TCRAP_Public/110623.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

             Thursday, June 23, 2011, Vol. 14, No. 123

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Administrator Recommends Liquidation
PEGASUS TOWERS: Receivers Sell Five 5 Quinlivan Titles
RAPTIS GROUP: Creditors' Proof of Debt Due on July 5
VARLEY ENTERPRISES: Goes Into Liquidation


C H I N A

MELCO CROWN: Moody's Says Ratings Unaffected by Acquisition


H O N G  K O N G

HK AQUARIUM: Members' Final Meeting Set for July 22
HOI SING: Final Meetings Slated for July 27
INFINITE EYEWEAR: Batchelor Appointed as New Liquidator
JASMAN ASIAN: Annual Meetings Set for July 19
JE MACHINERY: Members' Final Meeting Set for July 28

JOYE INTERNATIONAL: Members' Final Meeting Set for July 22
M.D. CREATION: John Howard Batchelor Appointed as New Liquidator
MONTEGRAPPA 1912: Members' Final General Meeting Set for July 18
MOULIN GLOBAL: John Howard Batchelor Appointed as New Liquidator
MOULIN (H.K.): Batchelor Appointed as New Liquidator

NEW PARAGON: Yan and Haughey Appointed as Liquidators
NGAN YUE: Creditors' Proofs of Debt Due July 27
OAKTREE INVESTMENTS: Batchelor Appointed as New Liquidator
PACIFIC WINES: Annual Meetings Set for July 8
PEARL SYSTEMS: Creditors' Proofs of Debt Due July 17

PRO-ONE COMPUTER: Keung and Tsui Step Down as Liquidators
ROYAL WOLF: Creditors' Proofs of Debt Due July 17
TAK YUE: Creditors' Proofs of Debt Due July 27
WEI YIT: Hing and Morrison Step Down as Liquidators


I N D I A

AGGARSAIN FIBRES: CARE Rates INR14.78cr LT Loan at 'CARE BB+'
DIN DAYAL: Fitch Migrates Ratings to Non-Monitored Category
JAIDADA PARIBAHAN: CRISIL Assigns 'BB-' Rating to INR135MM LT Loan
JINDAL TIMBER: CRISIL Assigns 'B+' Rating to INR90MM LT Bank Loan
KARGWAL ENTERPRISES: CARE Rates INR17.25cr Loan at 'CARE BB+'

KULKARNI POWER: CRISIL Upgrades Rating on INR228MM Term Loan to BB
LAMINA INTERNATIONAL: CRISIL Assigns 'P4' Rating to INR18.5MM Loan
LIVINGSTONES JEWELLERY: CRISIL Puts 'B' Rating on INR32MM Loan
MAHADEV GINNING: CARE Rates INR10cr LT Bank Loan at 'CARE B+'
NEEDS SRI SAI: CRISIL Assigns 'BB-' Rating to INR260M Cash Credit

NEERU ENTERPRISES: CARE Assigns 'CARE BB+' Rating to INR1cr Loan
PASHUPATI CASTINGS: CARE Puts 'CARE BB+' Rating on INR4.9cr Loan
PRAYASH STEEL: CRISIL Assigns 'BB-' Rating to INR27.5MM LT Loan
PV SONS: CRISIL Assigns 'BB' Rating to INR41.4MM Rupee Term Loan
REGAL TRANSCORE: CRISIL Reaffirms 'B-' Rating on INR73.5MM Credit

SAHARA DREDGING: CRISIL Places 'BB-' Rating on INR20MM Cash Credit
SANGHAVI STAR: CRISIL Rates INR100MM Overdraft Facility at 'BB'
SHAKAMBHARI OVERSEAS: CRISIL Reaffirms 'B' Cash Credit Rating
SHERA ENERGY: CRISIL Assigns 'BB' Rating to INR11.8MM Corp. Loan
UDASEE STAMPINGS: CRISIL Reaffirms 'B-' Rating on INR60MM Credit

UNNAO DISTILLERIES: CRISIL Reaffirms 'B+' Rating on INR28.7M Loan


I N D O N E S I A

PAKUWON JATI: Moody's Upgrades CFR to B3; Outlook Positive


J A P A N

TOKYO ELECTRIC: JBIC May Help Fund Tepco's Overseas Asset Sale
TOKYO ELECTRIC: Books Additional JPY88 Billion Loss For Evacuees
TOKYO ELECTRIC: Moody's Cuts Long Term Issuer Rating to 'B1'
TOKYO ELECTRIC: Seeks JPY2 Trillion Debt Refinancing


K O R E A

WOORI BANK: Fitch Affirms Individual Rating at 'C'


M A L A Y S I A

LINEAR CORPORATION: Court Extends Restraining Order for 90 Days
RAMUNIA HOLDINGS: Posts MYR1.41MM Net Income in April 30 Quarter
RHB BANK: Fitch Affirms Individual Rating at C'
TALAM CORPORATION: Publicly Reprimanded for Breaching Listing Rule
TALAM CORPORATION: Posts MYR26.3MM Net Loss for Qtr Ended April 30


N E W  Z E A L A N D

DESIGNLINE INT'L: Receivers Get Strong Interest for Bus Maker
LOMBARD FINANCE: Receiver Fights NZ$4.5 Million IRD Tax Bill
STRATEGIC FINANCE: Investors May Get Up to 5c Payout Next Month


                            - - - - -


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


ALLIED BRANDS: Administrator Recommends Liquidation
---------------------------------------------------
The Sydney Morning Herald reports that administrator Peter Dinoris
from Vincents has recommended that creditors should tip Allied
Brands into liquidation at a meeting next week, rather than accept
one of the three deed of company arrangement proposals put
forward.

"There are numerous conditions precedent and qualifications in
respect to the DOCA proposals, the outcomes of which cannot be
guaranteed," Mr. Dinoris said in a report to creditors Monday.

SMH relates that among the deed of company arrangement proposals
is one from Allied's former managing director, Peter Graham, and
two of his fellow directors.  Mr. Graham's DOCA largely rests on a
proposed litigation (which would need more funding) against Dunkin
Brands in the US, who terminated Allied's license to operate
Baskin-Robbins in Australia.  The proposal includes Mr. Graham and
his two colleagues staying on as directors.

According to SMH, the administrator, in recommending for
liquidation, said he had considered several factors such as the
prospects of the terms of the DOCAs being satisfied, what could be
recovered for creditors and "possible offences committed by the
current and former directors."

Mr. Dinoris said any detailed investigations would need further
funding from creditors if Allied is tipped into liquidation at
next week's meeting, SMH relates.

In April, the administrator, on his most pessimistic assumption,
calculated that Allied's debts outweighed its assets by
AU$38.1 million. This was despite the company's directors
suggesting there was a surplus of AU$6 million.  The administrator
in the April notice also said that Mr. Graham owed the company
about AU$168,000.  "It appears Mr. Graham does not accept that a
loan is owed [by] him to the company," said the administrator.

                       About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, Allied Brands Ltd. was placed in voluntary
administration on Oct. 27, 2010.  Peter Dinoris and Peter Biazos
of Vincents Chartered Accountants have been appointed as joint
administrators.  Allied Brands saw its Cookie Man chain placed in
liquidation in September and then in October 2010 lost the
Australian franchise rights to the Baskin-Robbins brand. Villa &
Hut Holdings was placed into administration by Allied Brands in
November 2010.

Allied Brands's major lender, Westpac, also appointed receivers
and managers from McGrath Nicol to two Allied Brands subsidiaries
-- Allied Brands Service and Allied Brands Finance.


PEGASUS TOWERS: Receivers Sell Five 5 Quinlivan Titles
------------------------------------------------------
goldcoast.com.au reports that Gold Coast property industry figure
Dudley Quinlivan's woes have deepened, with receivers moving on
another of his properties, developed through Pegasus Towers
Corporation.

According to the report, BDO Kendalls is selling up five titles on
Ferry Rd once earmarked for a 14-home estate at Southport.

The sites are part of a 2996sqm seven-title holding with frontage
to Ferry Rd, Skiff and York streets that Mr. Quinlivan assembled
via Pegasus Towers at a cost of about AU$3.6 million.

They will be sold in an expressions-of-interest campaign closing
July 28, according to goldcoast.com.au.

The news comes after mortgagees this year moved on two Main Beach
properties Mr. Quinlivan held at 3649 and 3651 Main Beach Pde
through Croftworth Corporation, goldcoast.com.au says.  It paid
AU$5.85 million for the sites in 2005.

goldcoast.com.au relates that the properties have a total area of
812sqm and have development approval for a 12-storey residential
tower.  The sites go to auction on July 14.

Both sites are being marketed by Michael Willems of Ray White
Commercial Gold Coast, goldcoast.com.au discloses.

Mr. Quinlivan, goldcoast.com.au recalls, was disqualified from
managing a corporation for three years by the Australian
Securities and Investments Commission in 2008.  The period was
extended to five years in January, when he lost an appeal in the
Administrative Appeals Tribunal.

Mr. Quinlvan was involved with 14 companies that were wound up
between 2002 and 2007, goldcoast.com.au adds.


RAPTIS GROUP: Creditors' Proof of Debt Due on July 5
----------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Raptis Group
administrator Brian Silvia has begun a final round-up of creditors
in order to issue the first dividend promised to them almost two
years ago.

However, at this stage the payout is confined to an allotment of
still-worthless shares in the property developer, the report says.

The move, goldcoast.com.au notes, is seen as a precursor to Raptis
Group resuming operations after being spared liquidation in 2009
when it was placed into voluntary administration with debts of
nearly AU$1 billion.

goldcoast.com.au recounts that the creditors agreed in September
that year to a deed of company arrangement (DOCA) that would
deliver them between 12 and 15 in the dollar.  But an 11th-hour
claim by the Australian Taxation Office for AU$26 million has
since threatened to reduced the payout to between 4 and 5 in the
dollar, the report relates.

Under the DOCA, goldcoast.com.au discloses, the creditors were to
be allotted 35 million Raptis Group convertible preference shares
to be held in escrow for two years after their issue.

The shares formed a key plank of the DOCA, giving creditors an
opportunity to participate in any upside from a revived company,
goldcoast.com.au notes.

According to goldcoast.com.au, a circular issued last week has
called on creditors to formally prove their debt claim against
Raptis Group in preparation for the shares to be allotted on
July 22.  Creditors who have not already done so have until July 5
to prove their claim.

Company founder Jim Raptis said the planned share distribution was
just "part of the process" to get Raptis Group back on its feet.
"It's starting to bring it to fruition," he said.

Mr. Raptis said he could not say when Raptis Group would be back
in business and that the timeframe was up to the administrators.

                         About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AU$1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


VARLEY ENTERPRISES: Goes Into Liquidation
-----------------------------------------
The Coffs Coast Advocate reports that Varley Enterprises Pty Ltd,
trading as G J Gardner Homes Coffs Harbour, has gone into
liquidation, sending economic shockwaves through the region.

Coffs Coast Advocate relates that a note posted on the office of
the local franchise of G J Gardner Homes states the business has
been placed into voluntary liquidation and it directs creditors to
call local insolvency practitioners Clout and Associates.

According to the report, the collapse of the building company will
throw the dreams of many would-be homeowners into chaos and put
the livelihoods of dozens of local tradesmen and contractors at
risk.

It was estimated G J Gardner Homes built around 100 homes a year
in Coffs Harbour and may have up to 50 under construction, Coffs
Coast Advocate notes.

"I can confirm Varley Enterprises Pty Ltd, trading as G J Gardner
Homes Coffs Harbour, went into liquidation on the evening of June
20," Coffs Coast Advocate  quotes liquidator David Morgan of Clout
and Associates, as saying. "We will be sending out notifications
to creditors and also homeowners."

G.J. Gardner Homes Coffs Harbour is a home builder.


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


MELCO CROWN: Moody's Says Ratings Unaffected by Acquisition
-----------------------------------------------------------
Moody's Investors Service sees no immediate impact from Melco
Crown Entertainment Limited's acquisition of a 60% equity interest
and shareholder loans in the Macau Studio City project for US$360
million on the ratings of Melco Crown Entertainment's
subsidiaries.

Specifically, the subsidiaries and their ratings are: (i) MCE
Finance Limited's Ba3 corporate family and B1 senior unsecured
bond ratings, and (ii) Melco Crown Gaming (Macau) Limited's
(together with MCE Finance, "the Rated Group") Ba3 secured loan
rating.

The ratings outlooks remain stable.

"The acquisition is conducted outside the Rated Group and was pre-
funded with the RMB2.3 billion in bonds issued in April by Melco
Crown Entertainment. Hence, there is no immediate funding pressure
on the Rated Group and Melco Crown Entertainment," says Kaven
Tsang, a Moody's AVP/Analyst.

"However development of the Macau Studio City project will require
the issuance of more debt, which will in turn increase the
consolidated debt leverage of Melco Crown Entertainment," says Mr.
Tsang, also Moody's lead analyst for the Rated Group.

"But fund leakage from the Rated Group to support the Macau Studio
City project is unlikely to be material because the cash
distribution from the Rated Group is constrained by covenants in
existing rated secured loan facilities and the US$ bonds," says
Mr. Tsang.

However, any changes in the current financing structure or any
amendments to the terms or covenants of the existing loan
facilities and bond indentures -- that result in looser control
over the Rated Group's cash flow -- will warrant a ratings
reassessment.

Moody's expects Melco Crown Entertainment capable of developing
the Macau Studio City project as it has gained experience from
City of Dreams, which was completed on time and within budget. It
has also successfully ramped up City of Dream, such that its
EBITDA improved to US$430 million in 2010 from a deficit in 2009.

The principal methodology used in this rating was Global Gaming
published in December 2009.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Limited (Baa2/stable) and
Hong Kong-listed Melco International Development Ltd (unrated),
with each company holding a 33.36% equity stake. MCE Finance also
owns 100% economic interest in Melco Crown Gaming (Macau) Limited.

Melco Crown Gaming is the key operating company within the group
holding one of six gaming concessions/sub-concessions in Macau. It
operates two casinos in Macau -- Altira Macau and City of Dreams -
- and approximately 1,600 slot machines through Mocha Clubs.


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


HK AQUARIUM: Members' Final Meeting Set for July 22
---------------------------------------------------
Members of Hong Kong Aquarium Association Limited will hold their
final meeting on July 22, 2011, at 4:30 p.m., at Unit A, 12/F,
Nathan Commercial Building, 430-436 Nathan Road, in Kowloon.

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


HOI SING: Final Meetings Slated for July 27
-------------------------------------------
Contributories and creditors of Hoi Sing Transportation Co.,
Limited will hold their final general meeting on July 27, 2011, at
2:15 p.m., and 2:30 p.m., respectively at 25/F., Tern Centre Tower
I, 237 Queen's Road Central, in Hong Kong.

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


INFINITE EYEWEAR: Batchelor Appointed as New Liquidator
-------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Infinite Eyewear Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


JASMAN ASIAN: Annual Meetings Set for July 19
---------------------------------------------
Members and creditors of Jasman Asian Limited will hold their
annual meetings on July 19, 2011, at 4:00 p.m., and 4:30 p.m.,
respectively at 42/F, Central Plaza, 18 Harbour Road, Wanchai, in
Hong Kong.

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


JE MACHINERY: Members' Final Meeting Set for July 28
----------------------------------------------------
Members of JE Machinery Trading Limited will hold their final
general meeting on July 28, 2011, at 9:00 a.m., at 12 Science Park
East Avenue, 6/F., Hong Kong Science Park, Shatin, New
Territories, in Hong Kong.

At the meeting, Yip Chee Lan and Regina Tam Lai Ha, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JOYE INTERNATIONAL: Members' Final Meeting Set for July 22
----------------------------------------------------------
Members of Joye International Co Limited will hold their final
meeting on July 22, 2011, at 11:00 a.m., at 14/F, South China
Building, 1-3 Wyndham Street, Central, in Hong Kong.

At the meeting, Wang Poey Foon Angela, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


M.D. CREATION: John Howard Batchelor Appointed as New Liquidator
----------------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of M.D. Creation Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


MONTEGRAPPA 1912: Members' Final General Meeting Set for July 18
----------------------------------------------------------------
Members of Montegrappa 1912 Limited will hold their final general
meeting on July 18, 2011, at 11:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Betty Yuen Yeung and Paul David Stuart Moyes, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MOULIN GLOBAL: John Howard Batchelor Appointed as New Liquidator
----------------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Moulin Global Eyecare Services Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


MOULIN (H.K.): Batchelor Appointed as New Liquidator
----------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Moulin (H.K.) Logistics Company Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


NEW PARAGON: Yan and Haughey Appointed as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on June 9, 2011, were
appointed as liquidators of New Paragon Investments Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


NGAN YUE: Creditors' Proofs of Debt Due July 27
-----------------------------------------------
Creditors of Ngan Yue Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 27, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


OAKTREE INVESTMENTS: Batchelor Appointed as New Liquidator
----------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Oaktree Investments Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


PACIFIC WINES: Annual Meetings Set for July 8
---------------------------------------------
Members and creditors of Pacific Wines and Spirits Limited will
hold their annual meetings on July 8, 2011, at 11:00 a.m., and
11:30 a.m., respectively at Rm. 1402, On Hong Commercial Bldg.,
145 Hennessy Rd., Wanchai, in Hong Kong.

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


PEARL SYSTEMS: Creditors' Proofs of Debt Due July 17
----------------------------------------------------
Creditors of Pearl Systems Technologies 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 commenced wind-up proceedings on June 7, 2011.

The company's liquidator is:

         Heung Sai Kit
         11th Floor, Li Ka Shing Tower
         The Hong Kong Polytechnic University
         Hung Hum, Kowloon
         Hong Kong


PRO-ONE COMPUTER: Keung and Tsui Step Down as Liquidators
---------------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice stepped down as liquidators
of Pro-One Computer Limited on June 9, 2011.


ROYAL WOLF: Creditors' Proofs of Debt Due July 17
-------------------------------------------------
Creditors of Royal Wolf Holdings Hong Kong 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 commenced wind-up proceedings on May 31, 2011.

The company's liquidator is:

         David John Beaves
         Room 3801-6, 38th Floor
         ICBC Tower, Citibank Plaza
         3 Graden Road
         Hong Kong


TAK YUE: Creditors' Proofs of Debt Due July 27
----------------------------------------------
Creditors of Tak Yue Wing Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 27, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


WEI YIT: Hing and Morrison Step Down as Liquidators
---------------------------------------------------
Chan Wai Hing and Kenneth Graeme Morrison stepped down as
liquidators of Wei Yit Investment Limited on June 9, 2011.


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AGGARSAIN FIBRES: CARE Rates INR14.78cr LT Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Aggarsain Fibres Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     14.78       'CARE BB+' Assigned

Rating Rationale

The rating is mainly constrained by short track record of
operations and small scale of operations of Aggarsain Fibres Ltd.
(AFL) along with a below average financial risk profile marked by
low profit margins, high gearing, low debt coverage indicators and
below average liquidity position owing to the high working capital
requirements. Further, its operation in a fragmented and highly
competitive cotton yarn business also constrains the rating.
The rating, however, favorably takes into account the vast
experience of promoters of AFL in the agro business and benefits
derived by being located in proximity to the cotton growing region
which is a key raw material source.  The ability of the company to
increase its scale of operations with improvement in financial
risk profile would be the key rating sensitivity.

Punjab based AFL was incorporated in 2004 by Mr. Vijay Garg.  The
operations are mainly looked after by the current Managing
Director, Mr. Pradeep Kumar Goyal.  The company commenced its
operations in May 2007 by setting up a unit at Samana (Punjab)
with the initial installed capacity of 12,000 spindles for
manufacturing cotton yarn which has increased to 20,000 spindles
currently. The company produces cotton yarn in range of 20-32
counts. Its installed capacity of 20,000 spindles can produce
4,000 metric tonnes per annum of cotton yarn.

During FY10, the company registered total operating income of
INR26.50 crore (FY09: INR21.73 crore) with a PAT of INR1.88 crore
(FY09: INR0.10 crore).


DIN DAYAL: Fitch Migrates Ratings to Non-Monitored Category
-----------------------------------------------------------
Fitch Ratings has migrated India-based Din Dayal Purushottam Lal's
'B-(ind)' National Long-Term rating to the "Non-Monitored"
category. This rating will now appear as 'B-(ind)nm' on Fitch's
website. Simultaneously, the agency has classified the company's
bank loan ratings as "Non-Monitored":

   -- INR200m fund based and non-fund based programme: migrated to
      'B-(ind)nm'/'F4(ind)nm' from 'B-(ind)/F4(ind)'

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of DDPL. The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


JAIDADA PARIBAHAN: CRISIL Assigns 'BB-' Rating to INR135MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of Jaidada Paribahan Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR35.00 Million Cash Credit       BB-/Stable (Assigned)
   INR135.00 Million Long-Term Loan   BB-/Stable (Assigned)

The rating reflect JDP's limited track record of operations. This
rating weakness is partially offset by the benefits that JDP
derives from its promoters' experience in the container logistics
business, and strong operational synergies with Medi Drips
Carriers Pvt Ltd (Medi Drips, rated 'BB-/Stable/P4+' by CRISIL),
Jai Dada Movers Pvt Ltd (Jai Dada Movers, rated 'BB-/Stable' by
CRISIL), Jai Dada Infrastructure Pvt Ltd (Jai Dada Infra, rated
'BB-/Stable' by CRISIL), and Akshay Cargo Movers Pvt Ltd (Akshay
Cargo, rated 'BB-/Stable/P4+' by CRISIL).

Outlook: Stable

CRISIL believes that JDP will continue to benefit from its
promoter's extensive experience in the logistics industry, over
the medium term. The outlook may be revised to 'Positive' if the
company reports significant improvement in operating revenues and
margins coupled with improved working capital management while
maintaining its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to significant
deterioration in its profitability or in case of deterioration in
its cash cycle, or any large debt funded capital expenditure
programme results in deterioration in its debt protection metrics.

                     About Jaidada Paribahan

JDP, set up in March 2010 by the Dayma family of Kolkata (West
Bengal), provides container transportation services including odd
dimension consignment (ODC) for various industries including the
chemical, petrochemical, steel, and energy sectors. The company is
part of the Jai Dada group, which has four other companies in the
transportation services business. It has 5 trailers at present
with a combined capacity of about 12,000 tonnes.  The operations
of JDP have commenced from April 2011.

The other entities from the same group are Medi Drips, Jai Dada
Movers, Jai Dada Infra and Akshay Cargo. Medi drips and Jai Dada
Movers provide container transport service across India and also
operate a fleet of Volvo luxury buses under the brand 'Jai Dada'
to provide public transportation services from Kolkata to other
major towns in East India. Jai Dada Infra and Akshay Cargo provide
transportation services in the ODC category only. Mr. Sandeep
Dayma is the managing director of JDP.


JINDAL TIMBER: CRISIL Assigns 'B+' Rating to INR90MM LT Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the long-term
bank facilities of Jindal Timber & Plywood Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR90.0 Million Proposed LT Bank     B+/Stable (Assigned)
                      Loan Facility
   INR100.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect JTP's weak financial risk profile, marked by
small net worth, high ratio of total outside liability to net
worth, and weak debt protection metrics, small scale of
operations, and susceptibility to intense competition in the
timber industry, adverse regulatory changes, and volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of JTP's promoters in the
timber trading industry.

Outlook: Stable

CRISIL believes that JTP will continue to benefit from the
extensive experience of its promoters in the timber trading
business, over the medium term. The outlook may be revised to
'Positive' if JTP significantly increases its scale of operations
and improves its profitability or high total outside liability to
net worth ratio. Conversely, the outlook may be revised to
'Negative' in case of significant pressure on the company's
revenues and profitability.

                         About Jindal Timber

JTP was incorporated in 2008-09 (refers to financial year, April 1
to March 31). In 2009-10, JTP acquired the entire business
(including assets and liabilities) of a group partnership firm,
Jindal Cement & Jali Works, which was engaged in trading in and
sawing imported timber since 1976. JTP imports timber from
Malaysia and Singapore. It shapes and sizes timber as per customer
specifications at its in-house facility at its saw mill in
Gandhidham (Gujarat).


KARGWAL ENTERPRISES: CARE Rates INR17.25cr Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Kargwal Enterprises Pvt Ltd.

                                  Amount
   Facilities                   (INR crore)   Ratings
   ----------                   -----------   -------
   Long-term Bank Facilities       17.25      'CARE BB+' Assigned
   Short-term Bank Facilities      15.00      'PR 4+' Assigned

Rating Rationale

The ratings are constrained due to dependence on imported marble
subject to Government regulation, small scale of operations,
competition from established players and alternate tiling products
like vitrified tiles & ceramic tiles, currency risk pertaining to
imports, high operating cycle, project execution risk, high
dependence on bank borrowings in the backdrop of tightly balanced
cash flows and cyclical nature of the end-user industry.  However,
the rating derives strength from the established record of the
promoters, product catering to the tiling sector which has good
potential and location advantage due to vicinity of its processing
unit to port.  Ability to manage growth and working capital
requirements without any cash flow mismatches remain the key
rating sensitivities.

KEPL, started as a partnership firm in the year 2000, was
converted to a private limited company on March 31, 2008. The
promoters of the company have two decades of experience in
business. KEPL is engaged in the processing of rough marbles and
selling the polished marble on wholesale basis, primarily through
traders. The company has its manufacturing facilities located at
Silvassa, the major hub for marble processing industry in western
Maharashtra and sells its products all over India with major sales
coming from North India.

KEPL posted total income of INR47 crore in FY10 (a y-o-y decrease
of 26%) and PAT of INR0.36 crore compared to PAT of INR0.12 crore
in FY09. Further, as per provisional FY11 financials, the company
posted total income of INR61 crore and PAT of INR0.36 crore.


KULKARNI POWER: CRISIL Upgrades Rating on INR228MM Term Loan to BB
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kulkarni
Power Tools Ltd to 'BB/Stable/P4+' from 'BB-/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR228.0 Million Term Loan             BB/Stable (Upgraded from
                                                     'BB-/Stable')

   INR67.4 Million Cash Credit Facility   BB/Stable (Upgraded from
                                                     'BB-/Stable')

   INR71.6 Million Foreign Currency       BB/Stable (Upgraded from
                        Demand Loan                 'BB-/Stable')

   INR6.0 Million Bills Purchased/Bills   BB/Stable (Upgraded from
                    Discounted Facility              'BB-/Stable')

   INR23.5 Million Proposed Long-Term     BB/Stable (Upgraded from
                   Bank Loan Facility                'BB-/Stable')

   INR39.7 Million Letter of Credit       P4+ (Upgraded from 'P4')
                           Facility

   INR7.5 Mil. Bank Guarantee Facility    P4+ (Upgraded from 'P4')

The upgrade reflects CRISIL's belief that KPTL's financial risk
profile will continue to improve over the medium term in the
absence of any major capital expenditure (capex) plans in the near
future. Its cash accruals are also expected to improve on account
of improvement in revenues from the augmented capacity. KPTL, in
2010-11 (refers to financial year, April 1 to March 31), increased
its annual manufacturing capacity to 1 million units from 0.25
million units. For 2010-11, KPTL reported revenues of INR8.8
billion, a year-on-year growth of 35.6%, driven by increased sales
from the new capacity and healthy demand growth.

The ratings reflect KPTL's average financial risk profile, marked
by high gearing, exposure to competition in the electric power
tools industry, and vulnerability to volatility in raw material
prices. These rating weaknesses are partially offset by KPTL's
strong market position, and its promoters' industry experience.

Outlook: Stable

CRISIL believes that KPTL will maintain its market position over
the medium term on the back of its established customer
relationships. The outlook may be revised to 'Positive' if KPTL
significantly improves its working capital structure or in case of
more-than-expected off-take from its enhanced capacity, resulting
in improved margins and cash accruals. Conversely, the outlook may
be revised to 'Negative' if the company's working capital
requirements are larger than expected, leading to deterioration in
its financial risk profile, or if it reports less-than-expected
growth in operating revenues or a decline in margins.

                         About Kulkarni Power

KPTL was incorporated in 1976 as Kulkarni Black & Decker Ltd, a
joint venture between the Kulkarni group and Black & Decker, USA.
The company commenced commercial production in 1978. The
collaboration was terminated in 1993 as per mutually agreed terms,
and the name of the company was changed to the present one. KPTL
manufactures electric power tools for a variety of applications in
construction, automobiles, railways, shipyards, bus-body building,
fabrication work, housing, and general manufacturing. KPTL has a
manufacturing unit in Shirol (Maharashtra). In 2009-10, the
company undertook a capex of INR125 million to increase its annual
tool production capacity to 1 million from 0.25 million units. The
new capacity became operational in the first quarter of 2010-11.

KPTL reported a profit after tax (PAT) of INR38.8 million on net
sales of INR879.7 million for 2010-11, against a PAT of INR46.2
million on net sales of INR648.2 million for 2009-10.


LAMINA INTERNATIONAL: CRISIL Assigns 'P4' Rating to INR18.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'P4' ratings to the bank facilities of
Lamina International.

   Facilities                               Ratings
   ----------                               -------
   INR18.50 Million Export Packing Credit   P4 (Assigned)
   INR60.00 Million Foreign Bill Purchase   P4 (Assigned)

The ratings reflect Lamina group's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
exposure to risks related to volatility in raw material prices,
and large working capital requirements. These rating weaknesses
are partially offset by Lamina group's established position in the
automotive components and iron castings sector, and established
customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LI, Lamina Suspension Products Ltd,
Lamina Foundries Ltd.  This because the three entities,
collectively referred to as the Lamina group, are under a common
management, have fungible cash flows, and derive considerable
operational and business synergies from each other.

Outlook: Stable

CRISIL believes that the Lamina group will continue to benefit
over the medium term from its established track record in the
automotive components sector and its long-standing relationships
with its customers. The outlook may be revised to 'Positive' if
the group improves its capital structure and reports better-than-
expected sales growth and improvement in its margins. Conversely,
the outlook may be revised to 'Negative' if the Lamina group's
liquidity deteriorates further, its revenue or margins decline
significantly, or if the group contracts more-than-expected debt
to fund its capital expenditure.

                        About the Group

The Lamina group was formed by Mr. N V Hegde, Mr. T R Shenoy, and
Mr. Guruprasad Adyanthaya.

Set up in 1992, LI acts as an export house of LSPL and LFL as it
purchases leaf springs from LSPL and brake drums from LFL and
exports the same to European countries.

LSPL was set up in Mangalore (Karnataka) as a private limited
company in 1976 and currently manufactures multi-leaf and
parabolic springs for use in the automobiles sector (at a capacity
of 14,500 tpa) which are used in the replacement market. In 1989,
the company began exporting its products to the US, the UK, Italy,
South Korea, and a few other countries.

Set up in 1981, LFL is a subsidiary of LSPL and is currently
engaged in manufacture of iron castings such as brake drums, motor
bodies, flywheels, and valve bodies (at a capacity of 19,200
tonnes per annum) for use in the automobile, construction
equipment, and compressor-manufacturing industries. The company
has been listed in Bangalore Stock Exchange and Madras Stock
Exchange. LFL is referred to BIFR at present.

The Lamina group's profit after tax (PAT) and net sales are
estimated at INR38 million and INR1.5 billion respectively for
2010-11 (refers to financial year, April 1 to March 31). The
Lamina group reported a profit after tax (PAT) of INR25 million on
net sales of INR1.1 billion for 2009-10, as against a PAT of INR11
million on net sales of INR1.2 billion for 2008-09.


LIVINGSTONES JEWELLERY: CRISIL Puts 'B' Rating on INR32MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Livingstones Jewellery
Pvt Ltd continues to reflect LJPL's below-average financial risk
profile, driven by low cash accruals and large working capital
requirements, and small scale of operations in the jewellery
manufacturing business. These rating weaknesses are partially
offset by significant improvement in LJPL's topline growth and
profitability over the past two years.

   Facilities                              Ratings
   ----------                              -------
   INR58.3 Million Post Shipment Credit    B/Stable
   (Enhanced from INR50.5 Million)

   INR54.7 Million Export Packing Credit   B/Stable
   (Enhanced from INR23.0 Million)

   INR32.0 Million Cash Credit             B/Stable (Assigned)

Outlook: Stable

CRISIL believes that LJPL will continue to benefit over the medium
term from its promoters' experience in the jewellery manufacturing
business. The outlook may be revised to 'Positive' if LJPL's
financial risk profile improves, backed by more-than-expected
improvement in the company's net cash accruals and overall working
capital management. Conversely, the outlook may be revised to
'Negative' if LJPL's liquidity and profitability deteriorate,
leading to significant weakening of the company's financial risk
profile.

Update
LJPL's sales increased by 24% year-on-year during 2010-11 (refers
to financial year, April 1 to March 31) primarily because of
increase in gold and diamond prices. The company has also
increased its focus on the domestic market (37% of sales during
2010-11). The company has reduced its customer concentration risk
over the past few years since it suffered a setback in 2008-09
because of bankruptcy of its key customer, Fabricant Leer.
However, LJPL's operating margin in 2010-11 was lower than that in
2009-10 because of increase in inventory prices. The company does
not utilise gold loan facility to hedge gold purchases. Inventory
levels have reduced to INR123 million (140 days) as on March 31,
2011 from INR140 million (200 days) in the previous years because
of improved inventory management practices with lower gold
inventory being maintained. Moreover, the company's debtor
collection has also improved because of increased customer
diversification and higher sales in the domestic market. LJPL's
debtors were 75 days as on March 31, 2011 vis--vis trend of 92 to
175 days over the past three years. However, the company's
payables have reduced significantly to 44 days as on March 31,
2011 since the credit period for diamonds has reduced, as it get
reduced credit from diamond traders. Hence, LJPL's net working
capital requirements remain large leading to high utilization of
bank limits in the range of 85% over the past 12 months.

                    About Livingstones Jewellery

Set up in 1989 by Mr. Sandip Kothari and Mr. Pankaj Kothari, LJPL
designs and manufactures diamond-studded gold jewellery. The
company is entirely owned by the members of the Kothari family;
Mr. Sandip Kothari, managing director, manages the day-to-day
operations of the company. LJPL's manufacturing unit is located at
Santacruz Electronics Export Processing Zone-Special Economic Zone
in Mumbai (Maharashtra).

LJPL reported a profit after tax (PAT) of INR5 million on net
sales of INR266 million for 2009-10, against a loss of INR3
million on net sales of INR167 million for 2008-09.


MAHADEV GINNING: CARE Rates INR10cr LT Bank Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Mahadev Ginning & Pressing Pvt Ltd.

                                 Amount
   Facilities                  INR crore)    Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities      10.00      'CARE B+' Assigned

Rating Rationale

The rating of Mahadev Ginning & Pressing Pvt Ltd is constrained by
its small scale of operations restricting economies of scale,
limited value addition in the cotton ginning business and its weak
financial risk profile marked by low and fluctuating
profitability, low capital base and highly leveraged capital
structure. Susceptibility of its inherently low margins to
volatility associated with cotton prices, presence in the highly
fragmented and competitive agro-commodity business entailing
limited pricing flexibility and regulatory uncertainties on export
of cotton and fixation of Minimum Support Price (MSP) of cotton
further constrain the rating.  These constraints far outweigh the
benefits derived from the promoters' experience and locational
advantage by way of proximity to the cotton seed growing regions
in Gujarat.  Rationalization of debt levels coupled with increase
in capital base and MGPPL's ability to manage volatility
associated with cotton prices and thereby improve its
profitability and cash accruals would remain the key rating
sensitivity.

Gujarat-based MGPPL, promoted by Mr. Jagdish Bodar and Mr. Ramji
Bodar, was incorporated on May 18, 2006. MGPPL is a small sized
company engaged in cotton ginning and pressing to produce cotton
bales and cotton seeds. While cotton bales are used in the
manufacturing of cotton yarn, cotton seeds are further processed
for extraction of edible oil and oil cake. MGPPL's manufacturing
facilities are located at Rajkot with an installed processing
capacity of 250 bales of cotton per day while that of cotton
seeds is 1,200 bags per day as on March 31, 2010. The promoters
have 10 years of experience in the cotton industry and prior to
incorporation of MGPPL, all of them were engaged in the trading of
cotton.

As against a PAT of INR0.05 crore on a total operating income of
INR30.06 crore in FY09, MGPPL earned a PAT of INR0.03 crore on a
total operating income of INR16.68 crore during FY10. Furthermore,
as per the provisional results for FY11, MGPPL earned a PAT of
INR0.41 crore on a total income of INR55.80 crore.


NEEDS SRI SAI: CRISIL Assigns 'BB-' Rating to INR260M Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Needs Sri Sai Traders Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR260.00 Million Cash Credit       BB-/Stable (Assigned)
   INR30.00 Million Bank Guarantee     P4+ (Assigned)
   INR30.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect NSSTPL's below-average financial risk profile,
marked by moderate gearing and weak debt protection metrics. The
rating also factors in NSSTPL's modest scale of operations and
exposure to geographical concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of NSSTPL's promoters in the distribution of consumer
durables and fast-moving consumer (FMCG) products and its
established relationships with various suppliers.

Outlook: Stable

CRISIL believes that NSSTPL will continue to benefit over the
medium term from the industry experience of its promoters and
established relationships with various suppliers. The outlook may
be revised to 'Positive' if there is a substantial improvement in
the company's scale of operations and profitability, leading to
higher cash accruals. Conversely, the outlook may be revised to
'Negative' if there is a decline in revenues and profitability or
if NSSTPL undertakes a large debt-funded capital expenditure
programme or if the company's relationship with its suppliers
deteriorates.

                        About Needs Sri Sai

NSSTPL was incorporated as a private limited company in April 2011
by Mr. Oora Sampath Rao and his family members by merging four
entities: Needs Marketing Agency, Sri Datta Sai Enterprises, Om
Sree Sai Enterprises, and Sri Sathya Sai Enterprises. These
entities were earlier managed independently by Mr. Oora Sampath
Rao and his relatives. NSSTPL is a distributor of consumer
durables and fast-moving consumer goods for brands, such as
Samsung, Sony, Daenyx International, Parle, and Nestle. The
company also trades edible oils from Kamdhenu & Co (rated 'BB-
/Stable/P4+' by CRISIL).

NSSTPL reported a profit after tax (PAT) of INR11.8 million on net
sales of INR1.7 billion for 2010-11 (refers to financial year,
April 1 to March 31).


NEERU ENTERPRISES: CARE Assigns 'CARE BB+' Rating to INR1cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Neeru Enterprises.

                                  Amount
   Facilities                  (INR crore)  Ratings
   ----------                  -----------  -------
   Long-term Bank Facilities      1.00      'CARE BB+' Assigned
   Short-term Bank Facilities    24.00      'PR4+' Assigned

Rating Rationale

The ratings of Neeru Enterprises are constrained by the modest
size of business operation, its constitution as a proprietary firm
leading to possibility of withdrawal of capital and restricted
financial flexibility and working capital intensive nature of
operation. The ratings are further constrained by intense
competition in the industry and its susceptibility to vagaries of
weather, mentha being an agricultural commodity and vulnerability
of its profitability to fluctuations in raw material prices. The
above weaknesses are partially offset by its experienced
promoters, good customer base and geographically-diversified
revenue mix.  The ability to improve scale of operation along with
improving profitability and funding mix of any future capex plans
are the key rating sensitivities.

Neeru Enterprise, promoted by Mr. Vishnu Kapoor as a proprietary
concern in 1980, is located at Rampur, Uttar Pradesh (UP). In
2005, NEERU expanded and diversified into producing
dihydromyrcenol through a new unit which is s 100% export-oriented
unit. Mr. Vishnu Kapoor looks after day-to-day operations
including production and marketing.

During FY10 (audited), NEERU reported PAT of INR2.36 crore on a
total income of INR51.89 crore as against PAT of INR1.21 crore on
a total income of INR33.47 crore in FY09.


PASHUPATI CASTINGS: CARE Puts 'CARE BB+' Rating on INR4.9cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR 4' ratings to the bank facilities
of Pashupati Castings Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                   -----------   -------
   Long-term Bank Facilities       4.99       'CARE BB+' Assigned
   Long-term/Short-term Bank      14.00       'PR 4' Assigned
                 Facilities

Rating Rationale

The ratings of Pashupati Castings Ltd. (PCL) are constrained on
account of its modest scale of operations; below-average financial
profile marked by thin profitability, high leverage and working
capital intensive nature of its operations. The ratings are also
constrained on account of PCL's susceptibility to raw material
price fluctuation risk, exposure to cyclicality inherent in the
steel industry and intense competition due to the fragmented
nature of the TMT Bar industry.  These constraints far outweigh
the benefits derived from the promoters' vast experience in the
steel industry and the proximity of PCL's manufacturing facility
to both its customers and suppliers.  PCL's ability to increase
its scale of operations by expanding its geographical reach while
simultaneously managing the inherent volatility associated with
raw-material prices in the steel industry would remain the key
rating sensitivities.

Aligarh (Uttar Pradesh) based Pashupati Castings Limited,
incorporated in April 1996, is a closely-held public limited
company promoted by Mr. Yogendra Kumar and Mr. Manoj Sachdeva.
PCL is primarily engaged in the manufacturing and selling of M.S.
Ingots, M.S. Bars and TMT Bars. PCL primarily sells its TMT bars
in surrounding areas of Uttar Pradesh and Delhi under the brand
name of Pashupati TMT.  PCL operates from its sole manufacturing
facility located in Aligarh where it has an installed capacity of
24,750 MTPA (Metric Tons Per Annum) for MS Ingots and 75,000 MTPA
for TMT Bars as on March 31, 2010.


PRAYASH STEEL: CRISIL Assigns 'BB-' Rating to INR27.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of Prayash Steel.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Cash Credit        BB-/Stable (Assigned)
   INR27.50 Million Long-Term Loan     BB-/Stable (Assigned)
   INR12.50 Million Proposed LT Bank   BB-/Stable (Assigned)
                      Loan Facility

The rating reflects PSL's average financial risk profile, marked
by small net worth, moderate gearing, average debt protection
metrics, and low profitability. These rating weaknesses are
partially offset by the extensive industry experience of PSL's
promoters.

Outlook: Stable

CRISIL believes that PSL will continue to benefit from its
promoters' extensive industry experience and strong customer
relations, over the medium term. The outlook may be revised to
'Positive' in case of more-than-expected demand for its products,
leading to improved operating revenues and profitability, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected debt-funded capital expenditure.

                        About Prayash Steel

PSL, set up in 2006 by Mr. Suresh Agrawal, manufactures mild steel
ingots, which are used by manufacturers of structural steel and
thermo-mechanically treated bars. Its manufacturing facility at
Raipur (Chhattisgarh) has a capacity of 30,000 tonnes per annum.
Most of its products are sold to local traders and manufacturers
based in Chhattisgarh.

PSL reported a profit after tax (PAT) of INR4.2 million on net
sales of INR 764.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR422.7 million for 2009-10.


PV SONS: CRISIL Assigns 'BB' Rating to INR41.4MM Rupee Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of PV Sons Corn Milling Company Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit        BB/Stable (Assigned)
   INR41.4 Million Rupee Term Loan    BB/Stable (Assigned)
   INR3.6 Million Proposed LT Bank    BB/Stable (Assigned)
                     Loan Facility
   INR15.0 Million Letter of Credit   P4+ (Assigned)
          & Bank Guarantee Facility

The ratings reflect the PV Corn's average financial risk profile,
marked by small net worth, moderate gearing, and average debt
protection metrics, large working capital requirements, seasonal
nature of operations. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
maize processing industry and good customer profile.

Outlook: Stable

CRISIL expects PV Corn to maintain its business profile backed by
its promoter's long standing experience in the maize processing
industry and good customer profile. The outlook may be revised to
'Positive' in case the company is able to generate larger than
expected revenues from the incremental capacity while maintaining
the operating margins, and if there is an improvement in the debt
protection metrics of the company, or if there is equity infusion
by the promoters to support the increase in scale of operations.
Conversely, the outlook may be revised to 'Negative' in case, the
operating margins of the company decline substantially, or if the
company further undertakes larger than expected debt funded capex,
which puts pressure on company's debt protection measures.

                              About PV Corn

PV Corn was incorporated as a limited company in 2003 by the
Chheda family and is promoted by second generation entrepreneurs
of Chheda family, Mr. Parag Chheda, Mr. Mehul Chheda, Mr. Mayur
Chheda, Mr. Niket Chheda and Mr. Paresh Chheda. The company is
engaged in corn milling operations and began commercial production
in 2006. The plant has an annual corn milling capacity of around
3, 60,000 tonnes and rice milling capacity of 1,20,000 tonnes.
The company plans to increase its annual corn milling capacity by
15,000 tonnes in 2011-12, by incurring a capital expenditure of
around INR20 million. In addition, the company also plans to
increase the storage capacity by 10,000 tonnes by incurring a
capex of around INR30 million. The new capacity is expected to
commence commercial production by January 2012.

PV Corn (on a provisional basis) reported a profit after tax (PAT)
of INR9.7 million on net sales of INR395 million for 2010-11
(refers to financial year, April 1 to March 31) and a PAT of INR12
million on net sales of INR332 million.


REGAL TRANSCORE: CRISIL Reaffirms 'B-' Rating on INR73.5MM Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Regal Transcore
Laminations Pvt Ltd, continue to reflect the Udasee group's below-
average financial risk profile, marked by a high gearing, weak
debt protection metrics, and a small net worth, and exposure to
intense competition in the electrical laminations segment for
power transformers.  These rating weaknesses are partially offset
by the healthy growth in the Udasee group's revenues because of
rising demand from the power sector.

   Facilities                         Ratings
   ----------                         -------
   INR73.5 Million Cash Credit        B-/Stable (Reaffirmed)
   INR20.0 Million Bill Discounting   P4 (Reaffirmed)
   INR85.0 Million Letter of Credit   P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Regal Transcore and its associate
company Udasee Stampings Pvt Ltd.  This is because both the
entities, together referred to as the Udasee group, have common
promoters and management, are in the same line of business, and
have strong operational linkages with each other. The companies
have also provided corporate guarantees to each other.

Outlook: Stable

CRISIL believes that the Udasee group will continue to benefit
over the medium term from its established relationships with its
suppliers and customers. However, the group's financial risk
profile is expected to remain constrained during this period,
marked by a high gearing and low margins, because of large working
capital requirements. The outlook may be revised to 'Positive' if
the Udasee group's capital structure improves significantly and if
the group reports a more-than-expected improvement in its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's gearing increases and debt protection metrics weaken
because of high reliance on debt to fund working capital
requirements.

Update

The Udasee group's revenues declined marginally during 2010-11
(refers to financial year, April 1 to March 31) year-on-year
because of significant volatility in raw material prices leading
to reduced orders being pursued by the group. However, operating
profitability was higher during 2010-11 despite increase in steel
prices, since the group was primarily pursuing profitable orders.
The Udasee group is also focusing on providing higher value-added
products such as manufacturing core assembly for transformers. The
group's working capital requirements remain large with gross
current assets of around 200 days (funded by bank borrowing)
during 2010-11; this has led to high gearing of around 4 times
over the past two years. The Udasee group's liquidity remains weak
with high bank limit utilizations in the range of 98% and
instances of letter of credit devolvement over the past 12 months;
these were cleared within one week. This is partially offset by
absence of term loan obligations.

                         About the Group

Regal Transcore was set up as a proprietary firm named Regal
Laminator in 1988, and was incorporated as a private limited
company with its current name in 1998. Udasee Stamping was
incorporated in 1993. Both the companies are promoted and owned by
the Udasi family and have plants in the Jetpur Industrial Area in
Jaipur (Rajasthan).

The Udasee group manufactures electrical laminations for
transformers and has total installed capacity of 15 tonnes per
day. The group primarily sells laminations to transformer
manufacturers who are suppliers to state electricity boards.

The Udasee group reported a profit after tax (PAT) of INR2.8
million on net sales of INR468.6 million for 2009-10, against a
PAT of INR1.7 million on net sales of INR487.6 million for
2008-09.


SAHARA DREDGING: CRISIL Places 'BB-' Rating on INR20MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sahara Dredging Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         BB-/Stable(Assigned)
   INR46.6 Million Rupee Term Loan   BB-/Stable(Assigned)
   INR79.2 Million Bank Guarantee    P4+(Assigned)

The ratings reflect SDL's small scale of operations with limited
track record of direct successful bidding for large dredging
contracts and customer concentrated risk. These rating weaknesses
are partially offset by SDL's above-average financial risk
profile, marked by moderate working capital requirements and
healthy debt protection metrics and the experience of SDL's
promoters in the shipping and dredging industry.

Outlook: Stable

CRISIL believes that SDL will benefit over the medium term from
its promoters' extensive experience in the dredging business. The
outlook may be revised to 'Positive' if the company improves its
revenue visibility backed by successful bidding for new contracts
and diversifies its customer profile. Conversely, the outlook may
be revised to 'Negative' in case SDL generates significantly
lower-than-expected revenues and profitability, undertakes any
larger-than-anticipated debt-funded capital expenditure, or faces
time overruns in its ongoing and future projects.

                       About Sahara Dredging

SDL was setup by Mr. Asif Dadarkar in 1994 as Maldar Dredging Ltd;
the company was renamed in 1998. SDL is primarily engaged in the
business of dredging. Mr. Asif Dadarkar and his family have been
engaged in various shipping-related activities for over 25 years.
These include transportation of water and fuel to ships, barge
hire and maintenance, and launch-hire service. SDL mainly
specialises in shallow draft dredging in which dredging activity
is undertaken within two kilometres off the shore. SDL also acts
as a sub-contractor to larger dredging/construction companies,
such as Dredging Corporation of India Ltd and ITD Cementation
India Ltd. Currently, SDL derives almost 85% of its revenues from
sub-contracting and the rest from direct contracts from Kandla
Port Trust and Mazgaon Dock Ltd.

SDL reported a profit after tax (PAT) of INR6.5 million on net
sales of INR147.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR146.1 million for 2008-09.


SANGHAVI STAR: CRISIL Rates INR100MM Overdraft Facility at 'BB'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the overdraft
facility of Sanghavi Star Retail Pvt Ltd.  The rating reflects the
SSR's moderate financial risk profile and the susceptibility of
its operating performance to intense competitive pressures in the
domestic gems and jewellery segment.

   Facilities                              Ratings
   ----------                              -------
   INR100.00 Million Overdraft Facility    BB/Stable (Assigned)

These weaknesses are partly offset by SSR's established market
position and the long standing industry experience of promoters.

Outlook: Stable

CRISIL believes Sanghavi Star Retail Pvt Ltd (SSR) will maintain
its stable business profile on account of the long standing
experience of the promoters, the established relationship with its
channel partners. The outlook may be revised to 'Positive 'in case
of significant & sustainable improvement in scale of operations,
profitability and working capital cycle. Conversely, the outlook
may be revised to negative in case of significant deterioration in
profitability or working capital cycle, resulting in deterioration
in its gearing and debt protection indicators.

                       About Sanghavi Star

Sanghavi Star Retail Pvt Ltd. is a part of INR2000 Crore Sanghavi
Group of Surat and Mumbai. SSR is engaged in trading of polished
diamonds and manufacturing of studded jewellery at its factory
based at Surat. Sanghavi group has been promoted by 4 brothers viz
Kirtilal, Chandrakant, (Late) Vasant and Ramesh Sanghavi.

SSR reported a profit after tax (PAT) of INR13.70 million on net
sales of INR845 million for 2009-10 (refers financial year, April
1 to March 31) as against a PAT of 10.80 million on net sales of
INR661.50 million for 2008-09.


SHAKAMBHARI OVERSEAS: CRISIL Reaffirms 'B' Cash Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shakambhari Overseas
Trades Pvt Ltd continue to reflect the company's average financial
risk profile, marked by a low operating margin, susceptibility of
operating margin to volatility in raw material prices, and the
company's vulnerability to slowdown in end-user industries. These
rating weaknesses are partially offset by the extensive experience
of SOTPL's promoters in the coal and iron ore industry.

   Facilities                         Ratings
   ----------                         -------
   INR68.00 Million Cash Credit       B/Stable (Reaffirmed)
   INR12.00 Million Letter of Credit  P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SOTPL will continue to benefit from the
extensive experience of its promoters in the coal and iron ore
industry. The outlook may be revised to 'Positive' if the company
improves its business and financial risk profiles significantly,
backed by more-than-expected growth in revenues, operating margin,
and net cash accruals. Conversely, the outlook may be revised to
'Negative' if SOTPL's revenues, operating margin, and
profitability decline further, or the company extends substantial
financial support to its group companies, or it undertakes large,
debt-funded capital expenditure programme, leading to weakening in
its debt protection metrics.

                     About Shakambhari Overseas

SOTPL is part of the Gagan group, which also includes Gagan
Commodities Pvt Ltd.  SOTPL, which was incorporated in 1992,
trades coking coal. From 2002 onwards, the company started
manufacturing ingots at its plant, which has installed capacity of
24,000 tonnes per annum (tpa). SOTPL subsequently expanded its
capacity to 48,000 tpa in 2006. Both SOTPL and GCPL are based in
Burdwan (West Bengal), which has several coal and iron ore mines
in its vicinity. The companies are managed and promoted by Mr.
Vinay Kumar Agarwal and his friend, Mr. Deepak Kumar Agarwal.

SOTPL reported a profit after tax (PAT) of INR16.8 million on net
sales of INR730 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR780.1 million for 2008-09.


SHERA ENERGY: CRISIL Assigns 'BB' Rating to INR11.8MM Corp. Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shera Energy Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       BB/Stable (Assigned)
   INR50 Million Standby Line of    BB/Stable (Assigned)
                          Credit
   INR11.8 Million Corporate Loan   BB/Stable (Assigned)
   INR33.5 Million Long-Term Loan   BB/Stable (Assigned)
   INR100 Million Letter of Credit  P4+ (Assigned)
   INR100 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect SEPL's weak financial risk profile, marked by
a high gearing, moderate debt protection metrics, and a small net
worth; the ratings also reflects SEPL's exposure to intense
competition in the non-ferrous metal industry. These rating
weaknesses are partially offset by the benefits that SEPL derives
from its promoter's established position in the copper business,
and its prudent working capital management.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's established track record in the industry.
The company's financial risk profile is expected to remain weak
during this period because of modest accruals and high incremental
working capital requirements The outlook may be revised to
'Positive' if there is substantial improvement in profitability
and equity infusion leading to improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected operating margin or larger-than-expected
working capital requirements putting pressure on SEPL's financial
risk profile.

                        About Shera Energy

Incorporated in 2009, Jaipur (Rajasthan)-based SEPL acquired the
existing business of Shera Metals & Engineers (SME). SME, a
proprietary firm was set up in 2003 by Mr. Sheikh Naseem to
manufacture copper and aluminum winding wires as well as
transformers. SEPL's capacity of 6000 tonnes of winding wires per
annum is currently operating at about 95%.

For 2010-11 (refers to financial year, April 1 to March 31),
SEPL's profit after tax (PAT) is estimated at INR19.7 million on
net sales of INR1943.8 million, against a PAT of INR17.8 million
on net sales of INR1317.5 million for 2009-10.


UDASEE STAMPINGS: CRISIL Reaffirms 'B-' Rating on INR60MM Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Udasee Stampings Pvt
Ltd (Udasee Stampings, part of Udasee group), continue to reflect
the Udasee group's below-average financial risk profile, marked by
a high gearing, weak debt protection metrics, and a small net
worth, and exposure to intense competition in the electrical
laminations segment for power transformers. These rating
weaknesses are partially offset by the healthy growth in the
Udasee group's revenues because of rising demand from the power
sector.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        B-/Stable (Reaffirmed)
   INR20.0 Million Bill Discounting   P4 (Reaffirmed)
   INR72.5 Million Letter of Credit   P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Udasee Stampings and its associate
company Regal Transcore Laminations Pvt. Ltd. (Regal Transcore).
This is because both the entities, together referred to as the
Udasee group, have common promoters and management, are in the
same line of business, and have strong operational linkages with
each other. The companies have also provided corporate guarantees
to each other.

Outlook: Stable

CRISIL believes that the Udasee group will continue to benefit
over the medium term from its established relationships with its
suppliers and customers. However, the group's financial risk
profile is expected to remain constrained during this period,
marked by a high gearing and low margins, because of large working
capital requirements. The outlook may be revised to 'Positive' if
the Udasee group's capital structure improves significantly and if
the group reports a more-than-expected improvement in its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's gearing increases and debt protection metrics weaken
because of high reliance on debt to fund working capital
requirements.

Update

The Udasee group's revenues declined marginally during 2010-11
(refers to financial year, April 1 to March 31) year-on-year
because of significant volatility in raw material prices leading
to reduced orders being pursued by the group. However, operating
profitability was higher during 2010-11 despite increase in steel
prices, since the group was primarily pursuing profitable orders.
The Udasee group is also focusing on providing higher value-added
products such as manufacturing core assembly for transformers. The
group's working capital requirements remain large with gross
current assets of around 200 days (funded by bank borrowing)
during 2010-11; this has led to high gearing of around 4 times
over the past two years. The Udasee group's liquidity remains weak
with high bank limit utilisations in the range of 98% and
instances of letter of credit devolvement over the past 12 months;
these were cleared within one week. This is partially offset by
absence of term loan obligations.

                          About the Group

Regal Transcore was set up as a proprietary firm named Regal
Laminator in 1988, and was incorporated as a private limited
company with its current name in 1998. Udasee Stamping was
incorporated in 1993. Both the companies are promoted and owned by
the Udasi family and have plants in the Jetpur Industrial Area in
Jaipur (Rajasthan).

The Udasee group manufactures electrical laminations for
transformers and has total installed capacity of 15 tonnes per
day. The group primarily sells laminations to transformer
manufacturers who are suppliers to state electricity boards.

The Udasee group reported a profit after tax (PAT) of INR2.8
million on net sales of INR468.6 million for 2009-10, against a
PAT of INR1.7 million on net sales of INR487.6 million for
2008-09.


UNNAO DISTILLERIES: CRISIL Reaffirms 'B+' Rating on INR28.7M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unnao Distilleries &
Breweries Ltd continue to reflect low offtake from Unnao's
principal buyer in Uttar Pradesh, the company's modest scale of
operations, low operating margin, and pressure on its liquidity
because of sizeable excise duty payments. These rating weaknesses
are partially offset by Unnao's strong market position in the
country liquor segment in UP, its healthy capital structure, and
moderate debt protection metrics.

   Facilities                      Ratings
   ----------                      -------
   INR140.0 Million Cash Credit    B+/Stable (Reaffirmed)
   INR28.7 Million Term loan       B+/Stable (Reaffirmed)
   INR7.0 Million Bank Guarantee   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Unnao's business risk profile will remain
constrained over the medium term as the company will remain
exposed to off take risks, resulting in low revenue visibility.
The outlook may be revised to 'Positive' if Unnao reports more-
than-expected revenues or profitability, thereby improving its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company reports lower-than-expected revenues or profitability,
or if the company undertakes a larger-than-expected debt-funded
capital expenditure programme, weakening its capital structure.

Update

For 2010-11 (refers to financial year, April 1 to March 31),
Unnao's operating income is estimated to have declined to around
INR820 million from INR1185 in 2009-10. Revenues decline by around
31% in 2010-11 over that in the previous year, mainly because of
reduced offtake by the principal buyer. In 2010-11, Unnao
undertook a capex of around INR40 million (estimated) towards
setting up a bio-composting plant and an administrative block for
directors, adjacent to the manufacturing unit; the capex was
funded by internal accruals. In 2009-10, the company had
undertaken a capex of INR67 million (funded by internal accruals)
towards purchasing plant, machinery, and land; the capex was aimed
at meeting regulatory requirements for manufacturing liquor from
Extra Neutral Alcohol (ENA), against rectified spirit (RS) used
earlier. The shift to ENA was done at the old plant. The current
capacity of the plant is around 30 kilolitres per day. CRISIL
expects Unnao's gearing to remain below 1 time over the medium
term.

Unnao's liquidity remains under pressure. It had high bank limit
utilisation of 90-95% for 2010-11.

Unnao reported a PAT of INR3.2 million on net sales of INR1185
million for 2009-10, as against a net loss of INR1.2 million on
net sales of INR1131 million for 2008-09.

                      About Unnao Distilleries

Unnao was formed by taking over the operations of ACT Ltd in 2000.
Unnao manufactures country liquor under the Madhuri brand, and
Indian-made foreign liquor (IMFL) under the brands High Choice and
Deluxe. Its operations are restricted to UP. It has an installed
capacity of 19 million litres per annum for commercial spirit and
potable liquor. Around 90% of its total turnover comes from sales
of country liquor.


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


PAKUWON JATI: Moody's Upgrades CFR to B3; Outlook Positive
----------------------------------------------------------
Moody's Investors Service has upgraded PT Pakuwon Jati Tbk's
corporate family rating and senior secured bond rating to B3 from
Caa1.

The outlook for the ratings is positive.

Ratings Rationale

"The upgrade reflects the company's improved credit metrics and
increased levels of recurring income, both because of strong
leasing performance and presales for the properties at its
Gandaria City project," says Alvin Tan, a Moody's Analyst.

As of March 31, 2011, approximately 93% of the retail mall at
Gandaria City had been leased, 92% of its two condominium towers
sold, and 77% of the offices either sold or leased.

The high occupancy rates and long leases for the retail mall --
with 89% locked in for five-to10-year periods -- will improve
Pakuwon's recurring income stream at least over the medium term.

"As a result of the strong presales at the Gandaria City and
Pakuwon City projects, coupled with the improved recurring income
from Gandaria City, Pakuwon's Debt/Capitalization improved to 45%
in FY2010 from 50% in the previous year, and EBITDA/Interest
coverage rose to 4.5x," says Tan.

"Moody's expects income from the property development segment over
the next 1-2 years to be driven by presales from the Tanjungan V
project, Pakuwon City project, and sales of the remaining Gandaria
City units. Moody's also expects the company to maintain
debt/capitalization at below 50% and EBITDA/Interest coverage
between 3x and 5x over the next 2-3 years, still strong for its B3
rating," he adds.

Pakuwon had cash and cash equivalents of around IDR382 billion as
of end-March 2011, which is more than its maturing debt of
IDR270 billion over the next four quarters. The maturing debt
includes IDR142 billion from the unexchanged senior secured notes
due in November 2011.

The positive outlook reflects Moody's expectation that Pakuwon
will be well-supported by the improved recurring income from its
investment properties, as well as ongoing financial discipline in
its pursuit of its growth strategy.

Further track record of prudent investment and strategy decisions
over the coming 12-18 months could see Pakuwon's ratings upgraded
further to B2. An upgrade would also be supported by sustained
improvements in sales performance and cash flow generation and
further strengthening of recurring income. Credit metrics that
will support an upgrade include EBITDA/interest coverage above
3.0x and adjusted leverage below 45-50% on a sustained basis.

On the other hand, the rating could return to stable if Pakuwon's
financial and liquidity profiles weaken due to 1) the company
taking on large debt-funded projects, which lead to excessive
development risk; 2) the property market deteriorates, leading to
protracted weakness in its operations and credit profile; and 3)
the company fails to meet its financial covenants test, resulting
in accelerated debt payments.

The principal methodology used in rating PT Pakuwon Jati Tbk was
the Global Homebuilding Industry Methodology, published March
2009.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
in Surabaya, East Java and Jakarta. The company was listed on the
Jakarta Stock Exchange in 1989.


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


TOKYO ELECTRIC: JBIC May Help Fund Tepco's Overseas Asset Sale
--------------------------------------------------------------
Bloomberg News reports that the Japan Bank for International
Cooperation may help fund Tokyo Electric Power Co.'s proposed sale
of overseas energy assets as the operator of the crippled
Fukishima Dai-ichi nuclear plant seeks to shore up its finances.

Chief Executive Officer Hiroshi Watanabe told Bloomberg in an
interview that the state-run lender is considering loans to
domestic companies interested in acquiring foreign energy projects
that the utility might sell.  Mr. Watanabe said the bank may also
offer emergency loans to TEPCO should prices of liquefied natural
gas, a vital fuel for thermal power plants, surge, according to
Bloomberg.

"We'd consider offering loans if potential buyers are Japanese
companies," Mr. Watanabe told Bloomberg in an interview on June 10
in Tokyo. "Tepco-invested projects overseas seem to be performing
well."

Mr. Watanabe said the bank has notified Japanese utilities
including TEPCO that the lender is preparing loans for LNG and oil
imports in case prices soar in months ahead.

                       1.38% Bonds Repaid

TEPCO spokesman Takeo Iwamoto said the utility has repaid JPY50
billion (US$623 million) of 1.38% bonds due June 22, Bloomberg
related in a separate report.  The debt was paid with cash on
hand.

                           About TEPCO

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

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

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

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


TOKYO ELECTRIC: Books Additional JPY88 Billion Loss For Evacuees
----------------------------------------------------------------
Hiroyuki Kachi at Dow Jones Newswires reports that Tokyo Electric
Power Co. on Wednesday revised its earnings results, noting that
the utility has now booked additional losses of JPY88 billion to
cover compensation to evacuees from areas around the Fukushima
Daiichi nuclear complex and JPY38 billion for extra provisions to
bring the crippled plant under control.

According to Dow Jones, the revision is considered an important
subsequent event and will be reflected in the company's annual
financial report due later this month.

TEPCO, as cited by Dow Jones, said the additional JPY88 billion
loss would pay for compensation related to psychological distress
suffered by the nuclear disaster evacuees.  The company raised the
provision for bringing the crippled nuclear plant under control by
JPY38 billion to JPY869.7 billion.

The utility reported in May a net loss of JPY1.247 trillion for
the 12 months ended March 2011, Dow Jones relates.  The loss was
the biggest annual loss in Japanese corporate history outside the
financial sector, Dow Jones notes.

                            About TEPCO

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

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

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

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


TOKYO ELECTRIC: Moody's Cuts Long Term Issuer Rating to 'B1'
------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of Tokyo Electric
Power Co., Inc.  TEPCO's senior secured rating is downgraded to
Ba2 from Baa2, and its long-term Issuer Rating to B1 from Baa3.
Moody's Japan K.K. has also assigned the company a corporate
family rating of Ba3.  The ratings remain on review for possible
further downgrade.

Ratings Rationale

The latest downgrade reflects further escalation of costs and
damages from the continuing Fukushima nuclear plant disaster and
increased concern that government support measures may not
completely protect creditors from losses.

Since Moody's last rating action in May, the company has disclosed
that three of the nuclear reactors show containment damage and
have experienced core meltdowns, or problems much worse than
previously known. Moreover, the areas contaminated by radiation
have been much more than previous estimates. And total costs will
continue to rise until the reactors are brought into a state of
safe cold shut-down, and which is not expected until 2012.

Moody's believes that the magnitude of likely damages, including
compensation liability, has risen to a level that is beyond
TEPCO's ability to finance without government support. While the
Japanese Cabinet has approved and submitted a support plan, the
Diet may not be able to act in a timely manner under the current
political situation. If the Diet passes the support program, it
appears that some important details will be determined at a later
date by a newly formed organization.

Moody's notes some missing key details, such as how much other
nuclear business operators will be required to contribute, how the
compensation liabilities will be recognized on TEPCO's financial
statements, and how long TEPCO will need to make special
contributions to the entity, and whether debt holders may need to
make concessions.

But, Moody's believes that it is very likely that a support
program in some form will be legislated eventually due to TEPCO's
role as Japan's largest provider of electricity.

Consequently, a failure to approve the support program would
result in a multi-notch downgrade to reflect likely default
through some form of debt restructuring, or court-supervised
bankruptcy proceedings.

Moody's assessment is that TEPCO would be insolvent in the absence
of substantial and timely government financial support for its
payment of damages, and which may ultimately reach several
trillion yen.

Even under a best case scenario in which a support program is
enacted on a timely basis, Moody's expects TEPCO to have very weak
financial metrics for a number of years with any free cash flow
being utilized for repayment of funds that are advanced under the
government support program.

Since the quake, TEPCO has booked an extraordinary loss of
JPY1020.4 billion (US$ 12.4 billion) -- JPY426.2 billion (US$5.2
billion) associated with cooling the Fukushima Daiichi plant and
JPY207 billion (US$2.5 billion) for shutting down four of the
reactors at the site.

The extraordinary loss resulted in a reduction in equity to
JPY1,558 billion at FYE 3/2011 from JPY2,466 billion one year
before.

In addition, TEPCO will struggle to meet higher power demand
during summer months and rising costs for replacement power.

TEPCO may also need to bear higher costs for stabilizing the
Fukushima Daiichi plant, as well as for its decommissioning.
Moody's is also concerned that the company will continue to
experience sizeable operating losses until it can increase its
electric rates to reflect its increased cost base.

Prospects for passing higher costs onto its customers in timely
manner that meets the company's financial needs are in doubt under
the current regulatory regime and in view of the unfavorable
economic environment.

These factors would together put its equity base under significant
pressure. In addition, no losses have yet been booked for
compensation claims which size is still uncertain.

The widening of the ratings notching between the senior secured
and long-term issuer rating reflects the higher recovery prospects
for senior secured bondholders when compared to other creditors in
a default scenario. It also considers the unsecured nature of
obligations for damages related to the nuclear accident.

The continued review for possible further downgrade is due to the
uncertainty surrounding the passage of the support plan through
the Diet, and the difficulty in estimating the ultimate total for
TEPCO's total compensation liability.

Ratings downgraded:

Senior secured to Ba2 from Baa2; and long-term Issuer Rating to B1
from Baa3.

Rating assigned:

Corporate Family Rating of Ba3

The principal methodology used in rating TEPCO was Regulated
Electric and Gas Utilities, published on September 30, 2010 and
available on www.moodys.jp.

Tokyo Electric Power Co., Inc. (TEPCO) is the largest integrated
electricity supplier in Japan and is headquartered in Tokyo.


TOKYO ELECTRIC: Seeks JPY2 Trillion Debt Refinancing
----------------------------------------------------
The Yomiuri Shimbun reports that Tokyo Electric Power Co. is
preparing to ask more than 50 financial institutions for a set of
relief measures, including about JPY2 trillion in debt
refinancing.

According to the news agency, informed sources said TEPCO will ask
its creditor banks and other financial institutions to refinance a
total of about JPY2 trillion in long- and short-term loans coming
due in the immediate future.  The loans represent money the
company borrowed before the Great East Japan Earthquake, the
report says.

Yomiuri Shimbun relates that TEPCO will also seek cooperation from
creditors by asking for the repayment of the rest of their
outstanding loans to be frozen.  In addition, sources said the
company will request interest rates on future borrowing to be set
at an extremely low rate of less than 1% per year, Yomiuri Shimbun
adds.

Yomiuri Shimbun's sources said that in addition to the banks'
relief measures, TEPCO is considering asking the nation's three
biggest life insurance companies, including Nippon Life Insurance
Co., to provide additional loans totaling a maximum of JPY200
billion.

TEPCO's major creditors include Mizuho Corporate Bank, Tokyo-
Mitsubishi UFJ Bank and Development Bank of Japan.


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


WOORI BANK: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------
Fitch Ratings has affirmed Woori Bank's and its parent company
Woori Finance Holdings' Long-Term Foreign Currency Issuer Default
Ratings (IDR) at 'A-' and 'BBB+' respectively. The Outlook for
both Long-term IDRs is Stable. Fitch has also affirmed Woori's
Individual Rating at 'C' and WFH at 'C/D'.

The affirmation of Woori's IDR reflects Fitch's continued belief
of an extremely high propensity for support from the South Korean
government ('A+'/Stable), if required, given its systemic
importance as one of the major commercial banks in South Korea and
the government's majority ownership in the bank through WFH.
Woori's Individual Rating is underpinned by its strong local
franchise, sound capitalization, and adequate margin, but also its
moderate loan quality and structural weakness in liquidity
(particularly foreign currency, like other Korean banks).

The 'BB+' rating for Woori's hybrids is two notches below the
bank's implicit unsupported IDR, in line with Fitch's criteria for
such performing securities with loss absorption features, whereas
the 'BBB+' rating for its lower tier II subordinated debt is
notched one level from the bank's support-driven IDR without such
features.

The affirmation of WFH's IDR takes into account Fitch's belief
that the government's propensity to support WFH, should the need
arise, is high, on the back of the government's relationship with
WFH through majority ownership/control, and potential contagion
effect of any material operation disruption at WFH to other group
entities. However, WFH's Support Rating is lower than Woori's and
other major Korean banks'. This is because timeliness of support
from the government would be relatively weaker than for the banks,
given that WFH would be initially required to sell several other
entities, if and when needed, and could face problems at holding
company level, which are not related to Woori. WFH's Individial
Rating reflects Woori's moderate credit profile on a standalone
basis, high leverage at the holding company level (125% at end-
March 2011), and the relatively lower credit profile of other
subsidiaries, including Kyongnam Bank, Kwangju Bank, and Woori
Investment & Securities (WIS; 'BBB'/Stable).

WFH's underlying profitability on a consolidated basis remains
low, with an estimated return on average assets of 0.4% in 2010
(around 0.2% excluding one-off gains). However, Fitch expects
profitability to improve in 2011, based on improving margins
(2.53% in Q111 versus 2.31% in 2010), and sizable one-off stock
sale gains at Woori arising from sales of stocks obtained through
debt-to-equity swaps. WFH's asset quality on a consolidated basis
remains moderate, with a non-performing loan (NPL) ratio of 3.6%
(precautionary and below loans (PBL) ratio of 6.4%), 74% covered
by reserves (42% for PBLs), and still notable exposure to the
riskier construction/real estate sectors (around 15% of loans) at
end-March 2011.

However, Fitch expects WFH's consolidated capital, coupled with
improving margins and sizable one-off gains, to adequately provide
buffer against high credit costs. WFH's Tier 1 and total capital
adequacy ratio (CAR) were at 8.5% and 12% under Basel I at end-
March 2011, respectively, while Woori's Tier I and total CAR stood
at 10.7% and 13.9% under Basel II Foundation IRB. Meanwhile,
despite WFH's high leverage at the holding company level, Fitch
expects upstream dividends to reasonably cover its interest
payments and operating expenses, although WFH would be exposed to
refinancing risk if capital markets become highly volatile.

Fitch notes that like other Korean banks, WFH and Woori have
structural weakness in liquidity, particularly in foreign currency
due to minimal foreign currency deposits from retail customers,
although capital markets have stabilised since the global
financial crisis and WFH has increased its deposit base mainly
through Woori.

Because Woori's and WFH's IDRs are at their Support Rating Floors,
the IDRs would not be upgraded unless their Support Rating Floors
are revised up or their Individual Ratings are upgraded. A
substantial and sustainable improvement in asset quality and
foreign-currency funding/liquidity profile could offer upside
potential for Woori's and WFH's Individual Ratings but this is
unlikely to occur in the near future. Conversely, a significant
increase in credit costs, eroding capitalisation may lead to a
downgrade of their Individual Ratings. WFH's Support Rating Floor
would be negatively affected by a substantial reduction of the
government's stake, which may suggest less propensity to support
WFH in future. However, Fitch is of the view that despite the
government's announcement of its planned sale in May 2011, when
and how WFH would be ultimately sold remains to be seen, given
uncertain market appetite for the group and its large size.

WFH, established in 2001, is the largest financial institution by
asset size in Korea, with its consolidated assets accounting for
around 15% of total system assets in June 2010. The flagship
subsidiary Woori (78% of WFH's consolidated assets), established
in 1999, is Korea's second largest bank. Korea Deposit Insurance
Corporation owns a 57% stake in WFH, which in turn holds a 100%
stake in Woori, 99.9% in the two regional banks, and 35% in WIS.

The rating actions are:

Woori

   -- Long-term Foreign Currency IDR: affirmed at 'A-'; Outlook
       Stable;

   -- Short-term Foreign Currency IDR: affirmed at 'F2';

   -- Individual Rating: affirmed at 'C';

   -- Support Rating: affirmed at '1';

   -- Support Rating Floor: affirmed at 'A-';

   -- Senior unsecured debts: affirmed at 'A-';

   -- Subordinated debts: affirmed at 'BBB+'; and

   -- Hybrid securities: affirmed to 'BB+'.

WFH

   -- Long-term Foreign Currency IDR: affirmed at 'BBB+' ; Outlook
      Stable;

   -- Short-term Foreign Currency IDR: affirmed at 'F2';

   -- Individual Rating: affirmed at 'C/D';

   -- Support Rating: affirmed at '2'; and

   -- Support Rating Floor: affirmed at 'BBB+'.


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


LINEAR CORPORATION: Court Extends Restraining Order for 90 Days
---------------------------------------------------------------
The Penang High Court has extended the restraining order granted
to Linear Corporation Berhad and its subsidiaries LCI Global Sdn
Bhd, District Cooling Systems Sdn Bhd and BAC Cooling Technology
Sdn Bhd. for a maximum period of 90 days from June 26, 2011, to
Sept. 24, 2011, pending the decision of the High Court on a
creditor's application to set aside the same order fixed for
July 25, 2011.

The Penang High Court previously granted Linear a 90-day
restraining order on March 28, 2011, to prevent any proceedings
against the Company and the relevant subsidiaries that may
jeopardize the company's restructuring exercise.

                        About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


RAMUNIA HOLDINGS: Posts MYR1.41MM Net Income in April 30 Quarter
-----------------------------------------------------------------
Ramunia Holdings Berhad disclosed in a filing with the Bursa
Malaysia Securities Berhad its unaudited financial results for the
quarter ended April 30, 2011.

Ramunia posted net income of MYR1.41 million for the three months
ended April 30, 2011, compared with net income of MYR3.42 million
for the same period in 2010.

For the current year quarter, the Company registered revenue of
MYR1.74 million as compared to MYR11.88 million in the preceding
year corresponding quarter.

As of April 30, 2011, Ramunia's balance sheet showed total assets
of MYR195.59 million, total liabilities of MYR28.08 million and
total stockholders' equity of MYR167.51 million.

A full-text copy of the Company's Quarterly Report is available
for free at http://ResearchArchives.com/t/s?764a

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore


RHB BANK: Fitch Affirms Individual Rating at C'
-----------------------------------------------
Fitch Ratings has affirmed RHB Bank's Long-Term Foreign-Currency
Issuer Default Rating at 'BBB' with Stable Outlook.

RHB Bank's ratings reflect its respectable franchise in Malaysia,
satisfactory capital and earnings profile but also some
provisioning risks and the bank's modest asset quality record.
They, however, do not factor in the likely benefit of a potential
merger with either Malayan Banking Berhad (Maybank; 'A-'/Stable)
or CIMB Bank Berhad (CIMB; 'BBB+'/Stable), given the absence of a
formal bid.

RHB Bank is currently Malaysia's fourth-largest bank by asset
size, although it will become the fifth-largest when Hong Leong
Bank Berhad ('BBB+'/Stable) completes its legal merger with EON
Bank ('BBB-'/Rating Watch Positive). Positively, RHB Bank's credit
profile and ratings may gain from a possible merger with either
Maybank or CIMB, both of which have stronger financial profiles
and domestic franchises.

On a standalone basis, Fitch expects RHB Bank's credit profile to
remain stable, with steady earnings generation and satisfactory
capitalisation supported by a stable macroeconomic environment.
The bank delivered a stable return on assets of an annualised 1.3%
in Q111, while maintaining a satisfactory core Tier 1 capital
adequacy ratio at 9%.

Fitch currently views RHB Bank's capital and earnings buffers to
be sufficient to mitigate provisioning risks from unreserved non
performing loans (NPLs) and the bank's moderate loan quality
relative to its domestic peers. At end-March 2011, its gross NPL
ratio of 4.1% was higher than the 3.2% industry average, while its
NPL reserve coverage of 70% was lower than the 92% average across
the system. Unexpectedly material deterioration in asset quality
that threatens capital, especially in a fresh downturn scenario,
could be negative for the ratings, although this is a remote
prospect given Malaysia's stable economic outlook.

Borrowing refinancing risk of its parent, RHB Capital, could
pressure RHB Bank's risk profile in a liquidity crunch scenario,
but this is mitigated by ample liquidity in the domestic financial
sector and RHB Bank's satisfactory credit standing. As RHB
Capital's proposed investment in PT Bank Mestika Dharma will be
funded with a rights issue, this acquisition is unlikely to have
an adverse impact on RHB Bank's balance sheet.

The rating actions are:

RHB Bank

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB', Outlook
      Stable

   -- Individual Rating affirmed at C'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Long-term deposit rating affirmed at 'BBB+'


TALAM CORPORATION: Publicly Reprimanded for Breaching Listing Rule
------------------------------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimands Talam
Corporation Berhad for breach of paragraph 9.16(1)(a) of the Main
Market LR.

Talam is also required to:

   (a) carry out a limited review on its quarterly report
       submissions. The limited review must be performed by
       Talam's external auditors for four quarterly reports
       commencing no later from Talam's quarterly report for
       the financial period ended July 31, 2011; and

   (b) ensure all its directors and the relevant personnel of
       Talam attend a training programme in relation to
       compliance with the Main Market LR particularly pertaining
       to financial statements.

Pursuant to paragraph 9.16(1)(a) of the Main Market LR, a listed
issuer must ensure that each announcement is factual, clear,
unambiguous, accurate, succinct and contains sufficient
information to enable investors to make informed investment
decisions.

Talam had reported an unaudited profit after taxation and minority
interest of MYR7,090,000 in its fourth quarterly report for the
financial period ended Jan. 31, 2010, as compared to an audited
profit after taxation and minority interest of MYR8,313,000 in its
annual audited accounts for the financial year ended Jan. 31,
2010. The difference of MYR1,223,000 between the Unaudited Results
and the Audited Results for the financial year ended Jan. 31,
2010, represents a deviation of approximately 17.2%.

The Deviation was mainly due to Talam's oversight and errors.

The public reprimand was imposed pursuant to paragraph 16.19(1) of
the Main Market LR after taking into consideration all facts and
circumstances of the matter including the fact that TALAM had
previously breached the listing requirements and upon completion
of due process.

Bursa Securities views the contravention seriously and reminds
Talam and its Board of Directors on their responsibility to
maintain appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to the shareholders and the investing public. In this
respect, Talam and its directors are required to take all
reasonable steps including putting in place or enhancing TALAM's
procedures and processes and review the effective implementation
of the same to ensure compliance with the Main Market LR at all
times.

"While Bursa Securities has not made a finding that any of the
directors of Talam caused or permitted the aforesaid breach by
Talam, Bursa Securities nevertheless wishes to highlight that it
is the responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability within
Talam and amongst its officers and employees including, amongst
others, an awareness of the importance of compliance with the Main
Market LR," the Bourse said.

The company's Board of Directors at the material time are:

   -- Tsen Keng Yam
   -- Tan Sri Dato'(Dr.) Ir. Chan Ah Chye @ Chan Chong Yoon
   -- Dato' Kamaruddin bin Mat Desa
   -- Chua Kim Lan
   -- Loy Boon Chen
   -- Winston Mah Yat Kong
   -- Lee Swee Seng

                        About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TALAM CORPORATION: Posts MYR26.3MM Net Loss for Qtr Ended April 30
------------------------------------------------------------------
Talam Corp Bhd reported a net loss of MYR26.31 million for the
quarter ended April 30, 2011, compared with a net profit of
MYR1.56 million in the same quarter in 2010.

The company reported revenue of MYR13.18 million for the quarter
ended April 30, 2011, lower than the MYR23.26 million net revenue
recorded in the corresponding quarter of the preceding year.

As of April 30, 2011, the company's unaudited balance sheet
showed total assets of MYR2.80 billion, total liabilities of
MYR1.76 billion, and stockholders' equity of MYR625.85 million.

The company's unaudited balance sheet as of April 30, 2011,
showed strained liquidity with MYR1.72 billion in total current
assets available to pay MYR1.76 billion in total current
liabilities.

A full-text copy of the Company's Quarterly Report is available
for free at http://ResearchArchives.com/t/s?7649

                        About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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


DESIGNLINE INT'L: Receivers Get Strong Interest for Bus Maker
-------------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that the receiver of
DesignLine International is hoping to complete a sale of the
New Zealand operation in just over a month.

According to the report, Keiran Horne of accounting firm HFK said
a tender for the New Zealand business based at Rolleston, 20
kilometres south of Christchurch, would close on Monday.  Strong
interest from national and international companies had been
registered. Some of those were already in the industry and had the
ability to take the company forward.

BusinessDay.co.nz relates that negotiations would take place after
the tender deadline on Monday. "I'd expect a sale to be completed
a month from Monday."

The United States shareholders of DesignLine Corporation who had a
majority stake in the subsidiary, have told their fellow
shareholders they were selling half of DesignLine New Zealand to a
Malaysian interest for US$2.7 million (NZ$3.37 million),
BusinessDay.co.nz reports citing the Charlotte Business Journal.

In response to that, BusinessDay.co.nz relates, Ms. Horne said the
sale of the New Zealand operation was in her hands.  She had been
in touch with the Malaysian party referred to by DesignLine
Corporation chief executive Brad Glosson in a memo to US
shareholders, the report notes.

Ms. Horne said most of DesignLine's employees, fewer than 70, were
back at work and she was pleased with their efforts and loyalty,
BusinessDay.co.nz adds.

DesignLine was placed in liquidation earlier this month by the
High Court in Christchurch after two creditors, owed
NZ$1.8 million, petitioned for that.  The court was told that
DesignLine had an estimated NZ$10 million in liabilities.

After that, the BNZ, the only secured creditor, appointed
receivers to sell the business and get back what the bank is owed,
about NZ$2.5 million according to the latest filed accounts, which
are out of date, for the year to Dec. 31, 2008.

DesignLine International, founded in 1985 by Ashburton
entrepreneur John Turton, is a bus maker company.  The buses were
sold locally and also exported.  BusinessDay said Mr. Turton sold
a large part of the company to U.S. investors Buster and Brad
Glosson at the end of 2006.  DesignLine has about 80 staff at its
Rolleston operations.


LOMBARD FINANCE: Receiver Fights NZ$4.5 Million IRD Tax Bill
------------------------------------------------------------
BusinessDay.co.nz reports that the receiver of Lombard Finance &
Investments is at loggerheads with the Inland Revenue Department
over a NZ$4.5 million tax bill relating to the sale of a building
before the failed lender was wound up.

BusinessDay.co.nz relates that PricewaterhouseCoopers' John Fisk
said the transaction pre-dated the receivership and involved a
property being sold to a purchaser financed by Lombard.  The tax
department is claiming the transaction was a mortgagee sale, which
means the tax liability would remain with Lombard, the report
says.

"The evidence we have and the tax advice we've had clearly has the
seller as a borrower.  The difference there is, if the IRD is
right, (Lombard) becomes liable for the GST bill,"
BusinessDay.co.nz quotes Mr. Fisk as saying.  "As receivers, we
will pay out creditors' claims if we believe they're entitled. In
this case we think it's an arguable issue."

If the IRD's preferential claim is correct, that will drag down
projected returns for Lombard Finance investors to between 11% and
20% of their principal, according to the receiver's seventh report
obtained by BusinessDay.co.nz.

Mr. Fisk, as cited by BusinessDay.co.nz, said the dispute may end
up in court if the IRD pushes its case, or if the receiver asks
for a court order.

BusinessDay.co.nz discloses that debenture holders have received
9.5 cents in the dollar, out of an estimated return of 15 cents to
24 cents if the IRD bid fails.

According to BusinessDay.co.nz, the receiver hopes to have the
property loan book fully-realised by the end of the year, having
sold 14 of the initial 27 loans, with another loan repayment plan
in place. Nine are currently being sold down, while three are
subject to enforcement action.

Of the NZ$62.7 million recovered from the property loan book,
Lombard Finance received just NZ$17.1 million, with the balance
going to higher-ranked security holders.  The property loan book
was valued at NZ$136.7 million as at March 31 2008.

                       About Lombard Finance

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

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


STRATEGIC FINANCE: Investors May Get Up to 5c Payout Next Month
----------------------------------------------------------------
BusinessDay.co.nz reports that investors in Strategic Finance may
get a payment of between 2c and 5c in the dollar next month,
adding to the 2c they received last September.

According to BusinessDay.co.nz, receiver John Fisk of PWC said
there was progress on the sale of assets to raise cash for a
payout.

"There are buyers in the market but you have to meet the price
people are willing to pay," BusinessDay.co.nz quotes Mr. Fisk as
saying.  "There have been some transactions settled, so in that
regard things have improved from last year."

BusinessDay.co.nz notes that debenture investors are still owed
NX$360.4 million after the NZ$7.4 million payment in September
-- the only return they have received thus far.  They have been
waiting for their money since Strategic froze repayments in
August 2008.

In April, BusinessDay.co.nz recounts, receivers told investors
they hoped to make an unspecified distribution by July 31 after
selling several properties.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that had
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


                             *********

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.


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

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

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

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

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





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