TCRAP_Public/110627.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

             Monday, June 27, 2011, Vol. 14, No. 125

                            Headlines



H O N G  K O N G

LEADKEEN INDUSTRIAL: Batchelor Appointed as New Liquidator
LIFENG ENTERPRISE: Court Enters Wind-Up Order
MILICORE INDUSTRIAL: Court to Hear Wind-Up Petition on July 20
MOULIN GLOBAL: John Howard Batchelor Appointed as New Liquidator
MOULIN GLOBAL EYECARE: Batchelor Appointed as New Liquidator

MOULIN GLOBAL EYECARE MFG: Batchelor Appointed as New Liquidator
ORIENTAL RESOURCES: Court to Hear Wind-Up Petition on Aug. 17
PACIFIC POWER: Court Enters Wind-Up Order
RIGHT TOP: Court to Hear Wind-Up Petition on August 3
START PLAN: Court Enters Wind-Up Order

SUN HONEST: Court Enters Wind-Up Order
SURPLUS COME: Court Enters Wind-Up Order
SWEETMART GARMENT: Creditors' Proofs of Debt Due July 1
TOP GLORY: Court Enters Wind-Up Order
TOPLY HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3

TOP STAR: Court Enters Wind-Up Order
WALITOYS & GARMENT: Court Enters Wind-Up Order
WANG KWONG: Court Enters Wind-Up Order
WINTAX COMPANY: Creditors' Proofs of Debt Due July 1
WORLD GRACE: Court to Hear Wind-Up Petition on Aug. 17

WORLDWIDE GARMENTS: Court Enters Wind-Up Order
YAT HING: Creditors' Proofs of Debt Due July 15
YOUNGARY DEVELOPEMENT: Creditors Get 0.024% Recovery on Claims


I N D I A

HIMALAYAN ALLOYS: ICRA Assigns 'LB' Rating to INR18cr Bank Loans
LINK UP: ICRA Assigns 'LBB+' Rating to INR7.47cr Term Loan
NOTANDAS GEMS: ICRA Assigns 'LBB+' Rating to INR9cr Bank Limits
SANCO INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR8cr Bank Loan
SHEEL DIAMOND: CARE Rates INR60cr Short Term Bank Loan at 'PR4+'

SHEEL GEMS: CARE Assigns 'CARE PR4+' Rating to INR15cr ST Loan
SWASTIK PLASTICS: CARE Assigns 'CARE BB' Rating to INR3cr LT Loan
TREND SETTERS: CARE Assigns 'CARE BB' Rating to INR10cr LT Loan
ZENICA CARS: ICRA Assigns 'LBB+' Rating to INR12cr Bank Facilities


J A P A N

TOKYO ELECTRIC: Panel Rules Out Possible Sale of Tepco


K O R E A

DAEWOO ELECTRONICS: Electrolux Mulls Buying Firm for US$530 Mil.


N E W  Z E A L A N D

AMI INSURANCE: Goldman Sees Suncorp, IAG as Potential Buyers
CRAFAR FARMS: Reaches Deal With Receivers, Legal Suits Dropped
PIKE RIVER: Contractors Seek to Liquidate Pike River
PROPERTY VENTURES: SFO Closes Investigation Into Firm
ST LAURENCE PROPERTY: Perpetual Trust to Appoint Liquidator


S I N G A P O R E

GLOBAL AT&T: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive


T H A I L A N D

TMB BANK: S&P Affirms Counterparty Credit Rating at 'BB+/B'


                            - - - - -


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


LEADKEEN INDUSTRIAL: Batchelor Appointed as New Liquidator
----------------------------------------------------------
John Howard Batchelor on June 10, 2009, was appointed as
liquidator of Leadkeen Industrial 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


LIFENG ENTERPRISE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Lifeng Enterprise Group Co., Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


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

Bank of China (Hong Kong) Limited filed the petition against the
company on May 13, 2011.

The Petitioner's solicitors are:

          T.H. Koo & Associates
          Room A2, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


MOULIN GLOBAL: John Howard Batchelor Appointed as New Liquidator
----------------------------------------------------------------
John Howard Batchelor on June 10, 2009, was appointed as
liquidator of Moulin Global Eyecare Trading 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 GLOBAL EYECARE: Batchelor Appointed as New Liquidator
------------------------------------------------------------
John Howard Batchelor on June 10, 2009, was appointed as
liquidator of Moulin Global Eyecare Holdings 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 GLOBAL EYECARE MFG: Batchelor Appointed as New Liquidator
----------------------------------------------------------------
John Howard Batchelor on June 10, 2009, was appointed as
liquidator of Moulin Global Eyecare Manufacturing 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


ORIENTAL RESOURCES: Court to Hear Wind-Up Petition on Aug. 17
-------------------------------------------------------------
A petition to wind up the operations of Oriental Resources
International Enterprises Limited will be heard before the
High Court of Hong Kong on Aug. 17, 2011, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on May 31, 2011.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


PACIFIC POWER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Nov. 29, 2010, to
wind up the operations of Pacific Power Logistics International
Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


RIGHT TOP: Court to Hear Wind-Up Petition on August 3
-----------------------------------------------------
A petition to wind up the operations of Right Top Manufacturing
Limited will be heard before the High Court of Hong Kong on
Aug. 3, 2011, at 9:30 a.m.

S.T. Cheng & Co., Solicitors filed the petition against the
company on May 31, 2011.

The Petitioner's solicitors are:

          S.T. Cheng & Co., Solicitors
          Room 1209, 12th Floor
          COSCO Tower
          183 Queen's Road
          Central, Hong Kong


START PLAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Start Plan Investments Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


SUN HONEST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Sun Honest Asia Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


SURPLUS COME: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Surplus Come Catering Consultancy
Services Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


SWEETMART GARMENT: Creditors' Proofs of Debt Due July 1
-------------------------------------------------------
Creditors of Sweetmart Garment Works Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 1, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Alan C W Tang
          Alison Wong Lee Fung Ying
          43/F., The Lee Gardens
          33 Hysan Avenue
          Hong Kong


TOP GLORY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Dec. 10, 2010, to
wind up the operations of Top Glory International Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


TOPLY HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3
--------------------------------------------------------
A petition to wind up the operations of Toply Holdings Limited
will be heard before the High Court of Hong Kong on Aug. 3, 2011,
at 9:30 a.m.

Fung, Wong, Ng & Lam (a firm) filed the petition against the
company on May 30, 2011.

The Petitioner's solicitors are:

          Fung, Wong, Ng & Lam
          Room 8, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong


TOP STAR: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Top Star Consultancy Limited.

The official receiver is E T O'Connell.


WALITOYS & GARMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Walitoys & Garment Limited.

The official receiver is E T O'Connell.


WANG KWONG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 5, 2010, to
wind up the operations of Wang Kwong Group Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


WINTAX COMPANY: Creditors' Proofs of Debt Due July 1
----------------------------------------------------
Creditors of Wintax Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 1, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bruno Arboit
          Simon Blade
          14/F., The Hong Kong Club Building
          3A Chater Road
          Hong Kong


WORLD GRACE: Court to Hear Wind-Up Petition on Aug. 17
------------------------------------------------------
A petition to wind up the operations of World Grace Hong Kong
Limited will be heard before the High Court of Hong Kong on
Aug. 17, 2011, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on May 31, 2011.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


WORLDWIDE GARMENTS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Worldwide Garments Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


YAT HING: Creditors' Proofs of Debt Due July 15
-----------------------------------------------
Creditors of Yat Hing Poultry Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Lau Wu Kwai King Lauren
          Yuen Tsz Chun Frank
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street
          Central, Hong Kong


YOUNGARY DEVELOPEMENT: Creditors Get 0.024% Recovery on Claims
--------------------------------------------------------------
Youngary Developement Limited, which is in liquidation, declared
the first and final dividend to its creditors on June 17, 2011.

The company paid 0.024% for ordinary claims.

The official receiver is E T O'Connell.


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


HIMALAYAN ALLOYS: ICRA Assigns 'LB' Rating to INR18cr Bank Loans
----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR18 crore fund based
bank facilities of Himalayan Alloys Steel Trading Co.  ICRA has
also assigned an 'A4' rating to the INR10 crore non-fund based
bank facilities of HASTC.

The ratings factor in the limited track record of the firm in
running operations across business cycles, small scale of current
operations and significant customer concentration risk, with the
company at present supplying to only one customer. The ratings
also reflect the firm's adverse financial risk profile, as
characterized by a high estimated gearing of around 38 time as on
March 31, 2011, nd depressed coverage indicators, with an interest
coverage of 1.31 times and total debt by OPBDITA of 9.41 times in
FY 11.  ICRA notes that the high working capital intensive nature
of the business is expected to put pressure on the firm's
liquidity position. Moreover, the commoditized nature of the
trading business results in low operating profitability, thus
exposing the firm to volatile cash flows. The ratings also factor
in the risk associated with the entity's profile as a partnership
firm, including the risk of capital withdrawal by the partners.
The ratings, however, also favorably factor in HASTC's status as a
part of the PCM Group, which provides some financial flexibility
in terms of access to bank finance and the duty exemptions
received by the firm on account of the bilateral free trade
agreement between India and Bhutan, thereby enhancing its
competitive position to an extent.

                      About Himalayan Alloys

HASTC was incorporated as a partnership firm in April, 2010, with
the purpose of engaging in trading of sponge iron. It is part of
the PCM Group, which has a diversified presence in sectors such as
railways, power, manufacturing, real estate, media, tea and steel,
among others. HASTC started operations from July, 2010. Currently,
the firm is exporting sponge iron to Lhaki Steel & Rolling Pvt.
Ltd, a TMT bar manufacturer in Bhutan. Recent Results HASTC
reported a profit before tax of Rs 0.53 crore (provisional) in
FY11 on the back of an operating income of Rs 38.04 crore
(provisional).


LINK UP: ICRA Assigns 'LBB+' Rating to INR7.47cr Term Loan
----------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR7.47 crore term loan
facilities and the INR3.11 crore fund based facilities of Link Up
Textiles Limited. ICRA has also assigned 'A4+' rating to the
INR22.00 crore fund based facilities of LUTL.  The outlook on the
LBB+ rating is stable.

The ratings consider the experience of the promoter in garment
exports for about 15 years and relationships with some of the
larger retailers in United Kingdom (UK) which is expected to drive
business growth. The ratings are however constrained by limited
pricing flexibility with customers, and high customer
concentration which heightens the impact of any order volatility
on revenue growth. While the textile industry remains vulnerable
to competition from other low-cost countries or from countries
with relatively lower foreign exchange fluctuations, the Company's
relatively small scale of operations restrict scale economics and
financial flexibility. LUTL's financial profile is characterized
by reasonable return on capital.

LUTL, established in 1995 by Mr. V.Sundharam, is an export-
oriented unit predominantly engaged in making nightwear for TESCO,
ASDA and Primark. The Company also makes kids' wear. The Company's
facilities are located in Chennai, Salem and Tirupur. LUTL has
five stitching units with production capacity of about 20,000
pieces per day and a weaving facility with capacity of 50,000
meters per month. LUTL's weaving facility caters to a portion of
its requirements for making garments. LUTL has commissioned two
windmills with a capacity of 250 KW in March 2011 near Tenkasi,
Tamil Nadu.

Recent Results

According to unaudited results, LUTL reported net profit of INR2.8
crore for the nine months ended December 31, 2010. LUTL reported
net profit of INR1.1 crore on operating income of INR69.7 crore
during 2009-10, against net profit of INR1.0 crore on operating
income of INR63.3 crore during 2008-09.


NOTANDAS GEMS: ICRA Assigns 'LBB+' Rating to INR9cr Bank Limits
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 9 crore fund based bank
limits of Notandas Gems Private Limited.  The long term rating
carries stable outlook.

The rating favorably factors in the long experience of NGPL's
promoters in the business of jewellery manufacturing and retailing
particularly through one of the group companies in Mumbai and the
strong brand image of its jewellery items which has enabled the
company to grow consistently in the last five years. However, the
rating also considers the small scale of operations of the company
with a single showroom in Delhi, low operating margins and high
working capital intensity inherent in the jewellery retail
business. Further, the high level of inventory required to support
the company's business model exposes it to adverse movements in
gold prices in the absence of any hedging mechanism.

Notandas Gems Private Limited was set up in 2005 by Mr. Harkishan
Jagwani to expand the Notandas group's retail jewellery business
in the Delhi market. The Jagwani family has an experience of over
100 years in jewellery manufacturing & trading. Over the years, on
the back of the success achieved by the Jagwani family in its
Zhaveri bazaar (Mumbai) store, in 1984, the family commenced the
retail jewellery business through its flagship company - Notandas
& Sons.  N&S (rated LBBB- (stable)/A3) conducts business through
its retail outlet located at a prime position on junction of
Waterfield & Turner road, Bandra, Mumbai. Apart from this, the
group also exports cut and polished diamonds as well as jewellery
in the international markets through one of its concerns - NS
Exports.  Currently, the operational responsibilities are handled
by Mr. Harkishan Jagwani's sons Mr. Sanjay Jagwani & Mr. Amit
Jagwani. The company sources readymade jewellery through its
trusted contract manufacturers based in Delhi and markets the
products through its retail store in South Extension Part 1,
Delhi. The showroom admeasures around 2,200 square feet and is
located in one of the upmarket locations of Delhi.

Recent results:

As per the provisional numbers, for the financial year ended
March 2011, the company reported a Net Profit of INR0.3 crore on
an operating income of INR28.8 crore.


SANCO INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR8cr Bank Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR 8.0 crore fund based
facilities of Sanco Industries Limited.  The outlook on the long-
term rating is stable. ICRA has also assigned an 'A4+' rating to
INR 7.0 crore Non-Fund Based Limits of SIL.

The ratings take into consideration the experience of the
promoters in the PVC industry; the diverse product portfolio of
the company; low demand risk on account of the wide applications
of the products; and healthy profitability of the company due to
income tax and excise duty exemptions entitled to the plant in
Himachal Pradesh. The rating is however constrained by the
intensely competitive nature of the industry; modest scale of
operations of the company; and the exposure of profitability to
fluctuations in the raw material prices. The rating also factors
in the high working capital intensity of the business on account
of high receivables and inventory levels; and the exposure to
foreign exchange fluctuation risk, as large part of the raw
material requirement is met through imports.

Sanco Industries Limited is a public limited company promoted by
Mr. Sanjay Gupta in 1989. The entire shareholding of the company
is held by Mr. Sanjay Gupta and his family members. SIL is engaged
in manufacturing of PVC (Polyvinyl Chloride) Electrical Conduit
Pipes & Profiles, PVC Insulated Wire & cables and PVC/PPR
(Polypropylene Random) Plumbing Pipe. The manufacturing unit of
the company is located at Paonta Sahib, Himachal Pradesh. The
present installed capacity is 3000 tonnes per annum (TPA) of PVC
pipes and 18000 Km per annum (KMPA) of PVC Wires & Cables. In
order to diversify its operations, SIL is looking forward to set
up a new manufacturing unit for copper wire rod with total
installed capacity of 12000 TPA in Bhiwadi (Rajasthan). Along with
this, the company also plans to expand the present installed
capacity for PVC pipes to 8040 TPA and PVC wire & cables to 36000
KMPA. The total capex planned is INR 33.45 crore and is proposed
to be funded by an initial public offer of 75 lac equity shares of
the company.

For the year ended March 31, 2011, SIL achieved total operating
income of INR36.8 crore and net profit before tax of INR 2.7 crore
(provisional).


SHEEL DIAMOND: CARE Rates INR60cr Short Term Bank Loan at 'PR4+'
----------------------------------------------------------------
CARE assigns 'PR4+' rating to short term bank facilities of Sheel
Diamond Exports Ltd. & withdraws the rating of long term bank
facilities.

                                    Amount
   Facilities                   (INR crore)     Ratings
   ----------                    -----------    -------
   Short-term Bank Facilities      60.00        'PR4+' Assigned
   Long-term Bank Facilities                    Withdrawn

Rating Rationale

The rating continues to be constrained by the relatively small
size of operations, competition from players in the organized and
unorganised sector, foreign currency fluctuation risk and
volatility associated with the Gems & Jewellery industry.  The
rating takes cognizance of the vast experience of the promoters in
the diamond business and synergies arising out of group
activities.  The rating factors the improvement in the leverage
position consequent to the equity infusion by promoters in FY10.
The ability of Sheel Diamond Exports Ltd to manage its working
capital requirement and operating cycle in view of expected
increase in operations are the key rating sensitivities.

SDEL, incorporated in 1995, is part of the Sheel Group started in
1980 by Mr. Chetan Shah and Mr. Bhupendra Mehta. SDEL is engaged
in the import of rough diamonds and processing and export of
cut and polished diamonds to destinations like US, Israel, Belgium
and UAE.

On a total income of INR213.57 crore, SDEL posted a PAT of INR2.96
crore in FY10. As per unaudited H1FY11 financial results, the
company posted sales of INR92.87 crore.


SHEEL GEMS: CARE Assigns 'CARE PR4+' Rating to INR15cr ST Loan
--------------------------------------------------------------
CARE assigns 'CARE PR4+' rating to ST bank facilities of Sheel
Gems & withdraws the rating of LT bank facilities.

                                    Amount
   Facilities                    (INR crore)  Ratings
   ----------                    -----------  -------
   Short-term Bank Facilities        15.00    'CARE PR4+' Assigned
   Long-term Bank Facilities                   Withdrawn

Rating Rationale:

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm as on
March 31, 2010. The rating may undergo change in case of
withdrawal of capital or of the unsecured loans brought in by the
partners in addition to the financial performance and other
relevant factors.  The rating is constrained by the relatively
small-sized operations, constitution of the entity being a
partnership firm, competition from players in the organized and
unorganized sector and volatility associated with the Gems &
Jewellery industry.  The rating factors in the vast experience of
the partners in the diamond business and synergies arising out of
group activities.  The ability of SG to manage its working capital
requirement and operating cycle in view of the expected increase
in operations are the key rating sensitivities.

Sheel Gems, a partnership firm was incorporated in 1980 by
Mr. Chetan Shah and Mr. Bhupendra Mehta. The firm is engaged in
the trading of rough and polished diamonds with no manufacturing
set-up of its own.

SG in FY10 posted sales of INR140.11 crore (PY: INR71.42 crore)
and PAT of INR8.53 crore (as against loss of INR8.98 crore in
FY09). The firm posted sales of INR83.41 crore in H1FY11


SWASTIK PLASTICS: CARE Assigns 'CARE BB' Rating to INR3cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to the bank facilities of
Swastik Plastics.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      3.00       'CARE BB' Assigned
   Short-term Bank Facilities    12.00       'PR 4' Assigned

Rating Rationale

The ratings assigned are constrained due to modest scale of
operations of Swastik in a highly competitive industry with
limited entry barriers, its weak financial risk profile marked by
low profitability margins, moderate coverage indicators and its
constitution as a partnership firm. The ratings however draw
comfort from its experienced promoters, consistent growth in
turnover over the years and comfortable working capital cycle.
Going forward, effective management of raw material prices and
increase in scale of operations with sustenance in profitability
margins shall be the key rating sensitivities of Swastik.

Swastik is an importer & trader of Commodity Polymers, Engineering
Plastics, Chemicals, PVC Resin, Plasticizers, Co-axial Cable and
Power Cables, having its network within the area of Delhi, NCR &
U.P.

During FY10, Swastik reported 25.75% growth in total income to
INR45.2 crore with PBDILT and PAT margins at 2.23% and 0.29%
respectively. During FY11 (provisional), the total income of
Swastik stood at INR81.0 crore with PAT of INR0.13 crore.


TREND SETTERS: CARE Assigns 'CARE BB' Rating to INR10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of M/S. Trend
Setters.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities    10.00       'CARE BB' Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and financial strength of the firm at present. The
rating may undergo change in case of withdrawal of capital or the
unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.  The rating is
constrained by M/s. Trend Setters limited presence in textile
value chain, small scale of operations, moderate financial profile
characterized by high overall gearing and low operating
margins which are susceptible to continuation of various export
benefits. The rating is also constrained by geographical and
customer concentration risk and operations in a fragmented
industry with intense competition from the organized and
unorganized sectors.  The rating however takes cognizance of the
strength M/s. Trend Setters derives from experienced
management.  The ability of firm to scale up operations and earn
healthy profitability margins in the scenario of intense
competition coupled with volatility in the cotton prices remain
the key rating sensitivities.

                       About Trend Setters

Incorporated in 1976, M/s. Trend Setters is an export oriented
partnership firm engaged in manufacturing and exports of home
textile products including bed-sheets, pillow covers, duvet
covers, mattresses etc. The firm is promoted by two brothers
Mr. Tushar Harilal Ruparelia and Mr. Amit Harilal Ruparelia.  The
firm has its stitching unit at Koper Village, Bhiwandi in Thane
district.


ZENICA CARS: ICRA Assigns 'LBB+' Rating to INR12cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 12.0 Crore bank
facilities of Zenica Cars India Private Limited.  The long-term
rating has been assigned a "Stable" outlook.

The ratings factors in the long experience of the promoters in the
dealership business and healthy revenue growth prospects as the
company is engaged in luxury car dealership, as luxury cars
segment remains relatively less impacted by the increase in
interest rates and fuel prices. The ratings are, however,
constrained by the company's moderate financial risk profile
characterized by moderately high gearing and low debt coverage
indicators besides the company's high working capital utilization
reflecting limited financial flexibility available with the
company. ZCIPL is also exposed to increasing competitive intensity
in its area of operations with a new dealership coming up in the
NCR region besides expanding dealership network of competing
luxury car brands. The company's profitability, as is the norm in
the dealership business remains low. This is, however, partially
mitigated by expected increase in service income, thus leading to
better profitability. ZCIPL's ability to maintain its financial
risk profile and manage its working capital intensity would remain
key rating sensitivities going forward.

                         About Zenica Cars

Incorporated in 2007, Zenica Cars India Private Limited has been
operating as an Audi dealership for the past 4 years.  The company
has a sales showroom and a service workshop located in Gurgaon.
The company was the first dealership of Audi in the Indian
automotive market. The promoters of the company are highly
experienced in the field of automobiles and have been engaged in
automobiles related business for the past 3 decades.

In 2010-11 (provisional financials), ZCIPL recorded an operating
income of INR 227.9 crore. The company's operating profit before
depreciation, interest and tax stood at INR 8.7 crore. The company
recorded Profit after Tax (PAT) of INR 1.0 crore.


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


TOKYO ELECTRIC: Panel Rules Out Possible Sale of Tepco
------------------------------------------------------
Mitsuru Obe at Dow Jones Newswires reports that an independent
panel of experts looking into the restructuring of Tokyo Electric
Power Co. ruled out the possibility of selling off the entire
company, amid speculation that a sharp drop in the utility's share
price has made the company an attractive takeover target.

"The panel is not considering a sale of the whole company, not now
and not in the future," Dow Jones quotes Kazuhiko Shimokobe,
chairman of the five-member panel and a bankruptcy lawyer, as
saying in a news briefing Friday.

Among the companies rumored to be interested in a possible
takeover of the utility, known also as TEPCO, is Softbank Corp,
Dow Jones says.  According to the report, the Japanese technology
firm recently expressed its ambition to expand into the renewable
energy business, although Masayoshi Son, its president, said
Friday at an annual general meeting that such a takeover seems
unlikely.

Dow Jones relates that Mr. Shimokobe made the remark after the
panel summoned Tepco executives, grilling them for nearly two
hours over the company's business plans and restructuring
programs, as the company seeks public aid to pay massive
compensation claims to victims of the nuclear accident.

The panel, says Dow Jones, is trying to determine whether there is
any wasteful spending in the utility's large annual investment
outlays and procurement programs.

"Our mission is to minimize burdens on taxpayers by reviewing all
expenditures by the company," Mr. Shimokobe said, Dow Jones
reports.

Among those summoned before the panel was TEPCO Chairman Tsunehisa
Katsumata, who pledged the company will cooperate with the panel's
work.  He and other executives have stressed that the company is
doing all it can to cut costs and find savings to fund the
compensation payments, 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.


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


DAEWOO ELECTRONICS: Electrolux Mulls Buying Firm for US$530 Mil.
----------------------------------------------------------------
The Korea Times reports that Electrolux AB is considering buying
Daewoo Electronics for US$530 million, sources directly involved
in the matter said.

The sources exclusively told The Korea Times Wednesday that the
amount is less than the Swedish firm's earlier offer of
US$560 million but is still substantial.

The Korea Times relates that the renewed plan comes days after the
main Daewoo shareholders including the state-run Korea Asset
Management (KAMCO) and Woori Bank contacted bidders after refusing
a request by Iran-based Entekhab to lower its acquisition price by
about KRW50 billion (US$46.6 million).

"Electrolux is checking Daewoo's balance sheet and income
statement with a strong interest in buying the outfit," said a
source who asked not to be identified as he wasn't authorized to
speak to the media, according to The Korea Times.

The comments came with Electrolux being widely expected to renew
acquisition talks with Daewoo's major shareholders within the next
few weeks, the report says.

"We are quite positive that the shareholders and the reserve
bidder will embark on negotiations on price in the not-too-distant
future," said the source, who added that Electrolux plans to look
to Korea as a springboard to raise its presence in Northeast Asia.

Meanwhile, The Korea Times says Daewoo creditors are being asked
to tackle legal threats by the Iranian industrial group Entekhab
which is mulling taking Daewoo Electronics to court.

"We don't think Entekhab will take legal action because it failed
to meet creditors' demand for a detailed and fine-tuned funding
plan,'' the source told The Korea Times.

According to the report, Entekhab said in a statement that it will
review its decision on the continuation of its cooperation with
Daewoo and preserve its right to completely halt its business
activities with the company.

Entekhab insists that nullification of the contract would be
illegal and is asking Daewoo creditors to find a solution to the
failed negotiations, The Korea Times adds.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


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


AMI INSURANCE: Goldman Sees Suncorp, IAG as Potential Buyers
------------------------------------------------------------
BusinessDay.co.nz reports that Australian insurers Suncorp and IAG
are seen as potential buyers for AMI Insurance.

The local insurer is being advised on its options by investment
bank Goldman Sachs after the February earthquake forced it to seek
a government bailout, BusinessDay.co.nz says.

According to BusinessDay.co.nz, The Australian Financial Review's
StreetTalk column cited market talk that Goldman was looking at a
potential sale of AMI, with Suncorp and IAG "obvious candidates."

However, no deal would be done this year as the scale of AMI's
exposure remains unclear, BusinessDay.co.nz notes.

BusinessDay.co.nz says NZX listed insurer Tower has publicly
expressed interest in buying AMI.

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

AMI has since been seeking alternative sources of capital to
replace the government backing, BusinessDay.co.nz says.

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


CRAFAR FARMS: Reaches Deal With Receivers, Legal Suits Dropped
--------------------------------------------------------------
The National Business Review reports that the Crafar family has
reached an agreement with receivers, after a two-year standoff
following the collapse of its farming empire.

NBR says the receivers have accepted a purchase offer from
Shanghai Pengxin, also a Chinese company, and also conditional on
OIO consent.  The OIO is assessing that application - although the
government is likely to have the final say, and may prove shy of
making it ahead of the election.

The agreement, according to NBR, came after receivers had claimed
more than $5 million in fees, with legal costs topping $4 million.

NBR relates that Crafar spokesman Vinay Deobhakta said the terms
were confidential, but the family was "hugely relieved".  Legal
proceedings would now be dropped, Mr. Deobhakta said.

Mr. Deobhakta said the family had not given up hope the farms
might remain in New Zealand hands.

The family hoped the agreement meant a Chinese bid for 16 former
Crafar farms totalling about 8,000 hectares in the North Island,
would not go through.  That bid is under consideration by the
government.

An earlier offer from Hong Kong-based Natural Dairy to buy for
around $210m fell through late last year after the Overseas
Investment Office said the application failed the "good character"
test, and government rejected it.

                          About Crafar Farms

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

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

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


PIKE RIVER: Contractors Seek to Liquidate Pike River
----------------------------------------------------
BusinessDay.co.nz reports that struggling West Coast contractors
are applying to liquidate Pike River Coal, which owns the mine
where 29 men died in November, seeking repayment of millions owed.

BusinessDay.co.nz relates that receiver PricewaterhouseCooper said
Pike River Coal owed NZ$119 million to date, including NZ$33
million to unsecured creditors, who would only get repaid after
secured creditors BNZ, New Zealand Oil and Gas and Solid Energy.
It also included NZ$19.2 million owed to unsecured trade and staff
creditors, the report says.

According to BusinessDay.co.nz, contractors and suppliers
spokesman Peter Haddock said the group of nearly 70 mainly West
Coast businesses, who were owed more than NZ$5 million, would
apply this week for the court to appoint a liquidator for the
company.

"The liquidator scrutinizes the receiver's decisions.  We wanted
to have some say in the process, including selling the mine,"
BusinessDay.co.nz quotes Mr. Haddock as saying.

In particular, the group wanted to ensure the mine's new owner had
proven underground experience, was a safe operator and financially
sound, he said.

"We realize we might not get that money but we need to make sure
we get a good operator in there because all the benefits flow back
again to the operators. We don't want to see the mine sold to a
wrong buyer that may not benefit the local community."

Mr. Haddock, as cited by BusinessDay.co.nz, said the financial
impact on those owed money by Pike River was huge, with at least
one business, Blenheim-based Morris Contractors, folding.

BusinessDay.co.nz recalls that the group filed statutory demands
for repayment from the receiver months ago but was unsuccessful.

According to BusinessDay.co.nz, receiver John Fisk said he knew
the contractors group had wanted to liquidate the company but he
had hoped they would wait until the mine's sale was further ahead.

The move would make the mine's sale more complex but would
progress as planned, he said.

A shortlist of buyers would be finalized this next week or so.
Mr. Fisk hoped a conditional sale contract would be signed by the
end of August.


PROPERTY VENTURES: SFO Closes Investigation Into Firm
-----------------------------------------------------
The Serious Fraud Office said Friday that it was closing its
investigation into Property Ventures Limited and Cashel Ventures
Limited following allegations of financial misrepresentation,
finding no basis for further investigation.

PVL was placed in receivership in March 2010 and CVL was placed in
liquidation in December 2010.  Both companies were associated with
the development of Hotel So in Christchurch.

The SFO commenced its investigation into the matter on May 23,
2011.

SFO Chief Executive Adam Feeley said the investigation had been
commenced under Part 1 of the Serious Fraud Office Act to
determine whether fraud may have been committed.

While the SFO was satisfied that the complaint was made in good
faith and there was sufficient evidence to initiate an inquiry,
there was no material evidence beyond the initial information to
take the matter further.

"The SFO recognises the importance of every investigation coming
to a timely conclusion. Where the initial evidence is not
supported by further inquiries, the interests of justice demand
that we do not prolong an investigation to the unreasonable
detriment of any person."

Mr. Feeley said that its inquiries had included commissioning an
independent report from Barry Jordan, a Partner (Recovery and
Forensics) at Deloitte to advise whether the financial information
disclosed warranted further investigation.

"Mr. Jordan's report identifies that, although there were
discrepancies between financial information provided to the
companies funding the Hotel So project and the final funding
arrangements which actually occurred, there was no evidence of any
criminality in this.  The evidence also did not indicate that the
lenders were induced to make loans on the basis of any incorrect
information."

The SFO said that it had received full cooperation from all
parties to the investigation which had enabled a speedy resolution
of the matter.

                        About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- was a real estate
development and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2010, Allied Farmers Investments Ltd placed Property
Ventures Ltd into the hands of receiver Grant Thornton in an
attempt to recover a loan to Five Mile Holdings Limited (In
Receivership).  The loan was guaranteed by Property Ventures.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including Christchurch property developer, David Henderson.  The
company has interests in more than 30 subsidiaries, including
those associated with Hotel So, and the South of Lichfield
entertainment and retail precinct in Christchurch.


ST LAURENCE PROPERTY: Perpetual Trust to Appoint Liquidator
-----------------------------------------------------------
BusinessDay.co.nz reports that St Laurence Property Development
Fund will be placed in liquidation at the end of this month when
it fails to repay more than NZ$26 million in bonds and interests
to investors.

BusinessDay.co.nz relates that Matthew Lancaster of the fund's
trustee Perpetual Trust said St Laurence Property Development Fund
directors had written to investors confirming that the fund would
not be able to repay the NZ$20 million of bonds and more than
NZ$6 million of interest due on June 30, 2011.

The Directors of the Company are Kevin Podmore, Aeneas O'Sullivan
and Jim McArley, BusinessDay.co.nz discloses.

BusinessDay.co.nz relates that Mr. Lancaster said the letter also
proposed three courses of action, none of which were viable or
misleading.

"We agree with directors on one point and that is that the company
will not fulfil its obligation to repay the NZ$20 million of bond
capital and to investors.  That being so, it is our intention as
trustee to seek the appointment of liquidators to the company at
that time," BusinessDay.co.nz quotes Mr. Lancaster as saying.

"The options the Company proposes are either not possible or in
our view are misrepresented by the letter.  It is most regrettable
that investors have been sent incorrect information," Mr.
Lancaster said.

Perpetual Trustee would write to investors to give them the true
position that would apply when the fund defaulted.

Interest of 15% a year on the bonds had not been paid since
March 2009, BusinessDay.co.nz notes.

St Laurence Property Development Fund Limited is an investment
company. The Fund was formerly managed by St Laurence Property &
Finance.


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


GLOBAL AT&T: S&P Affirms 'B' Corp. Credit Rating; Outlook Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Singapore-based Global A&T Electronics Ltd. to positive from
stable.  "We also affirmed the 'B' long-term corporate credit
rating on the company.  At the same time, we affirmed the 'B'
issue rating on Gate's US$150 million revolver credit facility due
Dec. 31, 2013 and its US$625 million first-lien term loan B due
Dec. 31, 2014.  We then withdrew the '4' recovery rating assigned
to the two facilities," S&P related.

"We revised the outlook to positive because we believe Gate's weak
business risk profile has improved, which may strengthen its
financial performance as the OSAT industry grows. The company's
market position has also improved, somewhat due to acquisitions,"
S&P noted.

Gate's business risk profile has improved partly because its
assembly services business has increased to account for 65% of
revenue from 53% in 2008. This segment is less volatile than test
services, which accounts for 35% of revenue. In addition, the
faster-growing mixed-signal and logic portfolios (MSLP) and analog
products now account for 84% of revenues.

The rating reflects Gate's highly leveraged capital structure, the
cyclical nature of the OSAT business, and aggressive competition.
In addition, in the OSAT industry, research and development and
rapidly evolving technology require heavy investment. The
company's adequate liquidity and the potential growth of the OSAT
industry at more than 10% for the next two to three years
offset these challenges. The ratings on the senior secured bank
facilities are equalized with the corporate credit rating,
reflecting their senior status.

"We anticipate that Gate's highly leveraged financial risk profile
will gradually improve to aggressive over the next 12-18 months.
And while we view the company's business risk profile as weak, we
believe it has improved," said Standard & Poor's credit analyst
Wee Khim Loy. "We expect Gate to maintain adequate liquidity with
no large upcoming maturities in the next two years. Nevertheless,
in our view, the company's financial flexibility is limited, given
that covenants in the credit facilities restrict its ability to
increase debt, subject to certain exceptions."

"We withdrew our recovery rating on Gate's debt because the
company has been gradually diversifying its revenue base and
assets outside Singapore, into markets and jurisdictions where
Standard & Poor's does not assign recovery ratings. The Singapore
operations contribute only 32% of Gate's revenues and 40% of its
assets. The company has been expanding revenues and operations in
China, Thailand, and Taiwan, where Standard & Poor's has yet to
review the bankruptcy regimes," S&P noted.

"The positive outlook reflects Gate's improving business risk
profile and our expectation of double-digit revenue growth in
2011, with stable EBITDA margins. We expect the company to improve
its financial risk profile and maintain adequate liquidity over
the next 12 months," according to S&P.

"We may raise the rating if Gate can sustain the improvement in
its business risk profile and strengthen its financial risk
profile such that its overall capital structure improves and the
debt-to-EBITDA ratio is consistently below 4.5x," S&P said.

"We could revise the outlook to stable if Gate's performance and
industry growth sharply depart from our current expectations,
lowering the company's EBITDA margins below 25% with a debt-to-
EBITDA ratio of more than 5x. This could be driven by intensifying
competition, rapid capacity expansion that exceeds current
operating cash flow, or sustained aggressive price cuts," S&P
related.


===============
T H A I L A N D
===============


TMB BANK: S&P Affirms Counterparty Credit Rating at 'BB+/B'
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on TMB Bank
Public Co. Ltd. to positive from stable. "At the same time, we
affirmed the 'BB+/B' counterparty credit rating, the 'D+' bank
fundamental strength rating, and the 'axBBB+/axA-2' ASEAN regional
scale rating on TMB. We also affirmed the issue rating on the
bank's outstanding issuances," S&P said.

"We revised the outlook to reflect TMB's strengthened management
team, slowly improving asset quality and earnings, and average
market position," said Standard & Poor's credit analyst Geeta
Chugh. "The rating also incorporates our expectation of
extraordinary government support, given TMB's systemic
importance."

"We could raise the rating in the next 12 to 24 months if the bank
sustains the improvement in its financial profile, such that: (1)
its asset quality improves, with the nonperforming asset (NPA;
including non performing loans, restructured loans, and foreclosed
assets) ratio falling below 9% of outstanding loans and
nonperforming loans not exceeding two-thirds of NPAs; and (2) its
earnings see a sustained improvement, with margins closer to the
industry average. Alternatively, we could revise the outlook to
stable if the bank's financial profile does not improve in line
with our expectation," S&P noted.

"TMB's restructuring of its operations since its collaboration
with ING Bank N.V (A+/Stable/A-1) in April 2008 has improved its
financial profile," said Ms. Chugh. "We expect the improvement in
TMB's asset quality to continue. Despite substantial improvement
in recent years, the bank's asset quality is weak by both domestic
and international standards." Its ratio of gross NPAs to total
loans was high at 13.6% as on March 31, 2011, with the
nonperforming loan ratio at about 9.2%."

"In our view, TMB's earnings profile is weak, with low margins and
low income diversity. Nevertheless, its non-interest expense as a
proportion of adjusted assets is better than comparable peers.
This is even after we factored in additional expenses related to
branch transformation and employee rationalization. A decline in
credit costs in the past two years has improved the bank's return
on average assets. Nevertheless, the pre-provisoning operating
income remains low, at 1.1% as on March 31, 2011, compared with
2.4% for peers. Excluding the impact of accounting changes, we
expect TMB's interest margins to gradually benefit from a lower
non-accrual drag and a higher proportion of loans in the overall
asset mix. We expect the improvement in margins to support the
bank's earnings, though a dramatic change is unlikely," S&P added.


                             *********

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

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

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


                            *********


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

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

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

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

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





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