9MM LT Loan
SRI RAMA: CRISIL Reaffirms 'D' Rating on INR230-Mil. Cash Credit
SUDHIR FOOD: CRISIL Assigns 'B+' Rating to INR57MM LT Bank Loan
TWINKLE DIAMONDS: CRISIL Rates INR150MM Packing Credit at 'P4+'


I N D O N E S I A

PT ALUCO: Fitch Assigns 'B-' Issuer Default Rating; Outlook Stable
RANHILL BHD: S&P Affirms Long-term Corp. Credit Rating at 'B-'


J A P A N

CAFES 2's: Fitch Places Class E TBIs on RWN; Upgrades Others


K O R E A

HYNIX SEMICONDUCTOR: Creditors to Receive Final Bids by September
KUMHO ASIANA: Korea Express Set to Pick Preferred Bidder in July


N E W  Z E A L A N D

AMI INSURANCE: Clients Face Hefty Insurance Premium Rises
BRIDGECORP LTD: Navigator, Petricevic Trust Dispute Back in Court
CYCLE SURGERY: Owes About NZ$1 Million to Creditors
HANOVER FINANCE: Hearing Over Asset Freeze Set For August 16


X X X X X X X X

* BOND PRICING: For the Week June 6 to June 10, 2011


                            - - - - -


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A U S T R A L I A
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EVERGREEN ENERGY: Joins with WPG to Produce K-Fuel in Australia
---------------------------------------------------------------
Evergreen Energy Inc. has completed the formation of its venture
with WPG Resources, an Australian listed mineral resources
company, to jointly develop and produce K-Fuel(R), Evergreen's
coal upgrading technology, throughout Australia.  This agreement
was foreshadowed in the memorandum of understanding announced by
Evergreen on Feb. 2, 2011.

The venture, Southern Coal Holdings will be 50% owned by WPG
Resources and 50% by Evergreen Energy, and was incorporated in
Australia in 2010 as a private limited liability company.  SCH was
a wholly owned subsidiary of WPG prior to the closing of this
transaction.

Bob Duffin, Chairman of WPG Resources, stated: "WPG Resources and
Evergreen Energy share a common goal of tapping into the rich and
valuable market for coal as a source of energy from the Asian
market.  I have just returned from a visit to Evergreen's K-Fuel
facility in Wyoming where coal testing of our Penrhyn samples will
continue over the summer.  I am very excited about the future of
SCH and the plans to build our first K-Fuel plant in Australia."

Ilyas Khan, Executive Chairman of Evergreen, stated: "The
formation of our joint venture with WPG establishes Evergreen in
the attractive and growing markets in Asia, where demand for coal
from regions such as India, China, Japan and Korea highlight the
need for coal upgrading technologies.  SCH already has
considerable coal resources on its property that offer tremendous
potential in terms of the value we can accrue from their being
upgraded.  The price of thermal coal continues to be not only
buoyant in the Asia Pacific area, but also represents a
significant premium to prices in North America.

"We expect to provide further updates on SCH market in the short
term, including the impending hire of a CEO for SCH and the
announcement of further details about the underlying size and
scope of the coal resources.

"I also wish to take this opportunity of recognizing the amazing
work that is being done by the Evergreen team and in particular
the K-Fuel team headed up by Kevin Milliman.  When we completed
our re-financing in February this year we gave ourselves a number
of ambitious targets.

"The most significant of those milestones in our business plan was
the completion of our joint venture with WPG where, through SCH,
we now have a 50% share of valuable coal resources that are
ideally placed to benefit from being upgraded by, and blended with
K-Fuel.

"Over summer, we remain on track to increase very significantly
our testing capacity, which will enable us to concentrate on
responding to other interested customers and partners.  For now,
we are 100% taken up with testing coal from WPG, but this will
ease by the time we get around to the end of the third quarter of
2011," concluded Mr. Khan.

                       About Evergreen Energy

Evergreen Energy Inc. has developed two, proprietary, patented,
and green technologies: the GreenCert(TM) suite of software and
services and K-Fuel(R).  GreenCert, which is owned exclusively by
Evergreen, is a science-based, scalable family of environmental
intelligence solutions that quantify process efficiency and
greenhouse gas emissions from energy, industrial and agricultural
sources and may be used to create verifiable emission reduction
credits.  K-Fuel technology significantly improves the performance
of low-rank coals, yielding higher efficiency and lowering
emissions.

The Company reported a net loss of $21.02 million on $403,000 of
total operating revenue for the year ended Dec. 31, 2010, compared
with a net loss of $58.53 million on $423,000 of total operating
revenue during the prior year.

The Company's balance sheet at March 31, 2011, showed
$33.50 million in total assets, $37.62 million in total
liabilities, and a $4.12 million total stockholders' deficit.

Hein & Associates LLP, in Denver, Colo., expressed substantial
doubt about Evergreen Energy's ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring losses from operations and has had recurring
cash used in operations.


ONE.TEL LTD: Liquidator Files Appeal Against Packer Suit Dismissal
------------------------------------------------------------------
Elisabeth Sexton at The Sydney Morning Herald reports that Paul
Weston, One.Tel Ltd's special purpose liquidator, has lodged a
notice of intention to appeal against a New South Wales Supreme
Court decision, which dismissed his AU$244 million damages suit
against James Packer and Lachlan Murdoch before it began.

Mr. Weston had 28 days to file papers in the NSW Court of Appeal
to challenge Justice Julie Ward's 318-page judgment handed down on
May 13, SMH relates.

Mr. Weston, according to SMH, contended that Justice Ward's ruling
that the damages suit should not proceed because several
extensions to the deadline for serving it had been invalidly
granted was embarrassing him, after he has spent eight years and
$11 million of creditors' funds investigating and preparing the
case.

SMH relates that the NSW Supreme Court held that in waiting so
long to proceed with his suit, Mr. Weston seemed to have paid
"little, if any, regard" to the need for "due expedition."

"Though I accept he had weighed the advantages and disadvantages
of various courses of action, it is not clear to me that he
factored in any real concern for the potential prejudice to the
defendants," Justice Ward said, as cited by SMH.

In addition to Messrs. Packer and Murdoch, SMH notes, Mr. Weston
sued their fellow One.Tel directors Peter Yates, a former chief
executive of the Packer family's Publishing & Broadcasting Ltd;
and Peter Macourt, the chief operating officer of the Murdoch
family's News Ltd; and companies associated with them which owned
shares in One.Tel and had agreed to underwrite the rights issue.

Without the extensions, says SMH, the case needed to be served
within six years of its central event, the abandonment of a
AU$132 million rights issue on May 29, 2001, the day One.Tel
collapsed.

SMH relates that under court rules, Mr. Weston, a partner of the
accounting firm Pitcher Partners, was able to apply for repeated
six-month extensions from May 2007 without a judge hearing
arguments from the defendants.  When Mr. Weston activated the suit
by serving it on the defendants in August, they were entitled to
challenge the extensions before the trial began.

Justice Ward, according to SMH, said that of six extensions, the
last two would not have been granted if all relevant material had
been before the court.

The Troubled Company Reporter-Asia Pacific, citing the Herald Sun,
reported on November 24, 2009, that the fight arises out of
One.Tel's aborted AU$132 million rights issue in 2001, which was
to be backed by Packer's Publishing and Broadcasting Limited and
Murdoch's News Ltd.  PBL and News, which lost a combined AU$1
billion when One.Tel collapsed, withdrew their underwriting on the
grounds that it was not enough to cover the telco's debts.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications company,
belonging to One.Tel Group.  One.Tel Ltd. was established in 1995
soon after the deregulation of the Australian telecommunications
industry, most of which are currently under external
administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


ORIGIN ENERGY: S&P Rates EUR500MM Capital Securities at 'BB'
------------------------------------------------------------
Standard & Poor's Ratings assigned its 'BB' long-term issue rating
to Origin Energy Finance Ltd.'s EUR500 million hybrid capital
securities issuance.  These securities, which are guaranteed on a
subordinated basis by Origin Energy Ltd. (Origin; BBB+/Stable/A-
2), are subordinated to all current and future senior creditors of
the group. Standard & Poor's has assigned the notes 'high' equity
credit. "This means that we will treat the notes entirely
as equity in our financial ratio calculations," S&P related.

Key features of the securities include a mandatory deferral of
interest for up to five years if the long-term corporate credit
rating on Origin falls to 'BB+' or below. Other features of the
securities include: a 60-year term to maturity; a 25 basis point
step-up at year 10; issuer call dates at years seven, 12, and each
coupon date thereafter; optional deferral of distributions; and a
limited number of additional issuer call rights linked to the
occurrence of certain prescribed events.

The group has indicated that proceeds of the issue will be used
for general corporate purposes and to fund its growth strategy,
including Origin's funding obligations to the Australia Pacific
Liquefied Natural Gas project if this project achieves final
investment decision.


REDGROUP RETAIL: Some A&R Stores to Close by End of June
--------------------------------------------------------
SmartCompany reports that time is running out for Angus &
Robertson stores, with stores tipped to close -- some by the end
of the June -- if a buyer is not found.

Industry sources expect an announcement shortly, with rumors rival
book sellers are interested in some stores, SmartCompany says.

A spokesman for administrator Ferrier Hodgson said Friday there is
no change to the status of A&R.  But a source has told
SmartCompany that some store leases will be terminated at the end
of the month, and Ferrier Hodgson has already informed A&R stores
of closures and redundancies.  The source said staff members have
been told their entitlements will be honored, the report adds.

According to SmartCompany, the company-owned stores are also said
to have received promotional material for the final sale, and been
instructed to not accept new deliveries, or do any stock transfers
within stores.  It has also been alleged that their stock has been
photographed.

A document from debt-laden parent REDGRoup Retail, obtained by
SmartCompany, said "more information about redundancy entitlements
will be provided once your store has an exact date for closure."
The document is not dated, SmartCompany notes, so it is difficult
to ascertain whether it relates to already announced closures, or
is a blanket guide for stores in the event they are closed.

SmartCompany relates that the document also said group
certificates will be posted to home addresses around mid-July, as
well as final pay slips.  There is also a direction to contact the
payroll department after final pay about separation certificates
for dealing with Centrelink.

                       About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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GITI TIRE: S&P Puts 'B' Corp. Credit Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating and 'cnBB-' Greater China scale rating on
China-based tire manufacturer GITI Tire Pte. Ltd. on CreditWatch
with negative implications because of the uncertainty over the
refinancing of the company's senior secured notes maturing in
January 2012.

At the same time, Standard & Poor's placed its 'CCC+' global scale
issue rating and 'cnB' Greater China scale issue rating on GITI's
US$200 million 12.25% senior secured notes on CreditWatch with
negative implications.

"We have placed the ratings on CreditWatch because of the
uncertainty on the notes refinancing but we understand that the
company is currently trying to arrange refinancing," said Standard
& Poor's credit analyst Xavier Jean.

The rating on GITI reflects the company's highly leveraged
financial risk profile, weak liquidity, limited financial
flexibility, above-average industry risk, and intensified margin
pressure. A leading market position in China, geographic
diversity, and established distribution capabilities partly offset
these weaknesses.

S&P expects to resolve the CreditWatch placement within the next
three months when more information on additional refinancing is
available.

"We may lower the rating on GITI by one notch or more if GITI has
not obtained committed funding we deem sufficient to refinance the
$200 million notes due January 2012 within the next three months,"
Mr. Jean said.

"We may also downgrade the company if its linkage with Indonesia's
PT Gajah Tunggal Tbk. (B/Stable/--) triggers any material
contingent liability for GITI, or if GITI introduces further
aggressive shareholders' capital return initiatives or other
related-party transactions that substantially weaken its ability
to service debt," S&P stated.

S&P added, "We may remove the rating from CreditWatch if GITI
obtains sufficient additional financing within the next three
months."


================
H O N G  K O N G
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BEST AREA: Creditors' Proofs of Debt Due July 9
------------------------------------------------
Creditors of Best Area Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


CARGO LINK: Members' & Creditors' Final Meeting Set for July 11
---------------------------------------------------------------
Members and creditors of Cargo Link (Hong Kong) Limited will hold
their final meetings on July 11, 2011, at 3:00 p.m., and 3:30
p.m., respectively at the office of FTI Consulting, 14th Floor,
Hong Kong Club Building, 3A Chater Road Central, in Hong Kong.

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


OPTO TECH: Kit and Wai Step Down as Liquidators
-----------------------------------------------
Ho Man Kit and Kong Sau Wai stepped down as liquidators of Opto
Tech (H.K) Co. Limited on June 2, 2011.


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

The company's liquidator is:

         Descheemaeker Vianney Francois Regis Marie Joseph
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon, Hong Kong


SHARPGAIN INTERNATIONAL: Members' Final Meeting Set for July 11
---------------------------------------------------------------
Members of Sharpgain International Limited will hold their final
general meeting on July 11, 2011, at 10:00 a.m., at 5/F, Dah Sing
Life Building, at 99-105 Des Voeux Road Central, in Hong Kong.

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


SUPERB UNION: Commences Wind-Up Proceedings
-------------------------------------------
Members of Superb Union Investments 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


VALUE TRUCKERS: Fok Hei Yu Appointed as Liquidator
--------------------------------------------------
Fok Hei Yu on June 1, 2011, was appointed as liquidator of Value
Truckers Limited.

The liquidator may be reached at:

         Fok Hei Yu
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


VIEW CHEER: Commences Wind-Up Proceedings
-----------------------------------------
Members of View Cheer Development Limited, on June 8, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lai Wing Kin
         8/F, Kailey Tower
         16 Stanley Street
         Central, Hong Kong


WAYGOOD LIMITED: Members' Final General Meeting Set for July 11
---------------------------------------------------------------
Members of Waygood Limited will hold their final general meeting
on July 11, 2011, at 10:00 a.m., at Room 2401, 24th Floor, Regent
Centre, at 88 Queen's Road Central, in Hong Kong.

At the meeting, Fan Sheung Ha Debbie, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WISEMAX INVESTMENT: Creditors' Proofs of Debt Due July 11
---------------------------------------------------------
Creditors of Wisemax Investment Limited, 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 commenced wind-up proceedings on June 10, 2011.

The company's liquidator is:

         Li ming Shu
         Rooms 1205-6, 12/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


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ARVIVA INDUSTRIES: CRISIL Cuts Rating on INR184MM Credit to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Arviva Industries (India) Ltd to 'B+/Negative' from 'BB-/Stable'
while reaffirming the rating on its short-term facilities at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR184 Million Cash Credit       B+/Negative (Downgraded from
                                                 'BB-/Stable')
   INR52.4 Million Long-Term Loan   B+/Negative (Downgraded from
                                                 'BB-/Stable')
   INR114.4 Million Proposed LT     B+/Negative (Downgraded from
            Bank Loan Facility                   'BB-/Stable')

   INR179 Million Working Capital   P4 (Reaffirmed)
                      Demand Loan
   INR87 Million Packing Credit     P4 (Reaffirmed)

   INR15 Million Bank Guarantee     P4 (Reaffirmed)

   INR104 Million Letter of Credit  P4 (Reaffirmed)

   INR57.5 Million Bill Purchase-   P4 (Reaffirmed)
             Discounting Facility

The downgrade reflects deterioration in Arviva's liquidity due to
reduction in the company's bank limits and large working capital
requirements. Arviva had erstwhile working capital bank limits of
INR575 million, as on October 2010, from a consortium of three
banks--Indian Overseas Bank, Canara Bank, and HDFC Bank; however,
HDFC bank moved out of the consortium with its limits not being
fully acquired by other banks in the consortium, which resulted in
reduction of total bank limits to INR537.5 million (including
INR30 million of ad hoc limits from Canara Bank) during March
2011. This along with continuation of large working capital
requirements resulted in liquidity issues. Furthermore, the ad hoc
limits by Canara Bank had been taken away by the bank in March
2011 and it became due for repayment. This accentuated the
company's liquidity and resulted in delays in settling the ad hoc
limits and repayment of term loan installment due in March 2011.

The ratings continues to reflect Arviva's below-average financial
risk profile, constrained by weak liquidity and debt protection
metrics, exposure to intense competition in the mid-market
domestic fabrics segment, and to volatility in the prices of raw
materials. These rating weaknesses are partially offset by
Arviva's established brand image in the suiting and shirting
segment of the textiles industry.

Outlook: Negative

CRISIL believes that the Arviva's liquidity will remain under
pressure, as its bank limits have been reduced and its working
capital requirements continue to remain high. The ratings may be
downgraded if the group's financial risk profile weakens further,
most likely because of increasing working capital requirements
coupled with reduced working capital limits resulting in further
stress on its liquidity. Conversely, the outlook may be revised to
'Stable' if there is significant improvement in the company's
liquidity, driven by better working capital management or higher-
than-expected cash accruals or there is increase in availability
of funds given fund infusion by promoters or increase in bank
limits.

                      About Arviva Industries

Arviva manufactures suiting and shirting material for men and
women. It markets its products in the Indian and international
markets under the brand name, The Harry Collection, and has
manufacturing facilities in Taloja and Wada (Maharashtra), and
Daman (Daman and Diu), and Bengaluru (Karnataka). The company was
set up in 1995 and is part of the Dubai-based Viva group.

Arviva reported a PAT of INR 25 million on net sales of INR1513
million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR 38 million on net sales of
INR1369 million for 2008-09.


ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on Atria Brindavan Power Ltd's
long-term bank loan facility to 'B-/Stable' from 'C'.

   Facilities                         Ratings
   ----------                         -------
   INR808.00 Million Long-Term Loan   B -/Stable
                                      (Upgraded from 'C')

The upgrade reflects timely payment by the company in servicing
its term loan, driven by steady cash flows from power generation.
The upgrade also factors in CRISIL's belief that ABPL will meet
its debt obligations in a timely manner over the medium term.

The ratings continue to reflect ABPL's weak financial profile,
marked by low net worth, high gearing and weak debt protection
measures, and exposure to risks related to scarcity of water and
to a weak counterparty. These rating weaknesses are offset by
ABPL's stable revenues from sale of power to Chamundeshwari
Electricity Supply Corporation.

Outlook: Stable

CRISIL believes that ABPL will generate stable cash flows over the
medium term, on account of commissioning additional 4MW plant.
CRISIL also believes that in case of shortfall in cash flows,
associate companies will extend financial support to ABPL for it
to service its debt in a timely manner. The outlook may be revised
to 'Positive' if the company operates at a higher plant load
factor (PLF), enabling better cash flows, resulting in improvement
in ABPL's financial risk profile, particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
delay in receivables from CESC or decline in PLF due to non-
availability of water, adversely impacting the debt servicing
ability of the company.

                       About Atria Brindavan

Set up in 2003, ABPL is a hydro-electric power generating company
with a 16-megawatt (MW) plant, located on the banks of Cauvery
river in Karnataka. The company's 12-MW plant, which was scheduled
to commence operations in August 2006, was commissioned in
February 2008, because of damage caused to the dam by heavy
flooding. ABPL has a take-or-pay power purchase agreement with
CESC, with an annual escalation clause for 10 years. The company
also has a 4-MW tailrace power plant, which commenced operations
in November 2009.

For 2010-11 (refers to financial year, April 1 to March 31), ABPL
posted, on a provisional basis, a net loss of INR29 million on a
turnover of INR154 million, against a net profit of INR67 million
on a turnover of INR167 million for the previous year.


CHANDIGARH IRON: CRISIL Reaffirms 'D' Rating on INR43MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chandigarh Iron and
Steel Company Ltd, continue to reflect delays by the Srirama group
in servicing its debt; the delays of more than 120 days are being
caused by the group's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR80 Million Cash Credit          D (Reaffirmed)
   INR43 Million Term Loan            D (Reaffirmed)
   INR79 Million Proposed Long-Term   D (Reaffirmed)
                 Bank Loan Facility
   INR2.5 Million Bank Guarantee      P5 (Reaffirmed)

The Srirama group continues to be exposed to risks relating to
small scale of operations and has weak financial risk profile.
However, the group continues to benefit from extensive industry
experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CISCL and Sri Rama Steels Ltd (SRSL).
This is because the two companies, together referred to as the
Srirama group, are under the same management, in the same line of
business, and have significant operational linkages and fungible
cash flows.  The entire raw material of CISCL is sourced from SRSL
on favorable credit terms. The two companies have also provided
cross-corporate guarantees for each other's bank facilities.

                             About the Group

The Srirama group commenced operations in 1981 by setting up SRSL
for manufacturing mild-steel billets. SRSL has two manufacturing
units in Solan (Himachal Pradesh), with a combined installed
manufacturing capacity of 124,500 tonnes per annum (tpa). However,
one of the units of SRSL, having an installed capacity of 42,500
tpa, has stopped operations since October 2010 because of poor
liquidity and large working capital requirements at the unit. In
2006-07 (refers to financial year, April 1 to March 31), the
group's management, to forward-integrate its operations, commenced
construction of a rolling mill for manufacturing thermo-
mechanically treated (TMT) steel bars under CISCL, with an
installed capacity of 500 tonnes per day (tpd). CISCL too has
closed its operations since October 2010 because of poor
liquidity.


CYBER AUTOMOBILES: CRISIL Rates INR80 Million Cash Credit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Cyber Automobiles Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects the CAPL group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters and
established presence in the two- and three- wheeler auto
components distribution market, mainly in Andhra Pradesh.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CAPL and Lakshmi Automotives,
collectively referred to as the CAPL group. This is because both
entities have the same promoters, are in the same line of
business, and have significant operational linkages.

Outlook: Stable

CRISIL believes that the CAPL group will continue to benefit from
its strong relationships with its suppliers, increasing supplier
base, improving revenues and extensive industry experience of its
promoters, over the medium term. However, the group's financial
risk profile is expected to be constrained by its high gearing and
large working capital requirements. The outlook may be revised to
'Positive' if the CAPL group's financial risk profile improves
significantly, most likely because of equity infusion by the
promoters and better-than-expected revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
group's profitability or revenues decline, resulting in lower-
than- expected cash accruals, or the group undertakes any large-
than-expected debt-funded capital expenditure programme.

                          About the Group

Set up in March 2002 and based in Hyderabad, CAPL is promoted by
Mr. Unnam Pardhasaradhi and his brother, Mr. Unnam Venkateshwarlu.
The company is engaged in distribution of various two- and three-
wheeler auto parts such as batteries, lubricants, shock absorbers,
bearings, and clutch plates. CAPL is the authorised dealer for
two- and three-wheeler autoparts of about 31 companies. Andhra
Pradesh is the company's key market, with it contributing to
around 70% of sales.

Set up in 1994, LA is a proprietary concern of Mr. Unnam
Venkateswarulu. LA is a dealer of two- and three-wheeler products
of Gabriel India Ltd. LA reported a turnover of around INR100
million in 2010-11 (refers to financial year, April 1 to
March 31). LA purchases its entire requirement from CAPL.

CAPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR236.5 million for 2009-10, as against a PAT of
INR0.6 million on net sales of INR214.7 million for 2008-09.


FIVE CORE: CRISIL Assigns 'BB-' Rating to INR1.2 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Five Core Electronics Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR10.0 Million Cash Credit      BB-/Stable (Assigned)
   INR1.2 Million Term Loan         BB-/Stable (Assigned)
   INR17.8 Million Proposed LT      BB-/Stable (Assigned)
            Bank Loan Facility
   INR90.0 Million Foreign Bill     P4+ (Assigned)
    Purchase/Foreign Bill
    Discounting
   INR40.0 Million Packing Credit  P4+ (Assigned)

The ratings reflect FCEL's weak financial profile, marked by small
net worth, high gearing, and weak debt protection metrics, low
profitability, large working capital requirements, small scale of
operations, customer concentration, and susceptibility to intense
industry competition. These rating weaknesses are partially offset
by the funding support and extensive industry experience of FCEL's
promoters.

Outlook: Stable

CRISIL believes that FCEL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of substantial
improvement in FCEL's financial risk profile, driven by improved
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' in case of any significant
pressure on liquidity, most likely because of large working
capital requirements.

                          About Five Core

Incorporated in 2002, FCEL manufactures and trades electronic
equipment, including power solutions, electrical accessories, and
public address systems, with the latter accounting for a major
portion of revenues. FCEL commenced operations with a
manufacturing unit at New Delhi in 2002, and commissioned an
export-oriented unit in Bhiwadi (Rajasthan) in 2006.  In 2010-11
(refers to financial year, April 1 to March 31), almost 80% of the
company's revenues came from exports of electronic equipment to
over 26 countries with a major portion of the revenues coming from
Africa and Dubai. FCEL's director, Mr. Amarjit Singh Kalra, is an
electronics engineer with industry experience of over 15 years.

FCEL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR374.0 million for 2009-10, as against a PAT of INR3.3
million on net sales of INR311.6 million for 2008-09.


GOEL MOTORS: CRISIL Rates INR90 Million Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/ Stable' rating to the cash credit
facility of Goel Motors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR90.00 Million Cash Credit     BB/Stable (Assigned)

The rating reflects GMPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
low bargaining power with principal, and susceptibility to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by GMPL's established position in
the automotive dealership market, and strong relations with the
principal, Mahindra and Mahindra Ltd.

Outlook: Stable

CRISIL believes that GMPL will continue to benefit from its
established relations with its principals, over the medium term.
The outlook may be revised to 'Positive' in case of an improvement
in GMPL's capital structure and debt protection metrics, most
likely because of equity infusion or significant improvement in
operating margin and cash accruals. Conversely, the outlook may be
revised to 'Negative' if GMPL's financial risk profile weakens
further, most likely because of larger-than-expected debt-funded
capital expenditure and working capital requirements, or pressure
on cash accruals.

                        About Goel Motors

GMPL was set up by Mr. Prem Chand Goel and Mr. Sanjeev Raj Goel in
2006. GMPL is an authorised dealer of Mahindra and Mahindra Ltd
(M&M) in Mohali (Punjab). The company is M&M's sole dealer and
authorised service centre in Mohali district. The company trades
all of M&M's four-wheeler automobiles.  The company operates one
showroom with an integrated workshop in Mohali. In 2010-11 (refers
to financial year, April 1 to March 31), GMPL acquired one
showroom on lease at Morinda (Punjab).

GMPL reported a profit after tax (PAT) of INR11.1 million on net
sales of INR724.9 million for 2009-10, as against a net loss of
INR5.5 million on net sales of INR512.3 million for 2008-09.


INTELLIGENT INFRA: Fitch Upgrades National LT Rating to 'BB+(ind)'
------------------------------------------------------------------
Fitch Ratings has upgraded India-based Intelligent Infrastructure
Ltd.'s National Long-Term rating to 'BB+(ind)' from 'BB-(ind)'.
The Outlook is Stable.  Fitch has also upgraded IIL's outstanding
long-term loan of INR147.8m to 'BB+(ind)' from 'BB-(ind)'.

The upgrades reflect the completion of construction work at IIL's
Globsyn Crystal II and the strong visibility of cash flows to
service the debt taken for the project according to the repayment
schedule. The company rented out additional 124,976 sq. ft. of
Crystal I until end-FY11 (financial year ended 31 March 2011) as
against the required 81,238 sq. ft. for breakeven cash flows to
service debt. Total occupancy at Crystal I (area under rent and
long-term lease) increased to 62% in FY11 from 21% last year,
reducing the vacant area to 38% in FY11 from 69% in FY10. Crystal
II with total area of 72,772 sq. ft. is yet to be occupied, which
once occupied would generate additional liquidity.

The ratings also benefit from the increase in the average rental
rate to INR45.6 per sq. ft. per month for additional area against
the estimated INR37.5 per sq ft that has resulted in additional
cash inflow. Additionally, IIL made prepayments of INR10.8m during
FY11. Also in April 2011, the promoters injected INR50m into IIL
for the prepayment of its term loans.

Positive rating guidelines include successful leasing of the
entire unsold area and an increase in rental rates that would lead
to a sustained increase in revenues. Any cancellation of lease
agreements with existing clients would result in a negative rating
action.

IIL is a special purpose vehicle formed to execute a project
called Globsyn Crystals by the four partners - Sureka group (26.7%
stake), Shrachi group (22.5% stake), New Vernon Private Equity
Ltd. (50% stake) and Pawan Choriwal (0.8% stake). The project was
completed with a total capital outlay of INR976.4m, financed by
promoter's contribution (INR402.5m), bank loan (INR280.1m) and
internal accruals (INR293.1m). Out of the total area of 493,128
sq. ft., IIL gave 86,987 sq. ft. and a cash premium of INR107.33m
to Globsyn Technologies Ltd in consideration for development
rights transferred by the latter.


LAKSHMI STEEL: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmi Steel Rolling
Mills continue to reflect LSRM's exposure to risks relating to
cyclicality in the shipping industry, fluctuations in steel scrap
prices, and unfavorable government regulations. These weaknesses
are partially offset by the benefits that LSRM derives from its
promoter's experience, and from the healthy growth prospects of
the ship-breaking industry.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB-/Stable (Reaffirmed)
   INR400.0 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that LSRM will maintain its business risk profile
over the medium term supported by the promoter's vast experience
in the ship breaking industry, aided by current buoyancy in the
industry. The outlook may be revised to 'Positive' if the firm
significantly improves its revenues and profitability, without
impacting the capital structure. Conversely, the outlook may be
revised to 'Negative' if significant volatility in the prices of
steel scrap leads to decline in LSRM's overall profitability.

                         About Lakshmi Steel

Set up in 1994, LSRM is a partnership firm engaged in ship-
breaking activities, with a yard area of 2250 square metres, in
Alang (Gujarat), one of the leading centres of the ship-breaking
and recycling industry in Asia. It purchases old ships, breaks
them into steel plates, and supplies the plates to rolling mills
located in Gujarat.  The company has bought MV Kaminik, a 6005-
tonne vessel, and plans to complete demolishing of the same by
July 2011.

LSRM's profit after tax (PAT) for 2010-11 (refers to financial
year, April 1 to March 31) was estimated at INR10 million, on net
sales of INR396 million for 2010-11. It reported a PAT of INR7
million and net sales of INR394 million for 2009-10 (Rs.2 million
and INR228 million, respectively, for 2008-09).


MISFIELD INDUSTRIES: Fitch Rates INR320MM Limits at 'C(ind)'
------------------------------------------------------------
Fitch Ratings has assigned India's Midfield Industries Limited a
National Long-Term rating of 'C(ind)'.  The agency has also
assigned ratings to Midfield's bank loans:

    -- INR320m fund-based working capital limits: 'C(ind)'/
       'F5(ind)';

    -- INR92.5m non-fund based working capital limits: 'F5(ind)';
       and

    -- Outstanding INR106.7m term loans: 'C(ind)'.

The ratings reflect continuous delays by Midfield in servicing its
term loans. The delays are attributed to the company's tight
liquidity position due to its long cash conversion cycle of 284
days (provisional) in FY11 compared with 232.8 days in FY10. The
company has also been utilizing the sanctioned limits to the
maximum and resorting to temporary overdraft limits over and above
the sanctioned limit.

Positive rating guidelines include sustained regularity in
servicing debt obligations without any delays.

Incorporated in 1990, Midfield is a Hyderabad-based company and
has its manufacturing facilities in Hyderabad and Thane. It has an
installed capacity to manufacture 18000MT per annum of steel
straps and 13m metres per annum of angle boards. Midfield is a
public limited company with the promoters holding 51.77%, banks,
foreign institutional investors and venture capital funds holding
4.45%, corporate bodies and public holding the remaining 43.79% of
the shares. As per the provisional results for FY11, Midfield's
operating income was INR1321.9 million (FY10: INR903.7 million),
operating EBITDA was INR269.1 million (FY10: INR192.6 million) and
total debt outstanding was INR472.6 million (FY10: INR423.3
million).


RELIANCE JUTE: CRISIL Reaffirms 'BB' Rating on INR107MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reliance Jute Mills
(International) Ltd continue to reflect RJML's modest financial
risk profile, marked by a small net worth and a high gearing,
exposure to risks related to the regulated nature of the jute
industry, and susceptibility to pricing pressures and to
volatility in jute prices. These rating weaknesses are partially
offset by the benefits that RJML derives from its promoters'
extensive experience and its diversified product profile.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR107.0 Million Long-Term Loan    BB/Stable (Reaffirmed)
   INR45.0 Million Packing Credit     P4+ (Reaffirmed)
   INR45.0 Million Foreign Bill       P4+ (Reaffirmed)
                       Purchase
   INR34.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR19.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Reliance Jute Mills (International) Ltd
(RJML) will maintain its established presence in the jute industry
on the back of its promoters' extensive industry experience and
its diversified product portfolio, over the medium term. The
outlook may be revised to 'Positive' if RJML improves its
profitability and increases its net worth, resulting in stronger
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if there is a decline in the profitability, or the
company undertakes a large, debt-funded capital expenditure
programme thereby deteriorating its financial risk profile.

                        About Reliance Jute

RJML owns the Reliance Jute Mills situated at Bhatpara, on the
bank of the River Hooghly in West Bengal. This mill was set up in
1906 under the British management. It was taken over by the
Kanoria family in 1963.  It has been operating for the past three
decades under the stewardship of Mr. P K Kanoria, the chairman of
the company. RJML has an installed jute manufacturing capacity of
60,000 tonnes per annum.  RJML has a diversified product range
comprising hessian, sacks, and yarns.

RJML reported a net loss of INR1.9 million on net sales of INR1.55
billion for 2009-10 (refers to financial year, April 1 to March
31), against a PAT of INR15.7 million on net sales of INR1.48
billion for 2008-09.


SAIBABA POLYMER: CRISIL Assigns 'D' Rating to INR68.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Saibaba Polymer Technologies Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30.00 Million Cash Credit     D (Assigned)
   INR68.50 Million Term Loan       D (Assigned)
   INR10.00 Million Bank Guarantee  P5 (Assigned)
              and Letter of Credit

The ratings reflect instances of delay by SPTPL in servicing its
debt; the delays have been caused by the company's weak liquidity
arising out of its insufficient working capital facilities and
mismatches in cash flows.

SPTPL below-average financial risk profile is also marked by a
small net worth; its capital structure is expected to weaken
because of its large, proposed, debt-funded capital expenditure.
However, the company benefits from the extensive experience of its
promoters in the container manufacturing industry.

                        About Saibaba Polymer

SPTPL was incorporated in 2004, promoted by Mr. P. Prabhakar and
his family. The company is engaged in the manufacture of plastic
pails and containers, which are used for storage of paints and
oils. The company has three manufacturing plants, one each in
Hyderabad (Andhra Pradesh), Kanpur (Uttar Pradesh), and Chennai
(Tamil Nadu).

SPTPL reported a profit after tax (PAT) of INR15 million on net
sales of INR408 million for 2009-10, against a PAT of INR11
million on net sales of INR310 million for 2008-09.


SRG APPARELS: CRISIL Assigns 'B+' Rating to INR231.9MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of SRG Apparels Pvt Ltd.

  Facilities                                 Ratings
  ----------                                 -------
  INR231.90-Mil. Long-Term Loan              B+/Stable (Assigned)
  INR120.00-Mil. Pre Shipment Packing Credit P4+ (Assigned)
  INR35.00-Mil. Post Shipment Credit         P4+ (Assigned)
  INR28.00-Mil. Bank Guarantee               P4+ (Assigned)

The ratings reflect SRG's modest scale of operations, its
susceptibility to volatility in foreign exchange rates, and risks
related to project implementation. These rating weaknesses are
partially offset by SRG's above-average financial risk profile,
marked by healthy capital structure and debt protection metrics,
and the extensive experience of its promoters in the readymade
garments export business.

Outlook: Stable

CRISIL believes that SRG will continue to benefit from its
promoter's healthy track record in the readymade garments segment
and established customer relationships, over the medium term. The
outlook may be revised to 'Positive' if the company's scale of
operations and capital structure improve considerably. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates because of less-than-expected
operating margin and revenues or larger-than-expected, debt-funded
capital expenditure programme.

                         About SRG Apparels

Set up in 1999 by Mr. R Govintha Raju in Tirupur (Tamil Nadu), SRG
manufactures readymade garments with a niche focus on children's
apparel. SRG has a manufacturing capacity of around four million
pieces per annum. The company derives majority of its revenues
from exports to the United Kingdom. SRG is undertaking a debt-
funded capex programme of INR365 million in the ongoing year 2011-
12. The capex plan involves setting up of a spinning unit with
around 12000 spindles. The capex would be funded by term loans of
INR260 million and the residual INR95 million from internal
accruals and unsecured loans from promoters. The commercial
operations would commence from July 2011.

SRG reported a profit after tax (PAT) of INR25 million on net
sales of INR499 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR19 million on net
sales of INR486 million for 2008-09.


SRI RAMA: CRISIL Reaffirms 'D' Rating on INR230-Mil. Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Rama Steels Ltd,
continue to reflect delays by the Srirama group in servicing its
debt; the delays of more than 120 days are being caused by the
group's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR230.0 Million Cash Credit       D (Reaffirmed)
   INR473.0 Million Letter of Credit  P5 (Reaffirmed)

The Srirama group continues to be exposed to risks relating to
small scale of operations and has weak financial risk profile.
However, the group continues to benefit from extensive industry
experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SRSL and Chandigarh Iron and Steel
Company Ltd.  This is because the two companies, together referred
to as the Srirama group, are under the same management, in the
same line of business, and have significant operational linkages
and fungible cash flows.  The entire raw material of CISCL is
sourced from SRSL on favorable credit terms. The two companies
have also provided cross-corporate guarantees for each other's
bank facilities.

                         About the Group

The Srirama group commenced operations in 1981 by setting up SRSL
for manufacturing mild-steel billets. SRSL has two manufacturing
units in Solan (Himachal Pradesh), with a combined installed
manufacturing capacity of 124,500 tonnes per annum (tpa).
However, one of the units of SRSL, having an installed capacity of
42,500 tpa, has stopped operations since October 2010 because of
poor liquidity and large working capital requirements at the unit.
In 2006-07 (refers to financial year, April 1 to March 31), the
group's management, to forward-integrate its operations, commenced
construction of a rolling mill for manufacturing thermo-
mechanically treated (TMT) steel bars under CISCL, with an
installed capacity of 500 tonnes per day (tpd). CISCL too has
closed its operations since October 2010 because of poor
liquidity.


SUDHIR FOOD: CRISIL Assigns 'B+' Rating to INR57MM LT Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Sudhir Food Products India Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR123.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR57.0 Million Proposed Long-Term   B+/Stable (Assigned)
                   Bank Loan Facility

The rating reflects SFP's moderate financial risk profile marked
by ongoing capex and small net worth, its small scale of
operations in the fragmented wheat industry, and dependence on its
key raw material, wheat. These rating weaknesses are partially
offset by SFP's moderate business risk profile, driven by
promoters' extensive industry experience, and established and
extensive network of suppliers, dealers, and customers.

Outlook: Stable

CRISIL believes that SFP will maintain its business risk profile
backed by the extensive industry experience of its promoters. Its
financial risk profile is, however, expected to remain moderate,
marked by its large ongoing debt-funded capex programme.  The
outlook may be revised to 'Positive' in case of earlier than
expected stabilization of capex or if promoters infuse equity,
resulting in improvement in its net worth and thus the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SFP is unable to optimally utilize its capacity, leading to
lower cash accruals, or if there are significant time and cost
overruns, thereby weakening its financial risk profile.

                        About Sudhir Food

Incorporated in 1996, SFP processes wheat to manufacture maida
(refined flour), suji, and atta (unrefined flour). These products
are sold in packages of 25 kilograms (kg), 50 kg, and 90 kg under
the brands Bharat No 1 and Bharati Rani. The company's processing
unit in Kanshi Ram Nagar (Uttar Pradesh) has an installed capacity
of 120 tonnes per day (tpd). SFP is increasing its capacity to 270
tpd, and is expected to commence operations by the mid of 2011.

SFPIL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR254 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net sales
of INR180 million for 2008-09.


TWINKLE DIAMONDS: CRISIL Rates INR150MM Packing Credit at 'P4+'
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the packing credit
facility of Twinkle Diamonds.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Packing Credit    P4+ Assigned)

The rating reflects Twinkle's modest scale of operations in the
diamond industry, and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoters in the diamond manufacturing and exports
business.

Set up in 1975 by Mr. Suresh C Shah and Mr. Jayanti M Shah,
Twinkle exports cut and polished diamonds. The firm currently owns
manufacturing facilities at Surat and Navsari (which is the Twin
City of Surat) in Gujarat. Twinkle primarily deals in round cut
diamonds, with sizes in the range of 0.5 to 5 carats. Mr. Suresh
Shah is responsible for sales and marketing of goods. Mr. Jayanti
Shah handles the manufacturing units and the rough diamond
procurement. The 35-year-old firm is currently being incorporated
as a private limited company under part IX of the Companies Act.
Twinkle is expected to be completely reconstituted as a private
limited company in 2011-12 (refers to financial year, April 1 to
March 31).

For 2009-10, Twinkle reported a profit after tax (PAT) of INR7.6
million on net sales of INR692.6 million, against a PAT of INR0.79
million on net sales of INR491.3 million for 2008-09.


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


PT ALUCO: Fitch Assigns 'B-' Issuer Default Rating; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based power cable
manufacturer PT ALUCO Long-term Foreign and Local Currency Issuer
Default Ratings (IDR) of 'B-' with Stable Outlook and a senior
unsecured rating of 'B-'.

Fitch has also assigned an expected senior unsecured rating of 'B-
(exp)' and an expected Recovery Rating of 'RR4(exp)' to the USD
notes to be issued by PT Tranka Kabel (Tranka) and unconditionally
and irrevocably guaranteed by Aluco. Tranka is a cable
manufacturer 79.5%-owned by Aluco. The final rating of the notes
is contingent on the receipt of final documents conforming to
information already received. Although the notes are to be secured
against the tangible assets of Tranka and Aluco, Fitch has
assigned a senior unsecured rating to the notes due to weak
enforceability of security in Indonesia.

The above ratings and Outlook assume that Aluco will successfully
refinance the majority of its existing debt with the bond
proceeds, improving its capital structure and liquidity. Aluco's
liquidity has been weak due to its high working capital
requirement stemming from a combination of its long working
capital cycle, high raw material prices and limited availability
of capital.

Aluco's IDRs are supported by its position as the leading
manufacturer of power cables in Indonesia. It is vertically
integrated into copper and aluminium rod production, resulting in
higher profit margins. The company is one of few cable
manufacturers in Indonesia capable of producing high-voltage
cables for transmission and distribution of electricity. Demand
for its products is supported by the large capex allocation for
power transmission and distribution by PT Perusahaan Listrik
Negara (PLN), the state-owned electricity company and government
regulations that favour domestic cable manufacturers.

Nearly half of Aluco's sales are related to PLN's projects, which
require substantial working capital due to the long credit periods
involved with these sales (in excess of 60 days on average). The
share of PLN-related sales is expected to increase, increasing the
risk of customer concentration. The company faced significant
payment delays from its customers in 2009 due to delayed payments
and deferral of projects by PLN. As a result, Aluco had had to re-
schedule most of its debt obligations and, in certain cases, agree
to onerous interest rates to maintain its credit facilities.

Fitch positively notes that Aluco's product pricing and raw
material sourcing policy, including its sales to PLN-related
projects, largely insulates its profit margins from swings in raw
material prices. EBITDA margins improved to 15.2% in 2010 from
9.8% in 2009 due to an increased share of more profitable high-
voltage product sales.

If the USD bond issue is successful, Aluco will have minimal debt
maturities in the next five years and around USD40m excess
liquidity to support sales growth. Refinancing its current high-
cost debt can substantially reduce its interest expenses. Given
the current under-utilization of its existing production capacity
(59.3% in 2010), its capex requirement over the medium-term is
modest. Fitch believes Aluco can maintain its financial leverage
as measured by adjusted debt net of cash to operating EBITDAR
below 3.5x and its fund flow from operations to interest coverage
above 2.0x.

However, Fitch views that Aluco has been aggressive with its
sales, leaving it with limited liquidity. Aluco is owned and
managed by the Zen family and there are limitations in relation to
corporate governance. On balance, however, Aluco has not paid any
dividends in the recent past and the owners have injected
additional capital into the company.

Fitch may consider negative rating action if the company fails to
issue the USD notes and does not secure alternative refinancing to
improve its liquidity position. Even if the bond issue is
successful, a positive rating action is unlikely until Aluco
demonstrates a track record of disciplined growth and sound
capital management.


RANHILL BHD: S&P Affirms Long-term Corp. Credit Rating at 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Malaysia-based utilities and
construction company Ranhill Bhd. The outlook is stable. The
rating was removed from CreditWatch, where it had been placed with
negative implication on Dec. 30, 2010.  S&P then withdrew the
rating at the company's request.

"At the same time, we withdrew the 'CCC+' issue rating on the $220
million, 12.5% senior unsecured notes due October 2011, issued by
Ranhill (L) Ltd., on their full, voluntary early redemption on
June 6, 2011. Ranhill guaranteed the notes," S&P said.

"We affirmed the rating and removed it from CreditWatch because we
believe Ranhill's full repayment of the US$220 million in senior
unsecured notes has improved its liquidity," said Standard &
Poor's credit analyst Andrew Wong. "Nevertheless, we believe
Ranhill's liquidity remains less than adequate."

Ranhill Power Sdn. Bhd. (RP), a wholly owned subsidiary of
Ranhill, issued Malaysian ringgit 800 million in guaranteed sukuk
with a tenor of two to 15 years. Ranhill borrowed funds from RP to
help finance the redemption of its notes. "We believe the long-
term and staggered nature of refinancing better matches Ranhill's
debt maturity to the stable cash flows from its utilities
business," S&P stated.

"In our view, the increasing contribution of the utilities
business would offset the risk from engineering and construction
(E&C) projects, gradually improving Ranhill's operating
performance," according to S&P.

"Ranhill's financial risk profile is highly leveraged, in our
opinion. For the 12 months to March 31, 2011, the company's ratio
of adjusted debt to EBITDA was more than 6x and debt to total
capital was 60%," S&P noted.

The rating reflects Ranhill's exposure to the high-risk E&C
business and substantial client concentration. The company's
stable utility operating concessions in Malaysia and moderate
business diversity partly offset these weaknesses.

"The stable outlook reflects our view that Ranhill will be able to
meet its debt maturities over the next six to 12 months because of
the long-term nature of the funding for the full repayment of its
notes. We may lower our rating if: (1) we assess that the
company's liquidity is unlikely to improve; or (2) customer
receipts or project completion get materially delayed. While the
potential for an upgrade is limited, we could raise the rating if
Ranhill's liquidity strengthens and its credit protection measures
improve, such that its debt-to-EBITDA ratio is consistently at, or
below, 4x," S&P added.


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


CAFES 2's: Fitch Places Class E TBIs on RWN; Upgrades Others
------------------------------------------------------------
Fitch Ratings has upgraded Cafes 2's class C and D trust
beneficiary interests (TBIs) due August 2013 and placed the class
E TBIs on Rating Watch Negative (RWN). The transaction is a
Japanese multi-borrower type CMBS securitization. The rating
actions are:

   -- JPY0.47bn* Class C TBIs upgraded to 'Asf' from 'BBBsf';
      Outlook Stable

   -- JPY0.96bn* Class D TBIs upgraded to 'BBBsf' from 'BBsf';
      Outlook Stable

   -- JPY0.16bn* Class E TBIs 'BBsf' placed on RWN

*as of June 8, 2011

Fitch has also withdrawn the rating of 'AAAsf'/Outlook Stable on
class X TBIs (dividend-only), following the agency's revised
practice for rating interest-only debt (see "Fitch Revises
Practice for Rating IO and Pre-Payment Related Structured Finance
Securities", dated June 23, 2010 on www.fitchratings.com).

Fitch has placed the class E TBIs on RWN to reflect the
possibility of principal loss on these TBIs should the remaining
loan default. This is because post default, the payment of the
special servicing fee, relating to the disposal of the collateral
property and paid from the default loan interest and reserved cash
in the trustee account, may result in a loss on the class E TBIs.
The timing of any workout activity will be an important factor in
determining whether a loss will result. According to Fitch's
calculations, as a result of the payment waterfall, the class E
TBIs may suffer a loss if workout is completed within two months
of loan default. The agency therefore expects to resolve the RWN
by end-September 2011.

The upgrades of class C and D TBIs reflect the repayment of the
two underlying loans whose proceeds have been applied to repay the
principal of TBIs on a sequential basis. The loans were repaid in
full at maturity in January 2011, resulting in the class A and B
TBIs being redeemed in full and the partial redemption of the
class C TBIs at the February 2011 payment date. Ratings on these
TBIs also reflect Fitch's view that they are likely to be fully
redeemed well before the legal final maturity of this transaction,
even if the agency's stressed property value and collection timing
assumptions are applied to the remaining underlying loan.

The TBIs were issued in October 2006 and the transaction was
initially a securitization of nine loans backed by 29 properties.
The remaining underlying loan is backed by a commercial property
in Tokyo.


=========
K O R E A
=========


HYNIX SEMICONDUCTOR: Creditors to Receive Final Bids by September
-----------------------------------------------------------------
Bloomberg News reports that creditors of Hynix Semiconductor Inc.
aim to receive final bids for the controlling stake in the
chipmaker by September as they seek to initiate their fourth
attempt to unload their shares.

Ryu Jae Han, Chief Executive Officer of Korea Finance Corp., told
Bloomberg that the shareholders are considering asking the company
to sell new stock, in addition to part of their combined 15% stake
in the company.  They aim to close the deal, including payment, by
the end of this year, Mr. Ryu said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2011, The Wall Street Journal said Hynix creditors plan
to launch the sale of their controlling stake in the company by
the end of June.  The Journal, citing a person familiar with the
matter, related that the nine creditors aim to set a deadline for
letters of intent from interested bidders sometime in early July.

While the creditors plan to invite preliminary bids in July,
Mr. Ryu told Bloomberg they will reissue a tender or extend the
period if they fail to receive bids from more than one company.

The company isn't considering a new share sale, Hynix said in a
filing after the bourse asked it to provide a clarification on the
speculation, Bloomberg adds.

Creditors-turned-shareholders of Hynix Semiconductor Inc. agreed
to restart the sale of their controlling stake in the company
marking the third divestment attempt in as many years, the Journal
reported.  The creditors' collective 15% stake is valued at around
KRW2.58 trillion ($2.38 billion) based on current market prices.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


KUMHO ASIANA: Korea Express Set to Pick Preferred Bidder in July
----------------------------------------------------------------
Bloomberg News, citing Edaily, reports that creditors in Korea
Express Co. will receive final bids for a stake in the company
this month, and choose a preferred bidder early next month.  Korea
Express is part of the Kumho Asiana Group.

Edaily said arrangers sent on Monday notification for final bids
on Korea Express to Posco, Lotte Group and CJ Group, which all
submitted initial offers, Bloomberg relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2011, Korea Development Bank is seeking to sell Korea
Express in a bid to wrap up the restructuring of the group.  Last
year, KDB, a state-run lender, took over Daewoo Engineering &
Construction Co. in an effort to speed up the normalization of the
conglomerate, which is under a creditors-led debt rescheduling
program.

Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,
that it plans to raise KRW1.3 trillion from asset sales to help
repay debt stemming from the 2006 takeover of Daewoo Engineering.
The group has already sold assets and lost control of units,
including Daewoo Engineering, Kumho Industrial Co., and Kumho Tire
Co. to creditors.

Korea Express Co., Ltd. provides land and marine transportation,
and logistics services.  The company also operates stevedoring,
distribution, and warehousing businesses that serve domestic and
international customer needs.  The company is part of the Kumho
Asiana Group.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


AMI INSURANCE: Clients Face Hefty Insurance Premium Rises
---------------------------------------------------------
Christopher Adams at nzherald.co.nz reports that AMI Insurance,
which has faced a crisis after Christchurch's February earthquake,
has confirmed that its customers are facing big rises to their
premiums.

John Balmforth, AMI's chief executive, said policy holders would
face average price increases of up to 20% for dwellings, 15% for
contents, and 4 to 5% for vehicles, nzherald.co.nz relates.

According to nzherald.co.nz, Mr. Balmforth said the increases
would be larger for South Island customers than for those in other
parts of New Zealand as policy holders from that part of the
country had previously paid lower premiums.  "It's a catch-up
situation."

He said there would be an obvious financial impact on customers,
but some of AMI's competitors were making even larger increases,
the report adds.

nzherald.co.nz relates that Insurance Council chief executive
Chris Ryan said AMI's premium increases were unsurprising,
considering the challenges facing the company in Christchurch and
increased rates from international reinsurance providers -- the
organizations that provide financial backup to insurers.

Similar price increases could be on the way from other firms.

Mr. Balmforth, as cited by nzherald.co.nz, said uncertainty
remained over whether AMI would have to draw on the rescue
package, which if called upon would result in the state taking an
ownership stake in the insurer.

The company would not have a clear idea of the cost of the
Christchurch quake at least until August, nzherald.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.

AMI Insurance -- http://www.ami.co.nz/-- is the largest general
insurer in Christchurch, New Zealand.


BRIDGECORP LTD: Navigator, Petricevic Trust Dispute Back in Court
-----------------------------------------------------------------
Kelly Gregor at nzherald.co.nz reports that the dispute between a
family trust associated with Rod Petricevic and a former
Bridgecorp subsidiary was back in court on June 9 to discuss a
trial date.

nzherald.co.nz says the R.M. Petricevic Trust is fighting a claim
by Navigator Finance for $2.2 million.  The trust's lawyers claim
the money was an advance, not a loan.

Mr. Petricevic is not a beneficiary of the trust but close family
members are, the report notes.

The Bridgecorp receivers, PricewaterhouseCoopers, are funding the
case with the aim of distributing money to investors if Navigator
wins, nzherald.co.nz notes.

Last year, nzherald.co.nz recalls, Navigator successfully placed a
caveat over the Petricevic family home in Remuera, valued at $4.4
million, to prevent its sale, securing the asset.  The defence
argued that the home needed to be sold to fund Mr. Petricevic's
defence.

It has since sold for an undisclosed sum under a conditional sale,
meaning Navigator had to agree to the price and whether the funds
would be placed in trust for protection.

                        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).


CYCLE SURGERY: Owes About NZ$1 Million to Creditors
---------------------------------------------------
Simon Hartley at Otago Daily Times reports that Cycle Surgery
Dunedin 2008 Ltd, which has been placed in liquidation a week ago,
owes about NZ$1 million to secured and unsecured creditors.

Cycle Surgery Ltd was placed in voluntary liquidation by sole
director and shareholder Paul Gough, of Dunedin, on June 2, with
Insolvency Management Ltd of Dunedin appointed as liquidators.

Otago Daily says there are other Cycle Surgery-branded outlets in
the South Island not associated with the Dunedin business, but it
is only the Dunedin business in Lower Stuart St that is in
liquidation.

While the Dunedin Cycle Surgery's asset values are yet to be
determined, the 13 secured creditors are estimated to be owed
NZ$558,000, and the 64 unsecured creditors about NZ$500,000, the
report discloses.

According to Otago Daily, liquidator Gus Jenkins said it was
"unlikely" for any of the 64 unsecured creditors would get a
dividend.

Mr. Jenkins, as cited by Otago Daily, said several interested
parties, including other bike shops, had expressed interest in
buying the unsecured assets and negotiations were continuing.

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


HANOVER FINANCE: Hearing Over Asset Freeze Set For August 16
-------------------------------------------------------------
Kelly Gregor at nzherald.co.nz reports that former Hanover Finance
boss Mark Hotchin's lawyers and the Financial Markets Authority
were back in court last week to discuss any issues raised from
Justice Helen Winkelmann's decision to keep part of his assets
frozen.

nzherald.co.nz relates that Justice Winkelmann last month released
her awaited decision on whether the former Hanover Finance
director would regain access to his New Zealand-based assets.

She said in her judgment that the FMA -- formerly the Securities
Commission -- had "good grounds" to investigate Mr. Hotchin.  But
the FMA has yet to issue proceedings against Mr. Hotchin or
indicate what those charges would be, nzherald.co.nz says.

Mr. Hotchin's assets were frozen by the FMA in December in an
unprecedented show of power.  Mr. Hotchin's lawyers appealed the
decision.

Although parts of Hotchin's assets remain frozen, nzherald.co.nz
notes, Justice Winkelmann removed the freeze over his household
assets, those possessions, such as cars, were sent to Mr.
Hotchin's family in Australia.  Assets were also released to allow
Mr. Hotchin to pay his NZ$5 million tax bill.

According to nzherald.co.nz, Mr. Hotchin's lawyer Bruce Stewart,
QC, said the conference hearing last week was to discuss whether
the judgment had raised any issues.

Mr. Stewart said until the FMA "has made up its mind" on whether
it will issue proceedings against Mr. Hotchin and what those
charges will be, there is nothing else the defence can do at the
moment, the report says.

The asset preservation orders were put in place to ensure that if
any investors wished to take civil action against Mr. Hotchin in
the future, there would be money available, should they win,
nzherald.co.nz notes.

Another conference hearing is scheduled for August 16 at the High
Court at Auckland.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


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


* BOND PRICING: For the Week June 6 to June 10, 2011
----------------------------------------------------

Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.32
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.95
EXPORT FIN & INS         0.50    12/16/2019   NZD      64.81
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.51
EXPORT FIN & INS         0.50    06/15/2020   NZD      62.22
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      68.45
NEW S WALES TREA         0.50    09/14/2022   AUD      56.26
NEW S WALES TREA         0.50    10/07/2022   AUD      55.79
NEW S WALES TREA         0.50    10/28/2022   AUD      55.55
NEW S WALES TREA         0.50    11/18/2022   AUD      55.40
NEW S WALES TREA         0.50    12/16/2022   AUD      54.87
NEW S WALES TREA         0.50    02/02/2023   AUD      54.53
NEW S WALES TREA         0.50    03/30/2023   AUD      53.98
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      70.61
RESOLUTE MINING         12.00    12/31/2012   AUD       1.09
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.48
SUNCORP METWAY I         6.75    09/23/2024   AUD      67.86
SUNCORP METWAY I         6.75    10/06/2026   AUD      74.95
TREAS CORP VICT          0.50    08/25/2022   AUD      56.90
TREAS CORP VICT          0.50    11/12/2030   AUD      55.13
TREAS CORP VICT          0.50    11/12/2030   AUD      39.05


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.48

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      55.33


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.40
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.00
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.88
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.03
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.38
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.91
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.59
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.41
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.35
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.40


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      57.33


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      50.09
AIFUL CORP               1.74    05/28/2013   JPY      47.93
AIFUL CORP               1.99    10/19/2015   JPY      38.02
COVALENT MATERIA         2.87    02/18/2013   JPY      65.27
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.42
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.82
SHINSEI BANK             5.62    12/29/2049   GBP      74.11
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.12    03/24/2017   JPY      73.32
TOKYO ELECTRIC POWER     2.34    09/29/2028   JPY      73.81
TOKYO ELECTRIC POWER     2.40    11/28/2028   JPY      71.47
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      71.80
TOKYO ELECTRIC POWER     2.11    12/10/2029   JPY      70.20
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      66.01
TOKYO ELECTRIC POWER     2.36    05/28/2040   JPY      63.65


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.11
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.31
CRESENDO CORP B          3.75    01/11/2016   MYR       1.43
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
DUTALAND BHD             6.00    04/11/2013   MYR       0.80
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.52
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.51
ENCORP BHD               6.00    02/17/2016   MYR       0.92
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.01
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.90
MITHRIL BHD              3.00    04/05/2012   MYR       0.51
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.43
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.28
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.80
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.95
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.22
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.70


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      17.87
DORCHESTER PACIF         5.00    06/30/2013   NZD      69.35
GENESIS PACIFC           8.50    07/15/2041   NZD       8.32
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.30
INFRATIL LTD             4.97    12/29/2049   NZD      61.55
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.27
NZF GROUP                6.00    03/15/2016   NZD       5.64
SKY NETWORK TV           4.01    10/16/2016   NZD       6.72
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.35
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.90
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.15


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            8.00    11/20/2012   SGD       0.48
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.57


SOUTH KOREA
-----------

BUSAN SOLOMON            8.50    10/29/2014   KRW      10.31
CN 1ST ABS               8.00    02/27/2015   KRW      31.06
CN 1ST ABS               8.00    11/27/2015   KRW      32.28
EPIVALLEY CO LTD         3.00    01/14/2011   KRW      71.40
GREAT KO 1ST ABS        15.00    08/19/2014   KRW      30.04
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      59.41
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      60.39
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      23.02
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      30.50
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.40
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.02
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.87
HYUNDAI SWISS II         7.90    07/23/2015   KRW      39.16
IBK 17TH ABS            25.00    12/29/2012   KRW      61.74
JEIL MUTUAL BK           8.50    01/22/2015   KRW      65.16
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      54.64
KEB 17TH ABS            20.00    12/28/2011   KRW      61.00
KOREA MUTUAL SAV         8.00    01/23/2013   KRW      71.40
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      69.22
NACF 17TH ABS           25.00    07/03/2011   KRW      20.02
NACF 18TH ABS           25.00    08/20/2011   KRW      30.00
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.02
OSAN MYT 1ST ABS         5.64    04/16/2012   KRW      63.63
OSAN MYT 1ST ABS         5.64    04/16/2012   KRW      63.40
SAM BU CONSTRUCT         7.70    03/11/2012   KRW      50.63
SEGYE TOUR CO            4.00    11/06/2012   KRW      67.32
SEOUL MUTUAL SAV         8.00    04/27/2016   KRW      70.20
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.52
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.53
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.51
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.29
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.55
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.20
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.07
SINGOK NS ABS            7.50    06/27/2011   KRW      53.02
SOLOMON MU/HONAM         8.50    06/22/2012   KRW      10.31
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      51.35
TOMATO MUTUAL SA         8.50    08/12/2014   KRW      39.79
TOMATO MUTUAL SA         7.90    07/18/2015   KRW      60.46


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      65.48


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71. 55


VIETNAM
--------

HCMC INVT FUND           9.25    08/10/2016   VND       13.50
HCMC INVT FUND           9.25    08/22/2016   VND       13.50
HCMC INVT FUND           9.25    08/31/2016   VND       13.50
VDB BOND                 8.40    09/13/2011   VND        9.70
VDB BOND                 8.40    01/15/2012   VND        9.50
VDB BOND                 8.40    01/22/2012   VND        9.50
VDB BOND                 8.10    01/26/2012   VND        9.50
VDB BOND                 8.60    09/13/2016   VND        9.00
VIETNAM MACHINE          9.20    06/06/2017   VND       69.97
VIETNAM SHIPBUIL         9.00    04/13/2017   VND       52.63


                             *********

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

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

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


                            *********


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

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

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

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

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





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