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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Monday, June 20, 2011, Vol. 14, No. 120

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Smartec Launches Legal Proceedings
JIM'S PLUMBING: Franchise Faces ATO Wind Up Application
TIMBERCORP LTD: Investors to Get Nothing From Orchard Sale
WOSP PTY: Wheel of Surfers Paradise Placed in Liquidation


C H I N A

GOLDEN ELEPHANT: Posts US$1.3-Mil. Net Loss in 2010 2nd Quarter


H O N G  K O N G

APPLIED FILMS: Creditors' Proofs of Debt Due July 18
ASM INTERNATIONAL: Li Wai See Steps Down as Liquidator
BAX GLOBAL: Kong Chi How Johnson Steps Down as Liquidator
CHAMP RICH: Creditors' Meeting Set for July 28
CIL COMPANY: Seng and Lo Step Down as Liquidators

FENG YA: Creditors' Proofs of Debt Due July 15
HEDRAGON LIMITED: Members' Final Meeting Set for July 20
HK DRAPERS': Creditors' Proofs of Debt Due July 15
HK PROFESSIONAL: Li Wai See Steps Down as Liquidator
HUASEN ARCHITECTURAL: Creditors' Proofs of Debt Due July 20

LAM U: Creditors' Proofs of Debt Due July 22
MAX & FULL: Members' Final Meeting Set for July 18
MERRILL LYNCH: Creditors' Proofs of Debt Due July 19
NORTHERN STAR: Commences Wind-Up Proceedings


I N D I A

AARTI INFRASTRUCTURE: CRISIL Assigns 'BB-' Rating to INR1.5MM Loan
AJIT SOLAR: CRISIL Reaffirms 'D' Rating on INR285MM Term Loan
ANJANI GOODS: CRISIL Assigns 'B' Rating to INR309MM LT Loan
DIGI DRIVES: CRISIL Assigns 'BB' Rating to INR35.5MM LT Loan
EASTERN MEDIA: CRISIL Upgrades Rating on INR185MM Loan to 'BB'
H P ISPAT: CRISIL Assigns 'D' Rating to INR15MM Cash Credit

NECX PVT: CRISIL Assigns 'BB' Rating to INR4.5MM Long-Term Loan
POOJA TIMBER: CRISIL Assigns 'B' Rating to INR17.5MM Cash Credit
SARAIWWALAA AGRR: CRISIL Reaffirms 'BB+' Rating on INR87.6MM Loan
SREE MAA: CRISIL Assigns 'D' Rating to INR56 Million Term Loan
SREE MAA SARADA: CRISIL Assigns 'D' Rating to INR132.2MM Term Loan

TRINETHRA ENERGY: CRISIL Rates INR180.8 Million LT Loan at 'B-'
VIVA BOOKS: CRISIL Rates INR90 Million Cash Credit at 'BB+'
VIROO MAL: CRISIL Assigns 'B' Rating to INR50MM Rupee Term Loan
YAMUNA ROLLER: CRISIL Reaffirms 'BB-' Cash Credit Rating


J A P A N

JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'
SIGNUM VANGUARD: S&P Withdraws CCC- Rating on Series 2006-6 Notes
START V CLO: Moody's Raises Rating of US$25MM CLO Notes From 'Ba1'


N E W  Z E A L A N D

LOMBARD FINANCE: FMA Drops Legal Action Against Lombard Group
NATHANS FINANCE: Judge to Enter Decision on July 8
PGG WRIGHTSON: S&P Puts BB/B Issuer Credit Ratings on Watch Pos.


P H I L I P P I N E S

NATIONAL POWER: Moody's Upgrades Unsecured Bond Rating to 'Ba2'
PHIL. LONG DISTANCE: Moody's Upgrades Bond Rating to 'Baa3'
POWER SECTOR: Moody's Upgrades CFR to 'Ba2'; Outlook Stable
* PHILIPPLINES: Moody's Upgrades Sovereign Ratings to 'Ba2'
* Moody's Raises Foreign Currency Ratings of 7 Phil. Banks to Ba2


                            - - - - -


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


CENTRO PROPERTIES: Smartec Launches Legal Proceedings
-----------------------------------------------------
Ross Kelly at Dow Jones Newswires reports that Centro Properties
Group said Wednesday that Smartec Capital Pty Ltd has initiated
legal proceedings against the group, claiming that Centro's
security holders need to approve the US$9.4 billion sale of its
U.S. malls.

Dow Jones relates that Centro said Australia's corporate
regulator, the Australian Securities and Investments Commission,
had already determined that security-holder approval isn't needed
for the asset sale.

"Centro considers that this proceeding is misconceived. It will be
vigorously defended," the company said in a statement.

Centro said the U.S. assets sale to Blackstone Group LP is
expected to close around the middle of the year, Dow Jones adds.

Centro Properties decided in November 2010 to put all of its
assets on the block after having received approval to refinance
the next round of debt.  The sale of the assets comes almost three
years to the day that Centro's former chief executive, Andrew
Scott, and the board revealed the group did not have the funds
needed to pay the AU$4 billion of debt that was due in December
2007.  That resulted in the shares of the company dropping in
value by as much as 90%, according to the Sydney Morning Herald.

In March 2011, The Australian said, Centro announced both the
sale of its U.S. shopping centres to US private equity firm
Blackstone Group for US$9.4 billion (AU$8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                    About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


JIM'S PLUMBING: Franchise Faces ATO Wind Up Application
-------------------------------------------------------
SmartCompany reports that the Australian Taxation Office has
applied to wind-up Jim's Plumbing, one of the several trade-based
franchises run by entrepreneur Jim Penman under the well-known
Jim's Group banner, with a hearing set for the Federal Court on
July 20.

According to SmartCompany, Mr. Penman has confirmed that Jim's
Plumbing has received the wind-up order and said he is now in the
process of contacting the head of Jim's Plumbing, David Ellingson,
to find out more information.

Mr. Ellingson is named as the franchise's managing director in a
metropolitan franchise information document, which outlines a goal
to have 100 franchises by the end of 2012, SmartCompany says.

SmartCompany relates that although details of the notice are
unknown, the ATO's solicitor says the notice originates from a
failure to comply with a taxation-related demand.

"This notice is based on the failure of the company to comply with
a statutory demand. It was issued before the proceedings, that
wasn't complied with and the deputy commissioner has made this
next step," SmartCompany quotes Hunt & Hunt solicitor Ben Williams
as saying.  "At this stage this is an action commenced with the
Federal Court, and that action is seeking the company is wound-up
in insolvency."

SmartCompany relates that Mr. Williams said Jim's Plumbing will
have 21 days to comply from the day the notice was issued.  If it
does comply, the company could be wound up.

Jim's Plumbing is part of Jim's Group, first franchised in 1989
under the Jim's Mowing banner by Jim Penman.


TIMBERCORP LTD: Investors to Get Nothing From Orchard Sale
----------------------------------------------------------
The Sydney Morning Herald reports that investors who pumped
AU$395 million into almond-growing schemes run by Timbercorp Ltd
are to receive nothing from the sale of the orchards, a court has
ruled.

SMH relates that while 7,000 investors have been left out in the
cold, Timbercorp's bankers, ANZ and BOS International, will share
in more than AU$99 million reaped from the 2009 sale of the
orchards to Singaporean food commodity group Olam International.

The fate of an additional AU$29 million raised by the sale is to
be determined by a further court hearing, the report says.

According to SMH, Supreme Court judge Jennifer Davies said
Wednesday the growers' rights to the projects were worthless at
the time the orchards were sold.

"The insolvency of the Timbercorp group and the cash flow
deficiencies of the projects meant the projects could not be
funded and that they were at imminent and inevitable risk of
termination," the report quotes Justice Davies as saying.

She supported an earlier decision by Justice Ross Robson directing
Timbercorp's liquidators, KordaMentha, not to pay the growers
$6 million offered by ANZ and BOS International in a compromise
deal, saying the security held by the two banks entitled them to
the entire proceeds of the sale, according to SMH.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Ltd called in voluntary administrators
to the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.


WOSP PTY: Wheel of Surfers Paradise Placed in Liquidation
---------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that legal action has been
taken to have the Wheel of Surfers Paradise put into liquidation.

Brisbane Supreme Court records show Roco Australia, which owns the
attraction, applied to have provisional liquidators appointed last
week to the WOSP Pty Ltd, goldcoast.com.au says.

According to the report, Roco Australia representatives said WOSP
had only paid them rent for one of the eight months that the
attraction had been operating on the top of the Surfers Transit
Centre.

goldcoast.com.au says Gold Coast City Council also confirmed it
was owed rent from operators of the attraction, but intended to
use the money provided in a bank guarantee to settle the debt.

Roco Australia is hoping to reopen attraction in the future, but
has been unable to provide a date, saying it would be up to the
council, goldcoast.com.au notes.


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


GOLDEN ELEPHANT: Posts US$1.3-Mil. Net Loss in 2010 2nd Quarter
---------------------------------------------------------------
Golden Elephant Glass Technology, Inc., reported a net loss of
US$1.3 million for the three months ended June 30, 2010, compared
with a net loss of US$3.6 million for the same period of 2009.
For the three months ended June 30, 2010, and the three months
ended June 30, 2009, the Company did not generate any sales
revenue.

Net loss was US$2.6 million on US$0 revenue for the six months
ended June 30, 2010, compared with a net loss of US$4.9 million on
US$2.3 million of sales revenues for the comparable period of
2009.

The Company's balance sheet at June 30, 2010, showed
US$34.6 million in total assets, US$33.6 million in total
liabilities, and stockholders' equity of US$1.0 million.

As reported in the troubled Company Reporter on Dec. 28, 2010,
NW Pacific CPA, LLC, in Newcastle, Washington, expressed
substantial doubt about Golden Elephant's ability to continue as a
going concern, following the Company's results for the fiscal year
ended Dec. 31, 2009.  The independent auditors noted that the
Company has accumulated deficits of US$11,561,769 at Dec. 31,
2009, and also has a working capital deficiency of US$22,362,695
as of Dec. 31, 2009.

A copy of the Form 10-Q is available at http://is.gd/788pDt

Golden Elephant Glass Technology, Inc., is a China-based float
glass manufacturer.  The Company's product offerings include float
glass, ultra-clear glass (also called crystal glass), colored
float glass and high grade, glass processed products such as
mirrors, glass artwork, tempered glass, insulated glass, laminated
glass, lacquered glass and similar products.  The Company's
production facility is located in Fuxin City, Liaoning Province,
China.  The Company sells its products to end users in China,
Asia, Europe, South America and South Africa.


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


APPLIED FILMS: Creditors' Proofs of Debt Due July 18
----------------------------------------------------
Creditors of Applied Films Asia Pacific Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 18, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 7, 2011.

The company's liquidator is:

         Mei Li
         Building 22, No. 1388
         Zhangdong Road
         Zhangjiang, Shanghai
         China


ASM INTERNATIONAL: Li Wai See Steps Down as Liquidator
------------------------------------------------------
Li Wai See stepped down as liquidator of ASM International Limited
on June 8, 2011.


BAX GLOBAL: Kong Chi How Johnson Steps Down as Liquidator
---------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Bax Global
Limited on June 8, 2011.


CHAMP RICH: Creditors' Meeting Set for July 28
----------------------------------------------
Creditors of Champ Rich Asia Pacific Limited will hold their
meeting on July 28, 2011, at 11:00 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 1103, Hang Seng Mongkok Building,
at 677 Nathan Road, in Mongkok, Kowloon.


CIL COMPANY: Seng and Lo Step Down as Liquidators
-------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
CIL Company Limited on June 16, 2011.


FENG YA: Creditors' Proofs of Debt Due July 15
----------------------------------------------
Creditors of Feng Ya Textiles Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 15, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Yui Wing
         2201, Hong Kong Trade Centre
         161 Des Voeux Road
         Central, Hong Kong


HEDRAGON LIMITED: Members' Final Meeting Set for July 20
--------------------------------------------------------
Members of Hedragon Limited will hold their final meeting on
July 20, 2011, at 2:30 p.m., at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

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


HK DRAPERS': Creditors' Proofs of Debt Due July 15
--------------------------------------------------
Creditors of The Hong Kong Drapers' Association Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 15, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 13, 2011.

The company's liquidator is:

         Chan Man Hung David
         Room 408, Summit Insurance Building
         789 Nathan Road
         Kowloon


HK PROFESSIONAL: Li Wai See Steps Down as Liquidator
----------------------------------------------------
Li Wai See stepped down as liquidator of Hong Kong Professional
Art Supplies Limited on June 8, 2011.


HUASEN ARCHITECTURAL: Creditors' Proofs of Debt Due July 20
-----------------------------------------------------------
Creditors of Huasen Architectural & Engineering Designing
Consultants Limited, which is in members' voluntary liquidation,
are required to file their proofs of debt by July 20, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 10, 2011.

The company's liquidator is:

         Sek Wai Tong Stonely
         Room 2202, 22/F
         Hong Kong Centre
         163 Des Voeux Road
         Central, Hong Kong


LAM U: Creditors' Proofs of Debt Due July 22
--------------------------------------------
Creditors of Lam U Po Chu Charitable Foundation Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 22, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidators are:

         Ho Mei Ngan
         Low Fung Ping
         Rooms 903-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


MAX & FULL: Members' Final Meeting Set for July 18
--------------------------------------------------
Members of Max & Full Agency Limited will hold their final meeting
on July 18, 2011, at 9:00 a.m., at Room 1410, 14/F., Harbour
Centre, 25 Harbour Road, Wanchai, in Hong Kong.

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


MERRILL LYNCH: Creditors' Proofs of Debt Due July 19
----------------------------------------------------
Creditors of Merrill Lynch Futures (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 19, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 8, 2011.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


NORTHERN STAR: Commences Wind-Up Proceedings
--------------------------------------------
Members of Northern Star International Group Hong Kong Limited, on
June 7, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lee Robin Miao
         Rooms 1801-05
         Hua Qin International Building
         340 Queen's Road
         Central, Hong Kong


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


AARTI INFRASTRUCTURE: CRISIL Assigns 'BB-' Rating to INR1.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of Aarti Infrastructure and Buildcon Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR1.5 Million Proposed Long-Term    BB-/Stable (Assigned)
                  Bank Loan Facility
   INR100.0 Million Bank Guarantee      P4+ (Assigned)
   INR20.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect geographical concentration in Aarti Infra's
revenue profile and its working capital intensive operations.
These rating weaknesses are partially offset by Aarti Infra's
established track record and brand image, and its promoters'
industry experience, which enables it to execute large projects in
a timely manner.

Outlook: Stable

CRISIL believes that Aarti Infra will maintain its moderate
business risk profile over the medium term, backed by the
saleability of its properties and moderate order book. The outlook
may be revised to 'Positive' if Aarti Infra achieves more-than-
expected revenues and profitability while geographically
diversifying its revenue profile. Conversely, the outlook may be
revised to 'Negative' if the company is not able to sell its
projects due to adverse market conditions or if there is
significant stretch in receivables.

                         About Aarti Infra

Aarti Infra (formerly, Aarti Buildcon Pvt Ltd), incorporated in
October 1999, was promoted by Mr. Rajeev Agrawal and Mr. Chaggan
Mundra. The company was reconstituted as a public limited company
in 2007. It is into real estate development, focussing on the city
of Raipur (Chattisgarh). It also undertakes government civil
contracts, executing road and building construction projects in
Chattisgarh. Aarti Infra has completed real estate projects
covering about 2.1 million square feet (sq ft). The company is
currently constructing projects with a total area of 1.0 million
sq ft.

For 2009-10 (refer to financial year ended, April 1 to March 31),
Aarti Infra has reported a profit after tax (PAT) of INR101
million on net sales of INR407 million, against a PAT of
INR58 million on net sales of INR384 million for 2008-09.


AJIT SOLAR: CRISIL Reaffirms 'D' Rating on INR285MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Ajit Solar Pvt Ltd
continue to reflect delays by Ajit Solar in servicing its term
debt; the delays have been caused by the company's weak liquidity
on account of its low capacity utilization and inability to fully
pass on increase in raw material costs to customers.

   Facilities                       Ratings
   ----------                       -------
   INR29.5 Million Cash Credit      D (Reaffirmed)
   INR285 Million Term Loan         D (Reaffirmed)
   INR70.5 Million Packing Credit   P5 (Reaffirmed)
   INR45 Million Letter of Credit   P5 (Reaffirmed)
   INR11.3 Million Bank Guarantee   P5 (Reaffirmed)

Ajit Solar is susceptible to raw material price volatility and
intense competition in the photovoltaic (PV) industry, and its
promoters' limited experience in high-technology manufacturing
business. The company, however, benefits from the technological
support it receives from Schmid Technology Systems GmbH, the world
leader in installation of turnkey cell and module production
lines.

                        About Ajit Solar

Ajit Solar was incorporated in 2007, promoted by Mr. Ajit Singh
Gehlot, who also promotes automobile dealerships in Alwar
(Rajasthan). The company has set up a 20 megawatt PV cell
production line, entailing an investment of around INR400 million.
The manufacturing unit produces solar panels and modules using PV
cells as the primary raw material. The production line has been
sourced from Schmid.

Ajit Solar reported a net loss of INR45.0 million on net sales of
INR21.6 million for 2009-10 (refers to financial year, April 1 to
March 31).


ANJANI GOODS: CRISIL Assigns 'B' Rating to INR309MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Anjani Goods Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR11.0 Million Cash Credit         B/Stable (Assigned)
   INR309.0 Million Proposed LT        B/Stable (Assigned)
             Bank Loan Facility
   INR100.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect AGPL's weak financial risk profile, marked by
small net worth, and below-average interest coverage ratio,
vulnerability to cyclicality in the shipping industry, and to
fluctuations in steel scrap prices and foreign exchange (forex)
rates. These rating weaknesses are partially offset by the healthy
growth prospects of the ship-breaking industry.

Outlook: Stable

CRISIL believes that AGPL will continue to benefit from the
healthy growth prospects in the ship-breaking industry and absence
of any term loan obligations, over the medium term. The outlook
may be revised to 'Positive' if the company achieves greater-than-
expected revenue growth while improving its profitability.
Conversely, the outlook may be revised to 'Negative' if any large
decline in profitability on account of volatility in steel prices
or forex rates, leads to deterioration in AGPL's ability to
service its financial obligations.

                        About Anjani Goods

AGPL was incorporated by Mr. Jivrajbhai Dharamshibhai Patel, Mr.
Hiteshbhai Vallabhbhai Patel, and Vallabhbhai Muljibhai Patel in
2008. The company is engaged in the ship-breaking industry. AGPL
was allotted a plot by the Gujarat Maritime Board in 2009;
however, the company dismantled its first vessel only in 2010. The
company's 4000 square metre plot near Jamnagar (Gujarat) has
capacity to dismantle up to 20,000 tonnes of ship.


DIGI DRIVES: CRISIL Assigns 'BB' Rating to INR35.5MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Digi Drives Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR15.00 Million Cash Credit        BB/Stable (Assigned)
   INR35.50 Million Long-Term Loan     BB/Stable (Assigned)
   INR24.00 Million Bank Guarantee     P4+ (Assigned)
   INR25.50 Million Letter of Credit   P4+ (Assigned)

The ratings reflect expectation of deterioration in DDPL's
financial risk profile on account of its debt-funded capital
expenditure (capex) plans and large working capital requirements,
small scale of operations, customer, geographic and end-user
industry concentration in its revenue profile, and its
susceptibility to volatility in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
DDPL's healthy order book and revenue growth, and its promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that DDPL will continue to benefit from its
promoters' extensive experience in automation and manufacturing
machinery for flat steel products. The outlook may be revised to
'Positive' in case of a significant increase in the company's
scale of operations and profitability, leading to more-than-
expected cash accruals and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected deterioration in DDPL's capital structure on
account of a larger-than-expected, debt-funded capex programme or
less-than-expected cash accruals.

                         About Digi Drives

Incorporated in 1993, DDPL was promoted by Mr. Navneet Gill and
Mr. Samir Bansal to manufacture small drives1. In 1999, the
company began manufacturing complete automation solutions and
control panels for steel, paper, printing, cable, and other
industries. In October 2008, DDPL ventured into the manufacture of
machinery and began executing turnkey contracts to set up cold
rolling steel mills, galvanizing lines, and colour coating lines.

The company is currently engaged in two lines of business: control
panels and automation solutions for various industries, and
turnkey projects to set up plants for manufacture of flat steel
products. The company has three units, two in Faridabad (Haryana)
for manufacturing automation systems and one in Palwal (Haryana)
for manufacturing machinery for steel flat products

DDPL is expected to report a profit after tax (PAT) of INR7
million on an operating income of INR357.2 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR14.1 million on net sales of INR340.1 million for 2009-10.


EASTERN MEDIA: CRISIL Upgrades Rating on INR185MM Loan to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Eastern Media Ltd to 'BB/Stable' from BB-/Stable while reaffirming
its 'P4+' rating to the company's short term facility.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Cash Credit        BB/Stable (Upgraded from
                                               'BB-/Stable')
   INR185 Million Long-Term Loan    BB/Stable (Upgraded from
                                               'BB-/Stable')
   INR20 Million Letter of Credit   P4+ (Reaffirmed)

The upgrade is driven by sustained improvement in EML's
profitability and moderation of its large capital expenditure
(capex) plan. The company's operating margin has remained
comfortable over the past two years, driven by higher advertising
revenue and stabilization of its FM business. In 2010-11 (refers
to financial year, April 1 to March 31), the company ventured into
the theatre business. The profits earned from the theatre business
have helped ease the pressure on EML's profitability (pressure was
due to its loss-making TV business). The company also reduced its
capex plan to a moderate INR150 million from INR1000 million.

The ratings reflect EML's exposure to risks related to
geographical concentration in its revenue profile and
susceptibility of operating margin to economic cycles and
volatility in newsprint prices. These rating weaknesses are
partially offset by EML's strong market position in the
publication business in Orissa and improving operating
efficiencies.

Outlook: Stable

CRISIL believes that EML will continue to benefit over the medium
term from its strong market position. The outlook may be revised
to 'Positive' if the company achieves higher-than-expected revenue
growth while sustaining its profitability margins, or if it
improves its financial risk profile, especially its capital
structure. Conversely, the outlook may be revised to 'Negative' if
EML undertakes large debt-funded capex programme, resulting in
further weakening in its capital structure, or if there is a steep
decline in its profitability or revenue.

                         About Eastern Media

Set up in 1984, EML publishes the largest selling Oriya newspaper
(current market share of 48 per cent), Sambad. The company owns
five printing centres through which it publishes eight editions
for the key cities of Orissa - Bhubaneshwar, Anugul, Cuttack,
Brahmapur, Rourkela, Sambalpur, Balasore, and Jajpur. In 2007-08,
the company ventured into the entertainment business by launching
an FM radio channel, Radio Choklate 104 FM, which was followed in
2008-09 by the launch of a 24x7 Oriya news channel, Kanak TV. The
company also engages renowned artistes to give live performances
in rural areas of Orissa under the name, Eastern Opera. The
entertainment business has been carved into a separate division,
Eastern Media Entertainment Division.

EML reported a profit after tax (PAT) of INR42 million on net
sales of INR737 million for 2009-10, as against a PAT of INR7
million on net sales of INR555 million for 2008-09.


H P ISPAT: CRISIL Assigns 'D' Rating to INR15MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of H
P Ispat Pvt Ltd.  The ratings reflect instances of delay by HPI in
servicing its debt; the delays have been caused by the company's
weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         D (Assigned)
   INR219 Million Long-Term Loan     D (Assigned)
   INR105 Million Proposed LT Bank   D (Assigned)
                    Loan Facility
   INR10 Million Bank Guarantee      P5 (Assigned)

HPI also has large working capital requirements, small scale of
operations in the steel industry, and is susceptible to intense
industry competition. These rating weaknesses are partially offset
by the expected improvement in HPI's business risk profile.

Set up in 2006 by the Kolkata (West Bengal)-based Agarwal family,
HPI manufactures steel ingots. The company commenced commercial
operations in 2006-07 (refers to financial year, April 1 to March
31) with a 7-tonne induction furnace. HPI recently set up another
8-tonne induction furnace, which commenced commercial operations
in February 2011. The company has also set up a 250-tonnes-per-day
thermo-mechanically treated bar manufacturing unit, which has
commenced commercial operations in April 2011. The total project
cost is INR350 million, funded in a debt-to-equity ratio of 1.6:1.
HPI has its manufacturing unit in Bankura district (West Bengal).
The company procures sponge or pig iron from local manufacturers
in and around Durgapur (West Bengal).

HPI reported a profit after tax (PAT) of INR2.4 million on net
sales of INR531.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.2 million on net
sales of INR485.3 million for 2008-09.


NECX PVT: CRISIL Assigns 'BB' Rating to INR4.5MM Long-Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/ Stable' rating to the bank facilities
of NECX Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR4.50 Million Long-Term Loan    BB/Stable (Assigned)
   INR60.00 Million Cash Credit      BB/Stable (Assigned)

The rating reflects NECX's below-average financial risk profile,
marked by high ratio of total outside liabilities to tangible net
worth, and average debt protection metrics, modest scale of
operations, and geographic concentration in its revenue profile.
These rating weaknesses are partially offset by NECX's established
market position in computers and peripherals distribution industry
and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that NECX will continue to benefit from its
promoters' extensive experience in the computers and peripherals
distribution business and established relations with key
suppliers, over the medium term. The outlook may be revised to
'Positive' in case of a sustainable increase in the company's
scale of operations and profitability. Conversely, the outlook may
be revised to 'Negative' if the company undertakes a larger-than-
expected, debt-funded capital expenditure programme or its volumes
or margins decline steeply.

                          About NECX Pvt

Incorporated in 2005, by Mr. Y Srinivas Rao, NECX undertakes
distribution of desktops, laptops, printers, scanners, software,
and other computer peripherals. The company is the authorized
distributor in Andhra Pradesh for Microsoft Corporation India Pvt
Ltd, Hewlett Packard Sales India Ltd, Sony India Private Pvt Ltd,
Acer India Pvt Ltd, Wipro Infotech Ltd, WeP Peripherals Ltd, and
Dell India Pvt Ltd.

NECX reported a profit after tax (PAT) of INR5 million on net
sales of INR286 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR212 million for 2008-09.


POOJA TIMBER: CRISIL Assigns 'B' Rating to INR17.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Pooja Timber Store.

   Facilities                           Ratings
   ----------                           -------
   INR17.5 Million Cash Credit          B/Stable (Assigned)
   INR112.5 Million Letter of Credit    P4 (Assigned)

The rating reflects Pooja Timber's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOL/TNW) ratio, weak debt protection metrics, large working
capital requirements, and its susceptibility to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of Pooja Timber's promoters in
the timber trading and saw mill business.

Outlook: Stable

CRISIL believes that Pooja Timber will maintain its business risk
profile, backed by its established clientele, over the medium
term. Its financial risk profile is, however, expected to remain
constrained by its high TOL/TNW and weak interest coverage ratios.
The outlook may be revised to 'Positive' in case of substantial
equity infusion by the promoters and/or sustained improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' in case a larger-than-expected, debt-funded capital
expenditure programme adversely impacts the firm's debt protection
metrics and/or the firm's profitability declines because of
volatility in raw material prices or foreign exchange rates.

                            About Pooja Timber

Pooja Timber was established as a proprietorship firm by Mr.
Sushil Kumar in 1996-97 (refers to financial year, April 1 to
March 31). It processes and trades in timber. The firm imports
timber logs from dealers based in Malaysia and Singapore and sells
them to wholesalers, distributors, and retailers in domestic
market after processing. Its saw mill in Gandhidham (Gujarat) has
a capacity of around 4,200 square feet per day and has sales
offices in Delhi and Kaithal (Haryana).

Pooja Timber is expected to report a book profit of INR1.6 million
on net sales of INR500 million for 2010-11, as against a book
profit of INR0.7 million on net sales of INR333.5 million for
2009-10.


SARAIWWALAA AGRR: CRISIL Reaffirms 'BB+' Rating on INR87.6MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saraiwwalaa Agrr
Refineries Ltd continue to reflect SARL's average financial risk
profile, marked by a high gearing and moderate debt protection
metrics, exposure to risks related to the commodity-like nature of
its products, and susceptibility to intense market competition.
These rating weaknesses are partially offset by SARL's established
market position, healthy operating efficiency, and promoters'
experience in the edible oils industry.

   Facilities                        Ratings
   ----------                        -------
   INR87.60 Million Long-Term Loan   BB+/Stable (Reaffirmed)
   INR330.00 Million Cash Credit     BB+/Stable (Reaffirmed)
   INR351.10 Million Letter of       P4+ (Reaffirmed)
         Credit/Bank Guarantee

Outlook: Stable

CRISIL believes that SARL will maintain its healthy revenue growth
over the medium term on the back of its established market
position in the edible oils industry and the stabilization of
operations at its plant in Krishnapatnam (Andhra Pradesh). The
outlook may be revised to 'Positive' if SARL generates higher-
than-expected accruals because of higher utilization of expanded
capacities leading to significant and sustained improvement in its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if SARL's financial risk
profile deteriorates because of large, debt-funded capital
expenditure (capex) or decline in margins.

Update
In 2009-10 (refers to financial year, April 1 to March 31), SARL
had plans to set up a 700-tonnes-per-day (tpd) plant, in
Krishnapatnam, which was expected to become operational by
May 2010. Installation of a 500-tpd capacity for the plant was
completed by June 2010 and the remaining 200 tpd became
operational by May 2011. The cost of the project and the funding
so far has been largely in line with CRISIL's expectations. SARL's
estimated revenues of about INR9.2 billion in 2010-11 were in line
with CRISIL's expectations on the back of stabilization of the
Krishnapatnam refinery unit. The financial risk profile remains in
line with CRISIL's expectations. SARL's liquidity remains adequate
for the rating category as reflected in its moderate bank limit
utilisation on the back of its moderate working capital
requirements. Its annual net cash accruals of about INR170 million
are expected to be sufficient to meet its term debt obligations of
about INR130 million over the medium term.

SARL's profit after tax (PAT) and net sales for 2010-11 are
estimated at INR110 million and INR9.2 billion respectively. SARL
reported a PAT of INR32 million on net sales of INR3.5 billion for
2009-10, against a PAT of INR27 million on net sales of INR4.2
billion for 2008-09.

                       About Saraiwwalaa Agrr

SARL, incorporated in 1999, is an Andhra Pradesh-based company
engaged in the edible oil business. It has a fully integrated oil-
processing unit at Maheshwaram in Hyderabad. It has an installed
oil refining capacity of 82,500 tonnes per annum (tpa). The
company diversified into rice milling in 2007, with an installed
capacity of about 70,000 tpa for processing of paddy into steamed
and half-boiled rice. SARL's 165,000-tpa, fully automated edible
oil refinery unit, set up at Krishnapatnam, became fully
operational by mid June 2010. Furthermore, the company's expanded
capacity at the Krishnapatnam plant to 230,000 tpa became
operational by May 2011. The total cost of the project was about
INR1.2 billion, funded in debt-to-equity ratio of 1.9:1. SARL
sells edible oils, such as palm oil, sunflower, groundnut, soya,
and rice bran oil, under the Naturralle, Sree Krishna Drop, and
Mother's Best Choice brands in the Andhra Pradesh market. The
company sells rice under the Naturralle and Subham Gold brands.


SREE MAA: CRISIL Assigns 'D' Rating to INR56 Million Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sree Maa Sarada Fabrication & Engineering Private Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR160.00 Million Cash Credit     D (Assigned)
   INR56.00 Million Term Loan        D (Assigned)
   INR30.00 Million Bank Guarantee   P5 (Assigned)

The ratings reflect instances of delay by SMSOFIPL in servicing
its debt; the delays are on account of SMSOFIPL's weak liquidity.

The rating also takes into account SMSOFIPL group's weak financial
risk profile, marked by weak debt protection metrics and high
gearing, large working capital requirements and exposure of
profitability to volatility in raw material prices and risks
related to customer concentration in its revenue profile. However,
the group benefits from the strong experience of promoters and
established relationship with its customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Sree Maa Sarada Ores And Forgings India
Private Ltd and SMSFEPL, collectively referred to as the SMSOFIPL
group. This is because both entities have the same promoters, are
in the same line of business, and do have some operational
linkages. Further, both the companies have given corporate
guarantee to each other.

                         About the Group

SMSOFIPL, incorporated in 2005, is in the business of forging of
door hinges, collars, side and end walls, lower spring seats,
guides, assemblies, and spring guides through forging processes.
The company has an installed capacity of 44,000 tonnes and
proposes to add another 50,400 tonnes by the third quarter of
2011-12 (refers to financial year, April 1 to March 31) at a total
project cost of INR350 million.

SMSFEPL, incorporated in 2008, is in the business of fabrication
of various components for railways (parts of coaches and wagons),
defence equipments, automobile parts and oil tanks amongst others.
The company has an installed capacity of 43,000 tonnes.

The Indian Railways contributes to 60 to 70 per cent of SMSOFIPL
group's sales. The group has a current order book position of
INR800 million, which is to be executed by the end of second
quarter of 2010-11.

SMSOFIPL group reported a profit after tax (PAT) of INR13.1
million on net sales of INR186.3 million for 2009-10, against a
PAT of INR4.6 million on net sales of INR85.9 million for 2008-09.


SREE MAA SARADA: CRISIL Assigns 'D' Rating to INR132.2MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sree Maa Sarada Ores & Forgings India Private Ltd.  The ratings
reflect instances of delay by SMSOFIPL in servicing its debt; the
delays are on account of SMSOFIPL's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR290.00 Million Cash Credit       D (Assigned)
   INR132.20 Million Term Loan         D (Assigned)
   INR65.00 Million Bank Guarantee     P5 (Assigned)
   INR50.00 Million Letter of Credit   P5 (Assigned)

The rating also takes into account SMSOFIPL group's weak financial
risk profile, marked by weak debt protection metrics and high
gearing, large working capital requirements and exposure of
profitability to volatility in raw material prices and risks
related to customer concentration in its revenue profile. However,
the group benefits from the strong experience of promoters and
established relationship with its customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SMSOFIPL and Sree Maa Sarada
Fabrication and Engineering Private Ltd, collectively referred to
as the SMSOFIPL group. This is because both entities have the same
promoters, are in the same line of business, and do have some
operational linkages. Further, both the companies have given
corporate guarantee to each other.

                          About the Group

SMSOFIPL, incorporated in 2005, is in the business of forging of
door hinges, collars, side and end walls, lower spring seats,
guides, assemblies, and spring guides through forging processes.
The company has an installed capacity of 44,000 tonnes and
proposes to add another 50,400 tonnes by the third quarter of
2011-12 (refers to financial year, April 1 to March 31) at a total
project cost of INR350 million.

SMSFEPL, incorporated in 2008, is in the business of fabrication
of various components for railways (parts of coaches and wagons),
defence equipments, automobile parts and oil tanks amongst others.
The company has an installed capacity of 43,000 tonnes.

The Indian Railways contributes to 60 to 70 per cent of SMSOFIPL
group's sales. The group has a current order book position of
INR800 million, which is to be executed by the end of second
quarter of 2010-11.

SMSOFIPL group reported a profit after tax (PAT) of INR13.1
million on net sales of INR186.3 million for 2009-10, against a
PAT of INR4.6 million on net sales of INR85.9 million for 2008-09.


TRINETHRA ENERGY: CRISIL Rates INR180.8 Million LT Loan at 'B-'
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term loan
facility of Trinethra Energy Convertions Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR180.80 Million Long-Term Loan     B-/Stable (Assigned)

The rating reflects TECL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to hydrology risks. These rating
weaknesses are partially offset by TECL's stable revenues because
of assured off-take by Bangalore Electricity Supply Company Ltd
(BESCOM) and long standing experience of promoters in similar
lines of business.

Outlook: Stable

CRISIL believes that TECL's liquidity will remain stretched over
the medium term because of its low PLFs. However, TECL's credit
risk profile is expected to remain stable backed by steady off-
take of power by BESCOM and continued support from its holding
company to meet its maturing debt obligations. The outlook may be
revised to 'Positive' in case of an increase in plant load factor,
which will improve the company's cash flows. Conversely, the
outlook may be revised to 'Negative' if TECL extends financial
support to weaker group companies, or faces delays in realizing
its receivables from BESCOM.

                     About Trinethra Energy

TECL was taken over by International Power Corporation Ltd in
2006. TECL commenced commercial operations in September 2008.  The
IPCL as a group has hydel-power generation capacity of 28.5 mega
watts (MW). TECL's director Mr. Raghavendra Rao has experience of
more than three decades in similar lines of business. TECL has a
2x2.50 MW mini hydro power plant. The project is a run-of-the-
river hydroelectricity project on the Charmadi stream (a tributary
of River Nethravathy) in Karnataka.

TECL reported a net losses of INR23 million on net sales of
INR20 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a net losses of INR15 million on net sales
of INR8 million for 2008-09.


VIVA BOOKS: CRISIL Rates INR90 Million Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL's rating on the cash credit facility of Viva Books Pvt Ltd
continues to reflect Viva's large working capital requirements,
small scale of operations, and low net worth. These rating
weaknesses are partially offset by Viva's established market
position supported by tie-ups with reputed publishing houses, and
comfortable financial flexibility.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Cash Credit Limit   BB+/Stable
   (Enhanced from INR70.0 Million)

Outlook: Stable

CRISIL believes that Viva will maintain its market position over
the medium term, backed by its established relationships with
educational institutions and publishing houses in India and
abroad. The outlook may be revised to 'Positive' in case of more-
than-expected increase in the company's cash accruals and
improvement in profitability, or if the unsecured loans from
promoters are converted into equity, resulting in significant
improvement in Viva's capital structure. Conversely, the outlook
may be revised to 'Negative' if Viva's profitability deteriorates,
or if the company undertakes a larger-than-expected debt-funded
capital expenditure programme, resulting in deterioration in its
financial risk profile.

                          About Viva Books

Viva, incorporated in 1991 by Mr. Vinod Kumar Vasishat, is into
publishing, trading and distribution of books. Its product profile
mainly consists of books for technical education. The company's
customers include educational institutions and wholesalers. Viva
has its head office in New Delhi, and branch offices in Bengaluru
(Karnataka), Chennai (Tamil Nadu), Guwahati (Assam), Hyderabad
(Andhra Pradesh), Kolkata (West Bengal), and Navi Mumbai
(Maharashtra).

For 2010-11 (refers to financial year, April 1 to March 31), on a
provisional basis, Viva reported a profit after tax (PAT) of
INR8.2 million on net sales of INR455 million, against a PAT of
INR6.1 million on net sales of INR373 million for 2009-10.


VIROO MAL: CRISIL Assigns 'B' Rating to INR50MM Rupee Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Viroo Mal Mulkh Raj Jain Rice Mills.

   Facilities                           Ratings
   ----------                           -------
   INR150 Million Cash Credit           B/Stable (Assigned)
   INR50 Million Rupee Term Loan        B/Stable (Assigned)
   INR100 Million Warehouse Financing   P4 (Assigned)

The ratings reflect Viroo's weak financial risk profile, marked by
high gearing and weak debt protection metrics due to large working
capital requirements and recent debt-funded capital expenditure
(capex), small scale of operations, susceptibility to adverse
regulatory changes, vagaries of the monsoon, and intense industry
competition. These rating weaknesses are partially offset by the
extensive industry experience of Viroo's promoters and healthy
demand prospects of the agriculture industry.

Outlook: Stable

CRISIL believes that Viroo will continue to benefit from the
extensive industry experience of its proprietor and established
customer base, over the medium term. Its financial risk profile
is, however, expected to remain constrained by its large working
capital requirements and recently concluded debt-funded capex
programme. The outlook may be revised to 'Positive' if the
proprietor infuses capital into the firm or working capital
management improves leading to better financial risk profile.
Conversely, the outlook maybe revised to 'Negative' in case of
larger-than-expected increase in working capital requirements or
if the firm undertakes any significant debt-funded capex programme
or reports lower-than-expected margins.

                            About Viroo Mal

Viroo was set up in 2003 by Mr. Gulshan Jain. The firm primarily
processes the parimal rice variety for Food Corporation of India
suppliers. In addition, the firm also processes basmati rice and
trades paddy on a small scale.

The firm increased its installed basmati rice processing capacity
to 18 tonnes per hour (tph) in September 2010, from 11 tph. The
capacity expansion was done at a cost of INR50 million, funded
through term loans of INR37.5 million and promoter's funds.

Viroo reported a book profit of INR1.2 million on net sales of
INR77.3 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR1.1 million on net sales
of INR9.6 million for 2008-09.


YAMUNA ROLLER: CRISIL Reaffirms 'BB-' Cash Credit Rating
--------------------------------------------------------
CRISIL's rating on the cash credit facility of Yamuna Roller Flour
Mills (P) Ltd continues to reflect Yamuna's relatively small scale
of operations, and exposure to risks related to volatility in the
prices of raw materials.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      BB-/Stable (Reaffirmed)

These rating weaknesses are partially offset by Yamuna's moderate
financial risk profile marked by moderate gearing and debt
protection metrics, and the benefits that Yamuna derives from its
promoters' industry experience and its established distribution
network.

Outlook: Stable

CRISIL believes that Yamuna's financial risk profile will remain
moderate over the medium term, supported by moderate gearing in
the absence of any large debt funded capex. The outlook may be
revised to 'Positive' in case of substantial improvement in the
company's financial risk profile, supported by higher than
expected cash accruals or equity infusions improving the capital
structure of the company. Conversely, the outlook may be revised
to 'Negative' in case Yamuna undertakes a large, debt-funded
capital expenditure programme or increases the investments towards
unrelated business, thereby negatively impacting its financial
risk profile.

Set up in 1990, Yamuna manufactures ground wheat products such as
atta, maida, and suji. The company has a manufacturing plant at
Thrissur (Kerala), with a processing capacity of 84,000 tonnes per
annum. The company was earlier involved in trading agricultural
commodities such as wheat and white oats; the business was
discontinued in 2009- 10 (refers to financial year, April 1 to
March 31). The company has recently invested around INR232 million
in Rendezvous Sports World Ltd which owns the Kochi team of the
Indian Premier League.

Yamuna reported a profit after tax (PAT) of INR11 million on net
sales of INR1.13 billion for 2009-10, against a PAT of INR10
million on net sales of INR1.13 billion, for the previous year.


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


JLOC XXVIII: S&P Affirms Rating on Class D Notes at 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'A (sf)' from 'AA
(sf)' its rating on the class B senior trust certificates issued
under the JLOC XXVIII transaction and kept it on CreditWatch with
negative implications, where it was placed on April 26, 2011. "At
the same time, we have affirmed the ratings on the class C and D
senior trust certificates, as well as the rating on Harajuku
Holding TMK's series 4-2 floating-rate mezzanine specified bonds.
The class A senior trust certificates and Nakano Holding
TMK's series 3-2 floating-rate mezzanine specified bonds have
already been paid in full," S&P said.

"Of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bond) issued by one obligor (the specified bonds
originally represented about 51% of the total initial issue
amount of the transaction) remain. The asset manager is still in
the process of liquidating the properties backing the specified
bonds in accordance with the property sales plan. However, it is
our view that completing collection through the sales of the
collateral properties will require a certain amount of time, as
many of the properties remain unsold," S&P stated.

"We downgraded class B because, as the transaction's legal final
maturity date in October 2012 draws closer, we believe that the
likelihood of the class B senior trust certificates being fully
redeemed by the maturity date is no longer commensurate with the
previous rating on that class," S&P said.

Standard & Poor's intends to resolve the CreditWatch status for
the rating on the class B senior trust certificates after further
examining the status of the property sales and taking into
consideration the likelihood of the class B senior trust
certificates being redeemed by the transaction's legal final
maturity date.

"We have learned through a report that we received that the Great
East Japan Earthquake that struck northeastern Japan on March 11,
2011, caused little damage to the remaining collateral properties.
Accordingly, we hold the opinion that the impact of the property
damage caused by the earthquake on the prospect for the collection
amount is limited," S&P noted.

JLOC XXVIII is a property sales-type commercial mortgage-backed
securities (CMBS) transaction. The transaction was initially
secured by two senior specified bonds and two mezzanine specified
bonds. The senior and mezzanine specified bonds were backed by 567
real estate properties. Morgan Stanley Japan Securities Co. Ltd.
served as the arranger for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in October 2012 for the
class B to D senior trust certificates and the Harajuku Holding
TMK series 4-2 floating rate specified bonds," S&P added.

Rating Lowered, Kept on CreditWatch Negative
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012

Class   To                    From                  Initial issue
amount
B       A (sf)/Watch Neg      AA (sf)/Watch Neg     �10.1 bil.

Ratings Affirmed
Class     Rating        Initial issue amount
C         BB- (sf)      JPY8.8 bil.
D         CCC (sf)      JPY7.2 bil.

JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK Series 4-2 JPY3.6 billion floating-rate
mezzanine specified
bonds due October 2012
Rating         Initial issue amount
CCC (sf)       JPY3.6 bil.


SIGNUM VANGUARD: S&P Withdraws CCC- Rating on Series 2006-6 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC- (sf)' rating
on Signum Vanguard Ltd.'s series 2006-06 secured fixed rate
credit-linked notes. "The rating withdrawal follows the arranger's
notification to us that the issuer repurchased the notes in full
and cancelled them on June 10, 2011," S&P said.

Rating Withdrawn
Signum Vanguard Ltd.

MAJOR multi-jurisdiction repackaging note
programme series 2006-06 secured
fixed rate credit-linked notes due 2012

To       From            Initial issue amount
NR       CCC- (sf)       JPY500 mil


START V CLO: Moody's Raises Rating of US$25MM CLO Notes From 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two classes
of notes co-issued by Start V CLO Limited and Start V CLO LLC. The
notes affected by the rating actions are:

   -- US$20,000,000 Class A Credit-Linked Floating Rate Notes,
      Upgraded to A1 (sf); previously on Jul 14, 2008 Definitive
      Rating Assigned Baa1 (sf)

   -- US$ 25,000,000 Class B Credit-Linked Floating Rate Notes,
      Upgraded to A3 (sf); previously on Jul 14, 2008 Definitive
      Rating Assigned Ba1 (sf)

Ratings Rationale

Moody's said the rating actions are the result of the amortization
of the underlying reference portfolio leading to an enhanced level
of subordination for the rated tranches, coupled with the
satisfactory performance of the portfolio.

The transaction, which closed in 2008, is a synthetic Balance
Sheet CDO referencing a pool of bank originated corporate loans
whose obligors are primarily domiciled in Asia Pacific. Standard
Chartered Bank (SCB) is the sponsor of this transaction.

As of April 30, 2011, the reference portfolio amortized from its
initial size of US$1.0 billion to US$0.85 billion (or 85% of the
initial portfolio size) following the expiry of the replenishment
period in January 2011. Credit events had occurred on US$1.5
million equivalent (or 0.15% of the initial portfolio size) of
reference obligations involving 3 obligors.

The credit quality of the performing pool of reference obligations
has slightly improved, as evidenced by the decrease in WARF from
1,403 (April 2010) to 1,154 (April 2011) according to monthly
transaction reports.

The transaction has seven months remaining until its scheduled
maturity date in January 2012 and one year and seven months
remaining until its final maturity date in January 2013.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale. In May
2011, Moody's carried out an update of the rating mapping. The
prior update of the mapping was done in 2007.

To determine the rating levels, Moody's also considered various
recovery scenarios where recovery rates were haircut by 50% to
100%. Market quotations will be obtained for defaulted obligations
in case the work-out process cannot be completed prior to the
work-out cut-off date (60 days prior to the final maturity date).
Given the short period until final maturity, recovery can be
subject to the availability of quotes on the defaulted bank loans.
The unavailability of firm quotes may lead to zero recovery.

Moody's also noted that an additional expected loss is added to
account for the collateral risk. Since closing, the proceeds of
the notes have been held in cash deposits in the principal
collection account at SCB (Long Term Rating: A1, Short Term
Rating: P-1).

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Collateralized Synthetic Obligations"
rating methodology published in September 2009. The secondary
methodology used in rating this bank balance-sheet CLO was
"Moody's Mapping Methodology for Bank Balance-Sheet CLOs",
published in January 2011.

Under the principal methodology, Moody's relies on a simulation
based framework, implemented via CDOROM2.8TM, to generate default
and recovery scenarios for each asset in the portfolio and
computes the associated loss to each tranche in the structure.

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


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


LOMBARD FINANCE: FMA Drops Legal Action Against Lombard Group
-------------------------------------------------------------
Radio New Zealand reports that the Financial Markets Authority has
dropped some of its legal action against Insured Group, formerly
called Lombard Finance.

Lombard Finance collapsed in April 2008 owing $127 million to
4,400 investors.  The Perth-based Australian Consolidated
Insurance did a reverse takeover of Lombard Finance in March last
year, and later changed its name to Insured Group.

According to the report, the FMA has withdrawn civil proceedings
against the firm for allegedly failing to disclose breaches in
2008, saying it is focusing its resources on the most serious
areas of misconduct.

That includes the directors of Lombard's failed finance arm,
Lombard Finance and Investments, who still face criminal action
for misleading investors.

The directors include former National Party cabinet minister Sir
Douglas Graham, former Labour cabinet minister Bill Jeffries,
along with Michael Reeves and Lawrence Bryant, Radio New Zealand
discloses.

Radio New Zealand notes that Sir Douglas has rejected the claims
saying the directors would defend all charges.

The charges carry a maximum penalty of five years in prison or
fines of up to NZ$300,000 for each of the four men.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


NATHANS FINANCE: Judge to Enter Decision on July 8
--------------------------------------------------
Kelly Gregor at nzherald.co.nz reports that Justice Paul Heath
promised a quick verdict for the former directors of Nathans
Finance as their marathon 12-week trial on alleged Securities Act
breaches drew to a close in the High Court at Auckland.

nzherald.co.nz relates that Justice Heath said that because of the
stress the trial had placed on the three defendants, he would
deliver his verdict "sooner rather than later".  He reserved his
decision until 10:00 a.m., on July 8.

According to nzherald.co.nz, the trial of Roger Moses, Donald
Young, and Mervyn Doolan started on March 21.

The defendants pleaded not guilty to allegations that they made
untrue statements in Nathans' registered prospectus and investment
statement of Dec. 13, 2006, as well as in a signed extension
certificate on March 30, 2007, nzherald.co.nz relates.

A fourth director, John Hotchin, younger brother of Hanover
Finance's Mark Hotchin, pleaded guilty to similar charges in
February, the report notes.

Mr. Hotchin, according to nzherald.co.nz, avoided a jail term, in
part for agreeing to testify against his former colleagues.  He
was sentenced to 11 months' home detention, ordered to do 200
hours of community service, and to pay the receivers NZ$200,000.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


PGG WRIGHTSON: S&P Puts BB/B Issuer Credit Ratings on Watch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB/B' issuer credit
ratings on New Zealand nonbank financing company PGG Wrightson
Finance Ltd. on CreditWatch with positive implications, following
Heartland New Zealand Ltd's announcement of a conditional
acquisition of PWF.  The CreditWatch action reflects the potential
equalization of PWF's ratings with those on Heartland Building
Society Ltd. (HBS, formerly Combined Building Society; BBB-
/Stable/A-3), should the proposed acquisition of PWF by HBS, a key
operating subsidiary of HNZ, succeed (on or about Aug.31, 2011).

In Standard & Poor's opinion, HBS' overall business diversity will
benefit from this acquisition, and the business and distribution
arrangement with PGG Wrightson Ltd. PGG would provide an
established platform for the Heartland New Zealand group to grow
its rural sector business. This could be supportive to the group's
business-risk profile if PWF is effectively integrated.

"The neutral rating impact on HBS importantly factors in our
expectation for HBS to raise additional capital (earmarked at a
minimum of NZ$55 million) to help fund this acquisition and
moderate the impact of it on its capital-adequacy position. Rating
stability for HBS is also reliant on the merger being effectively
managed, and reasonable ongoing investor support being maintained
from PWF debenture investors," S&P said.

"The ratings on PWF could be taken off CreditWatch and equalized
with the ratings assigned to HBS after settlement of the
acquisition is complete," said credit analyst Peter Sikora. "Key
considerations underpinning resolution of the CreditWatch on PWF
and the rating implications for HBS will be our further assessment
of business and financial implications of the merger on PWF and
the wider HNZ group."

Specifically, S&P's analytical focus will include an assessment
of:

    Integration risks associated with the merger;

    An assessment of the distribution arrangement with PGG;

    A fuller assessment of the financial impact of the merger on
    HBS;

    The ongoing financial impact of the Christchurch earthquake,
    in that it does not detract from our assessment of HBS' credit
    profile; and

    "Evidence of no material divergence of strategy from current
    expectations such that it compromises our view of the benefits
    of the acquisition, or any strategic shift that increases HBS'
    overall risk profile," S&P said.


=====================
P H I L I P P I N E S
=====================


NATIONAL POWER: Moody's Upgrades Unsecured Bond Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured bond
rating of National Power Corporation's to Ba2 from Ba3.  The
rating reflects the Philippine government's unconditional and
irrevocable guarantee for NPC's rated senior unsecured debts.

The rating outlook is stable, in line with the sovereign outlook.

Ratings Rationale

The rating action follows Moody's decision to upgrade the
Philippine government's long-term foreign-currency and local-
currency ratings to Ba2 from Ba3.

National Power Corporation's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
National Power Corporation's core industry and believes National
Power Corporation's ratings are comparable to those of other
issuers with similar credit risk. Other methodologies used include
Loss Given Default for Speculative Grade Issuers in the US,
Canada, and EMEA, published June 2009 (and/or) the Government-
Related Issuers methodology, published July 2010).

National Power Corporation, 100% owned by the Philippines
Government, is the principal supplier of off-grid electricity in
the Philippines.


PHIL. LONG DISTANCE: Moody's Upgrades Bond Rating to 'Baa3'
-----------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency bond
rating of Philippine Long Distance Telephone Company to Baa3 from
Ba1. At the same time the local currency issuer rating has been
affirmed at Baa2. The outlook on both ratings is stable.

Ratings Rationale

The action follows Moody's decision to upgrade the Republic of
Philippines government's Ba3 long-term foreign-currency rating to
Ba2 and the foreign-currency country ceiling to Baa3 from Ba1.
PLDT's Baa3 foreign currency debt rating remains in line with the
Philippines' country ceiling for foreign currency bonds.

The principal methodology used in rating Philippine Long Distance
Telephone Company was the Global Telecommunications Industry
Methodology, published December 2010.

PLDT, headquartered in Manila and listed on the Philippine Stock
Exchange and American Depository Receipts traded on the New York
Stock Exchange, is an integrated provider of fixed-line,
broadband, cellular and ICT (Information and Communications
Technology) services. It currently has a 53% subscriber market
share for cellular telephony, 56% for fixed-line services and
about 55% for broadband.


POWER SECTOR: Moody's Upgrades CFR to 'Ba2'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
senior unsecured bond ratings of Power Sector Assets & Liabilities
Management Corporation's to Ba2 from Ba3.

The rating outlook is stable, in line with the sovereign outlook.

Ratings Rationale

The rating action follows Moody's decision to upgrade the
Philippine government's long-term foreign-currency and local-
currency ratings to Ba2 from Ba3.

"In light of PSALM's 100% ownership by the Philippine government,
its distinct policy role -- as mandated by law to restructure and
reform the Philippine power sector -- as well as the government's
intention to assume any remaining assets and liabilities at the
end of its corporate life, Moody's views PSALM as an extension of
the government," says Jennifer Wong, a Moody's AVP/Analyst.

"All debt issued by PSALM is unconditionally and irrevocably
guaranteed by the government. As such, PSALM's rating is closely
integrated with, and strongly linked to, the government's credit
quality," adds Wong.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

Power Sector Asset & Liabilities Corporation (PSALM), wholly-owned
and controlled by the Philippine Government, was established in
2001 to take ownership of and manage all generation-related
assets, liabilities, contracts with Independent Power Producers,
real estate and other disposable assets of the National Power
Corporation (NPC), including National Transmission Corporation,
and to privatize and dispose of these assets to liquidate NPC
financial obligations.


* PHILIPPLINES: Moody's Upgrades Sovereign Ratings to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has upgraded the Government of the
Philippines' Ba3 foreign and local currency long-term bond ratings
to Ba2 from Ba3.  The outlook is stable.

The "Not Prime" short-term ratings are unaffected by this action.

The key drivers for the decision are:

  (1) The progress made in fiscal consolidation by the new Aquino
      administration; and

  (2) The sustained nature of macroeconomic stability, coupled
      with continued strength in the external payments position,
      against a background of a significant pick-up in the
      momentum for economic growth.

The Philippines' long-term foreign currency (FC) bond ceiling was
also raised to Baa3 from Ba1, while the long-term FC deposit
ceiling was upgraded to Ba2 from Ba3. The short-term FC bond
ceiling was raised to P-3, while the short-term FC deposit ceiling
remains at "Not Prime." The outlook for these ceilings is stable.

These ceilings act as a cap on ratings that can be assigned to the
foreign currency obligations of other entities domiciled in the
country. In addition, the local currency bond and deposit ceilings
were unified at A2.

In a related rating action, the issuer rating for the country's
central bank, the Bangko Sentral ng Pilipinas (BSP), was upgraded
from Ba3 to Ba2 with stable outlook.

RATIONALE FOR THE UPGRADE TO Ba2

Over the first four months of 2011, the national government
recorded a small fiscal surplus, building upon the notable
turnaround in fiscal management seen during 2H 2010. Much of the
improvement has been attributed to expenditure restraint, but
there is also evidence of an uptick in revenue generation.

Of particular note is the fact that interest payments have fallen
despite a larger stock of debt in peso terms, reflecting in turn
the continued success of the BSP in anchoring inflation
expectations and consequently debt-servicing costs. While Moody's
expects expenditures to increase significantly in 2H 2011, as the
government commences its cornerstone infrastructure investment
program, the rise will not likely derail the trend towards fiscal
consolidation.

By demonstrating firm fiscal restraint, the government has
bolstered its policy credibility and has improved prospects for
reform. Nevertheless, continued uncertainty over the
implementation of structural measures to improve revenue
generation justifies the stable outlook for now. In addition, the
government's budgetary interest burden and its debt overhang
remain high when compared with its rating peers.

Moody's further notes that owing to continued prudence in
macroeconomic management, solid growth momentum in the Philippines
has not produced substantial overheating pressures -- either
through inflation or a large deterioration in the current account.

However, headwinds stemming from softening growth prospects in the
region have emerged, although these should be offset by a
sustained improvement in domestic demand conditions.

The Philippines' external payments position is strong in relation
to its rating peers, and vulnerabilities related to a possible
sudden stop of capital inflows are mitigated by its growing
foreign exchange reserves.

WHAT COULD CHANGE THE RATING--UP

Continued strength in the country's balance of payments and health
of the financial system, coupled with sustained progress towards
fiscal consolidation and debt reduction -- all these achievements
will likely require policy prudence and additional fiscal reform,
especially on the revenue side. Moreover, improvement in the
investment environment will be required to place the economy on a
path of strong, sustainable growth.

WHAT COULD CHANGE THE RATING--DOWN

A deterioration in government finances leading to rising interest
costs and a greater debt burden; a structural weakening in the
balance of payments, or uncontrolled inflation expectations that
adversely affect financing conditions.

METHODOLOGY

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


* Moody's Raises Foreign Currency Ratings of 7 Phil. Banks to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
deposit ratings of seven Philippines banks to Ba2 from Ba3.

The outlook of the ratings is stable.

RATINGS RATIONALE

The rating actions are in line with the upgrade of the Philippines
sovereign's foreign currency deposit ceiling to Ba2 from Ba3.

The seven's foreign currency deposit ratings are constrained by
the foreign currency deposit ceiling.

The seven banks are: (1) Banco de Oro Unibank, (2) Bank of the
Philippine Islands, (3) Development Bank of the Philippines, (4)
Land Bank of the Philippines, (5) Metropolitan Bank and Trust
Company, (6) Philippine National Bank, and (7) Rizal Commercial
Banking Corporation.

All of the banks' other ratings remain unaffected.

The sovereign rating action on the Philippines is discussed in
greater detail in a Moody's press release of June 15, 2011.

The ratings of the seven banks are listed below and all have a
stable outlook.

Banco de Oro Unibank

    Bank Financial Strength Rating (BFSR) of D, which maps to
    Ba2 on  the long-term scale

    Global local currency deposits rated Ba1/not Prime

    Foreign currency deposits rated Ba2/not Prime

    Foreign currency senior unsecured debt rated Ba2

Bank of the Philippines Islands

    BFSR of C-, which maps to Baa2 on the long-term scale

    Global local currency deposits rated Baa2/Prime-2

    Foreign currency deposits rated Ba2/not Prime

Development Bank of the Philippines

    BFSR of D, which maps to Ba2 on the long-term scale

    Global local currency deposits rated Ba1/ not Prime

    Foreign currency deposits rated Ba2/not Prime

Land Bank of the Philippines

    BFSR of D-, which maps to Ba3 on the long-term scale

    Global local currency deposits rated Ba1/ not Prime

    Foreign currency deposits rated Ba2/not Prime

Metropolitan Bank and Trust Company:

    BFSR of D, which maps to Ba2 on the long-term scale

    Global local currency deposits rated Ba1/ not Prime

    Foreign currency deposits rated Ba2/not Prime

    Local currency subordinated debt rated Ba2

    Foreign currency hybrid tier-1 rated B2

Philippine National Bank:

   BFSR of E+, which maps to B2 on the long-term scale

   Global local currency deposits rated Ba2/ not Prime

   Foreign currency deposits rated Ba2/not Prime

   Local currency subordinated debt rated Ba3

Rizal Commercial Banking Corporation:

   BFSR of D-, which maps to Ba3 on the long-term scale

   Foreign currency deposits rated Ba2/not Prime

   Foreign currency senior unsecured debt rated Ba2

   Foreign currency hybrid tier-1 rated B3

All the ratings of two other banks rated by Moody's -- Allied
Banking Corporation and United Coconut Planters Bank -- are not
affected, as none of their ratings are constrained by the deposit
or debt ceilings of the Philippines.  They continue to carry a
stable outlook.

Allied Banking Corporation:

   BFSR of E+, which maps to B1 on the long-term scale

    Foreign currency deposits rated Ba3/not Prime

   Local currency subordinated debt rated B1

United Coconut Planters Bank:

   BFSR of E, which maps to Caa1 on the long-term scale

   Foreign currency deposits rated B2/not Prime

   Foreign currency long-term debt rated B2

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

All nine banks are headquartered in Manila and reported total
assets as of end-December 2010 as follows:

Allied Banking Corporation: PHP160 billion

Banco de Oro Unibank: PHP974 billion

Bank of the Philippines Islands: PHP728 billion

Development Bank of the Philippines: PHP297 billion

Land Bank of the Philippines: PHP566 billion

Metropolitan Bank and Trust Company: PHP706 billion

Philippine National Bank: PHP300 billion

Rizal Commercial Banking Corporation: PHP270 billion

United Coconut Planters Bank: PHP179 billion



                             *********

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,
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Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

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

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