TCRAP_Public/110617.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

             Friday, June 17, 2011, Vol. 14, No. 119

                            Headlines


A U S T R A L I A

BREMER FORD: Q Ford Acquires Firm's Businesses & Assets
COLOURSCAN PTY: Closes Operations; Terminates 40 Workers
LIBERTY SERIES: Fitch Upgrades Rating on Class D Notes to 'BB+sf'
REDGROUP RETAIL: Negotiations Underway For Sale of A&R Bookstores


C H I N A

CHINA INTEGRATED: Receives Nasdaq Notice to Deny Stay of Delisting
NINE DRAGONS: Denies S&P's Debt Claims
NINE DRAGONS: S&P Withdraws 'BB' Long-term Corp. Credit Rating


H O N G  K O N G

LUCKY CHIU: Court to Hear Wind-Up Petition on July 27
LUEN TONG: Court to Hear Wind-Up Petition on July 13
ON YUEN: Creditors and Contributories to Meet on June 17
PEACE MARK: Creditors' Proofs of Debt Due June 30
POLLY RICH: Court to Hear Wind-Up Petition on July 20

SONS OF LIGHT: Contributories and Creditors to Meet on June 29
VICTORY FIELD: Court to Hear Wind-Up Petition on July 20
WAH NAM: Creditors and Contributories to Meet on June 17
WISDOM ALLIANCE: Ng and Lees Appointed as Liquidators
YUN ON: Court to Hear Wind-Up Petition on July 27


I N D I A

AIR INDIA: Turnaround Plan to go to GoM for Approval
AIR INDIA: Pilots Seek Waiver of Resignation Notice-Period
ALWAR POWER: ICRA Reaffirms 'LBB' Rating on INR23cr Long Term Loan
ANDHRA PRADESH: Fitch Assigns 'BB-(ind)' National Long Term Rating
ALPINE HOUSING: ICRA Assigns 'LB+' Rating to INR50cr Bank Limits

CREAM JEWELLERY: CARE Rates INR10cr ShortTerm Bank Loan at 'PR4'
DESIGN CREATION: ICRA Assigns 'LBB-' Rating to INR6cr Bank Loan
FARADAY ELECTRICALS: CARE Assigns 'CARE BB+' Rating to INR3cr Loan
JAI GEARS: CARE Rates INR13.81cr Long Term Bank Loan at 'CARE BB+'
JYOTI COTSPIN: CARE Assigns 'CARE BB+' Rating to INR8.4cr LT Loan

K-LIFESTYLE: CARE Cuts Rating on INR226.9cr Loan to 'CARE BB+'
KSL & INDUSTRIES: CARE Cuts Rating on INR665cr Loan to 'CARE BB+'
MUDRA LIFESTYLE: Fitch Cuts National LongTerm Rating to 'RD(ind)'
PINNACLE BIOMED: ICRA Assigns 'LBB+' Rating to INR10cr LT Loan
SAHARA SCHOOL: CARE Cuts Rating on INR83.5cr LT Loan to 'CARE BB+'

SANDEEP ENTERPRISES: ICRA Places 'LBB-' Rating on INR9cr Bank Loan
SAVERA FOODS: ICRA Assigns 'LB+' Rating to INR14cr Bank Lines
SPR SUGARS: ICRA Assigns 'LC' Rating to INR54.5cr Term Loan
TOPWORTH URJA: CARE Assigns 'CARE BB' Rating to INR184cr LT Loan
VAIBHAV LAXMI: ICRA Reaffirms 'LBB+' Rating on INR29.96cr Loan


I N D O N E S I A

BUMI INVESTMENT: Moody's Says Sale Has No Effect on Ratings


J A P A N

EAST STREET: Moody's Reviews SF CDOs Rating for Possible Downgrade
GODO KAISHA: S&P Lowers Ratings on 2 Classes of Notes to 'CCC'
TOKYO ELECTRIC: Japanese Cabinet Approves TEPCO Support Bill


K O R E A

HYUNDAI CAPITAL: Fitch Affirms Individual Rating at 'C'
HYUNDAI CARD: Fitch Affirms Individual Rating at 'C'
POSCO ENG'G: Moody's Reviews Baa2 Rating for Possible Downgrade


M A L A Y S I A

BANENG HOLDINGS: Inks Revised Debt Restructuring Agreement
BASWELL RESOURCES: Losses Syariah-Compliance Securities Status
SATANG HOLDINGS: Kaypi Technologies Withdraws Writ of Summons


N E W  Z E A L A N D

HANOVER FINANCE: SFO Says Hanover Investigation is Challenging
JERICHO RESIDENTIAL: Closes Doors, Leaving Landlords Out of Pocket


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BREMER FORD: Q Ford Acquires Firm's Businesses & Assets
-------------------------------------------------------
Queensland Business Review reports that Q Ford has acquired the
business and assets of Bremer Ford, which went into receivership
last month due to ongoing financial losses.

A lack of sufficient cashflow and ongoing financial losses
resulted in the closure of Brisbane car dealerships Denmac Ford
and Bremer Ford late last month, according to Queensland Business
Review.  The closures saw almost 120 staff lose their jobs.

The new owners have confirmed that they intend to retain the name
Bremer Ford, Queensland Business Review notes.

Joint receiver & manager and Deloitte partner, Richard Hughes,
said he is pleased to find a buyer who understands the local
market and is as well regarded as Q Ford, Queensland Business
Review notes.

"It is particularly pleasing that the remaining four employees,
along with several people who had lost their jobs when the company
went into receivership, will be offered positions by the new
owners," Queensland Business Review quoted Mr. Hughes as saying.

Settlement of the contract for sale occurred on June 14 and Bremer
Ford has already reopened for business, Queensland Business Review
discloses.


COLOURSCAN PTY: Closes Operations; Terminates 40 Workers
--------------------------------------------------------
Nolan Giles at ProPrint reports that the director of Colourscan
Pty Ltd has closed the business and let 40 staff go, citing
"personal reasons" and the tough trading climate in Queensland.

Jeff Osborne told ProPrint that all the staff had since moved on
to new positions within and outside of print.

"We have made a personal decision to close our business and that
is all I want to say right now," Mr. Giles told ProPrint.  "It is
a tough time for printers up in Brisbane at the moment."

ProPrint relates that Mr. Osborne said Colourscan would be trying
to sell off its equipment over the next two weeks but was
reluctant to discuss any plans beyond that.

Colourscan -- http://www.colourscan.com.au/-- provides print and
graphic design services.  The 26-year-old company was based in the
Brisbane suburb of Zillmere, with sales offices in Mackay,
Sunshine Coast and Sydney.


LIBERTY SERIES: Fitch Upgrades Rating on Class D Notes to 'BB+sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded Liberty Series 2010-1 Auto Trust's
class B and D, and affirmed two others. The transaction is a
securitization of prime and non- prime auto receivables originated
by Liberty Financial Pty Ltd.

   -- AUD25m Class A, affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS2'

   -- AUD11.5m Class B upgraded to 'A+sf' from 'Asf'; Outlook
      Stable; Loss Severity Rating 'LS3'

   -- AUD6m Class C affirmed at 'BBB+sf'; Outlook Stable; Loss
      Severity Rating revised to 'LS3' from 'LS4'

   -- AUD3.6m Class D upgraded to 'BB+sf' from 'BBsf'; Outlook
      Stable; Loss Severity Rating revised to 'LS4' from 'LS5'

The rating actions reflect Fitch's view that the increased
available credit enhancement (CE) levels are able to support the
upgrades and affirmations of the notes.  The increase in the
guarantee fee reserve amount and the natural amortization in the
transaction have helped benefit the build up of CE especially for
Class B and D notes.

"Liberty 2010-1 has performed in line with Fitch's expectations
and since closing excess spread has been strong enough to cover
all losses incurred to date. This is expected to continue with
additional support provided by guarantee fee and credit reserves,"
said Mr. James Zanesi, Associate Director in Fitch's Structured
Finance team. "Recoveries have been above historical data and
above conservative values used in the analysis."

In its analysis, Fitch has modelled the outlook with a base-case
gross loss estimate for the remaining pool balance of 12.3%, with
a recovery assumption of 35%. As of end-May 2011, cumulative gross
losses amounted to AUD6 million (6.79% of the initial collateral
balance). Net losses totalled AUD2.4 m million (or 2.72%). Losses
have steadily increased over time and the excess income has been
sufficient to pay for losses with no charge-offs against the
notes.

As of end-May 2011, 30+ days and 90+ days arrears amounted to
3.33% and 1.97%, respectively.


REDGROUP RETAIL: Negotiations Underway For Sale of A&R Bookstores
-----------------------------------------------------------------
Ferrier Hodgson, the Administrator of REDgroup Retail, said
negotiations are underway regarding the sale of 19 Angus &
Robertson bookstores.  The administrator said Wednesday he hopes
to finalize sales of individual stores over the next fortnight.

In addition, negotiations continue with a number of book-retailing
specialists in relation to both the franchise network and the
online business.

The remaining 42 REDgroup-owned Angus & Robertson stores will
close over the next three to four weeks.  Job losses will total
519.  This includes 429 from the closing stores (116 full-time, 47
part-time and 266 casual staff) and 90 from the REDgroup head
office and distribution centres.

This will not affect the 48 stores in the Angus & Robertson
franchise network, which will continue to trade as normal.

Administrator John Melluish of Ferrier Hodgson said the sale of a
portfolio of the stores would save approximately 200 jobs in
addition to those associated with the franchise business and e-
commerce.

Mr. Melluish confirmed that all employee entitlements would be
paid in full to staff made redundant.

"Our ability to pay full entitlements is a direct result of the
untiring efforts of the Angus & Robertson staff who worked under
very difficult circumstances to keep the business going," he said.
"As a result of their efforts, I can confirm that all entitlements
will be paid out of the proceeds of the sale of the remaining
inventory."

A second meeting of REDgroup creditors will be scheduled to take
place after the final store closure.

                         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


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


CHINA INTEGRATED: Receives Nasdaq Notice to Deny Stay of Delisting
------------------------------------------------------------------
China Integrated Energy, Inc. disclosed that the Nasdaq Stock
Market has denied its request to extend the stay of delisting of
its stock pending a scheduled hearing on June 30, 2011.  As a
result, the Company's shares will be suspended from trading at the
opening of business on June 15, 2011.

The Nasdaq Hearings Panel notes that this suspension may be lifted
after the hearing if the Panel, based on a broad review of all of
the facts and arguments by the Company and staff, disagrees with
Nasdaq Staff's assessment that public interest concerns warrant
delisting, and grants an exception to the filing requirement.

China Integrated Energy securities are quoted under the symbol
CBEH.PK on OTC Pink of the OTC Markets Group Inc.

                     About China Integrated

China Integrated Energy, Inc. --
http://www.chinaintegratedenergy.com-- is a leading non-state-
owned integrated energy company in China engaged in three business
segments: the production and sale of biodiesel, the wholesale
distribution of finished oil and heavy oil products, and the
operation of nine retail gas stations.  The Company operates at
200,000-ton biodiesel production capacity within two plants
located in Tongchuan, Shaanxi province, and one plant in
Chongqing, China.  The Company utilizes a distribution network
covering 16 provinces and municipalities, established over the
past 11 years, to distribute both heavy oil and finished oil,
including gasoline, petro-diesel, and biodiesel.


NINE DRAGONS: Denies S&P's Debt Claims
--------------------------------------
China Daily reports that Nine Dragons Paper Holdings Ltd has
denied Standard & Poor's claim that it has an aggressive debt-
funded appetite for growth.

China Daily relates that the company, founded by China's
wealthiest woman Zhang Yin, also said on Wednesday that it had not
received any written requests for information from the ratings
agency to which it had not responded.

According to the report, the rebuttal followed S&P's announcement
on Tuesday that it had pulled its debt ratings for Nine Dragons
due to "insufficient access" to the management in order to
understand the company's strategy and credit risks.

"The company wishes to clarify that it has not received any
written information request by S&P which it has not responded to,"
China Daily quotes Ms. Zhang as saying in a statement filed with
the Hong Kong stock exchange on Wednesday.  "The company is
willing to cooperate with S&P and ready to respond to any
information requests from S&P for the purposes of the rating at
any time," she said.

According to China Daily, analysts said the reason behind S&P's
decision was unconvincing and was probably caused by
miscommunication rather than any fundamental change in Nine
Dragons' financial situation.

Shareholder activist David Webb also criticized S&P's move in a
comment published on his Web site, China Daily discloses.

China Daily relates that Mr. Webb said the Securities and Futures
Commission (SFC) should prohibit credit ratings agencies from
releasing announcements on listed companies during trading hours,
"for the same reasons that listed companies cannot announce price-
sensitive information during market hours unless their stock is
suspended. It can lead to unfair and disorderly markets".

A spokesman with the SFC told media on Wednesday that the
regulator is looking into the matter, the report adds.

China Daily adds Nine Dragons also said on Wednesday that Fitch
Ratings had not indicated any communication issues with the
company's management, nor had it withdrawn its ratings.

The company said it had received a proposal from Moody's Investor
Services to assess its debt after S&P's withdrawal, and expected
to finalize the appointment shortly, China Daily reports.

                           About Nine Dragons

Nine Dragons Paper (Holdings) Limited -- http://www.ndpaper.com
-- manufactures and sells packaging paperboard products and
unbleached kraft pulp in the People's Republic of China.  The
Company's packaging paperboard products include linerboard,
corrugating medium and coated duplex board, as well as unbleached
kraft pulp.  The Company's subsidiaries include Nine Dragons Paper
Group Limited, Zhang's Enterprises Co., Ltd., Nine Dragons Paper
Industries Co., Ltd., Millennium Scope Limited, River Dragon Paper
Industries Co., Ltd., Emperor Dragon Paper Industries Co., Ltd.,
Sky Dragon Paper Industries (HK) Co., Ltd., Sky Dragon Paper
Industries Co., Ltd. and Nine Dragons Finance (Group) Limited.

NDP's ability to secure bank financing with weakening credit
metrics.  These negative rating concerns have been removed given
that the syndicated loan facility was refinanced in FY10 with a
three-year club term loan which contained no financial covenants
and the fact that NDP received ample bank financing at competitive
borrowing rates during the financial crisis," adds Ms. Wang.


NINE DRAGONS: S&P Withdraws 'BB' Long-term Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on Nine Dragons Paper (Holdings) Ltd, and
the 'BB-' issue rating on the company's outstanding senior
unsecured notes. "We also withdrew the 'cnBBB-' long-term Greater
China credit scale rating on Nine Dragons and the 'cnBB+'
rating on its outstanding senior unsecured notes," S&P said.

"In our view, Nine Dragon has an aggressive debt-funded growth
appetite. We withdrew the ratings because we have insufficient
access to management and therefore cannot fully understand the
company's strategy and financial management or assess its future
credit risks," S&P said.

"At the time of the withdrawal, the stable outlook on Nine Dragons
reflected our expectation that the company's financial performance
was likely to remain stable for the next year based on information
in the public domain. The outlook also reflected the possibility
of a downgrade if leverage materially increased to support an
accelerated growth appetite, such that the ratio of funds from
operations (FFO) to total debt was lower than 15% over 12 months
and EBTIDA interest coverage deteriorated to less than 3x. In
addition, we might have considered an upgrade if Nine Dragons'
financial performance improved substantially, such that the ratio
of FFO to total debt improved to more than 25% and the company
maintained its EBITDA interest coverage at more than 5x on a
sustainable basis," S&P said.


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


LUCKY CHIU: Court to Hear Wind-Up Petition on July 27
-----------------------------------------------------
A petition to wind up the operations of Lucky Chiu Chow Restaurant
Limited will be heard before the High Court of Hong Kong on
July 27, 2011, at 9:30 a.m.

Lau Wai Hung filed the petition against the company on May 25,
2011.


LUEN TONG: Court to Hear Wind-Up Petition on July 13
----------------------------------------------------
A petition to wind up the operations of Luen Tong Shipping Limited
will be heard before the High Court of Hong Kong on July 13, 2011,
at 9:30 a.m.

Ni Shiqin filed the petition against the company on May 11, 2011.


ON YUEN: Creditors and Contributories to Meet on June 17
--------------------------------------------------------
Creditors and contributories of On Yuen Development Limited will
hold a meeting on June 17, 2011, at 10:00 a.m., at the offices of
FTI Consulting (Hong Kong) Limited, at 14/F, Hong Kong Club
Building, 3A Chater Road, in Hong Kong.

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


PEACE MARK: Creditors' Proofs of Debt Due June 30
-------------------------------------------------
Creditors of Peace Mark (B.V.I.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 30, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Roderick John Sutton
         Fok Hei Yu
         c/o FTI Consulting (Hong Kong) Limited
         14/F The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


POLLY RICH: Court to Hear Wind-Up Petition on July 20
-----------------------------------------------------
A petition to wind up the operations of Polly Rich Investment
Limited will be heard before the High Court of Hong Kong on
July 20, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 12, 2011.

The Petitioner's solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


SONS OF LIGHT: Contributories and Creditors to Meet on June 29
--------------------------------------------------------------
Creditors and contributories of Sons of Light Limited will hold
their first meetings on June 29, 2011, at 3:00 p.m., and
3:30 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord,
30 Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


VICTORY FIELD: Court to Hear Wind-Up Petition on July 20
--------------------------------------------------------
A petition to wind up the operations of Victory Field Limited will
be heard before the High Court of Hong Kong on July 20, 2011, at
9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on May 13, 2011.

The Petitioner's solicitors are:

          Ho and Wong
          Room 1408-1411, 14th Floor
          China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


WAH NAM: Creditors and Contributories to Meet on June 17
--------------------------------------------------------
Creditors and contributories of Wah Nam Group Limited will hold a
meeting on June 17, 2011, at 10:00 a.m., at the offices of FTI
Consulting (Hong Kong) Limited, 14/F, Hong Kong Club Building,
3A Chater Road, in Hong Kong.

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


WISDOM ALLIANCE: Ng and Lees Appointed as Liquidators
-----------------------------------------------------
Mat Ng and John Robert Lees on Jan. 11, 2011, were appointed as
liquidators of Wisdom Alliance Dyeing Factory Limited.

The liquidators may be reached at:

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


YUN ON: Court to Hear Wind-Up Petition on July 27
-------------------------------------------------
A petition to wind up the operations of Yun On (H.K.) Trading Co.
Limited will be heard before the High Court of Hong Kong on
July 27, 2011, at 9:30 a.m.

Ng Chi Yeung Simon filed the petition against the company on
May 25, 2011.

The Petitioner's solicitors are:

          Rowland Chow, Chan & Co.
          21st Floor, Malaysia Building
          No. 50 Gloucester Road
          Wanchai, Hong Kong


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


AIR INDIA: Turnaround Plan to go to GoM for Approval
----------------------------------------------------
The Times of India reports that the much-delayed turnaround plan
prepared for cash-strapped Air India is going to be sent for the
approval of the group of ministers.

"The turnaround plan has been approved by bankers.  Now it needs
to go to a GoM and it should happen very fast . . . within the
next couple of weeks," The Times of India quotes aviation minister
Vayalar Ravi as saying.

A reworked plan was presented before bankers last week to get
their nod for restructuring of high cost debt of almost
INR40,000 crore, The Times of India says.

According to the report, Air India, which is now even unable to
pay salaries, was last week given approval for advance equity
infusion of INR250 for the purpose.  The government had last
fiscal infused INR2,000 crore as equity and plans to pump in
INR1,200 crore this fiscal.

"We are holding regular dialogue with the finance ministry.  We
will continue this dialogue and go to the GoM when necessary,"
Mr. Ravi said, adding that all issues, including routes from which
AI has withdrawn, would be taken up by the GoM.

                            About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AIR INDIA: Pilots Seek Waiver of Resignation Notice-Period
----------------------------------------------------------
The Times of India reports that the union of Air India erstwhile
Indian Airlines' pilots has asked the Directorate General of Civil
Aviation to waive its rule that pilots must give a six-month
notice to their employer before switching jobs.  The DGCA had
issued this rule in public interest in October 2009 to ensure that
no airline's schedule goes haywire due to sudden resignation of
pilots.

"With exhausted resources and no income, one cannot think of
public interest as an employee (but) has to think about his/her
family as well.  All the employees are slowly but surely becoming
insolvent by deferring on their payments . . . pilots and their
families are undergoing immense mental distress and financial
hardship.  Also, this victimization could be a flight safety
hazard," the Indian Commercial Pilots Association's (ICPA) letter
sent to the DGCA on Tuesday said, while requesting for exemption
from this rule for all AI pilots, according to The Times of India.

The Times of India notes that AI employees have not been getting
their allowances (which in pilots' cases are almost 80% of their
total pay) for months and even the basic salary for May has not
been paid so far.  Since the ICPA strike ended last month, the
report relates, over five pilots have already quit.

"The situation is going from bad to worse and a number of pilots
are planning to resign from AI," a senior commander told TOI.

The Economic Times says more than 20 pilots have exited Air India
in the last one month and joined private airlines.  Many more
pilots are expected to quit in the next few weeks, The Economic
Times relates citing three unnamed sources.

About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


ALWAR POWER: ICRA Reaffirms 'LBB' Rating on INR23cr Long Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR23 crore long term
loans of Alwar Power Company Private Limited.  The outlook on the
rating is Stable.

APCPL's credit profile favorably factors in the long experience of
the key promoter in the World Bank in infrastructure domain and
his successful track-record in setting and operating mustard crop
residue (MCR) based briquettes manufacturing units in Rajasthan
(adjacent to the proposed power plant). The rating also positively
reflects the execution of all major statutory clearances and land
availability, presence of a long term power purchase agreement
(PPA) with the Rajasthan distribution utilities (discoms) at feed-
in tariff rate and a fixed price engineering, procurement and
commissioning (EPC) contract for the Boiler, Turbine & Generator
(BTG) and Balance of Plant (BoP) packages with a well established
contractor namely Walchandnagar Industries Limited (WIL); all of
which lend relatively higher contractual certainty to projected
cash flows. The credit profile is further supported by the low
off-take risk owing to the energy deficit in the Northern and
Western regions of the country and Renewable Purchase Obligations
(RPO)2 of the state. ICRA rating also incorporates the upside
potential that exists on account of additional revenue stream from
sale of carbon emission reductions (CERs). The rating is further
supported by the relatively low debt to equity ratio which is
expected to result in comfortable capitalization and debt coverage
indicators in future and cushion available in the form of a 6
month moratorium between the likely Commercial Operations Date
(CoD) and commencement of debt repayment.

These strengths are however tempered by the fact that the
promoters were unable to infuse in a timely manner the desired
equity which in-turn resulted in delay in construction and
subsequently, a reschedulement of the loan. The credit profile is
adversely affected by the availability and price risk with regards
to MCR - while the catchment area has significant availability of
MCR, variability arising out of adverse agro-climatic conditions
and sharp increase in costs (as witnessed over last one year)
cannot be ruled out. Going forward, the rating will be impacted by
factors such as timely infusion of pending equity, commencement of
operations on the scheduled date, stabilization of operations, MCR
procurement at reasonable rates, commensurate tariff hike,
adequacy of payment mechanism with the off-taker and company's
ability to make timely debt service payments given that there are
annual resets in interest rates.

                        About Alwar Power

APCPL is setting up a 7.5 MW biomass based power generation plant
at Alwar, Rajasthan. The feedstock is MCR. The company is promoted
by Dr. Ajai Bararia, who has three decades of experience in
infrastructure sector at the World Bank, besides setting and
operating briquette (MCR based) manufacturing units in Rajasthan.
The land and statutory clearances for this project are in place.
Besides, there exists a fixed price - fixed time contract with
Walchandnagar Industries Limited for the complete BTG and BoP
package.  The project is also eligible for CERs. The company has a
PPA with the three discoms in Rajasthan to sell power at feed-in
tariff. The financial closure for funding 57% of the project cost
of INR40.20 crores was completed in February 2008. The remaining
43% of funding is/will be by the promoter of which INR12.77 crores
has already been infused.


ANDHRA PRADESH: Fitch Assigns 'BB-(ind)' National Long Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India's Andhra Pradesh Fibres Limited a
National Long-Term rating of 'BB-(ind)'.  The Outlook is Stable.
The agency has also assigned rating to APFL's bank facilities:

   -- INR39.6m term loan: 'BB-(ind)';

   -- INR70m fund-based working capital bank limits: 'BB-
      (ind)'/'F4(ind)'; and

   -- INR5m non-fund-based bank limits: 'F4(ind)'.

The ratings reflect the operational track record of APFL's
promoters in the domestic jute industry and the company's
established relationship with its customers. The ratings are
supported by APFL's low customer concentration with the top 10
customers contributing 26% to its total revenues. The ratings also
reflect the company's moderate financial profile with EBIDTA
margin of 6.1%, interest coverage of 3.02x and net financial
leverage (gross adjusted debt/EBIDTAR) of 5.19x in FY11
(provisional, unaudited).

The ratings are constrained by APFL's volatile and declining
EBIDTA margins (FY11: 6.1%, FY09: 11.1%) and its relatively small
scale of operations. Further, the commoditised nature of the raw
material and finished product increases the vulnerability of APFL
to price volatility.

A sustained deterioration in APFL's gross adjusted debt/EBIDTAR to
above 5.5x could lead to a negative rating action. While stable
and/or improving EBIDTA margins leading to a sustained improvement
in gross adjusted debt/EBIDTAR to below 4.0x would lead to a
positive rating action.

Incorporated in 1972, APFL is engaged in manufacturing jute
products, mainly jute twine yarns and jute bags with an installed
capacity of 4,826 metric tonnes (MT) and 7,929 MT, respectively.
In FY11 (provisional), it reported sales of INR504.4 million,
EBIDTA of INR30.8 million and profit after tax of INR9.8 million.


ALPINE HOUSING: ICRA Assigns 'LB+' Rating to INR50cr Bank Limits
----------------------------------------------------------------
ICRA has assigned an 'LB+' to the INR50.0 crore fund based limits
of Alpine Housing Development Corporation Limited.

The rating is constrained by AHDCL's reduced scale of operations
in recent past owing to the economic recession and the impact on
real estate sector in particular; increased working capital
intensity resulting from high level of receivables and increased
inventory levels; loss making performance of the manufacturing
division of AHDCL; and re-financing risks arising from the fact
that a significant debt repayment is scheduled within one year.
Moreover, the rating also takes into account the sluggish bookings
at the ongoing project coupled with the execution delays witnessed
in past owing to the slowdown in the economy in general and real
estate sector in particular. Nevertheless, the rating draws
comfort from AHDCL's adequate financial risk profile as reflected
in gearing of 0.91 times (March 31, 2011) and the Joint
Development mode of developments undertaken by AHDCL resulting in
low upfront capital requirements. In addition, ICRA notes that the
cash flows in near future are expected to be supported by the
prospective sale of unsold stock and collection of outstanding
receivables from the already completed project.

                        About Alpine Housing

Incorporated in the year 1992, Alpine Housing Development
Corporation Limited is a part of Alpine group and operates In two
business segments namely: (1) Real Estate / Property Development;
and (2) manufacturing - concrete sleepers and inserts. Under Real
Estate / property development segment, AHDCL has completed and sol
over 16 residential projects with total build-up area of 2.6
million square feet and is currently developing around 2.2 million
square feet in Bangalore. While AHDCL's manufacturing division has
two operational units wherein the company manufactures concrete
sleepers and alloys to be supplied primarily to Indian Railways.
Bangalore based Alpine Group has interests in real estate /
property development, manufacturing (concrete sleepers / inserts),
and education. In addition to the activities described above, the
group runs and manages a school - Alpine Public School. The school
is set up by Alpine Educational Foundation, a non-profit wing of
the Alpine Group.

Recent Results

For FY 2010-11, AHDCL recognized an operating income of INR17.54
crore and net profit of INR0.54 crore as against an operating
income of INR17.81 crore and net profit of INR1.87 crore during
FY 2009-10.


CREAM JEWELLERY: CARE Rates INR10cr ShortTerm Bank Loan at 'PR4'
----------------------------------------------------------------
CARE assigns 'PR4' rating to the short term bank facilities of
Cream Jewellery.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Short-term Bank Facilities     10.00      'PR4' Assigned

Rating Rationale

The ratings are primarily constrained on account of relatively
small size of operations of Cream Jewellery, its constitution
being of partnership firm, cash losses during FY 10 and
significant revenue concentration in its associate concern in USA
viz. Vaishali Diamond Corporation which is a wholesaler of the
firm's products in the US market. The ratings are also constrained
by the declining trend in the firm's revenue over the last two
years as well as on account of very high collection period
of over 480 day.  The ratings do take into account the experience
of the promoters of over three decades in the cutting and
polishing of diamond (CPD) business.  Diversification in the
revenue base both in terms of geographic presence as well as
customer base coupled with significant improvement in the overall
financial risk profile of the firm including improvement in its
collection period would be the key rating sensitivities going
forward.

Incorporated in 2006 as a partnership firm, Cream Jewellery is
engaged in the business of manufacturing and export of diamond
studded gold jewellery. The firm was a joint initiative of the
promoters of Golawala Diamonds and C. Amratlal & Co. that have
been involved in the business of manufacturing and exports of CPD
(cut & polished diamonds) for over three decades.  CJ was
established as a result of the promoter's strategic initiative to
diversify into the diamond studded gold jewellery business.  The
firm is managed by its three partners Mr. Rohan Amratlal Shah,
Mr. Yogesh Shah and Mr. Kamlesh Shah.

CJ recorded a loss of INR0.32 crore in FY10 on total operating
income of INR12 crore.  As per the unaudited financials for
9MFY11, the company has recorded PAT of INR0.42 crore on a total
income of INR9.25 crore.


DESIGN CREATION: ICRA Assigns 'LBB-' Rating to INR6cr Bank Loan
---------------------------------------------------------------
ICRA has assigned the 'LBB-' rating to the INR6 crore fund based
working capital facility of Design Creation.  ICRA has also
assigned an 'A4' rating to the INR6 crore short-term non fund-
based working capital limits of DC. The outlook on the long-term
rating is stable. The ratings take comfort from the experience of
the promoters in the gems and jewellery industry, support from
Davariya Brothers - an associate - with supply of good quality
diamonds at favorable credit terms, and diversified client base of
the firm.  The ratings are, however, constrained by the small
scale of operations of the firm, fragmented nature of the gems and
jewellery industry posing stiff competition, weak coverage ratios
and negative cash flows given the low profitability, and the price
risk associated with gold.

Design Creation is a partnership firm established in the year 2000
by Davariya family, the promoters of Davariya Brothers (rated A3
by ICRA), and is engaged in manufacturing of diamond studded gold
jewellery in India. The firm has a unit in Andheri East, Mumbai
for manufacturing of jewellery. The firm operates in the domestic
Business to Business (B2B) i.e. wholesale segment, with sales to
many well known retailers in the Northern and Southern India. DC
has a strong downstream back up in the form of Davariya Brothers,
for supply of Cut and Polished Diamonds (CPD).

Recent Results

DC achieved a profit before taxation of INR0.38 crore on an
operating income of INR25.54 crore in FY2009-10 as compared to a
profit before taxation of INR0.26 crore and operating income of
INR15.79 crore in FY2008-09. As per the unaudited provisional
financials for FY2010-11, the firm has achieved an operating
income of INR45.03 crore and profit before taxation of INR0.89
crore.


FARADAY ELECTRICALS: CARE Assigns 'CARE BB+' Rating to INR3cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Faraday Electricals Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long-term Bank Facilities      3.00        'CARE BB+' Assigned

   Long-term/ST Bank Facilities   5.50        'CARE BB+'/'PR4+'
                                               Assigned

   Short-term Bank Facilities     1.45         'PR4+' Assigned

Rating Rationale

The ratings are constrained by small scale of operations of
Faraday Electricals Pvt Ltd restricting economies of scale,
relatively low bargaining power vis-a-vis its large customers and
below-average financial risk profile marked by deterioration in
its profitability, leverage and debt coverage indicators during
FY11. The working capital intensive nature of its operations
coupled with highly fragmented and competitive nature of the
electrical equipment industry further constrains the ratings.
These constraints far outweigh the benefits derived from the
promoters' vast experience in the manufacturing of
electromechanical equipments, their long-standing association with
major clientele and presence of price-escalation clause for major
raw materials in most government contracts.  FEPL's ability to
increase its scale of operations by securing more orders in a
highly competitive electrical equipment industry as well as
improvement in its overall financial risk profile would remain
the key rating sensitivity.

                     About Faraday Electricals

Jaipur-based FEPL, promoted by Mr. S K Saboo, was incorporated on
Aug. 19, 1980. FEPL is a small-sized company engaged mainly in
manufacturing and supply of a wide range of electrical products
used in power transmission such as high-voltage isolators up to
400 kv, horn-gap fuse, drop-out fuse and transmission line
hardware. These products are used in transmission lines for
electricity supply. FEPL's major clientele include central utility
players, state electricity boards and various Engineering,
Procurement & Construction (EPC) contractors. The promoters have
vast experience in the electrical equipment manufacturing
industry.


JAI GEARS: CARE Rates INR13.81cr Long Term Bank Loan at 'CARE BB+'
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Jai Gears
Pvt Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities     13.81       'CARE BB+' Assigned

Rating Rationale

The ratings of Jai Gears Private Limited are constrained by its
small scale of operations in a highly competitive and fragmented
industry and significant customer concentration risk. The ratings
are further constrained by the below-average financial profile
marked by thin and fluctuating profitability, stressed liquidity,
moderately high leverage and time and cost over-run in on-going
project.

The ratings, however, take into account experience of promoters
for more than two decades in the steel industry and group support,
which has an association with leading Original Equipment
Manufacturers (OEMs) as well as Tier I component suppliers. JGPL's
ability to implement on-going capacity expansion project without
any further time and cost overrun, improvement in overall
financial position through better operating efficiency and the
strengthening of marketing & distribution network and
diversification of customer base are the key rating sensitivities.

                         About Jai Gears

Jai Gears Private Limited was originally incorporated as a
closely-held public limited company in the year 1995, but no
commercial operations commenced in the initial years and later in
2005, the company was converted into a private limited company.
JGPL was promoted by Mr. Arvinder Singh as a backward integration
project for supplying forging products to Punjab Bevel Gears
Limited (PBGL) which is a closely-held public limited company
engaged in manufacturing gears and allied products for automotive,
agriculture and industrial applications. Later in 2008, BSN group,
managed by Goyal family (Punjab), joined JGPL with a 50% stake in
the company.


JYOTI COTSPIN: CARE Assigns 'CARE BB+' Rating to INR8.4cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities
of Jyoti Cotspin Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.44       'CARE BB+' Assigned
   Short-term Bank Facilities    0.69       'PR4+' Assigned

Rating Rationale

The ratings of Jyoti Cotspin Limited are constrained by its small
scale of operations in a highly fragmented and competitive cotton
yarn industry, highly volatile raw material prices and significant
impact of changes in government policies on income and
profitability due to the high inventory holding period and the
product segment. The ratings are further constrained by JCL's
below-average financial profile marked by the stagnant operating
income with low profitability and weak debt coverage indicators.

The ratings, however, take into account the experience of
promoters for more than twelve years in the textile industry and
JCL's proximity to the cotton growing regions of Punjab and
Rajasthan.  JCL's ability to improve the profitability margins
through more value-added products, efficient inventory management
and retain key clients in the competitive scenario are the key
rating sensitivities.

                       About Jyoti Cotspin

Jyoti Cotspin Limited was incorporated in the year 2006 at Samana,
Punjab by the Singla family. Mr. Madan Lal Singla, Managing
Director, is a key promoter of JCL. JCL commenced its operations
in the year 2007 at its manufacturing facilities located in
Samana, Punjab to manufacture cotton yarn.  The plant is operated
with a rotor technology and has an installed capacity of
manufacturing 7700 MTPA open-ended cotton yarn of various
qualities ranging from 11 counts to 22 counts.

During FY10, JCL reported a PBILDT of INR2.77 crore and PAT of
INR0.18 crore on a total operating income of INR20.87 crore.


K-LIFESTYLE: CARE Cuts Rating on INR226.9cr Loan to 'CARE BB+'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
K-Lifestyle & Industries Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities     226.90      'CARE BB+' Revised
                                              from CARE BBB
                                              [Credit Watch]

Rating Rationale

The revision in the rating reflects tight liquidity position on
account of long working capital cycle and non sanctioning of
additional limits in the wake of SEBI order against the group
companies. Further, commodity nature of the product and fragmented
nature of the industry act as constraining factors.  The rating
continues to derive strength from the experience of the promoters
in the textile business, vertically integrated operations along
with economies of scale.  Going forward, the ability of KLIL to
generate healthy returns, improve overall financial risk profile
and manage liquidity shall be the key rating sensitivities.  The
ratings continue to remain under 'credit watch' with developing
implications. The credit watch is on account of likely development
related to the SEBI order issued against the group companies.

                  About K-Lifestyle & Industries

K-Lifestyle & Industries Limited was originally formed in 1987 as
Shree Krishna Polyester Private Limited and was later converted
into a public limited company in 1989 as Krishna Lifestyle
Technologies Limited which was subsequently renamed as K-Lifestyle
and Industries Limited in 2010.  The company is managed by the
Tayal group. The group has presence in cotton textiles, real
estate and power. KLIL is engaged in the business of spinning,
knitting, processing fabric and garmenting.

For FY11, KLIL posted PAT of Rs.3.88 crore on total operating
income of INR632.67 crore.


KSL & INDUSTRIES: CARE Cuts Rating on INR665cr Loan to 'CARE BB+'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of KSL &
Industries Limited.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities     665.24      'CARE BB+' Revised
                                              from CARE BBB

   Short-term Bank Facilities     25.00      'PR4+'Revised from
                                              PR3+

Rating Rationale

The revision in the ratings factors in the deterioration in KSL's
financial risk profile characterized by decline in profitability
margins, high overall gearing and liquidity issues faced by the
company in the recent past due to non sanctioning of additional
funds in the wake of SEBI order. Further, the ratings are
constrained by intense competition due to fragmented nature of
industry and volatility in cotton prices.

The rating continues to derive strength from the experience of the
promoters in the textile business, vertically integrated
operations along with economies of scale.  Ability of KSL to
generate healthy returns, improve overall financial risk profile
and manage liquidity are the key rating sensitivities.  The
ratings continue to remain under 'credit watch' with developing
implications. The credit watch is on account of likely development
related to the SEBI order issued against the company.

                         About KSL & Industries

KSL & Industries Limited was originally formed in 1975 as a
partnership firm and converted into a private limited company in
1983 which subsequently got listed in 1995 on the Bombay Stock
Exchange.  The company is part of the Tayal group, which has
interest in cotton textiles, real estate and power. It is engaged
in the business of spinning, knitting and processing fabric.
For FY11, KSL posted loss of INR3.42 crore on total operating
income of INR1,313.35 crore.


MUDRA LIFESTYLE: Fitch Cuts National LongTerm Rating to 'RD(ind)'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Mudra Lifestyle Limited's
National Long-Term rating to 'RD(ind)' from 'BBB(ind)'. The agency
has also downgraded MLL's bank facilities:

   -- INR1,638m long-term loan I (reduced from INR1,785m):
      downgraded to 'C(ind)' from 'BBB(ind)';

   -- INR290m long-term loan II (reduced from INR339m): downgraded
      to 'D(ind)' from 'BBB(ind)';

   -- INR455m short-term loan (enhanced from INR360m): downgraded
      to 'F5(ind)' from 'F3(ind)';

   -- INR1,280m cash credit limits: downgraded to 'C(ind)' from
      'BBB(ind)'; and

   -- INR400m non-fund based limit: downgraded to 'F5(ind)' from
      'F3(ind)'.

The ratings reflect the delays by MLL's in servicing its term loan
II due to liquidity pressures in FY11.

In FY11, MLL's revenue grew by 16.9% yoy to INR4.2bn, while its
operating margins contracted by 510bps to 9.2% on account of its
inability to pass on the sharp rally in cotton prices during
October 2010 - March 2011 to its customers. The decline in
profitability coupled with continued longer working capital cycle
and capex overruns to the tune of INR600m (funded primarily
through internal accruals) resulted in a significant deterioration
in MLL's liquidity and financial profile. In FY11, the company had
negative cash flow from operations (CFO) as opposed to a positive
CFO in the previous two years, and its leverage (net adjusted
debt/EBITDA) deteriorated to 10.3x (FY10: 6.6x).

In FY10, E-Land acquired a 25% equity stake in MLL for a
consideration of INR720 million. This amount would be made
available towards working capital requirements of the company
after E-Land completes the acquisition of over 50% stake in MLL,
which is expected to be completed by July 15, 2011. Due to lack of
clarity regarding the impact of acquisition on MLL, the same has
not been factored into the ratings.

Timely debt servicing for at least two quarters would be a
positive for the ratings.

The E-Land Group is engaged in the businesses of restaurants,
interior design, furniture, advertising, real estate development,
textiles, retail and IT services. It operates in the Republic of
China, Singapore, the United States, The United Kingdom, Hong
Kong, Sri Lanka and Vietnam. The Group has a combined turnover of
more than USD8bn.

Established in 1986, MLL manufactures fabrics and garments for
domestic and export market.


PINNACLE BIOMED: ICRA Assigns 'LBB+' Rating to INR10cr LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR10.00 crore long term
fund based limits of Pinnacle Biomed Private Limited.  The long
term rating has been assigned a stable outlook. ICRA has also
assigned an 'A4+' rating to the INR2.50 crore short term non-fund-
based limits of Pinnacle.

The ratings factor in the rich experience of the promoters in the
pharmaceutical and healthcare equipment trading business; the
company's established market presence and its list of well reputed
principals, with several long standing relationships. The ratings
are, however, constrained by the small scale of operations and low
profitability margins emanating from intense competition within
the healthcare equipment trading business; risks of inventory
write-offs; and stretched liquidity position of the company
arising due to erratic payments from customers and limited credit
offered by principals.

                      About Pinnacle Biomed

Pinnacle Biomed incorporated in 2004 is engaged in the marketing
and distribution of high-end technological healthcare consumables.
The principal profile includes well reputed multinational
healthcare companies such as Johnson & Johnson, Bausch & Lomb, and
Medtronic among others. Pinnacles clientele primarily consists of
tertiary and multi-specialty hospitals within the city of Mumbai.
The warehouse of the company is located at Bhiwandi.

Recent Results

Pinnacle Biomed Private Limited reported a net profit of INR0.62
crore in FY 2010 on an operating income of INR43.11 crores as
compared to a net profit of INR0.46 crore in the previous year on
an operating income of INR34.20 crores.  For FY 2011, as per
provisional financials for its nine months of operations until
Dec. 31, 2010, Pinnacle reported a PAT of INR0.80 crore on an
operating income of INR44.16 crores.


SAHARA SCHOOL: CARE Cuts Rating on INR83.5cr LT Loan to 'CARE BB+'
------------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sahara School Holding Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities     83.47       'CARE BB+' Revised
                                              From 'CARE BBB-'

Rating Rationale

The revision in the rating is on account of the delay in the
completion of the project resulting in lower than anticipated
enrolment of students in the school and consequently the revenue
visibility.  The rating continues to be constrained by lack of
experience of the promoters in the running of international
education schools, project execution risk and increasing
competition from other schools offering international education.
The rating however, continues to derive strength from the
promoter's assistance in providing basic infrastructure at Aamby
Valley, collaboration with an established organization in the
field of school management, complete equity contribution brought
in by the promoters and a range of international courses to be
offered by the school.   Timely completion of the project without
any further delays and enrolment of students as envisaged would
remain the key rating sensitivities.

Incorporated in 2007, SSHL is a Special Purpose Vehicle (SPV)
promoted by the Sahara Group for establishing, developing and
operating schools. SSHL has set up a co-educational residential
school offering international education at Aamby Valley City
called the International School Aamby which is being managed by
the World Class Learning Systems. The construction of the phase I
of the school i.e. the construction of the main school building
has already been completed and the school began its operations in
September 2008 with total student strength of around 34. The
number of students enrolled in the school increased to 64 in
September 2010. However, due to a delay in the construction of the
second phase which includes the construction of two hostels and
faculty residences, the full fledged operations of the school are
expected to commence from July 2011 instead of the originally
planned commencement date of July 2010.


SANDEEP ENTERPRISES: ICRA Places 'LBB-' Rating on INR9cr Bank Loan
------------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' to INR9.0 crore
fund based facilities of Sandeep Enterprises.  The outlook for the
long term rating is stable.  ICRA has also assigned a short term
rating of 'A4' to INR12.0 crore non-fund based facilities of SE.

The assigned ratings take into consideration SE's moderate scale
of operations; high working capital intensity of the business on
account of high inventory levels; and the firm's low profitability
given the trading nature of operations. This further coupled with
its relatively high gearing (1.6 times as on March 31, 2011) has
translated into average debt protection indicators (Net Cash
Accruals/Debt of 7.3% and interest coverage of 1.23 times in
FY2011). The ratings however draw comfort from firm's long track
record of operations and the experience of the management in the
steel trading business; SE's wide distribution network; and its
long association with various international/ domestic steel
manufacturers.

                     About Sandeep Enterprises

Sandeep Enterprises is a proprietorship firm engaged in the
trading of steel products (rounds, bars, flats, etc) which are
largely used for manufacturing of tools, dies, bearings etc. The
firm was started in 1979 with Mrs. Suman Jain as the proprietor
and presently the business is being managed by her son, Mr.
Sandeep Jain. Apart from New Delhi, the firm also has sales
offices in Mumbai, Ludhiana, Faridabad, Chennai, Kolkata &
Bengaluru and warehousing facilities in New Delhi, Mumbai,
Ludhiana & Faridabad.


SAVERA FOODS: ICRA Assigns 'LB+' Rating to INR14cr Bank Lines
-------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR14.0 crore
bank lines of Savera Foods International.  The rating of SFI takes
into consideration its modest scale of operations; its high
gearing levels and moderate debt protection indicators. The rating
also factors in the low entry barriers and intensely competitive
nature of industry which makes margins and cash flows vulnerable
to fluctuations in prices. The rating is also constrained by high
working capital intensity of business, susceptibility of profits
to adverse movement in foreign exchange rates and the risks
inherent in a partnership firm. However, the rating favorably
takes into account the firm's experienced management, its presence
in export markets and its proximity to raw material sources.
Further, ICRA also takes into account the favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice in the world.

Savera Foods International is a partnership firm established in
September 2009 with Mr. Anumit Singh Sodhi and Mr. Raghumit Singh
Sodhi as equal partners.  The firm is involved in the milling and
processing of basmati rice and is based out of Jalalabad, Punjab.
The partners have hired the mill from M/s Baba Sewa Singh
Industries for 3 years.

During the financial year ending March 31, 2010, the firm reported
a net profit before tax of INR0.05 crore on an operating income of
INR3.08 crore in the first 6 months of operations.


SPR SUGARS: ICRA Assigns 'LC' Rating to INR54.5cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of 'LC' to the INR54.50 crore
term loan and INR7.80 crore fund based limits of SPR Sugars
Private Limited.

The rating assignment takes into account high financial risks
arising out of stretched capitalization and coverage indicators,
net losses which has led to erosion of the net worth, and
stretched cash flows which has led to delays in debt repayment
obligations. The rating also takes into account stretched
operational parameters of the company with low cane crushed on
account of lower can availability, and low recovery rate. The
rating also factors in the risks inherent in the sugar business
such as inherent cyclicality, variations in agro-climatic
conditions and changes in government policies on the sugar release
mechanism.  The rating is however supported by the improved
outlook on the sector in the short-term, expected improvement in
the operating parameters of the company which include recovery
rates, higher production base and benefits arising out of forward
integration into power cogeneration which is likely to partially
insulate it against the vagaries of the sugar cycle.

                          About SPR Sugars

SPR Sugars Pvt. Ltd. was set up in 1991 and the commercial
operations of the company began in February 2007. The company has
a sugar factory at Bidadi, with a crushing capacity of 2500 tonnes
per day. Molasses (by-product of this process) is supplied to
Chamundi Distilleries Pvt. Ltd., an associate of SPRSPL for raw
material for spirit business. The sugar unit has a cogeneration
power plant of 16MW of which 4MW is used for captive consumption.
The company is located at Bidadi around 25 km away from CDPL
plant.

Recent Results

SPRSPL reported an operating income of INR3.55 crore and a net
loss of INR11.22 crore for 2009-10 as compared to an operating
income of INR6.02 crore and a net loss of INR14.38 crore for
2008-09.


TOPWORTH URJA: CARE Assigns 'CARE BB' Rating to INR184cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Topworth Urja & Metals Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Long-term Bank Facilities    184.00       'CARE BB' Assigned
   Short-term Bank Facilities   211.30       'PR4' Assigned

Rating Rationale

The ratings are constrained by relatively small size of TUML's
operations, its high dependence on steel trading business leading
to low profitability margins, the high gearing levels and an
elongated working capital cycle, the relatively low capacity
utilization, the project execution risk associated with the
substantial size and debt-funded nature of the Phase II expansion
project and the inherent cyclicality in the steel industry.  The
ratings derive strength from the experience of promoters of TUML
in the domestic steel industry, the financial support from the
promoters evidenced by the regular infusion of funds and the
completion of the Phase I expansion project.

TUML's ability to successfully implement the Phase II expansion
project within envisaged cost and time frame as well as achieve
the envisaged profitability in the face of increasing key raw
material, viz. iron ore, prices are the key rating sensitivities.

                        About Topworth Urja

Acquired by the Topworth group in April 2006, TUML (erstwhile
Shree Virangana Steels Ltd) is a wholly-owned subsidiary of Crest
Steel & Power Pvt Ltd (CSPL, rated CARE BBB/PR3). CSPL, a flagship
company of the Topworth group, is an intermediate steel producer
engaged in manufacturing of billets at its facilities located at
Durg (Chhattisgarh) and TMT bars - at Una (Himachal Pradesh). The
Topworth group has presence in metal, mining and power sectors and
is led by Mr. Abhay Lodha (Chairman), who has more than a decade
of experience in steel trading and manufacturing.

TUML is engaged in manufacturing of billets (72,000 tonnes per
annum (tpa) capacity commissioned in June 2010) with a captive
production of sponge iron (60,000 tpa) from its plant located at
Tehsil Umred, near Nagpur, Maharashtra. The company has also set
up a 30 mega watt (MW) captive power plant as well as developed
captive coal mines (estimated reserves of 15.8 million tonnes)
along with coal washeries as a part of Phase I expansion project
completed in FY11. In addition, the company is engaged in trading
of iron and steel products, mainly hot rolled (HR) coil, from its
office located in Mumbai.

Currently, TUML has undertaken Phase II expansion project, which
involves setting up a rolling mill for manufacturing of TMT bars
(66,000 tpa) and a 70 MW coal based power plant at a total outlay
of INR391.12 crore.  The commercial operations are scheduled to
commence in December 2011.


VAIBHAV LAXMI: ICRA Reaffirms 'LBB+' Rating on INR29.96cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of 'LBB+' to the
INR29.96 Crore (enhanced from INR11.50 Crore) fund based bank
facilities of Vaibhav Laxmi Filaments Private Limited.  ICRA has
also assigned a short term rating of 'A4+' to the INR6.00 Crore
non fund-based bank facilities of Vaibhav Laxmi Filaments Private
Limited.  The limits are rated on both the scales such that
overall limit does not exceed INR30.96 Crore. The outlook assigned
to the long term rating is Stable.

The ratings factors in the company's established track record in
the textile business, it's diversified and established client base
and modest profitability and coverage indicators. The rating
continues to remain constrained by the company's modest scale of
operations and adverse capital structure; the ratings further
incorporate the execution and funding risk associated with the
debt funded capex plans of VLFPL which is likely to impinge on the
debt servicing capacity of the company in short term.

                        About Vaibhav Laxmi

Vaibhav Laxmi Filaments Private Limited is a private limited
company incorporated in year 1998.  VLFPL is engaged in
manufacturing of knitted grey fabric primarily used in T-Shirts,
Night wears & Sports wears with backward integration in
manufacturing of synthetic yarn (raw material for Knitted
Grey Fabric) since July 2009. VLFPL has its registered office in
Mumbai and manufacturing facility setup at Dadra Nagar
Haveli (Union Territory). VLFPL has been supplying its products
through a network of agent in market.  There are about 40 agents
in Maharashtra, Gujarat, West Bengal, Delhi, Punjab and Southern
India.

Recent results:

Vaibhav Laxmi Filaments Pvt Ltd has reported a net profit of
INR0.44 Crore on an operating income of INR27.35 Crore for the
year ending March 31, 2010, as per audited figures and a net
profit of INR0.55 Crore on an operating income of INR48.13 Crore
for the year ending March 31, 2011, as per unaudited figures.


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


BUMI INVESTMENT: Moody's Says Sale Has No Effect on Ratings
-----------------------------------------------------------
Moody's Investors Service sees no immediate impact on Bumi
Resources Tbk's Ba3 corporate family rating and Bumi Investment
Pte Ltd's Ba3 senior secured notes rating from the proposed sale
of a 75% stake in Bumi Resources Minerals Tbk to Vallar PLC, which
will issue approximately US$2.1 billion of convertible bonds to
Bumi as consideration. The transfer is expected to be completed in
3Q 2011.

The outlook of the ratings remains stable.

"The disposal of a majority stake in BRM streamlines Bumi's
operational structure and allows it to fully concentrate on its
coal operations in Indonesia. It also reduces Bumi's exposure to
the execution, political and expropriation risks pertaining to
BRM's exploration and development projects in high risk
jurisdictions," says Alan Greene, a Moody's Vice President and
Senior Credit Officer.

From a cash flow perspective, Moody's does not expect any material
impact arising from the proposed sale as BRM previously raised
funds for its development independently without any recourse to
Bumi. After the completion of the transaction, BRM's debt will be
excluded from Bumi's adjusted financial metrics, but the overall
improvement in leverage will not be significant given the size of
Bumi's total debt.

Moody's is also cognizant of the 2% coupon on the convertible
bond. Vallar is expected to fund the semi-annual payments via cash
flow from Bumi and Berau Coal, a 75%-owned subsidiary of Vallar,
as it is an investment holding company with no operational cash
flow.

"The proposed sale also provides Bumi with an additional financial
instrument that may potentially be monetized and/or used to reduce
its substantial debt leverage. However, the ability to reduce its
debt is subject to the timely agreement of the counterparties.
Meanwhile, the value of the Vallar convertible bond will be
exposed to market pricing risk," adds Greene, also Moody's Backup
Analyst for Bumi.

Vallar owns 25% of Bumi through a share swap with the Bakrie Group
in March 2011. Vallar intends to increase its stake in Bumi up to
50% and obtains control during 2011 via a further share swap with
willing Bumi shareholders.

BRM holds interest in iron ore, zinc, lead, phosphate, diamond,
and gold concessions located in Indonesia and Africa. Most of its
projects are currently at the feasibility study/ exploration stage
and are likely to require substantial investments to bring them to
production stage over the medium-to-long term. It is listed on the
Indonesia Stock Exchange since December 2010 and is expected to
maintain its listing after the transaction between Bumi and
Vallar. Bumi's current shareholding in BRM is 87.09%.

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

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally. Through its
principal assets (65% stake in PT Kaltim Prima Coal and 70% stake
in PT Arutmin), Bumi accounts for approximately 21.8% of
Indonesia's 2010 total coal production.


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


EAST STREET: Moody's Reviews SF CDOs Rating for Possible Downgrade
------------------------------------------------------------------
Moody's Japan K.K. has placed its ratings on the Series 1 Class
X1, A, B, C Notes; the Series 2 Class X2, X1, A, and B Notes
issued by East Street Referenced Linked Notes 2002-2; and the
Class X1, A, and B notes issued by East Street Referenced Linked
Notes 2004-1 under review for possible downgrade.

Deal Name: East Street Referenced Linked Notes 2002-1 Series 1

   -- JPY23.0 billion Class X1 Notes, Aa1 (sf) placed under review
      for possible downgrade; previously on Jul 30, 2010,
      downgraded to Aa1 (sf)

   -- JPY10.0 billion Class A Notes, Baa2 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Baa2 (sf)

   -- JPY6.0 billion Class B Notes, Ba3 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Ba3 (sf)

   -- JPY5.0 billion Class C Notes, Caa2 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Caa2 (sf)

Deal Name: East Street Referenced Linked Notes 2002-1 Series 2

   -- JPY15.0 billion Class X2 Notes, Aa1 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Aa1 (sf)

   -- JPY9.0 billion Class X1 Notes, A2 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to A2 (sf)

   -- JPY4.875 billion Class A Notes, Ba1 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Ba1 (sf)

   -- JPY4.5 billion Class B Notes, Caa1 (sf) placed under review
      for possible downgrade; previously on Feb 10, 2009,
      downgraded to Caa1 (sf)

Deal Name: East Street Referenced Linked Notes 2004-1

   -- JPY18.75 billion Class X1 Notes, A2 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to A2 (sf)

   -- JPY7.5 billion Class A Notes, Ba3 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Ba3 (sf)

   -- JPY3.75 billion Class B Notes, Caa2 (sf) placed under review
      for possible downgrade; previously on Mar 4, 2011,
      downgraded to Caa2 (sf)

These transactions are structured finance CDOs referencing ABS,
RMBS, CMBS, and CDO assets, more than 70% of which are Japanese
assets.

Moody's has placed the ratings on review for possible downgrade
because of a deterioration in the credit quality of the referenced
portfolios; the ratings of some assets in the CMBS sector have
been downgraded or placed under review for possible downgrade.

In its rating review and determination, Moody's will take into
account these rating migrations of assets including the CMBS
currently under review.

The principal methodology used in this rating was Moody's Approach
to Rating SF CDOs published on Dec. 9, 2010, and available on
www.moodys.co.jp.


GODO KAISHA: S&P Lowers Ratings on 2 Classes of Notes to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to F floating-rate notes issued by Godo Kaisha ORSO
Funding CMBS 7 in July 2007. "At the same time, we removed the
rating on class B from CreditWatch with negative implications,
where it was placed on Jan. 18, 2011. We also affirmed our ratings
on classes A and X issued under the same transaction," S&P said.

Of the four loans and two TMK bonds (extended to or issued by six
obligors) that initially backed the transaction, only four loans
and one TMK bond (hereinafter referred to as "loans"; the five
loans originally represented a combined 83% or so of the total
initial issuance amount of the notes) remain.

"On Jan. 18, 2011, we placed the rating on class B on CreditWatch
with negative implications in accordance with our updated criteria
for assessing counterparty and supporting obligations, which we
published on Dec. 6, 2010. Following the downgrade of class B, the
updated criteria have no bearing on that downgraded class.
Accordingly, we have also removed the rating on that class from
CreditWatch negative," S&P said.

The rating actions are based primarily on these factors:

    "We have lowered our assumption with respect to the likely
    collection amount from the property (an office/retail complex
    in Chiba Prefecture) backing one of the transaction's
    remaining loans (the loan originally represented about 19.5%
    of the total initial issuance amount of the notes) after
    considering a number of factors, including the performance of
    the property in question. We currently estimate the value of
    the property to be about 51.6% of our initial underwriting
    value, down from 59.3% from the assumption that we made when
    we revised our ratings in August 2010," S&P said.

    Two of the transaction's remaining loans have defaulted: a
    loan backed by office buildings and rental condominium
    buildings situated primarily in Tokyo, Osaka, and Fukuoka (the
    loan originally represented about 25.9% of the total initial
    issuance amount of the notes); and a loan backed by a
    mechanical car park located in Kagoshima Prefecture (the loan
    originally represented about 3.1% of the total initial
    issuance amount of the notes). "We have reconsidered the
    levels of stress that we applied to the amounts likely to be
    recovered through the liquidation of the properties backing
    the former loan that has defaulted and another remaining loan
    maturing in October 2011 (the loan, which is backed by rental
    condominium buildings located primarily in Tokyo, originally
    represented about 22.8% of the total initial issuance amount
    of the notes), after considering a number of factors including
    a comparison with real estate deals involving similar asset
    types. We applied levels of stress commensurate with each
    rating category," S&P said.

"In addition, in reviewing the ratings, we also considered the
following scenario: Under this transaction, the principal on the
floating-rate notes is redeemed either in sequential order or pro
rata. The redemption of principal of each class of the notes
depends on the redemption method of each of the underlying loans.
As such, if the principal on a loan, which is due to be redeemed
pro rata, is repaid as scheduled on the maturity date, the
principal proceeds may be used to make redemption payments on the
lower-level tranches of notes pro rata. If so, credit enhancement
levels for the upper-level tranches would decrease," S&P said.

"Meanwhile, we affirmed our rating on class A because principal
redemption for that tranche has progressed," S&P said.

Godo Kaisha ORSO Funding CMBS 7 Trust is a multiborrower
commercial mortgage-backed securities (CMBS) transaction. The
floating-rate notes were initially secured by four loans and two
TMK bonds extended to or issued by six obligors. The loans and the
TMK bonds were originally backed by 42 real estate properties. The
transaction was arranged by Bear Stearns (Japan) Ltd., Tokyo
Branch. Premier Asset Management Co. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in May 2014 for the
class A notes, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to F
notes, and the timely payment of available interest for the
interest-only (IO) class X notes," S&P said.

Rating Lowered, Off CreditWatch Negative
Godo Kaisha ORSO Funding CMBS 7
JPY50.3 billion floating-rate notes due May 2014
Class   To       From                Initial issue amount
B       A (sf)   AA (sf)/Watch Neg   JPY5.4 bil.

Ratings Lowered
Class   To        From       Initial issue amount
C       BB (sf)   BBB (sf)   JPY5.4 bil.
D       B- (sf)   B+ (sf)    JPY5.4 bil.
E       CCC (sf)  B- (sf)    JPY5.9 bil.
F       CCC (sf)  B- (sf)    JPY0.9 bil.

Ratings Affirmed
Class   Rating     Initial issue amount
A       AAA (sf)   JPY27.3 bil.
X       AAA (sf)   JPY50.3 bil.*

*Initial notional principal

The issue date was July 30, 2007.


TOKYO ELECTRIC: Japanese Cabinet Approves TEPCO Support Bill
------------------------------------------------------------
Mitsuru Obe at Dow Jones Newswires reports that the Japanese
government on Tuesday approved a bill to help Tokyo Electric Power
Co. pay compensation to those affected by the accident at the
Fukushima Daiichi nuclear plant, helping to soothe concerns over
the utility's financial condition that have pushed its shares to
all-time lows.

But with strong resistance among both ruling and opposition
lawmakers to the idea of public support for the company at the
center of Japan's worst-ever nuclear disaster, the passage of the
bill through parliament is by no means certain.

According to Dow Jones, the bill calls for a new body to be set up
to help pay compensation to residents who were forced to evacuate
from their homes around the stricken nuclear plant.

Dow Jones relates that the proposed body will buy shares and
corporate bonds issued by TEPCO and issue its own government-
backed bonds to finance its operations. The body, adds Dow Jones,
will also receive receipts from special government bonds, while
other Japanese utilities operating nuclear plants will also be
required to contribute funding to the body.

Under the plan, Dow Jones notes, TEPCO would be required to pay
back all funds it received from the organization out of future
profits, meaning that there would be no cost to taxpayers in the
long term.

After it was approved by the Cabinet, the legislative proposal is
expected to be submitted to the Diet, Japan's parliament, later in
the day.

"We will aim to get the bill through parliament as early as
possible," said Minister of Economy, Trade and Industry Banri
Kaieda at a press conference.

Dow Jone says the current parliamentary session is scheduled to
end on June 22, but is expected to be extended to discuss a
supplementary budget program.

                              About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

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


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


HYUNDAI CAPITAL: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Fitch Ratings has revised Hyundai Capital Service Inc's Outlook to
Positive from Stable. Its ratings have been affirmed at Long-Term
Foreign Currency Issuer Default (IDR) 'BBB', Short-Term Foreign
Currency IDR 'F2' and Individual 'C'.

The Outlook revision reflects that taken on Hyundai Motor Company
(HMC, 'BBB'/Positive; HCS's largest shareholder. HCS's IDRs take
into account the operational and ownership linkages between HCS
and HMC. As a captive auto financier of HMC and Kia Motor
Corporation ('BBB'/Positive), HCS enjoys a strong franchise and a
competitive advantage in Korea's auto financing market (with an
around 70% share of new car financing volumes).

Fitch believes HCS's ultimate default risk is closely correlated
with that of HMC. Should HMC's Long-term IDR be upgraded, it is
likely that HCS's would follow.

General Electric Capital Corporation, the other shareholder in
HCS, is actively involved in the latter, including through its 43%
equity investment, debt financing, the provision of
funding/committed liquidity facilities, and some operational
integration, particularly in risk management. However, at the
current high rating level, Fitch is of the opinion that GECC's
involvement would not warrant any additional rating uplift to
HCS's ratings, particularly given that HCS primarily conducts HMC-
related auto financing businesses.

HCS maintains sound asset quality, on the back of its low risk-
focused product portfolio and prudent risk management.
Capitalization continues to be sound, with its end-2010
equity/assets ratio on a managed basis at around 10.7% at end-
2010, and capital adequacy ratio at 13.7%. Fitch expects HCS's
capitalization, along with its consistently solid return on
average managed assets ratio of 4%-5%, to adequately cover higher
credit costs.

Despite its reliance on wholesale funding, HCS's liquidity remains
adequate. The company has access to an USD1bn untapped, committed
convertible facility from GECC and substantial cash holdings of
KRW1trn at end-2010. HCS also has room for further securitization.

HCS is 57%-owned by HMC and 43%-owned by GECC. GECC has the right
to veto decisions in the various key executive committees that it
sits on.


HYUNDAI CARD: Fitch Affirms Individual Rating at 'C'
----------------------------------------------------
Fitch Ratings has affirmed Hyundai Card Co. Ltd's ratings at Long-
Term Foreign Currency Issuer Default IDR 'BBB+', with Stable
Outlook, Short-Term Foreign Currency IDR 'F2' and Individual 'C'.
Fitch has also affirmed and withdrawn HCC's Support Rating of '3',
as it is no longer considered by the agency to be relevant to its
coverage.

HCC's IDRs reflect its strong franchise as the third-largest
credit card company (around 12% market share) in Korea's
competitive market, robust management, sound capitalization, and
well-managed liquidity. HCC has consistently maintained a sound
operating performance, reflecting solid margins and resilient
underlying loan quality.

HCC's ratings were not affected by the recent upgrade of parent
Hyundai Motor Company (HMC, 'BBB'/Positive;, as HCC's business is
less correlated with that of HMC.

HCC saw strong growth of 35% per annum on average over 2007-2010
in its credit card receivables. This was boosted by a combination
of slower lending by its peers (particularly during the global
credit crisis), and HCC's efforts to gain market share. The strong
growth has increased HCC's vulnerability to the economic cycle in
Korea. However, HCC's underlying asset quality remains resilient,
with its consistently low credit costs of below 2.5% of
receivables in recent years and its focus on low-risk credit
purchase products (around 60% of total receivable). Fitch also
expects HCC to slow its receivables growth in 2011, as it already
reached its maximum leverage (managed borrowings/equity) of 4x at
end-March 2011.

HCC's capitalization is solid, with a capital adequacy ratio of
18.7% and an equity/assets ratio (on a managed basis) of 16.7% at
end-2010. Fitch believes HCC's capitalization, along with solid
profitability (typical pre-provision return on managed assets of
4%-5%), provides an adequate buffer against higher credit costs.

Despite its reliance on wholesale funding, HCC's liquidity is well
managed, given reasonable market confidence arising from its sound
parentage, and its access to a USD200m untapped, committed
convertible facility from GECC, its second largest shareholder,
substantial cash holdings of KRW743bn at end-2010, and scope for
further securitization.

HCC's ratings could be downgraded if its receivable portfolio
significantly shifts towards riskier products through excessive
growth and/or if its liquidity profile weakens significantly.
Conversely, a substantial improvement in HMC's ability and
propensity to support may benefit HCC's ratings.

HCC is 54%-owned by Hyundai Motor Group and 43%-owned by GECC,
with the remaining 3% publicly held. GECC has the right to veto
decisions in the various key executive committees that it sits on.


POSCO ENG'G: Moody's Reviews Baa2 Rating for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed POSCO Engineering &
Construction Co., Ltd's Baa2 issuer rating on review for possible
downgrade.

"The rating action is in response to POSCO E&C's disclosure that
it took over KRW346.5 billion debt from a property developer, for
which POSCO E&C had provided a de facto payment guarantee," says
Chris Park, a Moody's Vice President and Senior Analyst.

"While the debt take-over will have an adverse impact on POSCO
E&C's financial profile, it also raises concerns over its ability
to manage housing project-related risks and the quality of payment
guarantees for property developers ("PF guarantees")," adds Park.

The large chunk of the debt take-over has been funded with POSCO
E&C's internal cash, hence the impact on its gross debt-related
credit ratios will be moderate.

Nonetheless, given that its current financial leverage provides
little leeway for the Ba1 standalone rating, Moody's see a
heightened likelihood that its overall financial profile -- as
highlighted by debt/EBITDA of 5-6x and operating cash flow/debt of
5-15% - will remain weak for the standalone rating over an
extended period.

The review will focus on (1) POSCO E&C's overall risk management
on housing projects and PF guarantees; (2) its ability to maintain
a credit profile that supports its standalone Ba1 rating, and (3)
the two-notch rating uplift, which is based on the willingness and
ability of POSCO (A2/review for possible downgrade) to provide
financial support to POSCO E&C.

The principal methodology used in rating POSCO E&C was Moody's
Rating Methodology for the Global Construction Industry, published
in November 2010.

POSCO E&C is one of the major construction companies in Korea,
ranking sixth in 2010 in the Korean Construction Association's
construction capacity appraisal. POSCO E&C was 91.9%-owned by the
POSCO group as of March 2011.


===============
M A L A Y S I A
===============


BANENG HOLDINGS: Inks Revised Debt Restructuring Agreement
----------------------------------------------------------
Baneng Holdings Bhd and its subsidiaries, Maxlin Garment Sdn Bhd
and Seri Azhimu Jaya Garments & Textiles, and its former
subsidiary, Seri Pertamas Garments Manufacturer Sdn Bhd on June 3,
2011, entered into a revised conditional debt restructuring
agreement with their lenders to restructure and reschedule the
repayment of their borrowings (including accrued interest)
amounting to MYR215,458,725 as at Dec. 31, 2009, through the
conversion and issuance of term loans and shares.

In 2010, the Company proposed to undertake these proposals:

   (a) proposed capital reduction involving the proposed
       cancellation of RM0.20 of the par value of the existing
       60,000,000 ordinary shares of RM1.00 each in Baneng,
       resulting in a new par value of RM0.80 for each ordinary
       share in Baneng, and subsequently consolidate those shares
       into 48,000,000 Shares on the basis of every five ordinary
       shares of MYR0.80 each into four Baneng Shares and the
       proposed reduction of the entire share premium account of
       Baneng amounting to MYR16,090,000 to reduce the Baneng
       group's accumulated losses;

   (b) proposed acquisitions of a total of MYR29,220,000 worth of
       existing related parties' properties, which are currently
       charged to the lenders of the Baneng group (including those
       lenders of Baneng Industries Sdn Bhd, a 49%-owned associate
       of Baneng, through the issuance of a total of 29,220,000
       new Shares at the issue price of MYR1.00 per Share, being
       the par value of the Company after the Proposed Capital
       Reconstruction together with one free warrant for every
       two Shares issued;

   (c) proposed restructuring and rescheduling of the repayment
       of the outstanding borrowings (including accrued interest)
       of its subsidiaries, Maxlin Garment Sdn Bhd and Seri
       Azhimu Jaya Garments & Textiles (B) Sdn Bhd, BISB and its
       former subsidiary, Seri Pertamas Garments Manufacturer Sdn
       Bhd (collectively referred to as the "Borrowers"),
       amounting to MYR215,458,725 as at Dec. 31, 2009, to the
       Lenders through the conversion and issuance of term loans,
       redeemable secured convertible loan stocks, irredeemable
       convertible unsecured loan stocks and warrants, which was
       under the auspices and co-ordination of the Corporate Debt
       Restructuring Committee;

   (d) proposed increase in authorised share capital of Baneng
       from MYR100,000,000 comprising 100,000,000 Shares to
       MYR200,000,000 comprising 200,000,000 Shares;

   (e) proposed amendments to the Memorandum and Articles of
       Association of Baneng to facilitate the Proposed Increase
       in Authorised Share Capital; and

   (f) proposed provision of financial assistance by Baneng to
       BISB by way of yearly advances, subscription of shares or
       other means to facilitate the repayment of BISB's term
       loans under the debt restructuring scheme.

Baneng said the Proposed Restructuring Scheme has been revised
with the intention to regularize its financial condition:

    -- proposed capital reduction involving the proposed
       cancellation of MYR0.80 of the par value of the existing
       60,000,000 Shares, resulting in a new par value of MYR0.20
       for each ordinary share in Baneng pursuant to Section 64 of
       the Companies Act, 1965 and the proposed reduction of the
       entire share premium of Baneng amounting to MYR16,090,000
       to reduce the Baneng group's accumulated losses;

    -- proposed amendments to the Memorandum and Articles of
       Association of Baneng to facilitate the Proposed Capital
       Reduction;

    -- proposed renounceable rights issue of up to 60,000,000 new
       Reduced Shares at an issue price of MYR0.20 per Rights
       Share on the basis of one Rights Share for every one
       Reduced Share held on an entitlement date to be determined
       later but after the Proposed Capital Reduction, together
       with the right to subscribe for up to 60,000,000 warrants
       on the basis of one Warrant for every one Rights Share
       subscribed at an indicative issue price of MYR0.01 per
       Warrant to be undertaken on a minimum subscription level;

    -- Proposed Debt Restructuring Scheme; and

    -- Proposed Provision of Financial Assistance.

A copy of the Proposed Restructuring Scheme is available for free
at http://ResearchArchives.com/t/s?7640

                         About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments and
provision of agency services; Seri Azhimu Jaya Garments & Textiles
(B) Sdn. Bhd., which is engaged in the manufacturing of apparels,
textiles and garments; Herizen Investment Pte Ltd, and Baneng
Lesotho (Proprietary) Ltd.

Baneng Holdings Bhd is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.


BASWELL RESOURCES: Losses Syariah-Compliance Securities Status
--------------------------------------------------------------
Baswell Resources Berhad said that the Syariah Advisory Council of
the Securities Commission Malaysia has found that the Company was
unable to provide the income derived from the manufacture and
sales of boxes for the purpose of alcoholic drinks and tobacco
usage.  This follows after the SAC conducted an annual survey on
the Syariah-compliance of Baswell's securities based on the
company's Audited Financial Statements for the financial year
ended Sept. 30, 2010.

"The SAC of SC could not determine the Syariah status and has
decided to remove Baswell's securities from the List of Syariah-
compliant securities with effect from May 2011," the company said.

Baswell added the SAC decision will not affect the listing status
as well as trading of the company's securities on Bursa Malaysia
Securities Berhad.

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company's
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.

Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.


SATANG HOLDINGS: Kaypi Technologies Withdraws Writ of Summons
-------------------------------------------------------------
Satang Holdings Berhad disclosed that Kaypi Technologies Sdn Bhd
has withdrawn the Writ of Summon and Statement of Claim filed
against Satang Jaya Sdn Bhd, a wholly-owned subsidiary of the
Company, without liberty to file afresh and with no order as to
costs.

As reported in the Troubled Company Reporter-Asia Pacific on
May 4, 2011, Kaypi Technologies Sdn Bhd served a Writ of Summons
and Statement of Claim against Satang Jaya Sdn Bhd, a wholly-owned
subsidiary of Satang Holdings Berhad.  The Writ of Summons and
Statements of Claim dated April 22, 2011, was served April 28,
2011, by Messrs. Ainul Azam & Co., the solicitor of the Plaintiff.
Kaypi Technologies is claiming for i) outstanding amount of
MYR60,000.00; ii) interest as at March 18, 2011, amounting to
MYR13,452.02 at 0.8% per month on MYR60,000.00 and will be further
increase until the date of judgment; iii) interest at 8% per annum
on MYR60,000.00 from the date of judgment; iv) interest of late
payment amounting to MYR96,465.48 claimed by the sub-contractor of
the Plaintiff; and v) interest at 8% per annum on MYR96,465.48
from the date of judgment.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended Sept. 30, 2007.


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


HANOVER FINANCE: SFO Says Hanover Investigation is Challenging
--------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that Serious Fraud Office
chief executive Adam Feeley said the Hanover Finance investigation
is challenging and even after months of work the office might not
be in a position to make a decision on whether to lay charges.

According to nzherald.co.nz, Mr. Feeley said the volume of
material to be dealt with was extremely demanding, sometimes
throwing up documents that conflicted with verbal statements.

After nine months of high-powered probes by corporate forensic,
law and accounting experts, nzherald.co.nz relates, Mr. Feeley
cannot say when the Hanover matter might be resolved or what the
outcome could be.

"To be perfectly frank, did anyone think Hanover would not be
challenging?  That comes as no surprise . There are multiple
property transactions we are looking at," nzherald.co.nz quotes
Mr. Feeley as saying.

Some papers did not match oral statements and this was just one
issue. "It's not unusual to see documents which appear to tell one
story and then get a not entirely consistent or complimentary
story from the people we are interviewing and that's not without
some challenges," he said.

nzherald.co.nz relates that Mr. Feeley refused to say if SFO teams
had interviewed Hanover founders Eric Watson or Mark Hotchin.

Mr. Feeley, as cited by nzherald.co.nz, said the SFO probe would
be called to a halt if success was not eventually apparent and his
office was continuing to discuss the case with the Financial
Markets Authority.

"Our approach now is we don't endlessly pursue an investigation
for one, two or three years and say there's nothing in this," Mr.
Feeley said. "We are still investigating this because there are
still answers we need to get that we are not satisfied with and we
don't think it's appropriate at this point to discontinue it."

The latest SFO meeting on Hanover gathered about 14 people at the
table, Mr. Feeley said, although a dedicated team of five to six
people was working on the case full-time, nzherald.co.nz adds.


JERICHO RESIDENTIAL: Closes Doors, Leaving Landlords Out of Pocket
------------------------------------------------------------------
Catherine Harris at BusinessDay.co.nz reports that Jericho
Residential Property Management has unexpectedly shut up shop,
leaving an unspecified number of landlords out of pocket.

According to the report, Jericho e-mailed clients on Friday to
advise it had ceased trading.  It said tenants had been given
details to pay rent to their property's owners in future, and
asked owners to e-mail them for keys and handover details.

"We've been advised that a liquidator will be appointed in time to
settle up company finances," Jericho's e-mail said.

However, BusinessDay.co.nz relates, landlords owed money said they
have been unable to contact anyone at Jericho directly.

Other property managers in Wellington said they have been picking
up work from former Jericho clients, some of whom are owed up to a
month's rent, and it was unclear whether their money was frozen in
a trust account, BusinessDay.co.nz says.

Property manager Robin McCandless, of Rent Wellington, said he was
working for six former Jericho clients - with some considering how
to reclaim lost rent.

Some of the tenants of Jericho-managed properties had been "fairly
wary". "The tenants we've talked to, basically Jericho were very
hard to get hold of, they didn't do property inspections as
regularly as they should have done and any maintenance requests,
nothing seemed to happen for months."

Residential Property Management is a Wellington property
management firm.


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


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

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


AUSTRALIA

ARASOR INTERNATI           ARR          19.21           -26.51
ARTURUS CAPITAL            AKW          12.27            -0.43
ARTURUS CAPITA-N           AKWN         12.27            -0.43
ASTON RESOURCES            AZT         469.54            -7.49
AUSTAR UNITED              AUN         679.40          -250.96
AUSTRALIAN ZI-PP           AZCCA        77.74            -2.57
AUSTRALIAN ZIRC            AZC          77.74            -2.57
AUTRON CORP LTD            AAT          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
MACQUARIE ATLAS            MQA       1,894.75          -230.50
MAVERICK DRILLIN           MAD          24.66            -1.30
MISSION NEWENER            MBT          20.38           -44.05
NATURAL FUEL LTD           NFL          19.38          -121.51
NEXTDC LTD                 NXT          17.46            -0.14
ORION GOLD NL              ORN          11.60           -10.91
POWERLAN LTD               PWR          28.30            -3.64
REDBANK ENERGY L           AEJ       3,564.36          -383.39
RIVERCITY MOTORW           RCY         386.88          -809.14
SCIGEN LTD-CUFS            SIE          65.56           -38.80
SHELL VILLAGES A           SVC          13.47            -1.66
STIRLING RESOURC           SRE          31.19            -0.62
TAKORADI LTD               TKG          13.99            -0.41
VERTICON GROUP             VGP          10.08           -29.12
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


CHINA

BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
TAIYUAN TIANLO-A           600234       52.85           -27.82
TIANJIN MARINE             600751      114.38           -61.31
TIANJIN MARINE-B           900938      114.38           -61.31
TOPSUN SCIENCE-A           600771      171.85          -115.05
WUHAN BOILER-B             200770      272.46          -141.76
WUHAN GUOYAO-A             600421       11.05           -27.01
WUHAN LINUO SOLA           600885      107.30            -0.72
XIAMEN OVERSEA-A           600870      225.63          -137.22
YANBIAN SHIXIA-A           600462      204.34           -11.55
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
YUNNAN MALONG-A            600792      133.04           -61.60
ZHANGJIAJIE TO-A           430          31.65            -3.43


HONG KONG

ASIA TELEMEDIA L           376          16.62            -5.37
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
COSMO INTL 1000            120          83.56           -37.93
DORE HOLDINGS LT           628          25.44            -5.34
EGANAGOLDPFEIL             48          557.89          -132.86
FULBOND HLDGS              1041        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
NGAI LIK INDL              332          22.70            -9.69
PALADIN LTD                495         149.78           -11.62
PCCW LTD                   8         6,192.51           -78.22
PROVIEW INTL HLD           334         314.87          -294.85
SINO RESOURCES G           223          10.01           -41.90
SMART UNION GP             2700         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


INDONESIA

ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


INDIA
                                         0.00             0.00
ALPS INDUS LTD             ALPI        292.76           -12.44
AMIT SPINNING              AMSP         20.43            -1.96
ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
ATV PROJECTS               ATV          60.46           -55.04
BALAJI DISTILLER           BLD          66.32           -25.40
BELLARY STEELS             BSAL        451.68          -108.50
BHAGHEERATHA ENG           BGEL         22.65           -28.20
CAMBRIDGE SOLUTI           CAMB        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
CFL CAPITAL FIN            CEATF        15.35           -46.89
COMPUTERSKILL              CPS          14.90            -7.56
CORE HEALTHCARE            CPAR        185.36          -241.91
DCM FINANCIAL SE           DCMFS        17.10            -9.46
DFL INFRASTRUCTU           DLFI         42.74            -6.49
DIGJAM LTD                 DGJM         99.41           -22.59
DUNCANS INDUS              DAI         133.65          -205.38
FIBERWEB INDIA             FWB          12.23           -16.21
GANESH BENZOPLST           GBP          48.95           -22.44
GEM SPINNERS LTD           GEMS         16.44            -1.53
GLOBAL BOARDS              GLB          14.98            -7.51
GSL INDIA LTD              GSL          29.86           -42.42
HARYANA STEEL              HYSA         10.83            -5.91
HENKEL INDIA LTD           HNKL        102.05           -10.24
HIMACHAL FUTURIS           HMFC        406.63          -210.98
HINDUSTAN PHOTO            HPHT         74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN         15.20            -3.81
HMT LTD                    HMT         142.67          -386.80
ICDS                       ICDS         13.30            -6.17
INTEGRAT FINANCE           IFC          49.83           -51.32
JAYKAY ENTERPRIS           JEL          13.51            -3.03
JCT ELECTRONICS            JCTE        122.54           -50.00
JD ORGOCHEM LTD            JDO          10.46            -1.60
JENSON & NIC LTD           JN           17.91           -84.78
JIK INDUS LTD              KFS          20.63            -5.62
JOG ENGINEERING            VMJ          50.08           -10.08
KALYANPUR CEMENT           KCEM         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
LML LTD                    LML          65.26           -56.77
MAHA RASHTRA APE           MHAC         24.13           -14.27
MILLENNIUM BEER            MLB          52.23            -5.22
MILTON PLASTICS            MILT         18.65           -52.29
MTZ POLYFILMS LT           TBE          31.94            -2.57
NICCO CORP LTD             NICC         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
ORIENT PRESS LTD           OP           16.70            -0.09
PANCHMAHAL STEEL           PMS          51.02            -0.33
PARASRAMPUR SYN            PPS          99.06          -307.14
PAREKH PLATINUM            PKPL         61.08           -88.85
PEACOCK INDS LTD           PCOK         11.40           -14.40
PIRAMAL LIFE SC            PLSL         45.82           -32.69
QUADRANT TELEVEN           QDTV        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
RATHI ISPAT LTD            RTIS         44.56            -3.93
REMI METALS GUJA           RMM         102.64            -5.29
RENOWNED AUTO PR           RAP          14.12            -1.25
ROLLATAINERS LTD           RLT          22.97           -22.24
ROYAL CUSHION              RCVP         20.62           -75.53
SCOOTERS INDIA             SCTR         18.63            -6.88
SEN PET INDIA LT           SPEN         12.99           -25.24
SHAH ALLOYS LTD            SA          212.81            -9.74
SHALIMAR WIRES             SWRI         24.87           -51.77
SHAMKEN COTSYN             SHC          23.13            -6.17
SHAMKEN MULTIFAB           SHM          60.55           -13.26
SHAMKEN SPINNERS           SSP          42.18           -16.76
SHREE GANESH FOR           SGFO         44.50            -2.89
SHREE RAMA MULTI           SRMT         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
SQL STAR INTL              SQL          11.69            -1.14
STI INDIA LTD              STIB         30.87           -10.59
TAMILNADU TELE             TNT          12.82            -5.15
TATA TELESERVICE           TTLS      1,311.30          -138.25
TATA TELE-SLB              TTLS/S    1,311.30          -138.25
TRIUMPH INTL               OXIF         58.46           -14.18
TRIVENI GLASS              TRSG         24.55            -8.57
TUTICORIN ALKALI           TACF         14.15           -11.20
UNIFLEX CABLES             UFC          45.05            -0.90
UNIFLEX CABLES             UFCZ         45.05            -0.90
UNIMERS INDIA LT           HDU          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


JAPAN

ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41
STRAWBERRY CORP            3429         14.17            -4.48


KOREA

AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
KUMHO INDUS-PFD            2995      5,837.32          -967.28
KUMHO INDUSTRIAL           2990      5,837.32          -967.28
ORICOM INC                 10470        82.65           -40.04
SAMT CO LTD                31330       200.83          -152.09
SEOUL MUTL SAVIN           16560       874.79           -34.13
SUNGJEE CONSTRUC           5980        114.91           -83.19
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


MALAYSIA

BANENG HOLDINGS            BANE         50.30            -3.48
HAISAN RESOURCES           HRB          64.66            -0.15
HO HUP CONSTR CO           HO           67.48            -8.90
JPK HOLDINGS BHD           JPK          20.34            -0.50
LUSTER INDUSTRIE           LSTI         22.93            -3.18
MITHRIL BHD                MITH         29.69            -0.27
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


PHILIPPINES

CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
FIL ESTATE CORP            FC           40.29           -14.05
FILSYN CORP A              FYN          23.37           -11.33
FILSYN CORP. B             FYNB         23.37           -11.33
GOTESCO LAND-A             GO           21.76           -19.21
GOTESCO LAND-B             GOB          21.76           -19.21
PICOP RESOURCES            PCP         105.66           -23.33
STENIEL MFG                STN          20.43           -15.89
UNIWIDE HOLDINGS           UW           50.36           -57.19
VICTORIAS MILL             VMC         164.26           -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
TT INTERNATIONAL           TTI         266.39           -59.41


THAILAND

ABICO HLDGS-F              ABICO/F      15.28            -4.40
ABICO HOLDINGS             ABICO        15.28            -4.40
ABICO HOLD-NVDR            ABICO-R      15.28            -4.40
ASCON CONSTR-NVD           ASCON-R      59.78            -3.37
ASCON CONSTRUCT            ASCON        59.78            -3.37
ASCON CONSTRU-FO           ASCON/F      59.78            -3.37
BANGKOK RUBBER             BRC          97.98           -81.80
BANGKOK RUBBER-F           BRC/F        97.98           -81.80
BANGKOK RUB-NVDR           BRC-R        97.98           -81.80
CALIFORNIA W-NVD           CAWOW-R      36.95            -7.36
CALIFORNIA WO-FO           CAWOW/F      36.95            -7.36
CALIFORNIA WOW X           CAWOW        36.95            -7.36
CIRCUIT ELEC PCL           CIRKIT       16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT/F     16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT-R     16.79           -96.30
DATAMAT PCL                DTM          12.69            -6.13
DATAMAT PCL-NVDR           DTM-R        12.69            -6.13
DATAMAT PLC-F              DTM/F        12.69            -6.13
ITV PCL                    ITV          37.14          -110.85
ITV PCL-FOREIGN            ITV/F        37.14          -110.85
ITV PCL-NVDR               ITV-R        37.14          -110.85
K-TECH CONSTRUCT           KTECH        38.87           -46.47
K-TECH CONSTRUCT           KTECH/F      38.87           -46.47
K-TECH CONTRU-R            KTECH-R      38.87           -46.47
KUANG PEI SAN              POMPUI       17.70           -12.74
KUANG PEI SAN-F            POMPUI/F     17.70           -12.74
KUANG PEI-NVDR             POMPUI-R     17.70           -12.74
PATKOL PCL                 PATKL        52.89           -30.64
PATKOL PCL-FORGN           PATKL/F      52.89           -30.64
PATKOL PCL-NVDR            PATKL-R      52.89           -30.64
PICNIC CORP-NVDR           PICNI-R     101.18          -175.61
PICNIC CORPORATI           PICNI       101.18          -175.61
PICNIC CORPORATI           PICNI/F     101.18          -175.61
PONGSAAP PCL               PSAAP/F      24.61           -10.99
PONGSAAP PCL               PSAAP        24.61           -10.99
PONGSAAP PCL-NVD           PSAAP-R      24.61           -10.99
SAHAMITR PRESS-F           SMPC/F       21.99            -4.01
SAHAMITR PRESSUR           SMPC         21.99            -4.01
SAHAMITR PR-NVDR           SMPC-R       21.99            -4.01
SUNWOOD INDS PCL           SUN          19.86           -13.03
SUNWOOD INDS-F             SUN/F        19.86           -13.03
SUNWOOD INDS-NVD           SUN-R        19.86           -13.03
THAI-DENMARK PCL           DMARK        15.72           -10.10
THAI-DENMARK-F             DMARK/F      15.72           -10.10
THAI-DENMARK-NVD           DMARK-R      15.72           -10.10
THAI-GERMAN PR-F           TGPRO/F      55.31            -8.54
THAI-GERMAN PRO            TGPRO        55.31            -8.54
THAI-GERMAN-NVDR           TGPRO-R      55.31            -8.54
TRANG SEAFOOD              TRS          13.90            -3.59
TRANG SEAFOOD-F            TRS/F        13.90            -3.59
TRANG SFD-NVDR             TRS-R        13.90            -3.59
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


TAIWAN

CHIEN TAI CEMENT           1107        214.12           -49.02
HELIX TECH-EC              2479T        23.39           -24.12
HELIX TECH-EC IS           2479U        23.39           -24.12
HELIX TECHNOL-EC           2479S        23.39           -24.12
TAIWAN KOL-E CRT           1606U       507.21          -147.14
TAIWAN KOLIN-EN            1606V       507.21          -147.14
TAIWAN KOLIN-ENT           1606W       507.21          -147.14
VERTEX PREC-ENTL           5318T        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


                             *********

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.





                 *** End of Transmission ***