TCRAP_Public/110621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, June 21, 2011, Vol. 14, No. 121

                            Headlines


A U S T R A L I A

BLOSSOM ROAD: Workers Protests Over Job Losses, Unpaid Wages
BURRUP FERTILISERS: Opens Data Room for Shortlisted Bidders
COLORADO: The Williams Receives a Reprieve From Closure


H O N G  K O N G

PIONEER GLOBAL: Members' Final General Meeting Set for July 18
RICHGOOD SHIPPING: Placed Under Voluntary Wind-Up Proceedings
RUPEE NAVIGATION: Creditors' Proofs of Debt Due July 18
SEA WILH: Yuen and Pik Step Down as Liquidators
SKY WINNING: Creditors' Meeting Set for July 8

VALOR COMPUTERIZED: Creditors' Proofs of Debt Due July 15
WATERMARK LIMITED: Seng and Lo Step Down as Liquidators


I N D I A

ABELLON CLEANENERGY: Fitch Assigns 'BB(ind)' to INR625.4MM LT Loan
AGGARWAL FOODS: CRISIL Assigns 'BB-' Rating to INR25MM LT Loan
AIR INDIA: Unable to Pay May Salary, Incentives
CONTINENTAL MILKOSE: CRISIL Places 'BB-' Rating on INR180MM Loan
GEETA THREADS: CRISIL Assigns 'B' Rating to INR55 Million LT Loan

GEMINI ENTERPRISES: CRISIL Assigns 'P4+' Rating to INR10MM Loan
GRAND AUTO: CRISIL Rates INR66 Million Cash Credit at 'BB-'
HM OVERSEAS: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit
KLT AUTOMOTIVE: Fitch Upgrades National Rating to 'BB+(ind)'
KOPRAN LTD: CRISIL Cuts Rating on INR130MM Cash Credit to 'C'

MINSA CAPITAL: Fitch Downgrades National Rating to 'B+(ind)'
NADIA CONSTRUCTIONS: CRISIL Rates INR100MM Cash Credit at 'BB-'
PALAK JEWELLERS: CRISIL Reaffirms 'BB+' Rating on INR50MM Loan
PRAMOD TELECOM: CRISIL Reaffirms 'B' Rating on INR19.7MM Loan
PRECISION OPERATIONS: CRISIL Reaffirms 'BB-' Cash Credit Rating

R M DASA: CRISIL Reaffirms 'BB+' Rating on INR15MM Cash Credit
RUBBER PRODUCTS: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
SANYA HOSPITALITY: CRISIL Reaffirms 'B' Rating on INR1.65BB Loan
SNC JEWELS: CRISIL Reaffirms 'BB+' Rating on INR40MM LT Loan
TAHER IMPEX: CRISIL Assigns 'B' Rating to INR62.5MM Cash Credit


J A P A N

J-CORE 14: Moody's Reviews Loan Ratings For Possible Downgrade
J-CREM 2: Moody's Changes Ratings of Class A to F Certificates
L-JAC 4: Moody's Changes Ratings of Class A-2 through G-3 Bonds
L-JAC 8: Moody's Downgrades Ratings of Class B Trust Certificates


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Lays 50 Fraud Charges Against Hubbard
CRAFAR FARMS: OIO Decision on Shanghai Pengxin Bid Delayed
DOMINION FINANCE: No Prospect of Payout for Unsecured Creditors
MUTUAL FINANCE: SFO Concludes Probe Into Firm, Viaduct Capital
SIGNATURE HOMES: Hawke's Bay Franchisee Goes Into Liquidation

WESTERN PACIFIC: Insurance Council Rejects Firm's Membership


S I N G A P O R E

BYTE-TREK TECHNOLOGIES: Court to Hear Wind-Up Petition July 1
EMP-DAIWA CAPITAL: Creditors' Proofs of Debt Due July 18
JS ENGINEERING: Court to Hear Wind-Up Petition July 1
KDMS MANAGEMENT: Creditors Get 4.88% Recovery on Claims
KVAERNER JOHN: Creditors' Proofs of Debt Due July 18

KVAERNER PTE: Creditors' Proofs of Debt Due July 18
ONG NOMINEES: Creditors' Proofs of Debt Due July 17
ORIENTAL GLOBAL: Court to Hear Wind-Up Petition July 1
PACIFIC KING: Creditors' Meetings Set June 28
PARADIZ INVESTMENTS: Creditors' Proofs of Debt Due July 15

SAIZEN REIT: Moody's Upgrades CFR to 'B1'; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week June 13 to June 17, 2011


                            - - - - -


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


BLOSSOM ROAD: Workers Protests Over Job Losses, Unpaid Wages
------------------------------------------------------------
Anne Wright at Herald Sun reports that Blossom Road workers were
expected to protest in Melbourne's CBD Monday over lost jobs and
pay after the company went into liquidation.

Scanlan and Theodore supplier Blossom Road liquidated a month ago,
but a day later another business using a different name started up
in the same premises and continued supplying Scanlan and Theodore,
a union alleged, Herald Sun relates.

The Textile, Clothing and Footwear Union of Australia said 27
workers were left jobless and owed "more than half a million
dollars in unpaid wages, annual and long service leave, as well as
notice, redundancy and superannuation entitlements," according to
Herald Sun.

Blossom Road Australia Pty Ltd is a supplier to high-end brand
Scanlan and Theodore.


BURRUP FERTILISERS: Opens Data Room for Shortlisted Bidders
-----------------------------------------------------------
Reuters reports that receivers for Burrup Fertilisers opened a
data room on June 15 for bidders shortlisted to proceed to the
next round of a potential $1.5 billion sale of the debt-laden
ammonia producer, sources said.

Reuters relates that the sources familiar with the transaction
said at least five interested bidders were expected to take about
six weeks to conduct due diligence before submitting binding
offers.

China state-owned fertiliser group Sinofert, Egypt's Orascom
Construction, conglomerate Wesfarmers, Orica and Incitec Pivot,
were among the interested parties, Reuters says citing local media
reports and a source.

Burrup's 35% owner, Norway's Yara, has the right to match the best
bid for Burrup, Reuters notes.

According to Reuters, binding offers were expected by the end of
July, the sources said but noted potential complexities
surrounding the sale process including legal action by the
company's founder Pankaj Oswal to try and stop the sale.

                       About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  ANZ is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.


COLORADO: The Williams Receives a Reprieve From Closure
-------------------------------------------------------
The Queensland Times reports that an Ipswich shoe store appears to
have been given a reprieve, despite earlier reports it would close
as a result of the collapse of clothing company Colorado.

The Williams the Shoemen store at Redbank Plaza was among more
than 100 listed as set to close as a result of the parent company
Colorado going into administration, according to The Queensland
Times.  However, the report notes, Redbank Plaza marketing manager
Angela Green confirmed the store would remain open.

Receivers Ferrier Hodgson took over Colorado in March this year
when owners failed to come to an agreement with the banks, who are
owed AU$400 million, The Queensland Times recalls.


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


PIONEER GLOBAL: Members' Final General Meeting Set for July 18
--------------------------------------------------------------
Members of Pioneer Global Investments (HK) Limited will hold their
final general meeting on July 18, 2011, at 11:30 a.m., at 20/F, at
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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

The company's liquidator is:

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


RUPEE NAVIGATION: Creditors' Proofs of Debt Due July 18
-------------------------------------------------------
Creditors of Rupee Navigation Company 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:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower, Langham Place
         8 Argyle Stree
         Mongkok, Kowloon
         Hong Kong


SEA WILH: Yuen and Pik Step Down as Liquidators
-----------------------------------------------
Yeung Betty Yuen and Ho Siu Pik stepped down as liquidators of Sea
Wilh Limited on June 17, 2011.


SKY WINNING: Creditors' Meeting Set for July 8
----------------------------------------------
Creditors of Sky Winning International Limited will hold their
meeting on July 8, 2011, at 10:15 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 Unit 1605-6, 16/F., Multifield Plaza,
3-7A Prat Avenue, Tsimshatsui, in Kowloon, Hong Kong.


VALOR COMPUTERIZED: Creditors' Proofs of Debt Due July 15
---------------------------------------------------------
Creditors of Valor Computerized Systems Far East 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 10, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


WATERMARK LIMITED: Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Watermark Limited on June 1, 2011.


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


ABELLON CLEANENERGY: Fitch Assigns 'BB(ind)' to INR625.4MM LT Loan
------------------------------------------------------------------
Fitch Ratings has assigned India's Abellon CleanEnergy Ltd. a
National Long-Term rating of 'BB(ind)'. The Outlook is Stable.
Fitch has also assigned ratings to ACEL's bank instruments:

   -- INR625.40m long-term loans: 'BB(ind)'; and

   -- INR28.50m fund-based cash credit facility: 'BB(ind)'.

The ratings factors in the construction and execution risks
associated with ACEL's upcoming power and pellet plants in the
State of Gujarat. The total capex to be incurred amounts to around
INR2bn and would be utilised over FY11 (financial year ended
March 31, 2011)-FY13.

ACEL has two operational biomass pellet plants of installed
capacities of 18,000 and 30,000 tonnes per annum (tpa),
respectively. In addition, the company is into biomass pellet
trading internationally, for which it has set up a strong
distribution network and marketing base in Italy.

Fitch notes that the company plans to set up two additional pellet
plants of a combined capacity 120,000 tpa, two biomass power
plants of 10 MW each and one solar power plant of 3 MW. It has
started construction work at one of its pellet and biomass power
plants, which are scheduled to start operations in June 2011 and
January 2012, respectively. The other projects are yet to achieve
financial closure.

A negative rating action may result from any delay in the
operationalisation of ACEL's facilities resulting in cost overruns
and consequently financial leverage of (total adjusted
debt/EBITDA) of above 4.0x. While successful execution and
demonstration of power projects resulting in a sustained
improvement in leverage to 3.0x would result in a positive rating
action.

Established in 2009 by Mr. Aditya Handa, ACEL is a subsidiary of
Abellon Energy Limited -- a holding investment company. It is
primarily engaged in the business of clean energy generation
through focus on bio energy such as bio pellets, bio fuels and bio
power. In FY10, its nascent year of operations, the company had
revenues of INR138.82 million, EBITDA of INR18.54 million and net
profit of INR4.39 million.


AGGARWAL FOODS: CRISIL Assigns 'BB-' Rating to INR25MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Aggarwal Foods.

   Facilities                      Ratings
   ----------                      -------
   INR25 Million Long-Term Loan    BB-/Stable (Assigned)
   INR100 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects AF's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
small scale of operations, and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of AF's promoters and established
relations with suppliers and customers.

Outlook: Stable

CRISIL believes that AF will continue to benefit over the medium
term from its adequate cash accruals to repay debt, and
established relations with suppliers and customers in domestic and
export markets and key business partners. The outlook may be
revised to 'Positive' if the firm substantially scales up its
operations, while maintaining its operating profitability and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's profitability shrinks or its financial
risk profile deteriorates because of a stretch in working capital
requirements or larger-than-expected debt-funded capital
expenditure.

About Aggarwal Foods

AF is a sole proprietary concern set up by Mr. Suresh Chand in
1997. The firm mills, processes, and sells basmati rice in the
export and domestic market. AF's plant is situated in Karnal
(Haryana). Prior to setting up AF, Mr. Suresh Chand was involved
in the family business of rice milling since 1983.  Since
inception, AF has been adding capacities and growing at a moderate
pace. Over the past three years, the firm has grown at a fast
pace, carrying out two large capital expansions in 2008-09 (refers
to financial year, April 1 to March 31) and 2010-11.

AF reported a profit after tax (PAT) of INR2 million on net sales
of INR175 million for 2009-10, as against a PAT of INR2 million on
net sales of INR124 million for 2008-09.


AIR INDIA: Unable to Pay May Salary, Incentives
-----------------------------------------------
The Wall Street Journal's livemint.com reports that Air India Ltd
has not paid May salaries to its 33,000 employees and 7,000 casual
workers.  Productivity-linked incentives (PLIs), which constitute
50-70% of the salaries, have also not been paid for April.

According to livemint.com, analysts said the non-payment of
salaries can hurt workers' morale and undermine the state-owned
airline's chances of making operating profit by 2013 and net
profit from 2015 with the help of a proposed financial
restructuring plan.

The Indian Commercial Pilots' Association (Icpa), which went on a
10-day strike in early May, is bracing for another round of
agitation against the airline management, livemint.com says.  With
irregular and partial salary payments, many employees are finding
it difficult to meet their monthly commitments for mortgages and
car loans.

The report notes that the last time airline employees got a hike
in their salary was in 2007.  With inflation staying over 9% for
the past 15 months, their real income has been eroded
substantially.

"You are well aware that Air India is passing through a very
challenging and critical phase," chairman and managing director
Arvind Jadhav wrote to the airline's employees on Thursday,
according to livemint.com.  "Increasing debts, mushrooming
interest burden, and increasing fuel costs are financially
crippling the company.  It is becoming difficult to sustain our
operations without cash flows and revenue generation."

Mr. Jadhav has said the airline's difficult financial situation
has led to banks, financial institutions, vendors and suppliers
asking for higher costs to cover credit risk.

"Finally, though we tried our best, I am sorry that your salary
statement could not be released on June 8.  However, with help
from the government, we have got the funds released and your
salaries would be credited to your accounts soon," wrote
Mr. Jadhav, without mentioning any date for salary disbursal.

                        Fuel Payment Moratorium

Meanwhile, livemint.com reports that the civil aviation ministry
has directed oil marketing companies such as Indian Oil Corp. Ltd,
Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd to
meet Air India's fuel requirement for the next three months to
help it operate all its flights.

Air India was forced to curtail several flights because it could
not afford to pay for buying jet fuel for all its planes, the
report notes.

At a recent meeting between civil aviation minister Vayalar Ravi
and petroleum minister Jaipal Reddy, livemint.com relates, it was
decided that Air India will get a three-month moratorium on
payment for fuel.

                          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.


CONTINENTAL MILKOSE: CRISIL Places 'BB-' Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Continental Milkose (India) Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR180.00 Million Cash Credit        BB-/Stable (Assigned)
   INR100.00 Million Letter of Credit   P4+ (Assigned)
                     & Bank Guarantee

The ratings reflect CMIL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, driven by large working capital requirements. The ratings
also factor in the company's small scale of operations with low
profitability and customer concentrated revenue profile. These
rating weaknesses are partially offset by the extensive industry
experience of CMIL's promoters and their funding support.

Outlook: Stable

CRISIL believes that CMIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an improvement in
CMIL's capital structure, most likely because of better-than-
expected cash accruals or equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on CMIL's liquidity, resulting from larger-than-expected
incremental working capital requirements or large, debt-funded
capital expenditure.

                       About Continental Milkose

Incorporated in 1992, CMIL sells milk products, malted food
products, and cereal-based products. While the company has been in
the milk products segment since its inception, it entered the
malted food products segment in 1998-99 (refers to financial year,
April 1 to March 31) and cereal-based food products segment in
2000-01. CMIL's key customers include the Government of Uttar
Pradesh, Mother Dairy (Kolkata, West Bengal), Ministry of Defence,
and the Assam Rifles. CMIL derives most of its revenues from sales
to the government sector.

CMIL reported a profit after tax (PAT) of INR4.6 million on net
sales of INR1340.0 million for 2009-10, against a PAT of
INR1.8 million on net sales of INR981.0 million for 2008-09.


GEETA THREADS: CRISIL Assigns 'B' Rating to INR55 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Geeta Threads Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR37.5 Million Cash Credit            B/Stable (Assigned)
   INR30.0 Million Proposed Cash Credit   B/Stable (Assigned)
   INR55.0 Million Long-Term Loan         B/Stable (Assigned)
   INR7.5 Million Warehouse Receipt       P4 (Assigned)

The ratings reflect GTL's weak financial risk profile marked by a
high gearing resulting from the company's working-capital-
intensive operations and recently concluded debt-funded capital
expenditure (capex) programme. The ratings also factor in GTL's
low pricing flexibility driven by the commodity nature of its
products, and susceptibility to volatility in cotton prices. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' established background.

Outlook: Stable

CRISIL believes that GTL will continue to benefit over the medium
term from its promoters' industry experience and its recently
enhanced capacity. The outlook may be revised to 'Positive' in
case of significant improvement in GTL's financial risk profile,
supported by equity infusion, or in case of improvement in the
company's profitability along with an increase in the scale of its
operations. Conversely, the outlook may be revised to 'Negative'
if GTL's financial risk profile deteriorates significantly because
of adverse impact of volatility in cotton prices, any changes in
government regulations, or any large, debt-funded capex.

                     About Geeta Threads

GTL, incorporated in 1992 as a closely held public limited
company, manufactures open-ended cotton yarn of the counts of 6s
to 20s used for blankets and towels. The company has increased its
capacity from 1248 rotors in 2009-10 (refers to financial year,
April 1 to March 31) to 1560 rotors in 2010-11. The company is
managed by Dr. B S Garg and has its manufacturing facility at
Barnala (Punjab).

GTL reported a net profit of INR0.67 million on net sales of
INR93.3 million for 2009-10, against a net profit 0.01 million on
net sales of INR130.2 million for 2008-09. The company has
reported provisional net revenues of INR212.9 million for 2010-11.


GEMINI ENTERPRISES: CRISIL Assigns 'P4+' Rating to INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Gemini Enterprises.

   Facilities                                 Ratings
   ----------                                 -------
   INR10.00 Million Standby Limit             P4+ (Assigned)
   INR40.00 Mil. Foreign Bill Discounting     P4+ (Assigned)
   INR66.50 Mil. Foreign Bill Discounting     P4+ (Assigned)
     (Non LC)
   INR25.00 Million Export Packing Credit     P4+ (Assigned)
   INR0.50 Million Bank Guarantee             P4+ (Assigned)
   INR60.00 Million Letter of Credit          P4+ (Assigned)
   INR2.00 Million Proposed Short-Term Bank   P4+ (Assigned)
     Loan Facility

The rating reflects Gemini's below-average financial risk profile
marked by a small net worth driven by large capital withdrawals by
the partners in the past and moderate gearing and debt protection
metrics. The rating also factors in Gemini's small scale of
operations in the intensely competitive leather products industry
and customer concentrated revenue profile. These rating weaknesses
are partially offset by the benefits that Gemini derives from its
promoters' extensive experience in the leather and leather
products industry and its established relationships with its
customers.

                      About Gemini Enterprises

Set up in 1987 as a partnership firm by Mr. A. Sekar, Gemini has
been manufacturing and exporting leather garments since 1991.
During the first four years since its establishment, the firm
traded in finished leather. Subsequently, Gemini set up its first
manufacturing facility in 1991, with installed capacity of 500
finished garments per month. Currently, the firm has four
manufacturing facilities with installed capacity of 17,000
finished garments per month. Gemini derives majority of its
revenues from export to the European market; it manufactures
leather garments for men, women, and children. Gemini's customers
include major brands such as Massimo Dutti (part of the Inditex
group), Hugo Boss UK Ltd, Milestone Sportswear Ltd, and Lakeland
Properties Ltd. The firm currently operates at 75% capacity and
has a current order book of INR 430 million, which is to be
executed by September 2011.

Gemini reported a profit after tax (PAT) of INR9.5 million on net
sales of INR408 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.3 million on net sales
of INR299 million for 2008-09.


GRAND AUTO: CRISIL Rates INR66 Million Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Grand Auto Udyog Pvt. Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR66.0 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects Grand Auto's weak financial risk profile
marked by a levered capital structure, modest networth and weak
debt protection metrics and its exposure to risks related to low
bargaining power with principal and intense competition in
automotive dealership market. These weaknesses are partially
offset by Grand Auto's established position in the Automobile
market and diversified product portfolio which imparts stability
to revenues.

Outlook: Stable

CRISIL believes that Grand Auto Udyog Private Limited will
maintain a moderate business risk profile over the medium term
backed by its established relationship with its principals,
Piaggio and Yamaha, and the promoters' industry experience. The
outlook may be revised to 'Positive' if GAPL's scales up its
operations while maintaining its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if there is significant decline in the volumes or
operating margin, or if there is any significant deterioration in
its debt protection metrics.

                        About Grand Auto

Grand Auto Udyog Private Limited, incorporated in 1986 is an
authorized dealer of vehicles and spare parts of Piaggio Vehicles
Private Limited and Yamaha Motor India Private Limited. It is the
sole dealer for Piaggio and Yamaha in Cuttack. It also deals in
lubricants, tyres and batteries used in automobiles. The company
is the sole distributor of lubricants for Castrol India Limited
and Total Fina Elf India for the six districts of coastal Orissa.

At present, the company has three operational showrooms located at
Cuttack in Orissa. One showroom is exclusively for Yamaha, the
second one for Piaggio and the third one for selling the
lubricants, tyres and batteries. The company also has two
workshop-cum-service stations each located adjacent to the two
showrooms for Yamaha and Piaggio respectively. The area for the
showroom cum workshop of Piaggio is a leased facility with an area
of ~7000 sq. The area for the showroom cum workshop of Yamaha is
an owned facility with an area of ~4300 sq ft. For the tyre
showroom the company has leased a 2500 sq ft facility. Other
dealerships (lubricant, battery etc) are sold through smaller
leased outlets.

For 2009-10 (refers to financial year, April 1 to March 31), Grand
Auto reported a profit after tax (PAT) of INR2.3 million on net
sales of INR232.7 million, against a PAT of INR1.6 million on net
sales of INR176.2 million for 2008-09.


HM OVERSEAS: CRISIL Assigns 'B+' Rating to INR20MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of HM Overseas Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR275.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect the group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, small scale of
operations and low profitability. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the edible oil trading business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HMOPL and G I Industries Pvt Ltd.  This
is because the two companies, collectively referred to as the
Goyal group, have common management, operational fungibility with
common suppliers and customers, and significant financial
fungibility as the companies extend support to each other,
whenever necessary.

Outlook: Stable

CRISIL believes that the financial risk profile of the Goyal group
will remain weak over the medium term because of its small net
worth, high gearing, and large working capital requirements. The
outlook may be revised to 'Positive' if there is significant
improvement in the group's capital structure. Conversely, the
outlook may be revised to 'Negative' in case the group's capital
structure deteriorates or if there are pressures on its revenue or
profitability.

HMOPL trades in crude palm oil (CPO), an activity that contributes
around 80% to its revenues; trading in non-edible oil and palm fat
distillate contributes the remainder of its revenues. The company
was non-operational till 2009-10. In October 2010, it acquired M/s
Goyal Traders, which was in this line of business. Mr. Deepak
Goyal and Mr. Rahul Goyal, sons of Mr. Bishnu Kumar are the
directors of the company, while the operations are managed by
their father.

GIIPL was incorporated in 1975 as a partnership firm by three
brothers - Mr. Surinder Pal, Mr. Bishnu Kumar, and Mr. Kamal Kumar;
it was reconstituted as a private limited company in July 2010.
GIIPL trades in edible oil, mainly CPO and mustard oil. The
company also trades in small quantities of spices, salt, and other
products that account for about 1% of its total sales. The company
imports CPO mainly from Singapore and makes high sea sales. It
also undertakes crushing of mustard seeds through its two units in
Bathinda (Punjab). In December 2010, GIIPL started processing
cattle feed.

The Goyal group reported a profit after tax (PAT) of INR2.6
million on net sales of INR887 million for 2009-10, as against a
PAT of INR1.6 million on net sales of INR419 million for 2008-09.


KLT AUTOMOTIVE: Fitch Upgrades National Rating to 'BB+(ind)'
------------------------------------------------------------
Fitch Ratings has upgraded India-based KLT Automotive & Tubular
Products Limited's National Long-Term rating to 'BB+(ind)' from
'BB(ind)'.  The Outlook is Stable. The agency has also taken these
rating actions on KLT's debt facilities:

   -- Outstanding INR2.33bn long-term debt, including undrawn debt
      of INR1.1bn (enhanced from INR1.9bn): upgraded to 'BB+(ind)'
      from 'BB(ind)';

   -- INR1.39bn fund-based working capital facilities (enhanced
      from INR1.20bn): upgraded to 'BB+(ind)' from 'BB(ind)';

   -- INR1.02bn non-fund based working capital facilities:
      affirmed at 'F4 (ind)'; and

   -- Adhoc INR100m working capital limits: affirmed at 'F4
      (ind)'.

The upgrade reflects the improvement in KLT's liquidity position
post its debt restructuring in FY10 (financial year ended March
31, 2010) and the expected improvement in its financial profile
with the completion of its capex plans in FY12. Fitch notes that
KLT's working capital cycle marginally improved in FY11, and its
liquidity has been aided by tie-up of additional long-term working
capital debt.

KLT's capex plans of setting up three new chassis capacities (two
in India and one in South Africa) are close to completion,
significantly reducing the execution risk. The company expects
benefits from these capacities to accrue from Q2FY12, which will
further aid its liquidity. Fitch notes that the stabilisation of
KLT's new capacities and scaling up of its operations in line with
its expectations are likely to improve its financial profile in
FY12. The ratings continue to benefit from KLT's established
position a niche manufacturer and supplier of chassis frames.

The ratings are however constrained by KLT's high debt levels,
driven by its ongoing capex and working capital intensity. The
high debt levels resulted in high net financial leverage levels
(net debt/operating EBITDA) of 5.4x in FY10. Fitch estimates the
net leverage to remain above 5x in FY11, however, expects it to
improve to below 5x in FY12 once benefits from the new capex start
accruing.

Positive rating guidelines include timely operationalisation of
and accrual of benefits from KLT's new capacities, resulting in a
sustained improvement in its net financial leverage to below 4x.
However, any delays in the accrual of benefits from the new
capacities, resulting in net leverage of above 5x in FY12, or a
deterioration in its liquidity will result in a rating downgrade.

As per KLT's FY11 unaudited, provisional figures, its revenues
grew by 34.1% yoy to INR4.9bn and profitability (EBITDA margin)
improved to 16.7% (FY10:15.2%).


KOPRAN LTD: CRISIL Cuts Rating on INR130MM Cash Credit to 'C'
-------------------------------------------------------------
CRISIL has downgraded its rating on Kopran Ltd's long-term bank
facilities to 'C' from 'B-/Stable', while reaffirming the rating
on its short-term facility at 'P4'.

   Facilities                      Ratings
   ----------                      -------
   INR130 Million Cash Credit      C (Downgraded from 'B-/Stable')
   INR119 Million Working Capital  C (Downgraded from 'B-/Stable')
          Demand Loan
   INR226 Million Letter of Credit P4 (Reaffirmed)

The downgrade reflects the delay by Kopran in redeeming the
preference shares held by Canara Bank (rated AAA/Stable/P1+ by
CRISIL) and Bajaj Auto Limited (Bajaj Auto; rated
AAA/FAAA/Stable/P1+' by CRISIL). Kopran had issued non-
convertible, cumulative redeemable preference shares of INR85.8
million. INR25 million of these preference shares are held by
Canara Bank and Bajaj Auto, while the remainder is held by
promoters. The preference shares were issued several years ago.
The company has not redeemed its preference debt on account of
accumulated losses.

The ratings reflect Kopran's history of heavy losses and past
instances of delay in servicing its debt, and its large working
capital requirements. These weaknesses are mitigated by the
industry experience of Kopran's promoters, its healthy net worth,
and modest gearing.

                       About Kopran Ltd

Incorporated in 1958, Kopran manufactures bulk drugs and
formulations at its facilities in Mahad and Khopoli (both in
Maharashtra). The company's wholly owned subsidiary, Kopran
Research Laboratories Ltd, is into pharmaceutical research. Kopran
is part of the Parijat group of companies, promoted by the Somani
family of Mumbai, and is managed by Mr. Surendra Somani, its vice
chairman.

For 2010-11 (refers to financial year, April 1 to March 31),
Kopran provisionally reported a profit after tax (PAT) of INR53.7
million on net sales of INR1.95 billion, against a PAT of INR99.7
million on net sales of INR1.64 billion for 2009-10.


MINSA CAPITAL: Fitch Downgrades National Rating to 'B+(ind)'
------------------------------------------------------------
Fitch Ratings has downgraded India-based Minda Capital Limited's
National Long-Term rating to 'B+(ind)' from 'BB(ind)'. The Outlook
is Stable.  The agency has also downgraded the ratings on MCL's
outstanding INR183.3 million term loans as at March 31, 2011
(reduced from INR252.7 million) to 'B+(ind)' from 'BB(ind)'.

The downgrades reflect MCL's weakening linkages with some of its
group companies that resulted in diminished revenue streams by way
of decreasing dividends and termination of royalty income. Fitch
notes that this would result in deterioration of the company's
credit profile over the short-to-medium term. The weakening in
linkages is attributed to MCL's sale of its entire stake in Minda
Corporation Limited (MindaCorp, 'BBB(ind)'/Stable), the flagship
corporation of the Ashok Minda Group (AMG), to third parties.
Besides, MCL has also sold its complete stake in other operating
companies to MindaCorp and other AMG companies.

The ratings continue to reflect the stability of MCL's revenues
offered by its lease agreements with AMG companies, high operating
and net margins, and occasional financial support provided by its
promoters (founders, 79% stake). Fitch believes the business and
financial support MCL derives from its lease agreements with the
AMG companies would lend some stability to its cash flows.

The ratings are constrained by the limited scale and size of MCL's
revenues, high leverage over the past few years and the limited
dividend paying track record of investee companies. MCL's
financial leverage (total adjusted debt net of cash/operating
EBITDAR) has remained high, primarily on account of its
investments in real estate and subsidiary/JV companies for AMG's
expansion purposes. Its real estate investments involve
construction of factory buildings for leasing to AMG companies.
Fitch notes that a significant majority of these companies are in
initial stages of operations without much contribution to MCL's
revenues, and that most of MCL's portfolio is not readily
monetisable.

Negative rating guideline would include a deterioration in MCL's
interest coverage due to a decline in its operating profits.
Conversely, a sustained improvement in its interest coverage could
have a positive impact on ratings.

MCL is part of the AMG, and handles the expansion plans of the
group. The company owns certain real estate assets which have been
leased out to the group companies. According to its FY11
provisional results, its revenue was INR121m, down 2.4% yoy, and
EBITDAR was INR114.9m (FY10: INR108.4m). Its financial leverage is
quite high due to corporate guarantees furnished to the banks on
behalf of investee companies. However, the company's leverage
improved to 12.5x in FY11 (FY10: 13.4x) due to improved
profitability.


NADIA CONSTRUCTIONS: CRISIL Rates INR100MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Nadia Constructions Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR100.0 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects NCPL's susceptibility to risks related to
project completion and cyclicality in the Indian real estate
industry, and revenue concentration in a single project. These
rating weaknesses are partially offset by the extensive experience
of NCPL's promoters in the real estate segment and proven project
completion capabilities.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and the
steady demand for residential real estate projects in Durgapur
(West Bengal). The outlook may be revised to 'Positive' if the
company generates more-than-expected cash flows, resulting from
the completion of its project and receipt of advances ahead of
schedule, and higher-than-expected sales realizations from its
Durgapur Residency PH-3 project. Conversely, the outlook may be
revised to 'Negative' in case of delays in project completion or
receipt of payments from customers, or the company is unable to
sell Durgapur Residency PH-3 completely, at profitable rates, or
the company's financial risk profile weakens because of larger-
than-expected debt-funded capital expenditure.

                      About Nadia Constructions

NCPL was set up in March 2008 by Mr. Saurav Saha, Mrs. Nadia Saha,
and Mr. Somnath Paul. The company is into real estate development
in Durgapur and Kolkata (West Bengal). Mr. Saha is an advocate at
the Kolkata High Court. The company has constructed a residential
building, Durgapur Residency: PH-1 and PH-2, comprising 30 flats
at Durgapur in 2009-10 (refers to financial year, April 1 to
March 31). NCPL is also constructing another residential complex,
Durgapur Residency - PH-3 at Benachity, with 12 blocks comprising
of 230 flats.

NCPL reported a profit after tax (PAT) of INR1 million on net
sales of INR32 million for 2009-10.


PALAK JEWELLERS: CRISIL Reaffirms 'BB+' Rating on INR50MM Loan
--------------------------------------------------------------
The ratings continue to reflect Palak Jewellers Private Limited's
average financial risk profile, marked by large working
requirements, and high supplier concentration and lack of
manufacturing facilities. These rating weaknesses are partially
offset by Palak's established market position, and proven and
efficient risk management policies.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR70 Million Bank Guarantee    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Palak will continue to benefit over the
medium term from its established relations with its suppliers and
customers. The outlook may be revised to 'Positive' if Palak can
sustain its revenue growth and improve its net worth. Conversely,
the outlook may be revised to 'Negative' if the company's cash
accruals decrease significantly or if Palak contracts a large
quantum of debt for the opening of its retail outlets.

                      About Palak Jewellers

Set up in 2006 by Mr. Nilesh Daga and his brother Mr. Shailesh
Daga, Palak is a wholesale trader of gold ornaments and leading
distributor for the Coimbatore (Tamil Nadu)-based Emerald Jewel
Industry India Pvt Ltd (Emerald). Palak procures Bureau of Indian
Standards-hallmarked gold ornaments from Emerald, and caters to
clients across India. Palak largely sells 22-carat gold ornaments
and operates through its office in Mumbai (Maharashtra). It plans
to set up retail outlets for gold jewellery over the near term.

Palak reported a provisional profit after tax (PAT) of INR37.57
million on net sales of INR1.47 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR11.09
million on net sales of INR747.03 million for 2009-10.


PRAMOD TELECOM: CRISIL Reaffirms 'B' Rating on INR19.7MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pramod Telecom Pvt Ltd
continue to reflect PTPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, large working
capital requirements, customer concentrated revenue profile, and
limited pricing flexibility.  These rating weaknesses are
partially offset by PTPL's established track record in the
wireline telecom equipment industry.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     B/Stable (Reaffirmed)
   INR19.7 Million Term Loan             B/Stable (Reaffirmed)
   INR25.0 Million Letter of Credit      P4 (Reaffirmed)
   INR65.0 Million Bank Guarantee        P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PTPL will continue to benefit over the medium
term from its established relationships with its customers such as
Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd.
However, PTPL's financial risk profile is expected to remain
constrained by a high gearing and weak debt protection metrics,
driven by large working capital requirements and moderate
profitability, during this period. The outlook may be revised to
'Positive' if PTPL manages to successfully scale up its operation
while maintaining adequate profitability, supported by new orders
from BSNL/MTNL and adequate market acceptability of its new light-
emitting diode (LED) bulbs. Conversely, the outlook may be revised
to 'Negative' in case the company undertakes a large, debt-funded
capital expenditure, further deteriorating its weak financial risk
profile.

Update

PRPL's performance, being directly linked to the government
tenders, has been much lower than CRISIL's expectations. Due to
the lack of new tenders from BSNL and MTNL, the company's sales
plummeted to around INR110 million in 2010-11 (refers to financial
year, April 1 to March 31) as against the previous years' sales of
INR275 million. With BSNL floating its new tender for 2.5 million
telecom equipment (estimated cost of around INR1 billion) in April
2011, CRISIL believes that the company will improve its operations
in 2011-12. Furthermore, in order to diversify its revenue
profile, PTPL has entered into manufacturing of LED bulbs in the
current year. The company has developed a new variety of LED bulbs
in collaboration with a US-based company Cree Inc (Cree). CRISIL
believes that market acceptability of these LED bulbs will be key
rating sensitivity factor.

For 2009-10, PTPL reported a profit after tax (PAT) of INR8.7
million on net sales of INR274.7 million against a PAT of INR5.1
million on net sales of INR440 million for 2008-09.

                        About Pramod Telecom

PTPL, set up in 2000 as a partnership firm by Mr. Praveen Chandra,
was reconstituted as a private limited company in 2001. It
manufactures telecom equipment such as electronic push button
telephones, caller ID phones, energy efficient products, and solar
modules and products. The company has capacity to manufacture 2.4
million instruments per annum at its facility in Lucknow (Uttar
Pradesh). PTPL has recently begun manufacturing LED bulbs; its
research and development team has developed a new variety of LED
bulbs in collaboration with Cree.


PRECISION OPERATIONS: CRISIL Reaffirms 'BB-' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Precision Operations
System (India) Pvt Ltd continue to reflect POSIPL's weak financial
risk profile (particularly liquidity) because of working-capital-
intensive operations, and its small scale of operations in the
fragmented security equipment industry. These rating weaknesses
are partially offset by POSIPL's promoters' industry experience,
and the company's low inventory and receivables levels.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR40 Million Bank Guarantee    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that POSIPL's financial risk profile, particularly
liquidity, will remain weak over the medium term because of its
large working capital requirements. However, the company will
continue to benefit from its promoters' extensive experience in
the industry. The outlook may be revised to 'Positive' in case of
an improvement in liquidity, driven by increase in cash accruals
or fresh equity infusion. Conversely, the outlook may be revised
to 'Negative' in case of increase in pressure on net cash accruals
or deterioration in working capital management.

Update

POSIPL's revenues for 2010-11 (refers to financial year, April 1
to March 31) are estimated to increase by 35% (year-on-year) to
around INR450 million. Its order book of INR270 million as on
March 2011 provides healthy revenue visibility. Operating margin
remained stable at around 8.5% in 2010-11 and is expected to
remain at the same level over the medium term. However, the
company's operations remain working capital intensive, with bank
limit utilization of more than 88% on an average over the 12
months ended March 31, 2011; the company continues to resort to
ad-hoc limits. Its net worth is estimated to remain small at
around INR50 million as on March 31, 2011, resulting in a high
ratio of total outside liabilities to tangible net-worth of around
3.7 times as on the same date.

POSIPL, on provisional basis, reported a profit after tax (PAT) of
INR16 million on net sales of INR450 million for 2010-11, against
a PAT of INR9 million on net sales of INR333 million for 2009-10.

                      About Precision Operations

Set up in 1989 by Mr. Rajkumar Pandeyand and Mr. Kirit Manilal
Nanani, POSIPL trades in security equipment. The company has been
approved by the Ministry of Defence (MoD) for selling security
equipment to MoD, the Ministry of Home Affairs, police
departments, and paramilitary forces. POSIPL buys a majority of
its products from Russia, and is the sole distributor for some of
its suppliers in India.


R M DASA: CRISIL Reaffirms 'BB+' Rating on INR15MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of R M Dasa Infrastructure
Pvt Ltd continue to reflect R M Dasa's geographically concentrated
revenue profile, exposure to risks related to tender-based nature
of its business, limited experience in bidding for large projects,
and the intense competition it faces in the construction industry.
These rating weaknesses are partially offset by R M Dasa's healthy
revenue visibility with comfortable order book and above-average
financial risk profile, marked by moderate gearing and healthy
debt protection metrics.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Cash Credit Facility   BB+/Stable (Reaffirmed)
   INR50.0 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that R M Dasa will maintain its regional market
position and its above-average financial risk profile, over the
medium term; the company's order book is expected to remain
healthy over the same period. The outlook may be revised to
'Positive' if R M Dasa reports more-than-expected increase in
revenues, geographically diversifies its revenue profile, or
increases its net worth through equity infusion. Conversely, the
outlook may be revised to 'Negative' if the company faces delays
in its ongoing projects or its margins decline sharply because of
intensifying competition.

Update

R M Dasa is expected to report a 5-per-cent decline in its
revenues for 2010-11 (refers to financial year, April 1 to
March 31), to INR172.6 million. The decline has been caused by
delays in execution of projects caused by change in the scope of
projects and delays in acquiring the requisite land clearances
from government authorities. Its operating margin, however,
estimated at 7.2%, is higher than CRISIL's expectation of 6.5%.
The increase in its margin can be attributed, primarily, to cost
escalation clauses that the company has built into contracts it
enters into. Thus, the company has been able to pass on the cost
increase in bitumen and other raw material prices to its customers
and maintain its operating margin. Also, R M Dasa had a very
comfortable order book of INR220 million as on May 2011, around
1.3 times its sales in 2010-11. The company's gearing, estimated
at 0.54 times for 2010-11, was marginally higher than CRISIL's
expectations; the increase in gearing was primarily due to R M
Dasa's debt-funded capital expenditure programme and due to lower
profits because of which the accretion to reserves was lower, thus
leading to smaller net worth and hence, to high gearing.

R M Dasa is expected to report a profit after tax (PAT) of INR3.8
million on net sales of INR171.2 million for 2010-11, as against a
PAT of INR4.2 million on net sales of INR182.5 million for
2009-10.

                           About R M Dasa

R M Dasa was set up as a partnership firm in 1992 and was
reconstituted as a private limited company in 2003. The company is
promoted by the Dasa family of Junagadh (Gujarat) and is a
registered Class 'AA' contractor approved by the Government of
Gujarat. The company is into civil construction works and
undertakes construction and maintenance of roads and highways for
government agencies. The company intends to reduce its dependence
on roads projects and has, therefore, taken up government
contracts to build affordable housing colonies in Junagadh.


RUBBER PRODUCTS: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of The Rubber Products Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        B/Stable (Assigned)
   INR7.5 Million Packing Credit    P4 (Assigned)
   INR14 Million Bill Purchase-     P4 (Assigned)
           Discounting Facility
   INR12.5 Mil. Letter of Credit    P4 (Assigned)
   INR7.5 Million Bank Guarantee    P4 (Assigned)

The ratings reflect RPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by RPL's established market
position in the rubber products manufacturing industry.

Outlook: Stable

CRISIL believes that RPL's credit risk profile will remain
constrained by its large working capital requirements and weak
debt protection metrics, over the medium term. The outlook may be
revised to 'Positive' if the company scales up its operations,
while strengthening its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case RPL's financial risk profile deteriorates, led by a decline
in revenues or profitability or there is any further stretch in
receivables.

                      About Rubber Products

Set up by the late Mr. Narayan Shetty in 1966, RPL was
reconstituted as a public listed company in 1989. In 2006, the
late Mr. Sadanand Shetty (friend of Mr. Narayan Shetty) took over
a majority shareholding in the company. Mr. Sadanand Shetty was
also founder and chairman of Fouress Group, which manufactures
industrial components and valves.

RPL manufactures rubber products such as sheets, hoses, coated
fabric, extruded rubber products, boats and jackets, mini water
tanks (collapsible ponds), and inflammable storage space. RPL is
listed on the Bombay Stock Exchange.

RPL reported a loss of INR0.1 million on net sales of INR173
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR1.1 million on net sales of
INR184 million for 2008-09. `


SANYA HOSPITALITY: CRISIL Reaffirms 'B' Rating on INR1.65BB Loan
----------------------------------------------------------------
CRISIL's rating on the term loan facility of Sanya Hospitality Pvt
Ltd continue to reflect SHPL's exposure to increasing competition
in the hotel industry, and constrained financial flexibility.
These rating weaknesses are partially offset by SHPL's tie-up with
Marriott International, Inc., thereby ensuring operational and
brand support from Marriott.

   Facilities                     Ratings
   ----------                     -------
   INR1.65 Billion Term Loan      B/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that SHPL's constrained financial flexibility, and
low accruals because of its short track record, will continue to
hamper the company's ability to service its debt over the short
term. The rating may be downgraded if SHPL is unable to service
its debt in a timely manner, and defaults on its obligations.
Conversely, the outlook may be revised to 'Stable' if SHPL gets
its debt rescheduled or if the promoters infuse additional funds
in a timely manner to support the servicing of its debt.

                      About Sanya Hospitality

SHPL was incorporated in 2007 as a project company to acquire and
implement a hotel project. In July 2009, it acquired a 198-room,
four-star hotel, Marriott Courtyard, located at Sushant Lok
integrated township in Gurgaon (Haryana), from Unitech Ltd. The
hotel became operational in December 2009. The total cost of the
project is INR2.80 billion, which was funded in a debt-to-equity
ratio of 1.4:1. The hotel is currently being managed by Marriott
under the brand, Marriott Courtyard.

For 2010-11 (refers to financial year, April 1 to March 31),
SHPL's loss and revenues are estimated at INR343.0 million and
INR515.3 million respectively; the company reported a loss of
INR73.6 million on revenues of INR90.3 million for the previous
year.


SNC JEWELS: CRISIL Reaffirms 'BB+' Rating on INR40MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of SNC Jewels Pvt Ltd
continue to reflect SNC Jewels' high geographic and customer
concentration, small scale of operations and net worth, and
working-capital-intensive operations. These rating weaknesses are
partially offset by SNC Jewels' promoters' experience in the gems
and jewellery business, and the company's healthy financial risk
profile marked by low gearing and comfortable debt protection
metrics.

   Facilities                              Ratings
   ----------                              -------
   INR65.0 Million Export Packing Credit   BB+/Stable (Reaffirmed)
   INR105.0 Million Post-Shipment Credit   BB+/Stable (Reaffirmed)
   INR40.0 Million Proposed LT Bank Loan   BB+/Stable (Reaffirmed)
                                Facility

Outlook: Stable

CRISIL believes that SNC Jewels Pvt Ltd (SNC Jewels) will maintain
its healthy financial risk profile over the medium term, supported
by steady cash accruals. However, the company's business risk
profile is expected to remain constrained by high customer
concentration. The outlook may be revised to 'Positive' in case of
a significant increase in SNC Jewels' scale of operations and
increased diversification in its geographic or customer profile.
Conversely, the outlook may be revised to 'Negative' if SNC
Jewels' profitability declines significantly, thereby adversely
affecting its cash accruals, or if its capital structure weakens
because of a stretch in its working capital cycle or a larger-
than-expected debt-funded capital expenditure.

                         About SNC Jewels

SNC Jewels was established in 2002 by Mr. Amish R Jhaveri and Mr.
Aditya V Choksi for exporting diamond-studded gold jewellery. The
Jhaveri family's 70% ownership in SNC Jewels was purchased by the
Choksi and the Sagar families in April 2010. The Choksi and Sagar
families have been in the business of gems and jewellery for over
three decades. The company caters mainly to the US gems and
jewellery market.

SNC Jewels reported, on provisional basis, a profit after tax
(PAT) of INR42 million on net sales of INR670 million for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR24 million on net sales of INR573 million for
2009-10.


TAHER IMPEX: CRISIL Assigns 'B' Rating to INR62.5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Taher Impex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR62.5 Million Cash Credit         B/Stable (Assigned)
   INR27.5 Million Letter of Credit    P4 (Assigned)

The ratings reflect TIPL's below-average financial risk profile,
marked by high total outside liabilities to tangible net worth,
small net worth, and modest debt protection indicators, and its
exposure to high debtor and inventory risks. These weaknesses are
partially offset by the experience of TIPL's promoters in the
trading business.

Outlook: Stable

CRISIL believes that TIPL's financial risk profile will remain
constrained over the medium term by its low profitability and
large working capital requirements. The outlook may be revised to
'Positive' if the company's profitability and turnover increase
significantly or if its financial risk profile improves on account
of fresh equity infusion by promoters and improvement in
receivables management. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
due to a significant increase in working capital requirements,
primarily on account of further stretching of receivables.

                         About Taher Impex

TIPL was established in 1984 as a partnership firm named 'Taher &
Co' and subsequently was incorporated as private limited company
in 2003. The company trades in foam sheets, and woven and non-
woven textile fabrics, including polyurethane and expanded
polyethylene foam sheets, and polyvinyl-chloride-coated and dyed
denim fabrics.

TIPL is estimated to have reported a profit after tax (PAT) of
INR5.6 million on net sales of INR554.1 million for 2010-11
(refers to financial year, April 1 to March 31), as against a
reported PAT of INR3.6 million on net sales of INR551.8 million
for 2009-10.


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


J-CORE 14: Moody's Reviews Loan Ratings For Possible Downgrade
--------------------------------------------------------------
Moody's Japan K.K has placed nine classes of J-CORE 14 Trust
Certificates and asset-backed loans under review for possible
downgrade.  The final maturity will take place in November 2014.

Deal Name: J-CORE14 Trust

  Class A Trust Certificate and Class A Loan, Aa3 (sf) placed
  under review for possible downgrade; previously, on June 30,
  2010, downgraded to Aa3 (sf) from Aaa (sf)

  Class B Trust Certificate, Baa1 (sf) placed under review for
  possible downgrade; previously, on June 30, 2010, downgraded to
  Baa1 (sf) from Aa2 (sf)

  Class C Trust Certificate and Class C Loan, Ba2 (sf) placed
  under review for possible downgrade; previously, on June 30,
  2010, downgraded to Ba2 (sf) from A3 (sf)

  Class D Trust Certificate, B1 (sf) placed under review for
  possible downgrade; previously, on June 30, 2010, downgraded to
  B1 (sf) from Baa3 (sf)

  Class E Trust Certificate, B2 (sf) placed under review for
  possible downgrade; previously, on June 30, 2010, downgraded to
  B2 (sf) from Ba2 (sf)

  Class F Loan, B3 (sf) placed under review for possible
  downgrade; previously, on June 30, 2010, downgraded to B3 (sf)
  from B1 (sf)

  Class X Trust Certificate, Aa3 (sf) placed under review for
  possible downgrade; previously, on June 30, 2010, downgraded to
  Aa3 (sf) from Aaa (sf)

J-CORE 14 is a single-asset/single-borrower CMBS deal effected in
April 2008.

The collateral is a full-service hotel in Tokyo. Dividend
distributions and interest on the rated Trust Certificates and
Loans will be paid out of the rental income from the asset.

If an event of default occurs, the property will be sold and the
proceeds will be used to pay down the principal.

Moody's considers it highly likely that the property's
profitability -- which had recovered in 2010 -- will fall again
below Moody's assumptions, given the decline in performance since
March, 2011. Thus, in its review, Moody's will re-assess its
estimates for net cash flow and property value.

Moody's also plans to interview the asset manager on its operating
and refinancing strategies, as well as its disposal efforts, in
light of the specified bond's expected maturity in 2012.

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


J-CREM 2: Moody's Changes Ratings of Class A to F Certificates
--------------------------------------------------------------
Moody's Japan K.K has changed the ratings for the Class A through
F and X trust certificates issued by J-CREM2 Trust.

Deal Name: J-CREM 2 Trust

  Class A, Downgraded to A1 (sf); previously on Apr 8, 2011 Aa3
  (sf) placed Under Review for Possible Downgrade

  Class B, Downgraded to Baa3 (sf); previously on Apr 8, 2011 Baa2
  (sf) placed Under Review for Possible Downgrade

  Class C, Downgraded to B3 (sf); previously on Apr 8, 2011 Ba3
  (sf) placed Under Review for Possible Downgrade

  Class D, Downgraded to Caa1 (sf); previously on Apr 8, 2011 B1
  (sf) placed Under Review for Possible Downgrade

  Class E, Downgraded to Caa2 (sf); previously on Apr 8, 2011 B2
  (sf) Placed Under Review for Possible Downgrade

  Class F, Downgraded to Caa3 (sf); previously on Apr 8, 2011 B3
  (sf) Placed Under Review for Possible Downgrade

  Class X, Downgraded to A1 (sf); previously on Apr 8, 2011 Aa3
  (sf) placed Under Review for Possible Downgrade

Class: Class A through F and X trust certificates

Issue Amount (initial): JPY57.5 billion

Dividend: Floating

Issue Date: Aug. 31, 2007

Final Maturity Date: March 2014

Underlying Asset (initial): Specified bond backed by a hotel

Entrustor: Nikko Citigroup Limited (as of the issue date)

Arranger: Nikko Citigroup Limited (as of the issue date)

J-CREM 2 Trust, effected in August 2007, represents the
securitization of a specified bond.

The originator entrusted the specified bond to the asset trustee,
and received the Class A through F and X trust certificates, which
it then sold through the arranger to investors. The trust
certificates are rated by Moody's.

In this transaction, the dividends on the trust certificates are
derived from interest payments on the specified bond backed by
cash flows from the underlying property.

RATING RATIONALE

The current rating action reflects the following factors:

J-CREM 2 is a single-borrower/single-asset deal. The loan is
backed by a large hotel in Urayasu City, Chiba Prefecture. Because
of the March 11 earthquake, the hotel and nearby facilities
temporarily suspended their operations.

The nearby facilities and hotel re-started their operations since
April. Although the major indices -- the occupancy rate and ADR -
still remain at low levels, they are expected to recover from the
summer vacation season till the end of year which is the hotel's
peak season.

The operational revenues of the hotel have been declining for a
few years but showed some improvements last year up to the time of
the quake. Moody's had estimated that the revenues, mainly from
the performance of core departments -- rooms, restaurant, wedding
and banquet -- would improve due to the rebound in economic
fundamentals after the financial crisis as well as by attracting
visitors to events scheduled in the nearby facilities. Moody's
stabilized net cash flow was based on the improving operational
revenues as a main scenario reflected in the previous rating
action in 2010.

However, the profitability of the hotel has been severely hit by
the drastic drops in revenue of each department of the hotel such
as rooms, banquet, and restaurants, and it is likely that the
expected level of the operational revenue will be lower that of
Moody's main scenario. As a result, Moody's has re-assessed its
stabilized net cash flow -- showing that it declined by
approximately 34% compared with its initial assumption.

Additionally, Moody's has re-assessed its recovery assumption
showing that it declined by approximately 45% compared with its
initial assumption. Moody's continues to consider the facts --
that the signed agreement between the property trustee and the
hotel operator/the master lessee is to receive both fixed and
incentive rent income as well as the property's scarcity value.
Moody's has also taken into consideration the high volatility risk
of the hotel's operating cash flow when re-assessing its new
recovery assumptions.

Finally, Moody's has also considered the level of cash reserves
allocated to pay down the principal payments as well as its
recovery assumptions when deciding its ratings.

Moody's will continue to monitor the performance of the underlying
property.

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

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


L-JAC 4: Moody's Changes Ratings of Class A-2 through G-3 Bonds
---------------------------------------------------------------
Moody's Japan K.K has changed the ratings for the Class A-2
through G-3 Bonds issued by L-JAC 4 Funding and Class X-1/X-2
Trust Certificates. The final maturity of the Trust Certificates
will take place in May 2015.

Deal Name: L-JAC 4 Funding

  Class A-2 , Downgraded to Baa2 (sf); previously on Apr 8, 2011
  Aa3 (sf) placed Under Review for Possible Downgrade

  Class B-2 , Downgraded to B1 (sf); previously on Apr 8, 2011
  Baa1 (sf) placed Under Review for Possible Downgrade

  Class C-2 , Downgraded to B2 (sf); previously on Apr 8, 2011 Ba1
  (sf) placed Under Review for Possible Downgrade

  Class D-3A , Downgraded to B3 (sf); previously on Apr 8, 2011 B1
  (sf) placed Under Review for Possible Downgrade

  Class D-3B , Downgraded to B3 (sf); previously on Apr 8, 2011 B1
  (sf) placed Under Review for Possible Downgrade

  Class E-3 , Downgraded to B3 (sf); previously on Apr 8, 2011 B2
  (sf) placed Under Review for Possible Downgrade

  Class F-3 , Confirmed at B3 (sf); previously on Apr 8, 2011 B3
  (sf) placed Under Review for Possible Downgrade

  Class G-3 , Confirmed at B3 (sf); previously on Apr 8, 2011 B3
  (sf) placed Under Review for Possible Downgrade

  Class X-1 , Downgraded to Baa2 (sf); previously on Apr 8, 2011
  Aa3 (sf) placed Under Review for Possible Downgrade

  Class X-2 , Downgraded to Baa2 (sf); previously on Apr 8, 2011
  Aa3 (sf) placed Under Review for Possible Downgrade

  Class: Class A-2 through G-3 Bonds issued by L-JAC 4 Funding and
  Class X-1/X-2 Trust Certificates

Issue Amount (initial): Approximately JPY78.7 billion

Dividend: Floating/fixed

Issue Date: May 31, 2007

Final Maturity Date: May 2015

Underlying Asset (initial): Three Trust Certificates backed by
three loans

Entrustor: New Century Finance Co., Ltd. (as of issue date)

Trustee: DB Trust Company Limited Japan

Arranger: Lehman Brothers Japan Inc (as of issue date)

L-JAC 4 Funding, issued in May 2007, represents the securitization
of three Trust Certificates backed by three loans ("loan").

Entrustor entrusted three Loan Receivables to the Trustee and in
turn will receive Trust Certificates L-1 through L-3 and X-1 and
X-2. It then transferred the Trust Certificates to the Issuer SPE,
which issued the Class A-1 through G-3 Bonds backed by the subject
Trust Certificates. The Bonds, Class X-1 and X-2 Trust
Certificates are rated by Moody's.

The rated Bonds are classified into three groups -- L-1 Bonds, L-2
Bonds and L-3 Bonds -- in which the source of principal and
interest payments correspond to the three respective underlying
loans, Loan L-1, Loan L-2 and Loan L-3.

The redemptions of L-1 Bonds, L-2 Bonds and L-3 Bonds respectively
correspond to those of the Trust Certificate L-1, Trust
Certificate L-2 and Trust Certificate L-3. However, note that
Class A-2, B-2 and C-2 Bonds belong to both L-2 and L-3 groups,
and thus are repaid using redemptions made on both the L-2 Trust
Certificate and L-3 Trust Certificate, based on preset redemption
allocation amounts. Cash flows from the Trust Certificates are
allocated only to their corresponding groups and therefore are not
summed up at the bond level.

RATING RATIONALE

The current rating action reflects the following factors:

Currently, L-JAC 4 became a single-borrower/single-asset deal. The
loan is backed by a large hotel in Urayasu City, Chiba Prefecture.
Because of the March 11 earthquake, the hotel and nearby
facilities had suspended their operations temporarily.

The nearby facilities and the hotel have re-started their
operations since April. Although the major indices -- the
occupancy rate and ADR - still remain at low levels, they are
expected to recover from the summer vacation season till the end
of year which is the hotel's peak season.

The operational revenues of the hotel have been declining for a
few years prior to the quake; however, Moody's had estimated that
the revenues mainly from the performance of core departments --
rooms, wedding and banquet -- would improve due to the rebound in
economic fundamentals after the financial crisis as well as by
attracting visitors to events scheduled in the nearby facilities.
Moody's stabilized net cash flow was based on the improving
operational revenues as a main scenario reflected in the previous
rating action in 2010.

However, the profitability of the hotel has been severely hit by
the drastic drops in revenues of each department of the hotel such
as rooms, banquet, and restaurants, and it is likely that the
expected level of the operational revenue will be lower that of
Moody's main scenario. As a result, Moody's has re-assessed its
stabilized net cash flow -- showing that it declined by 41%
compared with its initial assumption.

Additionally, Moody's re-assessed its recovery assumption showing
that it declined by 48% compared with its initial assumption.
Moody's continues to consider the property's scarcity value, when
deciding its new recovery assumptions. Finally, Moody's has also
taken into consideration the continuity of immediate principal and
interest payments using liquidity reserve as well as its recovery
assumptions when deciding its ratings.

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

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


L-JAC 8: Moody's Downgrades Ratings of Class B Trust Certificates
-----------------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class B trust
certificates, issued by L-JAC 8 Trust.

   Class B, downgraded to C (sf); previously, on Feb 21, 2011,
   downgraded to Caa3 (sf);

Deal Name: L-JAC 8 Trust

Class: Class A through K and Class X trust certificates

Issue Amount (initial): JPY18.77 billion

Dividend: Floating

Issue Date (initial): March 31, 2008

Final Maturity Date: January, 2013

Underlying Asset (initial): Two non-recourse loans backed by real
estate

Originator: Lehman Brothers Commercial Mortgage KK (as of the
issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

The L-JAC 8 Trust, effected in March 2008, represents the
securitization of two loans backed by real estate.

The originator entrusted the loans to the asset trustee, and
received the Class A through K and X trust certificates, which it
then sold through the arranger to investors.

The trust certificates are rated by Moody's.

In this transaction, the interest and principal payments from any
defaulting underlying loans are made sequentially.

One loan, which had been placed under special servicing in July
2009, was paid down in March 2010, although losses were incurred.

The transaction is currently secured by the second loan (backed by
a retail property outside Tokyo), which has also been under
special servicing since December 2010.

RATING RATIONALE

Because of the disposal of the remaining second loan, the Class B
trust certificates will incur a partial loss from the loss at the
underlying loan level.

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

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


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


AORANGI SECURITIES: SFO Lays 50 Fraud Charges Against Hubbard
-------------------------------------------------------------
The Serious Fraud Office announced Monday that it has made a
decision in relation to its investigation into the affairs of
Aorangi Securities Ltd; Hubbard Management Funds; and ASL
directors Allan and Margaret (Jean) Hubbard.

SFO Chief Executive, Adam Feeley, said, "After an exhaustive
investigation, we have concluded that there is sufficient evidence
to lay fraud charges against Mr. Hubbard."

Mr. Feeley said that fifty charges under sections 220, 242 and 260
of the Crimes Act had been laid Monday in the District Court in
Timaru.

The SFO said it did not intend to lay charges against any other
current or former director of ASL.  Nor were any other charges
being contemplated by the other agencies involved with the
investigations into ASL or HMF.

Mr. Feeley said, "We believe from the available evidence,
Mr. Hubbard was effectively in sole control of both ASL and HMF at
all relevant times."

Mr. Feeley said that the investigation had relied on assistance
from the Securities Commission (and now the FMA) and the Registrar
of Companies.

"We need to acknowledge the contribution from others to what has
been a very thorough and professional investigation."

Financial Markets Authority Chief Executive Sean Hughes said the
FMA and the SFO have worked together closely throughout this
investigation, and the evidence on which the charges laid by the
SFO are based could also give rise to charges by the FMA under
section 59 of the Securities Act.

However after careful consideration, both organizations are
satisfied that the charges laid by the SFO will address this
matter in a way that is proportionate, and that this matter is
more appropriately prosecuted by the SFO under the Crimes Act,
without expenditure of additional public funds on a separate
prosecution by the FMA.

"The FMA has therefore closed its investigation into this matter,
and has offered the SFO any ongoing assistance which may be
required," Mr. Hughes said.

Mr. Feeley said that there were aspects of the case which
challenged the conventional concepts of serious fraud.

"Whatever the public may think, in considering whether serious
fraud has been committed, the motives or lifestyle of an alleged
offender are ultimately irrelevant. We have to consider matters
such as whether deceit has occurred; the losses caused by that
that deceit; and whether the facts meet the prescribed elements of
one or more criminal offences."

Mr. Feeley said that prior to making a decision to lay charges the
SFO gave very careful consideration to the Solicitor General's
Prosecution Guidelines, including the issue of whether a
prosecution was in the public interest.

"The decision to charge has been reached only after extensive
analysis of the evidence, as well as discussions with senior
prosecution counsel, including the Crown Solicitors and the SFO
Panel Counsel," he said.

"Throughout the investigation we have been aware of the level of
public interest in, and support for, Mr. Hubbard, and the issues
of Mr. Hubbard's age and health which have been raised by his
lawyers."

"However, we also have to consider the interests of justice and
the interests of the investors relative to the evidence we have
obtained during our inquiries."

"We are satisfied that, on balance, there is strong public
interest in having this matter put before the Court, and any
issues regarding fitness to stand trial will be matters for the
Court to adjudicate on."

           Hubbard "Strenuously" Denies Fraud charges

BusinessDesk reports that Timaru businessman Allan Hubbard
"strenuously" denies 50 charges laid under the Crimes Act in
relation to his activities at Aorangi Securities or Hubbard
Management Funds, according to a statement from his lawyer.

"The charges are strenuously denied by Mr. Hubbard," BusinessDesk
quotes Russell McVeagh's Mike Heron, who is acting for
Mr. Hubbard, as saying. "They mark the end of a process which, in
our view, has been fundamentally unfair and amounts to a clear
breach of Mr. Hubbard's rights."

BusinessDesk relates that Mr. Heron said Mr. Hubbard will file an
application to stop the prosecution "at the appropriate stage."

Mr. Heron said he hadn't yet received a copy of the charges and so
hasn't had the opportunity to consider them.

"We understand that consistent with Mr. Hubbard's position all
along, the SFO is not alleging he has stolen any money nor that he
has benefitted personally," Mr. Heron said in his statement.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.


CRAFAR FARMS: OIO Decision on Shanghai Pengxin Bid Delayed
----------------------------------------------------------
The New Zealand Herald reports that Shanghai Pengxin International
Group, the latest overseas bidder for the Crafar family's dairy
empire, will have to wait longer to hear whether it has done
enough to persuade the Overseas Investment Office that it has met
tough new foreign ownership rules.

The NZ Herald recalls that Shanghai Pengxin agreed to pay more
than NZ$200 million for the 16 farms in January, after a bid by
Natural Dairy was knocked back because its directors and
frontwoman May Wang failed the "good character test".  That sale
is subject to government approval.

According to the report, Pengxin said it planned to establish a
full-owned subsidiary, Milk New Zealand Farming Limited, to run
the 8,000 hectare farms and would work with New Zealand processors
to manufacture and export a range of 'dairy based products' for
marketing in Asia.

Pengxin said it would spend NZ$100 million on marketing in the
first five years and aim to lift the farms' production by more
than 10% by the end of the third year, the report notes.

The NZ Herald says new foreign investment rules mean the Overseas
Investment Office must now also assess each application against
more criteria, but OIO manager Annelies McClure said this was not
the reason for the delay.

The OIO, as cited by the NZ Herald, said it was continuing to
assess the company's application, but that the sheer number of
properties involved in the transaction meant a decision could be
some time away.

"The OIO cannot be specific in terms of when a decision will be
made, however a decision is unlikely to be made before June 24,"
the OIO said.  "The application for consent from Milk New Zealand
Holding Limited (a 100% owned subsidiary of Shanghai Pengxin Group
Co. Ltd) is complex because of the number of properties the
company proposes acquiring."

                       About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


DOMINION FINANCE: No Prospect of Payout for Unsecured Creditors
---------------------------------------------------------------
BusinessDay.co.nz reports that prospects of any returns for
unsecured creditors owed NZ$556,000 from Dominion Finance Group
remain dismal, according to the latest liquidators' report, and
it's not so great for secured creditors either.

McGrathNicol liquidator William Black in his six-monthly statutory
report this month said little had changed with receivers Deloitte
controlling all assets including Dominion's loan book. In their
most recent report in September last year, the receivers said they
expect to distribute between 10 cents and 25 cents in the dollar
to debentureholders over time.

"They have also re-confirmed that given the shortfall to secured
creditors, they do not expect there to be any surplus funds
available to meet the claims of Dominion's unsecured creditors,"
BusinessDay.co.nz quotes Mr. Black as saying.

BusinessDay.co.nz says Dominion is said to have breached its trust
deed by suspending repayments of principal and interest to
debenture holders in June 2008.  The group looked at a moratorium
while it wound down the loan book but the trustee, Perpetual
Trust, decided receivership was more appropriate for debenture
holders.  A NZ$5.6 million distribution was made to debenture
holders last year and receivers hoped more could be paid this
year.  Total distributions as of the last report totalled NZ$16
million.

BusinessDay.co.nz notes McGrathNicol would review the position in
six months.

                        About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

Dominion Finance was put into receivership in September 2008 owing
about NZ$176.9 million to more than 5,900 investors. It was put
into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.


MUTUAL FINANCE: SFO Concludes Probe Into Firm, Viaduct Capital
--------------------------------------------------------------
The Serious Fraud Office said that it has concluded its
investigation into Mutual Finance Limited and related company,
Viaduct Capital Limited.

The SFO said the initial investigation has found insufficient
evidence of fraud to warrant the use of its full investigative
powers under Part 2 of the Serious Fraud Office Act.

SFO Chief Executive Adam Feeley said, "The allegations against
Mutual Finance and its associated companies do not currently
identify sufficient evidence of fraud.  However, some information
discovered has raised concerns which we believe are best
considered by the Financial Markets Authority (FMA)."

Mr. Feeley said that the SFO would consider reopening the
investigation if further evidence came to light, and in the
meantime it would give the FMA whatever assistance it could.

                        About Mutual Finance

Mutual Finance Ltd. is an Auckland-based financial institution
with around 400 depositors and approximately NZ$8 million in
guaranteed deposits.

Mutual Finance was placed into receivership in July 2010, owing
approximately 450 investors an estimated NZ$17 million.
Covenant Trustee appointed Brendan Gibson and Grant Graham of
KordaMentha as receivers of Mutual Finance.  Related property
financier, Viaduct Capital, was put into receivership in May 2010
owing 110 depositors NZ$7.8 million.

The finance company said it had been in technical breach of one of
its covenants and its trustee, Covenant Trustee, had deemed there
was a risk of a "cash flow mismatch" between the timing of asset
sales and payments to depositors.

The SFO commenced its investigation into Mutual Finance in
December 2010 following information passed on by the company's
receiver, the Ministry of Economic Development and the Securities
Commission (now FMA).


SIGNATURE HOMES: Hawke's Bay Franchisee Goes Into Liquidation
-------------------------------------------------------------
Patrick O'Sullivan at Hawke's Bay Today reports that one of the
Hawke's Bay franchises of Signature Homes has gone into
liquidation after allegations of theft and fraud.

According to the report, Signature Homes chief executive Phillip
Howe said the five Signature Homes Hawke's Bay (SHHB) homes under
construction would be completed under the terms of Signature
Homes' Home Completion Guarantee.

"While significant management resource has been provided to SHHB
over the last year or so and hundreds of thousands of dollars put
into the business, the continuing depressed housing market makes
it too difficult for SHHB to be able to trade its way out of the
situation it is in," the report quotes Mr. Howe as saying.

The owner of Clive-based SHHB was also Signature Homes Ltd owner
Gavin Hunt, who took over the franchise when it ran into
difficulty five years ago.

"My wife and I spent hundred of thousands of our own money to pay
off subbies and show our commitment to the region," Mr. Hunt said.
Hawke's Bay Today relates that Mr. Howe alleged a large amount of
theft and fraud had come to light recently and an investigation
was continuing.  "This has played a major role in the current
situation the business finds itself in, sucking out several tens
of thousands of dollars of funds at a time when the financial
health of the business was in reasonable shape," he said.  "In
hindsight, this was the catalyst for the downhill slide that
eventuated."

"These funds being taken from the business, along with the record-
low state of the housing market, has made it very difficult for
the business to re-gather some momentum and trade its way back,"
Mr. Hunt added.

The Auckland firm of Meltzer Mason Heath had been appointed to
manage creditors and oversee clients' homes under construction,
Hawke's Bay Today discloses.

According to Hawke's Bay Today, Liquidator Lloyd Hayward said he
was in a position to recover creditors' funds and would not say if
charges had been laid or what was owing.  The other Hawke's Bay
Signature Homes franchisee, Frimley Homes, is not related to SHHB
and continues to operate successfully, the report notes.

Only 23 consents for new homes were issued in April for Hawke's
Bay, down from 80 at the same time last year.  The value of
April's 23 consents was $6 million, compared with $18 million for
April 2010.


WESTERN PACIFIC: Insurance Council Rejects Firm's Membership
------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that Western Pacific
Insurance, owing more than $40 million at present, was rejected
for membership of the Insurance Council of New Zealand.

The reasons are not being disclosed by the Insurance Council of
New Zealand (ICNZ's) chief executive Chris Ryan, the report says.

"Western did apply for membership, about two or three years ago,
but it was the insurance council's view that they shouldn't be a
member . . . I won't go into the reasons why," Mr. Ryan told Otago
Daily.

Industry insiders, who spoke on condition of anonymity, said they
have been "surprised" and "astounded" from liquidators' recent
reports that the boutique Western Pacific had worldwide exposure
to insurances valued at more than NZ$10 billion.

"No-one was aware of the multinational connections Western had
been making," one source said of the firm's business being
generated in places such as Chile, Vanuatu, Abu Dhabi and numerous
Pacific Island countries, according to Otago Daily.

Otago Daily relates that findings by liquidators Grant Thornton
have noted Western Pacific accepted risks "outside the scope of
its reinsurance policies" and "in some instances premiums were too
low", with industry insiders claiming premiums offered were
"undercut" by up to 50% and "handling fees" were subsequently
charged by brokers to clients to make up the percentage of income
lost from the low premiums.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency of
their company.  Western Pacific owes creditors an initial
estimated NZ$3.8 million and has NZ$1.9 million of unsettled
insurance claims, according to first liquidators report obtained
by The National Business Review.

However, because of its exposure to the Christchurch quakes in
September and February, Otago Daily relates, that exposure has
since leapt to more than NZ$41 million, liquidators Grant Thornton
estimated.

While possibly NZ$32 million can be recovered through Western
Pacific's reinsurers, industry insiders were astounded to learn
from liquidators its total sums insured were valued at NZ$10.25
billion across all its insurance policy types around the world,
Otago Daily discloses.

                        About Western Pacific

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


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


BYTE-TREK TECHNOLOGIES: Court to Hear Wind-Up Petition July 1
-------------------------------------------------------------
A petition to wind up the operations of Byte-Trek Technologies Pte
Ltd will be heard before the High Court of Singapore on July 1,
2011, at 10:00 a.m.

Amicorp International Limited filed the petition against the
company on June 8, 2011.

The Petitioner's solicitors are:

         Timothy Ng LLC
         133 New Bridge Road
         #16-06 Chinatown Point
         Singapore 059413


EMP-DAIWA CAPITAL: Creditors' Proofs of Debt Due July 18
--------------------------------------------------------
Creditors of Emp-Daiwa Capital Asia (Singapore) Pte Ltd, 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's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


JS ENGINEERING: Court to Hear Wind-Up Petition July 1
-----------------------------------------------------
A petition to wind up the operations of JS Engineering Industries
Pte Ltd will be heard before the High Court of Singapore on
July 1, 2011, at 10:00 a.m.

Dai-Dan Co., Ltd filed the petition against the company on June 9,
2011.

The Petitioner's solicitors are:

         Messrs Seah Ong & Partners LLP
         20 Cecil Street
         #16-01 Equity Plaza
         Singapore 049705


KDMS MANAGEMENT: Creditors Get 4.88% Recovery on Claims
------------------------------------------------------
KDMS Management Pte Ltd declared the first and final dividend to
creditors on June 20, 2011.

The company paid 4.88% to the received claims.

The company's liquidator is:

          Goh Ngiap Suan
          Infinity Consulting Pte Ltd
          133 New Bridge Road
          #25-08 Chinatown Point
          Singapore 059413


KVAERNER JOHN: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
Creditors of Kvaerner John Brown Pte 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's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


KVAERNER PTE: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
Creditors of Kvaerner Pte Ltd, 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's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


ONG NOMINEES: Creditors' Proofs of Debt Due July 17
---------------------------------------------------
Creditors of Ong Nominees Private Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 17, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street
          #05-01, Singapore Chinese Chamber of Commerce & Industry
          Building
          Singapore 179365


ORIENTAL GLOBAL: Court to Hear Wind-Up Petition July 1
------------------------------------------------------
A petition to wind up the operations of Oriental Global Shipping
Pte Ltd will be heard before the High Court of Singapore on
July 1, 2011, at 10:00 a.m.

Gold Matrix Resources Pte Ltd filed the petition against the
company on June 2, 2011.

The Petitioner's solicitors are:

         Straits Law Practice Llc
         (Attn: Mr Raja Muralli Rajaram)
         36 Robinson Road
         #18-00 City House
         Singapore 068877


PACIFIC KING: Creditors' Meetings Set June 28
---------------------------------------------
Pacific King Shipping Holding Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on June 28,
2011, at 3:00 p.m., at 8 Robinson Road #11-00 ASO Building
Singapore 048544.

Agenda of the meeting includes:

   a. to update on the affairs of the Company;;

   b. to appoint a Committee of Inspection;

   c. to approve of interim Liquidator's fee and disbursements;
      and

   d. discuss other business.

The company's liquidator is:

         Timothy James Reid
         c/o Ferrier Hodgson
         8 Robinson Road #12-00
         ASO Building
         Singapore 048544


PARADIZ INVESTMENTS: Creditors' Proofs of Debt Due July 15
-----------------------------------------------------------
Creditors of Paradiz Investments Pte Ltd, 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 liquidators are:

          Todd James Rhodes
          Goo Li Ling
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


SAIZEN REIT: Moody's Upgrades CFR to 'B1'; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded Saizen Real Estate
Investment Trust's corporate family rating to B1 from Caa1.

The rating outlook is stable.

This action concludes the review for possible upgrade initiated on
April 8, 2011.

Ratings Rationale

"The upgrade reflects Saizen's improved liquidity and credit
profile following its full repayment of the defaulted CMBS loan of
YK Shintoku on May 31, 2011. At the same time, the uncertainties
associated with the defaulted loan, which include the possibility
of property foreclosure, are removed," says Alvin Tan, a Moody's
Analyst.

"After the repayment of the defaulted loan, Saizen's financial
flexibility has improved, given the release of properties under YK
Shintoku from encumbrance and the fall in gearing. Its interest
coverage ratio will also improve with the lower effective interest
costs, as the 7.07% per annum interest charged on the defaulted
loan was much higher than the rates on its other loans," says Mr.
Tan.

Currently, Saizen has unencumbered properties amounting to JPY14.9
billion, with its value of unencumbered properties to total
properties estimated at approximately 42%, an improvement from 30%
as of June 30, 2010. At the same time, its Debt/Total Assets
improved to 24% after the repayment of the defaulted debt, from
37% as of end-June 2010.

"Over the past year, the trust had made progress in establishing
new banking relationships by securing new bank loans and extending
its debt maturity profile. After the settlement of the defaulted
YK Shintoku loan, the next material debt repayment of
JPY5.6 billion will only be due in June 2013," Mr. Tan adds.

Concerns over the impact of the March 2011 earthquake and tsunami
on Saizen have largely dissipated, with the trust announcing that
all the 28 affected properties appear to have sustained only minor
damage. Furthermore, the overall occupancy for the trust remained
stable at 91.1% as of April 30, 2011.

The B1 rating further reflects its moderate franchise, the absence
of a sponsor, and its small operating scale, which restricted its
banking relationships and funding access during the economic
downturn. It also reflects the history of default at YK Shintoku.

The stable outlook reflects Saizen's improved liquidity and the
absence of material refinancing needs in the next two years.

Saizen may experience upward pressure if it (1) further
demonstrates a sustained track record in managing its business
growth with a prudent mix of long-term debt and equity financing;
(2) substantially strengthens its business scale; and (3) improves
on its financial flexibility by broadening its banking
relationships and increasing the level of unencumbered assets in
its portfolio.

The rating may experience downward pressure if (1) the operating
environment in Japan deteriorates, such that it suffers high
vacancy rates and a decline in operating cash flows from rent; (2)
further acquisitions are made without committed funding in place;
(3) a more aggressive growth policy is undertaken to fund new
investments; and (4) there is a material decline in the value of
its assets, and which substantially impairs the asset coverage
positions of lenders.

Such pressure may be evidenced by Debt/EBITDA exceeding 8-10x,
Debt/Total Assets above 40-45%, and EBITDA/interest coverage below
2.5-3x on a consistent basis.

The principal methodology used in this rating was Moody's Approach
for REITs and Other Commercial Property Firms published in July
2010.

Saizen REIT is a Singapore-based REIT investing in Japanese
regional residential properties.  It listed on the Singapore Stock
Exchange in November 2007. It currently has a portfolio of 131
properties, primarily for residential purposes, in over 13
regional cities in Japan, and a total property asset value of
JPY34.9 billion (S$528.8 million).  Sapporo is the largest
contributor to the trust's revenue by location, representing 25.8%
of revenue, followed by Kumamoto (17.0%), and Hiroshima (14.9%).


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


* BOND PRICING: For the Week June 13 to June 17, 2011
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.90
EXPORT FIN & INS         0.50    12/16/2019   NZD      65.43
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.51
EXPORT FIN & INS         0.50    06/15/2020   NZD      63.25
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      68.74
NEW S WALES TREA         0.50    09/14/2022   AUD      56.45
NEW S WALES TREA         0.50    10/07/2022   AUD      55.98
NEW S WALES TREA         0.50    10/28/2022   AUD      55.74
NEW S WALES TREA         0.50    11/18/2022   AUD      55.59
NEW S WALES TREA         0.50    12/16/2022   AUD      55.06
NEW S WALES TREA         0.50    02/02/2023   AUD      54.72
NEW S WALES TREA         0.50    03/30/2023   AUD      54.17
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      70.96
RESOLUTE MINING         12.00    12/31/2012   AUD       1.09
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
SUNCORP METWAY I         6.75    09/23/2024   AUD      67.69
TREAS CORP VICT          0.50    08/25/2022   AUD      57.10
TREAS CORP VICT          0.50    11/12/2030   AUD      55.32
TREAS CORP VICT          0.50    11/12/2030   AUD      39.08


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.73
YUXI DEVELOP INV         6.78    12/28/2017   CNY      75.00

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      52.25


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.43
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.05
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.94
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.09
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.44
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.96
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.63
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.45
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.39
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.44


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      57.33


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      50.09
AIFUL CORP               1.74    05/28/2013   JPY      48.07
AIFUL CORP               1.99    10/19/2015   JPY      38.02
COVALENT MATERIA         2.87    02/18/2013   JPY      67.09
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.53
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.91
TAKEFUJI CORP            9.20    04/15/2011   USD      7.00
TOKYO ELECTRIC POWER     2.12    03/24/2017   JPY      74.75
TOKYO ELECTRIC POWER     2.34    09/29/2028   JPY      73.62
TOKYO ELECTRIC POWER     2.40    11/28/2028   JPY      71.47
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      71.83
TOKYO ELECTRIC POWER     2.11    12/10/2029   JPY      70.23
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      66.03
TOKYO ELECTRIC POWER     2.36    05/28/2040   JPY      63.68


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.47
CRESENDO CORP B          3.75    01/11/2016   MYR       1.29
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
DUTALAND BHD             6.00    04/11/2013   MYR       0.80
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.55
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.53
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.07
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.50
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.45
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.74
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.78
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       2.03
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.70


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

ALLIED FARMERS           9.60    11/15/2011   NZD      36.24
DORCHESTER PACIF         5.00    06/30/2013   NZD      72.81
GENESIS PACIFC           8.50    07/15/2041   NZD       8.30
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.25
INFRATIL LTD             4.97    12/29/2049   NZD      61.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.27
NEW ZEALAND POST         7.50    11/15/2039   NZD      58.71
NZF GROUP                6.00    03/15/2016   NZD       5.64
SKY NETWORK TV           4.01    10/16/2016   NZD       6.65
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.35
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.50
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            8.00    11/20/2012   SGD       0.48
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.52
WBL CORPORATION          2.50    06/10/2014   SGD       1.50


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

EPIVALLEY CO LTD         3.00    01/14/2011   KRW      71.42
GREAT KO 1ST ABS        15.00    08/19/2014   KRW      30.06
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      23.02
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      36.56
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.40
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.02
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.87
HYUNDAI SWISS II         7.90    07/23/2015   KRW      51.15
IBK 17TH ABS            25.00    12/29/2012   KRW      56.74
JEIL MUTUAL BK           8.50    01/22/2015   KRW      45.58
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      50.13
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      54.68
KEB 17TH ABS            20.00    12/28/2011   KRW      61.00
KOREA MUTUAL SAV         8.00    01/23/2013   KRW      50.17
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      50.11
NACF 17TH ABS           25.00    07/03/2011   KRW      20.02
NACF 18TH ABS           25.00    08/20/2011   KRW      30.00
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      71.45
SAM BU CONSTRUCT         7.20    11/02/2011   KRW      70.59
SAM BU CONSTRUCT         7.70    03/11/2011   KRW      53.57
SEGYE TOUR CO            4.00    11/06/2012   KRW      67.39
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.52
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.53
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.51
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.29
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.55
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.20
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.07
SINGOK NS ABS            7.50    06/27/2011   KRW      53.13
SOLOMON MUTUAL B         8.10    06/22/2012   KRW      50.37
SOLOMON MUTUAL B         8.50    12/09/2013   KRW      60.17
SOLOMON MUTUAL B         8.50    12/09/2014   KRW      50.19
TOMATO MUTUAL SA         8.50    03/12/2012   KRW      50.38
TOMATO MUTUAL SA         7.90    08/12/2014   KRW      70.65


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       67.84


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.36


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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