TCRAP_Public/110629.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

            Wednesday, June 29, 2011, Vol. 14, No. 127

                            Headlines



A U S T R A L I A

MACQUARIE LEASING: Fitch Affirms Ratings on 3 SMART Series Notes
WESTPOINT GROUP: Court Finds Chief Financial Controller Guilty


H O N G  K O N G

ASK TECHNOLOGY: Members' Final Meeting Set for July 29
BRILLIANT GROUP: Creditors' Proofs of Debt Due July 30
CHI CHEUNG: Creditors' Meeting Set for July 6
CHI CHEUNG: Commences Wind-Up Proceedings
GAMEONE INTERACTIVE: Creditors' Proofs of Debt Due July 26

HUMANISTIC COMPASSION: Commences Wind-Up Proceedings
JUMBO WELL: Creditors' Proofs of Debt Due July 28
LANDWIDE LIMITED: Members' and Creditors Meetings Set for July 4
LANDWIDE TEXTILES: Members' and Creditors Meetings Set for July 4
LINK HEALTHY: Tso Yin Yee Appointed as Liquidator

NANYANG COMMERCIAL: Fitch Withdraws Individual Rating
NEW PARAGON: Lai and Haughey Step Down as Liquidators
PALACE INTERNATIONAL: Members' Final Meeting Set for July 25
SUMMATION X: Placed Under Voluntary Wind-Up Proceedings
SYMBOL TECHNOLOGIES: Commences Wind-Up Proceedings

VISTA HEALTHCARE: Placed Under Voluntary Wind-Up Proceedings
WILL WIN: Creditors' Proofs of Debt Due July 24


I N D I A

AMOL PHARMACEUTICALS: CRISIL Cuts Rating on INR37.5M Loan to 'BB+'
ASHOK ENGINEERING: CRISIL Assigns 'BB+' Rating to INR20MM LT Loan
ATLANTIS PRODUCTS: CRISIL Assigns 'BB-' Rating to INR50.4MM Loan
B.H. COTTON: ICRA Assigns '[ICRA] B+' Rating to INR7cr Cash Credit
BABY MARINE: CRISIL Assigns 'P4' Rating to INR120MM Packing Debt

BABY MARINE (EASTERN): CRISIL Rates INR100M Packing Credit at 'P4'
BAJRANG COTTON: ICRA Assigns '[ICRA]B+' Rating to INR5cr Credit
BEC CHEMICALS: CRISIL Reaffirms 'BB+' Rating on INR7.5MM LT Loan
BHAVI INTERNATIONAL: CRISIL Rates INR3-Mil. LT Bank Loan at 'B+'
BRITTO SEA: CRISIL Upgrades Rating on INR2.3MM Term Loan to 'B+'

DHARMARATHINA TEXTILE: CRISIL Assigns 'B-' Rating to INR155MM Loan
GAGAN FERROTECH: CRISIL Cuts Rating on INR545MM Term Loan to 'D'
GENERAL NICE: ICRA Assigns 'LBB+' Rating to INR2.5cr LT Loan
HARI INFRASTRUCTURE: ICRA Suspends Rating on INR27cr Term Loan
JANPATH ESTATES: ICRA Assigns '[ICRA]BB-' Rating to INR14.5cr Loan

JENSON DRUGS: ICRA Puts '[ICRA]BB+' Rating on INR13cr Bank Limits
MAHARASHTRA SHETKARI: ICRA Rates INR139.5cr Loan at '[ICRA]BB-'
NAVEEN COTTON: CRISIL Reaffirms B- Rating on INR145.9MM Term Loan
SAMPRASH FOODS: Fitch Assigns National LT Rating of 'B(ind)'
SHETH METAL: ICRA Assigns 'LB' Rating  to INR2cr Term Loan

SHIVANGI REMEDIES: ICRA Places '[ICRA]BB+' Rating on INR11cr Loan
TANYA HEALTHCARE: ICRA Puts '[ICRA]BB+' Rating to INR15cr LT Loan


J A P A N

ALL NIPPON: Moody's Withdraws 'Ba2' Long-term Sr. Unsecured Rating
CSC SERIES 1: Moody's Downgrades Ratings on 3 Classes of Bonds
JMAC 4: Fitch Ratings Cuts Class C Trust Interests to 'Dsf'
TOKYO ELECTRIC: Shareholders Approve New Board Members


N E W  Z E A L A N D

AMI INSURANCE: Reinsurance to Expire on June 30
AMI INSURANCE: Tower Insurance Purchase Bid Progressing, GM Says
NEW ZEALAND WINE: Wants Review on Finances Amid Loan Term Breach
PGG WRIGHTSON: Shareholders Approve Sale of Finance Unit
ST LAURENCE LIMITED: Investors to Get Lower Payout, Receivers Say


P H I L I P P I N E S

METROPOLITAN BANK: Fitch Affirms, Withdraws Ratings
PLDT: Fitch Upgrades Issuer Default Rating to 'BBB-' from 'BB+'
* PHILIPPINES: Fitch Upgrades Foreign Currency IDR to 'BB+'
* Fitch Upgrades Issuer Default Ratings on Two Philippine Banks


S I N G A P O R E

5 FINGERS: Court to Hear Wind-Up Petition on July 8
AALBORG INDUSTRIES: Court to Hear Wind-Up Petition on July 8
BELL & ORDER: Creditors' Proofs of Debt Due July 8
COMFORT RESOURCES: Creditors' Meeting Set for July 4
DIAMOND CITY: Court to Hear Wind-Up Petition on July 8

GREAT WORLD: Court to Hear Wind-Up Petition on July 8
INFINITEA ILUMA: Court to Hear Wind-Up Petition on July 8
MECH-TECH MARINE: Meeting Slated for July 4
PACIFIC SOURCE: Creditors' Meetings Set for June 30
PROSPERITY INTERNATIONAL: Contributories' Meeting Set for July 1

PROCENTEC PTE: Creditors' Proofs of Debt Due July 8
SL SHIPPING: Court to Hear Wind-Up Petition on July 8


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


MACQUARIE LEASING: Fitch Affirms Ratings on 3 SMART Series Notes
----------------------------------------------------------------
Fitch Ratings has affirmed SMART Series 2009-1 Trust, SMART Series
2010-1US Trust, and SMART Series 2010-2 Trust.  The three
transactions are securitizations of auto and equipment receivables
originated by Macquarie Leasing Pty Limited.

The rating actions reflect Fitch's view that the transactions are
able to cover future losses with available excess income. The
three transactions have experienced a lower level of losses to
date than Fitch had estimated at closing.

"The SMART transactions continue to perform in line with Fitch's
expectations and since closing excess spread has been strong
enough to cover all losses incurred to date," said Adam Daman,
Associate Director in Fitch's Structured Finance team.

The effect of the recent natural disasters has had only a limited
effect on arrears and net losses across all the transactions.

SMART Series 2009-1 Trust:

As of the payment date in April 2011, the notes had amortised by
43% although credit enhancement available to noteholders had only
increased by 1.3x since closing in October 2009, due to the pro
rata payment of the notes, which commenced in September 2010. The
collateral characteristics have not changed materially since
closing and cumulative net losses were 0.46% of the initial
collateral balance at the April 2011 payment date, less than
Fitch's base case estimate.

   -- AUD308.2m Class A2, affirmed at 'AAAsf'; Outlook Stable,
      Loss Severity Rating 'LS1';

   -- AUD33.2m Class B Affirmed at 'AAsf'; Outlook Stable; Loss
      Severity Rating 'LS2';

   -- AUD24.2m Class C affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS2';

   -- AUD5.1m Class D affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating revised to 'LS3' from 'LS4'; and

   -- AUD3.8m Class E affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS4'.

SMART Series 2010-1US Trust:

As of the payment date in May 2011, the notes had amortised by 23%
and credit enhancement available to noteholders had increased by
1.3x since closing in July 2010. The collateral characteristics
have not changed materially since closing and cumulative net
losses were 0.15% of the initial collateral balance at the
May 2011 payment date, less than Fitch's base case estimate.

   -- USD108.2m Class A2b, affirmed at 'AAAsf'; Outlook Stable,
      Loss Severity Rating 'LS1';

   -- USD50m Class A3a, affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS1';

   -- USD95m Class A3b, affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS1';

   -- USD115m Class A4b, affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS1';

   -- AUD14.4m Class B Affirmed at 'AAsf'; Outlook Stable; Loss
      Severity Rating 'LS3';

   -- AUD17.6m Class C affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS3';

   -- AUD16m Class D affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating 'LS3'; and

   -- AUD16m Class E affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS3'.

SMART Series 2010-2 Trust:
As of the payment date in April 2011, the notes had amortised by
11% and credit enhancement available to noteholders had increased
by 1.1x since closing in November 2010. The collateral
characteristics have not changed materially since settlements and
cumulative net losses were 0.07% of the initial collateral balance
at the April 2011 payment date, less than Fitch's base case
estimate.

   -- AUD24.7m Class A1, affirmed at 'F1+sf';

   -- AUD360m Class A2, affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS1';

   -- AUD11.3m Class B affirmed at 'AAsf'; Outlook Stable; Loss
      Severity Rating 'LS3';

   -- AUD13.8m Class C affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS3';

   -- AUD12.5m Class D affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating 'LS3'; and

   -- AUD12.5m Class E affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS3'.


WESTPOINT GROUP: Court Finds Chief Financial Controller Guilty
--------------------------------------------------------------
The Australian Securities and Investments Commission said that
former Westpoint Group chief financial controller Graeme Rundle
of Perth, Western Australia, was found guilty of two offences of
making a false statement with intent to obtain a financial
advantage.

Mr. Rundle was found guilty by a jury in the District Court of
NSW, Sydney, on June 27, 2011.  The two criminal charges were
brought by ASIC.

The two offences were a contravention of section 178BB of the NSW
Crimes Act.  The charges related to statements made to a financial
institution in relation to obtaining a AU$71 million construction
finance facility to develop a project at York Street in Sydney.

The matter is listed for sentencing before Judge Bozic in the
District Court of NSW, Sydney, on Aug. 12, 2011.

Mr. Rundle was granted conditional bail.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                        About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


ASK TECHNOLOGY: Members' Final Meeting Set for July 29
------------------------------------------------------
Members of Ask Technology Limited will hold their final meeting on
July 29, 2011, at 11:00 a.m., at 7/F, San Toi Building, 139
Connaught Road Central, in Hong Kong.

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


BRILLIANT GROUP: Creditors' Proofs of Debt Due July 30
------------------------------------------------------
Creditors of Brilliant Group Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 30, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Yeung Wing On
         Room 2810, 28/F
         113 Argyle Street
         Kowloon


CHI CHEUNG: Creditors' Meeting Set for July 6
----------------------------------------------
Creditors of Chi Cheung Finance Limited will hold their meeting on
July 6, 2011, at 6:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit 301, 3/F., Malaysia Building, 50
Gloucester Road, Wanchai, in Hong Kong.


CHI CHEUNG: Commences Wind-Up Proceedings
-----------------------------------------
Members of Chi Cheung Finance Limited, on June 14, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ng Tze Kin
         Yuen Shu Tong
         Unit 301, 3/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


GAMEONE INTERACTIVE: Creditors' Proofs of Debt Due July 26
----------------------------------------------------------
Creditors of Gameone Interactive Com Inc, which is in voluntary
liquidation, are required to file their proofs of debt by July 26,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


HUMANISTIC COMPASSION: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Humanistic Compassion Foundation Limited, on June 16,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chok Ya Lei
         Flat 1015, 10/F
         Block F, Kornhill
         9-11 Hong Shing Street
         Quarry Bay, Hong Kong


JUMBO WELL: Creditors' Proofs of Debt Due July 28
-------------------------------------------------
Creditors of Jumbo Well Knitting Factory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chan Sun Kwong
          Office No. 1818
          18/F, Beverly Commercial Centre
          87-105 Chatham Road
          Tsimshatsui, Kowloon
          Hong Kong


LANDWIDE LIMITED: Members' and Creditors Meetings Set for July 4
----------------------------------------------------------------
Members and creditors of Landwide Limited will hold their annual
meetings on July 4, 2011, at 9:00 a.m., and 10:00 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun
Ping Road, in Hong Kong.

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


LANDWIDE TEXTILES: Members' and Creditors Meetings Set for July 4
----------------------------------------------------------------
Members and creditors of Landwide Textiles Limited will hold their
annual meetings on July 4, 2011, at 9:30 a.m., and 10:30 a.m.,
respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun
Ping Road, in Hong Kong.

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


LINK HEALTHY: Tso Yin Yee Appointed as Liquidator
-------------------------------------------------
Tso Yin Yee on June 15, 2011, was appointed as liquidator of Link
Healthy Limited.

The liquidator may be reached at:

         Tso Yin Yee
         Room 2301, 23/F
         Ginza Square, 565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


NANYANG COMMERCIAL: Fitch Withdraws Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Nanyang Commercial
Bank, Limited's Individual 'B/C' rating and Support '2' rating and
simultaneously withdrawn them as the ratings are no longer
considered by the agency to be relevant to its coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.


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


PALACE INTERNATIONAL: Members' Final Meeting Set for July 25
------------------------------------------------------------
Members of Palace International Management Company Limited will
hold their final general meeting on July 25, 2011, at 11:00 a.m.,
at 20/F, Prince's Building, Central, in Hong Kong.

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


SUMMATION X: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on June 20, 2011,
creditors of Summation X Holdings Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Kam Hau Choi Anthony
         Suite 2105, 21/F
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


SYMBOL TECHNOLOGIES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Symbol Technologies Hong Kong Limited, on June 16,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F, Edinburgh Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


VISTA HEALTHCARE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on June 13, 2011,
creditors of Vista Healthcare Management Services (HK) Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Christopher David Ian Gordon
         57th Floor, The Center
         99 Queen's Road
         Central, Hong Kong


WILL WIN: Creditors' Proofs of Debt Due July 24
-----------------------------------------------
Creditors of Will Win Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidators are:

         Richard Joseph Barrett
         97 Upper Leeson Street
         Dublin 2
         Republic of Ireland

         Rory John Williams
         2, Sorbonne
         Ardilea, Clonskeagh
         Dublin 14
         Republic of Ireland


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


AMOL PHARMACEUTICALS: CRISIL Cuts Rating on INR37.5M Loan to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Amol Pharmaceuticals Pvt Ltd, part of the Amol group, to
'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                          Ratings
   ----------                          -------
   INR5 Million Cash Credit            BB+/Stable
                                       (Downgraded from
                                       'BBB-/Stable')

   INR37.5 Million Long-Term Loan      BB+/Stable
                                       (Downgraded from
                                       'BBB-/Stable')

   INR30 Million Proposed Long-Term    BB+/Stable
                 Bank Loan Facility    (Downgraded from
                                       'BBB-/Stable')

   INR120 Million Bill Discounting     P4+ (Downgraded from 'P3')
   INR35 Million Packing Credit        P4+ (Downgraded from 'P3')
   INR5 Million Bank Guarantee         P4+ (Downgraded from 'P3')
   INR100 Million Letter of Credit     P4+ (Downgraded from 'P3')
   INR20 Million Proposed Short-Term   P4+ (Downgraded from 'P3')
                  Bank Loan Facility

The downgrade reflects weakening in the Amol group's business risk
profile, because of significant decline in revenues and
profitability. The group's revenues have declined by 21 per cent
in 2010 (refers to financial year, January 1 to December 31) over
that in 2009 because of decline in offtake of intermediates by
group company US Pharma Labs Inc (US Pharma), which accounted for
around 90 per cent of the Amol group's revenues in 2010.
Furthermore, the group's profitability has been adversely impacted
by decline in its revenues and increased expenditure on marketing
its own brands in India. Though the Amol group is attempting to
diversify its revenue profile, and has added large pharmaceutical
companies to its customer profile, the benefits of the same are
expected to accrue only over the medium term.

These rating weaknesses are partially offset by the group's
moderate capital structure and promoter's experience in the
nutraceutical business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Amol Pharma and its China-based
subsidiary, Amol Biotech Ltd.  This is because the two companies
are in the same line of business and have strong operational
linkages.

Outlook: Stable

CRISIL believes that Amol group will maintain its financial risk
profile on back of its moderate capital structure and adequate
debt protection measures. The outlook may be revised to 'Negative'
if the group is unable to improve its revenues and margins, or if
it undertakes any debt-funded capital expenditure, thereby
weakening its capital structure or debt protection measures.
Conversely, the outlook may be revised to 'Positive', if the group
significantly diversifies its customer profile, and achieves
higher than estimated revenue growth and profitability.

                        About the Group

Amol Pharma was set up in 1996 by Mr. Ashok Luhadia. It
manufactures and exports nutraceuticals in the form of
pharmaceutical formulation intermediates (PFIs). Amol Bio, a 100
per cent subsidiary of Amol Pharma, was set up in 2003. Amol Bio
is based in China, and manufactures amino acids and vitamins in
the form of PFIs. The Amol group derived around 90 per cent of its
revenues in 2010 from sales to US Pharma, a group entity which
undertakes contract manufacturing and distribution of
nutraceutical products in the US. The Amol group has, in the
recent past, commenced contract manufacturing of nutraceutical
products large pharmaceutical companies. Amol Pharma's laboratory,
located in Jaipur, has received accreditation from National
Accreditation Board for Testing and Calibration Laboratories
(NABL).

For 2010, the Amol group's loss after tax and operating income are
estimated at INR26 million and INR431 million respectively; it
reported a profit after tax of INR14 million on an operating
income of INR545 million for 2009.


ASHOK ENGINEERING: CRISIL Assigns 'BB+' Rating to INR20MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Ashok Engineering & Foundry Works.

   Facilities                          Ratings
   ----------                          -------
   INR25 Million Cash Credit           BB+/Stable (Assigned)
   INR20 Million Proposed Long-Term    BB+/Stable (Assigned)
                 Bank Loan Facility
   INR0.5 Million Bank Guarantee       P4+ (Assigned)
   INR40 Million Letter of Credit      P4+ (Assigned)

The rating reflects Ashok's small scale of operations in the
highly fragmented industry, along with customer concentration in
its revenue profile, and the susceptibility of its operating
margin to raw material price volatility. These rating weaknesses
are partially offset by the extensive experience of Ashok's
promoters in the diesel engine pumpsets segment and moderate
financial risk profile, marked by comfortable debt protection
metrics and conservative capital structure.

Outlook: Stable

CRISIL believes that Ashok will maintain its credit risk profile
over the medium term, in the absence of any incremental debt-
funded capital expenditure (capex) plan. Its business risk profile
is, however, expected to remain constrained by customer
concentration in its revenue profile. The outlook may be revised
to 'Positive' if Ashok scales up its operations while diversifying
its customer profile. Conversely, the outlook may be revised to
'Negative' if Ashok's operating margin declines further, or if its
financial risk profile deteriorates because of increase in working
capital requirements, a larger-than-expected, debt-funded capex,
or significant withdrawal of capital by partners.

                      About Ashok Engineering

Ashok, which begun its operations in 1956 as a foundry business,
is promoted by the Doshi family based in Rajkot (Gujarat). In
1959, the firm diversified its operations and started assembling
and sales of diesel engines/pump-sets, ranging from 4 horsepower
(HP) to 20 HP, mainly used in the agricultural sector. The
manufacturing unit of the firm is at Rajkot (Gujarat). Usha
International Ltd (UIL) is the single largest customer for Ashok,
contributing about 90 per cent to the total revenue in 2010-11.

Ashok reported a book profit of INR4.8 million on net sales of
INR258 million for 2009-10, against a book profit of INR1.9
million on net sales of INR120 million for 2008-09. The firm's net
sales in 2010-11 are estimated at INR451 million.


ATLANTIS PRODUCTS: CRISIL Assigns 'BB-' Rating to INR50.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Atlantis Products Pvt Ltd, part of the RAPPL.

   Facilities                        Ratings
   ----------                        -------
   INR50.4 Million Term Loan         BB-/Stable (Assigned)
   INR45 Million Cash Credit         BB-/Stable (Assigned)
   INR5 Million Bank Guarantee       P4+ (Assigned)
   INR60 Million Letter of Credit    P4+ (Assigned)

The ratings continue to reflect the RAPPL group's weak financial
risk profile marked by low net worth and high gearing, and
susceptibility to debtor defaults and to inherent risks in its
trading operations. These rating weaknesses are partially offset
by the group's revenue diversification initiatives and expected
increase in its profit margins.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Rajiv Petrochemicals Pvt. Ltd. (RPPL)
and APPL, together referred to as the RAPPL group. This is because
APPL is in the same line of operations-manufacture of high- and
low-density polyethylene (HDPE and LDPE) woven bags-as that of
Pariplast Industries, which is the manufacturing division of RPPL
and there exist significant managerial, financial and operational
synergies between these entities.

Outlook: Stable

CRISIL believes that the RAPPL group would maintain its business
risk profile backed by long track record of trading operations,
and increase in higher-margin manufacturing operations over the
medium term. The outlook may be revised to 'Positive' if the
group's capital structure improves significantly, most likely
driven by greater-than-expected increase in net cash accruals or
sizeable fresh equity infusion. Conversely, the outlook may be
revised to 'Negative' if the group's financial risk profile
deteriorates significantly, most likely because of larger-than-
expected debt-funded capital expenditure programme or
deterioration in receivables management.

                      About Atlantis Products

APPL was set up by Mr. Rajiv Vastupal Mehta in April 2009. The
company manufactures poly propylene (PP) woven sacks, fabrics, and
tarpaulin.

RPPL, the flagship company of the Gujarat-based Rajiv group, was
set up in 1993 by Mr. Rajiv Vastupal Mehta and Ms. Arati Rajiv
Mehta. The company is a stockist/trader in products such as
polyvinyl chloride (PVC) resin, HDPE, LDPE, masterbatches, and
polyester films. Apart from consignment/trading operations, RPPL
also manufactures HDPE and polypropylene (PP) woven bags under
Pariplast.

APPL profit after tax (PAT) and net sales are estimated at INR3.9
million and INR501 million respectively for 2010-11. The company
reported a PAT of INR0.4 million on net sales of INR202.5 million
for 2009-10.


B.H. COTTON: ICRA Assigns '[ICRA] B+' Rating to INR7cr Cash Credit
------------------------------------------------------------------
An '[ICRA] B+' rating has been assigned to the INR7.00 crore cash
credit facility and INR0.28 crore term loan facility of B.H.
Cotton Private Limited.

The rating is constrained by the weak financial profile of the
company as reflected by low operating margin and aggressive
capital structure leading to weak debt coverage indicators the
rating also takes note of firm's modest scale of operations which
limits scale economies and lack of diversification in the product
profile. The rating is further constrained by vulnerability of
profitability to raw material prices which are subject to
seasonality and crop harvest and exposure to regulatory risks as
well as absence of refining facilities which limit further value
addition.

The rating, however, positively considers the experience of the
promoters in the cotton ginning & pressing business and the
location advantage the company enjoys being situated in Gujarat,
giving it easy access to quality raw cotton.

                         About B.H. Cotton

BHCPL was established in 2007 and is engaged in ginning of raw
cotton to produce cotton seeds and cotton bales the factory is
located at Rajkot, Gujarat. BHCPL has 30 ginning machines which
translate to an annual installed capacity of 15000 MT. The company
deals in S-6 type of cotton.

Recent Results

During 2010-11 (unaudited), BHCPL reported an operating income of
INR40.09 crore and profit before tax of INR0.05 crore as against
an operating income of INR21.28 crore and profit after tax of
INR0.01 crore during 2009-10.


BABY MARINE: CRISIL Assigns 'P4' Rating to INR120MM Packing Debt
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of Baby Marine Exports, part of the BME group.

   Facilities                            Ratings
   ----------                            -------
   INR120.00 Million Bill Discounting    P4 (Assigned)
   INR110.00 Million Packing Credit      P4 (Assigned)

The rating reflects BME's weak financial risk profile, marked by a
high gearing and weak debt protection metrics, working-capital-
intensive operations, and vulnerability to volatility in foreign
exchange rates and in prices of raw materials. These rating
weaknesses are partially offset by the extensive experience of
BME's partners in the seafood industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Baby Marine (Eastern) Exports and BME,
together referred to as the BME group.  This is because the two
firms are in the same line of business and have considerable
fungible cash flow between them.

                          About the Group

Set up in 1976 by Mr. K C Thomas, the BME group comprises two
partnership firms - BME in Kollam and BMEE in Calicut (both in
Kerala). The group processes shrimp and other seafood, such as
cuttlefish and squids, and exports them to Europe, Africa, and the
Middle East. The group mainly focuses on the high-value, head-on,
shell-on variety of shrimp, and is one of India's leading
exporters of this variety of shrimp. The BME group has total
processing capacity of 60 tonnes per day. The group's partners
have been in the seafood industry for more than three decades. The
day-to-day operations of both BMEE and BME are managed by Mr. K C
Thomas, Mr. Nancy Babu, and Mr. K C Babu. The BME group, apart
from the above, has three other associate entities involved in
similar activities, namely Baby Marine Products, Relish Foods, and
Royal Oceans; these entities are located in different regions and
are managed independently.

The BME group's profit after tax (PAT) is estimated at INR16
million on net sales of INR991 million for 2010-11 (refers to
financial year, April 1 to March 31), against a net loss of INR1
million on net sales of INR839 million for 2009-10.


BABY MARINE (EASTERN): CRISIL Rates INR100M Packing Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of Baby Marine (Eastern) Exports, part of the BME
group.

   Facilities                            Ratings
   ----------                            -------
   INR80.00 Million Bill Discounting     P4 (Assigned)
   INR100.00 Million Packing Credit      P4 (Assigned)

The rating reflects BMEE's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, working-capital-
intensive operations, and vulnerability to volatility in foreign
exchange rates and in prices of raw materials. These rating
weaknesses are partially offset by the extensive experience of
BMEE's partners in the seafood industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BMEE and Baby Marine Exports, together
referred to as the BME group. This is because the two firms are in
the same line of business and have considerable fungible cash flow
between them.

                        About the Group

Set up in 1976 by Mr. K C Thomas, the BME group comprises two
partnership firms - BME in Kollam and BMEE in Calicut (both in
Kerala). The group processes shrimp and other seafood, such as
cuttlefish and squids, and exports them to Europe, Africa, and the
Middle East. The group mainly focuses on the high-value, head-on,
shell-on variety of shrimp, and is one of India's leading
exporters of this variety of shrimp. The BME group has total
processing capacity of 60 tonnes per day. The group's partners
have been in the seafood industry for more than three decades. The
day-to-day operations of both BMEE and BME are managed by Mr. K C
Thomas, Mr. Nancy Babu, and Mr. K C Babu. The BME group, apart
from the above, has three other associate entities involved in
similar activities, namely Baby Marine Products, Relish Foods, and
Royal Oceans; these entities are based out of different regions
and are managed independently.

The BME group's profit after tax (PAT) is estimated at INR16
million on net sales of INR991 million for 2010-11 (refers to
financial year, April 1 to March 31), against a net loss of INR1
million on net sales of INR839 million for 2009-10.


BAJRANG COTTON: ICRA Assigns '[ICRA]B+' Rating to INR5cr Credit
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crore cash
credit facility of Bajrang Cotton Ginning & Pressing Factory.

The rating is constrained by the limited track record of the firm,
inherently low value addition in the business and the company's
modest scale of operations in a highly competitive and fragmented
market with low entry barriers that keeps its operating and net
margins at low levels.

The rating is also constrained by the company's leveraged capital
structure leading to weak coverage indicators and stretched
liquidity position. Further, ICRA has also factored in the fact
that the company is exposed to adverse movement in raw material
prices and regulatory risks.

The rating, however, considers the experience of the promoter in
the cotton ginning industry and the advantage the company enjoys
by virtue of its location in cotton producing region giving it
easy access to raw cotton. While the company's track record is
limited, ICRA notes that the company has been able to ramp-up its
operations to quite an extent since the commencement of the
business.

                        About Bajrang Cotton

Established in 2009, Bajrang Cotton Ginning & Pressing Factory is
a partnership firm owned and managed by Mr. Ramesh Bodar,
Mr. Hitesh Bodar and the other members of Bodar family. It deals
in S-6 variety of cotton and is involved in ginning of raw cotton
to produce cotton bales and cotton seeds. The firm started its
operations with 18 fully automated ginning machines and has added
6 more machines in October 2010 resulting in an intake capacity of
30,000 MTPA. The firm has two sister concerns namely M/s Ravi
Trading Co and M/s Rameshbhai Vithalbhai, involved in the trading
of raw cotton.

Recent Results

During FY11, BCGPF reported an operating income of INR41.38 Cr.
and profit before tax of INR0.20 Cr. (provisional financials) as
against operating income of INR10.08 Cr. and profit after tax of
INR0.10 Cr. during FY10.


BEC CHEMICALS: CRISIL Reaffirms 'BB+' Rating on INR7.5MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of BEC Chemicals Pvt Ltd
continues to reflect BEC's declining though high product and
customer concentration in revenue profile, small scale of
operations, and large capital expenditure (capex) plans over the
medium term.  These rating weaknesses are partially offset by the
company's healthy profitability and longstanding relationships
with customers.

   Facilities                            Ratings
   ----------                             -------
   INR7.5 Million Long-Term Loan          BB+/Stable (Reaffirmed)
   INR45 Mil. Bill Purchase-Discounting   P4+ (Reaffirmed)
                               Facility
   INR50 Million Letter of Credit         P4+ (Reaffirmed)
   INR2.5 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that BEC will continue to benefit over the medium
term from its established relationship with its customers. The
outlook may be revised to 'Positive' if the company is able to
diversify its product and customer base, scale up its business
after successful implementation of its project and strengthen its
capital base. Conversely, the outlook may be revised to 'Negative'
in case of significant deterioration in its capital structure or
working capital management or cash accruals.

                        About BEC Chemicals

Set up in 1979 by Mr. M T Shah, Mr. C T Shah, and Mr. Dinesh Shah,
BEC manufactures bulk drugs and intermediates for the
pharmaceutical industry. Prior to setting up BEC, the promoters
were engaged in the engineering and fabrication business. BEC
develops its products in India, and supplies them commercially in
the global market, after the products have been approved by the
client and the regulator in each country. BEC now develops new
products in-house at its ISO 9001:2008-certified research and
development (R&D) centre, which is a joint venture with IBI
Chematur (Engineering & Consultancy) Ltd, an associate company,
and plans to market these independently.

BEC proposes to soon enter the regulated markets, and has set up a
regulatory affairs department that will file dossiers with the US,
and countries in the European region. The company has received the
Certificate of Sustainability (CoS) and approval from EDQM
(European Directorate for the Quality of Medicines and healthcare)
for Ketoprofen and has filed for CoS for Mesalazine. BEC has also
filed for WHO-GMP approval for both these products. BEC is a 100
per cent export-oriented unit. The company has its facilities
located at Dhatav Roha, Raigad district (Maharashtra).

BEC reported a profit after tax (PAT) of INR25.3 million on net
sales of INR231.1 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR12.5 million on
net sales of INR185.9 million in 2009-10.


BHAVI INTERNATIONAL: CRISIL Rates INR3-Mil. LT Bank Loan at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Bhavi International Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Line of Credit        B+/Stable (Assigned)
   INR3 Million Proposed Long-Term     B+/Stable (Assigned)
                Bank Loan Facility
   INR3 Million Bank Guarantee         P4 (Assigned)

The ratings reflect BIL's modest financial risk profile reflected
in low net worth and weak interest coverage indicator. The ratings
also reflect the susceptibility of the revenues and margins to
volatility in input costs and changes in the overall regulatory
framework. These weaknesses are partially offset by long standing
experience of BIL's promoters in the chemical trading business and
established customer relationships.

Outlook: Stable

CRISIL believes that BIL will maintain a stable business risk
profile over the medium term on the back of long standing
experience of the promoters. The outlook may be revised to
'Positive' if BIL is able to significantly scale-up its revenues
and profitability while improving its working capital management.
Conversely, the outlook may be revised to 'Negative' if BIL's
working capital management or profitability deteriorates
significantly.

                     About Bhavi International

BIL is a closely held public limited company of the Mumbai-based
Shah family. The company was established in 1994 in Mumbai. BIL
trades in organic dyes and chemicals, used in various industries
such as paper, textiles, leather, and food. The company has
increased its thrust on the paper industry over the past three
years. The company was initially more involved in the export
markets, but has recently begun initiatives to increase its
presence in the domestic market. BIL's estimated revenues for
2010-11 are around INR170 million. Currently, exports contribute
around 60% to the overall revenues of BIL.

BIL reported a profit after tax (PAT) of INR0.79 million on net
sales of INR83.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.29 million on net
sales of INR105.1 million for 2008-09.


BRITTO SEA: CRISIL Upgrades Rating on INR2.3MM Term Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term loan facility of
Britto Sea Foods Exports Pvt Ltd to 'B+/Stable' from 'B/Stable',
while reaffirming its rating on the short-term facilities at 'P4'

   Facilities                          Ratings
   ----------                          -------
   INR2.3 Million Term Loan            B+/Stable (Upgraded from
                                                  'B/Stable')
   INR110 Million Export Packing       P4 (Reaffirmed)
                           Credit
   INR28.7 Million Foreign Bill        P4 (Reaffirmed)
                    Discounting
   INR15 Million Standby Line of       P4 (Reaffirmed)
                           Credit

The upgrade reflects improvement in Britto's business risk profile
marked by growth in revenues and cash accruals. The upgrade also
reflects CRISIL's belief that Britto will have a sustained growth
in revenues over the medium term because of the healthy growth
prospects for the industry.

The ratings continue to reflect Britto's high gearing, poor debt
protection metrics, susceptibility to volatility in foreign
exchange rates, and to risks inherent in the seafood industry.
These rating weaknesses are partially offset by the company's
long-standing presence in the seafood export industry, diverse
customer base, and moderate operating efficiency.

Outlook: Stable

CRISIL believes that Britto's topline will grow moderately, and
profitability will improve, over the medium term, on the back of
focus on customers in the premium segment in the export markets
and entry into new geographies. The outlook may be revised to
'Positive' in case of considerable improvement in Britto's capital
structure and debt protection metrics together with better-than-
expected growth in the company's topline and profitability.
Conversely, the outlook may be revised to 'Negative' if Britto's
operations are adversely affected by any unprecedented change in
regulations in the export markets, or if the company undertakes a
major debt-funded capital expenditure, thereby adversely affecting
its financial risk profile.

                        About Britto Sea Foods

Set up as a partnership firm by Mr. John Britto and Ms. Sushila
Christian in 1995, Britto was reconstituted as a private company
in October 2008. It exports seafood; the company has a processing
capacity of 5500 tonnes per annum (tpa) for frozen food and 1500
tpa for ready-to-eat food. The company primarily caters to the
export markets, mainly to the Americas, European Union countries,
Africa, and Southeast Asia.

For 2010-11, Britto is estimated to post a profit after tax (PAT)
of INR12 million on net sales of INR450 million, against a
reported PAT of INR4 million on net sales of INR410 million for
the previous year.


DHARMARATHINA TEXTILE: CRISIL Assigns 'B-' Rating to INR155MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4'' ratings to the bank
facilities of Dharmarathina Textile Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Cash Credit         B-/Negative (Assigned)
   INR155 Million Long-Term Loan     B-/Negative (Assigned)
   INR3.5 Million Bank Guarantee     P4 (Assigned)

The ratings reflect DTPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics. The rating also
factors in the exposure to project implementation risks, and the
susceptibility of its operating margin to volatility in cotton and
cotton yarn prices. These rating weaknesses are partially offset
by the entrepreneurial experience of DTPL's promoters.

Outlook: Negative

CRISIL believes that DTPL's liquidity will remain constrained
because commercial production at its facility in Aruppukottai
(Tamil Nadu) will only commence in July 2011, leading to subdued
cash accruals in 2011-12 (refers to financial year, April 1 to
March 31), as against its scheduled debt repayments for the same
period. CRISIL believes that if its cash accruals are
insufficient, DTPL's promoters will continue to infuse funds so
that its debt repayments are serviced in a timely manner. The
rating may be downgraded in case of a delay in stabilisation of
DTPL's operations or lower realisations, leading to less-than-
expected revenues and cash accruals, thereby adversely affecting
the company's liquidity. Conversely, the outlook may be revised to
'Stable' in case of better-than-expected revenues and
profitability, prudent working capital management, and
stabilisation of operations.

                      About Dharmarathina Textile

DTPL was set up by Mr. Dharmarajan and his son, Mr. D Ravi, in
2006. This is the promoters' first venture into the textile
industry. Their family has been running two rice mills and a rice
trading unit for the past 20 years in Aruppukottai.

DTPL is setting up a facility to manufacture cotton yarn in 40s
and 60s counts. The facility will have 12,000 spindles. Phase I of
this project, constituting 6000 spindles, is expected to begin
commercial production in July 2011, while the second phase will be
operational by December 2011. The total project cost of INR295.6
million is funded through debt of INR200 million and the remaining
INR95.6 million through the promoter's internal funds. Till date
the company has availed INR83.7 million of the term loans and the
promoters have brought in INR72.4 million.


GAGAN FERROTECH: CRISIL Cuts Rating on INR545MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Gagan
Ferrotech Ltd to 'D/P5' from 'B/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR545.0 Million Term Loan       D (Downgraded from 'B/Stable')
   INR150.0 Million Cash Credit     D (Downgraded from 'B/Stable')
   INR5.0 Million Bank Guarantee    P5 (Downgraded from 'P4')

The downgrade reflects instances of delay by GFL in servicing its
term loans; these delays have been caused by the company's weak
liquidity.

GFL also has an average financial risk profile, marked by high
working capital requirements and moderate debt protection metrics,
and its operating margin is susceptible to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of GFL's promoters in the coal and iron ore
industry.

                       About Gagan Ferrotech

GFL was set up in 1993 by Mr. Deepak Agarwal and Mr. Vinay
Agarwal. The company was involved in coal trading until 2006,
after which, it started manufacturing sponge iron in Durgapur
(West Bengal). The promoters also own another company called
Shakambhari Overseas Trades Pvt Ltd (SOTL; B/Stable/P4 by CRISIL).
Currently, GFL has an installed capacity of 1,26,000 tonnes per
annum (tpa) at its sponge iron unit. The company also commissioned
a rolling mill in March 2010, with an installed capacity of
1,05,000 tpa and a billet manufacturing facility of 1,05,000 tpa.
GFL is also setting up a power plant of 12 mega-watt (MW)
capacity, to be used for captive power consumption; the plant is
expected to be commissioned by July 2011.

GFL reported a profit after tax (PAT) of INR27.1 million on net
sales of INR638.7 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR21.5 million on net
sales of INR875.7 million for 2008-09.


GENERAL NICE: ICRA Assigns 'LBB+' Rating to INR2.5cr LT Loan
------------------------------------------------------------
ICRA has assigned the rating of "LBB+" to the INR2.50 crore
(sublimit of the short term fund based facility) long term fund
based bank facility of General Nice Mineral Resources (India)
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned an "A4+" rating to the INR60.00 crore short
term fund based and INR2.00 crore non fund based bank facilities
of GNMRL.

ICRA has taken into consideration the consolidated view of the two
entities, viz. GNMRL and its group company Billion Wealth Minerals
Private Limited in arriving at the ratings because of their common
parentage and their similar line of business.

ICRA has taken into consideration the consolidated view of the two
entities, viz. GNMRL and its group company Billion Wealth Minerals
Private Limited in arriving at the ratings because of their common
parentage and their similar line of business. The ratings reflect
the moderate scale of operations of GNMRL, its trading nature of
business leading to modest profitability and a weak consolidated
(along with its group company Billion Wealth Minerals Private
Limited, BWMPL) financial profile reflected by an aggressive
capital structure, weak coverage indicators and high working
capital intensity in the business. GNMRL and BWMPL are
subsidiaries of General Nice Resources (Hong Kong) Limited, which
is the investment arm of General Nice Group, Hong Kong.  The
General Nice group has interests in resource development, trading
and logistics. GNMRL and BWMPL are involved in the iron ore
trading business, with sales being made largely to the parent
company and a few other players in the Chinese market in the past.
While this reduces the counterparty risk, it exposes the company
to the risk of geographical concentration of sales. The iron ore
trading business of the companies is susceptible to changes in
Government policies like imposition of export/import restrictions,
changes in export duties etc, which could have an adverse impact
on the companies' profitability and scale of the operations. The
ratings also take into consideration the demonstrated financial,
management and business level support from the parent company.
ICRA takes note of the group's investment plans in the area of
overseas resource development, which may be routed through GNMRL.
ICRA would evaluate the impact of the same when the details and
funding pattern thereof are available.

                        About General Nice

GNMRL was incorporated in August 2007. The company is a subsidiary
of General Nice Resources (Hong Kong) Limited, which is the
investment arm of the General Nice Group, Hong Kong. General Nice
group has interests in resource development, trading and
logistics. GNRL holds 96.48% in GNMRL. The company is engaged in
the iron ore trading business.

Recent Results

During 2009-10, GNMRL reported a net profit of INR0.95 crore on a
turnover of INR112.22 crore. In 2008-09 the company reported a net
profit of INR0.07 crore on a turnover of INR122.95 crore.


HARI INFRASTRUCTURE: ICRA Suspends Rating on INR27cr Term Loan
--------------------------------------------------------------
ICRA has suspended LB- rating assigned to the INR27.0 crore term
loan limit of Hari Infrastructure Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


JANPATH ESTATES: ICRA Assigns '[ICRA]BB-' Rating to INR14.5cr Loan
------------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the
INR14.50 crore term loans of Janpath Estates Private Limited.  The
long term ratings carry a Stable outlook.

The rating factors in the limited track record of JEPL in the real
estate sector; significant market risks on account of moderate
level of booking (-20% of the project) and collection achieved in
its first project , Janpath Dreamz. The rating is also constraint
because of its relatively high gearing levels (1.82 times as on
March 31, 2010) and its moderate debt coverage indicators as
reflected by interest coverage of 2.24 times and NCA*/Total Debt
of 12.5% in 2009-10. ICRA has also noted that the company is yet
to receive some of the statutory approvals for the project. The
rating, however, favorably factors in the low funding risk for the
project as the entire debt has been tied up and all costs incurred
till date has been funded either by promoters contribution or
debt. Moreover, ICRA draws comfort from the fully paid land bank
of the company; acquisition of which has been funded through
unsecured loans extended by promoters.

                          About Janpath Estate

Incorporated in May 2004, Janpath Estate Private Limited has been
involved in carrying out purchase and development of real estate
etc. In the past the company was mainly involved in purchase of
land and selling it post land use conversion as well as
development. However, the company has recently launched its maiden
project by the name of 'Janpath Dreamz'.  The company is planning
to develop and sell villas constructed over a land parcel of about
9 acres. The company is jointly promoted by the Goyal family and
Singal family. Mr. Vinay Singal and Mr. Mahesh Kumar Goyal are the
directors of the company.

Recent Results

In 2009-10, JEPL reported a net profit of INR5.46 crore on an
operating income of INR20.38 crore as compared to a loss of
INR4.22 crore on an operating income of INR7.56 crore in 2008-09.


JENSON DRUGS: ICRA Puts '[ICRA]BB+' Rating on INR13cr Bank Limits
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR13.0 crore fund based limits and '[ICRA]A4+' rating to INR1.5
crore non fund based limits of Jenson Drugs Pvt. Ltd.  The long
term rating has been assigned a stable outlook.

For arriving at the ratings, ICRA has consolidated the profiles of
three companies in the group that have common management and are
in same business- (a) Jenson Drugs Private Limited, (b) Shivangi
Remedies Private Limited, and (c) Tanya Healthcare. The combined
entity is collectively referred to as Jenson Group.

The assigned ratings take into account the relatively weak
financial profile of the group with high gearing and moderate
coverage indicators, vulnerability to delays in payments from CGHS
resulting in high working capital intensity, and company's
complete revenue dependence on CGHS' central procurement policy
which is being run on pilot basis. The ratings also take into
account the promoter's experience in same line of business and
established contacts in CGHS, exclusive distributorship contracts
with a number of leading pharmaceutical companies and healthy
share of business in the centralized purchase scheme of CGHS. ICRA
also draws comfort from the success of CGHS' central procurement
scheme with majority of the dispensaries already brought under the
purview of the scheme. Nevertheless, complete dependence on CGHS
and vulnerability to change in the procurement policy of CGHS
constrains the rating.

                        About Jenson Group

Jenson Group (Jenson Drugs Private Limited, Tanya Healthcare and
Shivangi Remedies) is promoted by Mr. Rakesh Jain. All the three
companies are involved in institutional marketing of medicines and
primarily cater to CGHS requirements. The group has exclusive
distributorship contracts with a number of well known pharma
companies for CGHS supply and derives 100% of its revenues from
CGHS supplies. The group operates five warehouses in Delhi and
branch offices in Mumbai, Kolkata and Chennai.

Recent Results

The company reported a net profit of INR1.4 crore on an operating
income on INR49.1 crore as per 2010-11 provisional financials.


MAHARASHTRA SHETKARI: ICRA Rates INR139.5cr Loan at '[ICRA]BB-'
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating with stable outlook to the
INR139.50 crore term loan facility and INR10.50 crore proposed
fund based facility (Cash Credit) of Maharashtra Shetkari Sugar
Limited.

The rating draws comfort from experience of the promoters in sugar
industry. Established relations with local farmers along with cane
development initiatives will reduce supply side risk for the
company to a certain extent. The rating also takes into
consideration the fact that the company has obtained the required
licenses and approvals and term loans have been tied up. ICRA also
notes that the sugar plant in forward integrated with a
cogeneration unit and a distillery which is expected to improve
project viability.

The rating is however constrained by leveraged funding plan of the
project and execution risks associated with the project, currently
being in the initial implementation phase. The supplier for
distillery, which is expected to commence commercial production in
Feb 2012, is yet to be finalized. The sugar industry also remains
vulnerable to regulatory changes in pricing of sugar and
sugarcane, and export duty on sugar. The industry also remains
susceptible to agro-climatic risks and cyclical trends in sugar
industry. Working capital facilities and bridge loan, which will
be availed until the SDF loan is disbursed, are not yet sanctioned
and timely financial closure of the same remains a key sensitivity
for the company. MSSL will also face challenge of competition from
nearby sugar companies; however the company is planning to
mitigate the risk by issuing preference shares to farmers in the
area as well as by undertaking cane development activities. The
company will also be in a better position to offer attractive
price to farmers due to fully forward integrated plant.

                   About Maharashtra Shetkari

Incorporated in 2007, MSSL is setting up a 3500 TCD sugar plant
forward fully integrated with co-generation unit of 20 MW and
distillery unit of 30 KLPD. The plant is located in Parbhani
District in Maharashtra. COD of sugar plant along with co-gen is
planned in Nov 2011. Commercial production of distillery will
start in Feb 2012. The group companies of MSSL are primarily
engaged in dealership of petroleum and automobiles with majority
of them being proprietorship firms with small scale of operations.

Recent Results

MSSL is a project company and revenues are expected to be
generated starting from FY12.


NAVEEN COTTON: CRISIL Reaffirms B- Rating on INR145.9MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Naveen Cotton Mills Pvt
Ltd continue to reflect Naveen Cotton's weak financial risk
profile, marked by high gearing, small net worth, and moderate
debt protection metrics, and susceptibility to volatility in raw
material prices and intense competition in the textiles industry.
These rating weaknesses are partially offset by the company's
promoters' extensive industry experience and its longstanding
customer relationships.

   Facilities                        Ratings
   ----------                        -------
   INR145.9 Million Term Loan        B-/Stable (Reaffirmed)
   INR59.6 Million Working Capital   B-/Stable (Assigned)
                       Demand Loan
   INR100 Million Cash Credit        B-/Stable (Reaffirmed)
   INR5 Million Letter of Credit     P4 (Reaffirmed)
   INR9.2 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Naveen Cotton will continue to benefit over
the medium term from its high capacity utilisation and
longstanding customer relationships. The outlook may be revised to
'Positive' if Naveen Cotton's capital structure improves
significantly on the back of increased cash accruals, and if it
maintains its high operating profitability. Conversely, the
outlook may be revised to 'Negative' if Naveen Cotton undertakes a
large, debt-funded capital expenditure (capex) programme, or if
its cash accruals decline significantly.

Update

Naveen Cotton reported, on provisional basis, a 41 per cent year-
on-year growth in operating income in 2010-11 (refers to financial
year, April 1 to March 31), mainly driven by improved realization.
In 2010-11, 57 per cent of its total sales came from yarn and the
rest from sale of knitted cloth and waste; it gets yarn knitted on
job-work basis. It reported, on provisional basis, an operating
margin of 14.5 per cent for 2010-11, which is in line with that in
the previous year. Gearing remains high at 4.34 times as on
March 31, 2011; gearing is expected to reduce gradually, as the
company has no capex planned for the medium term. Its debt
protection metrics remained moderate, with interest coverage and
net cash accruals to total debt ratios of 2.2 and 0.13 times
respectively in 2010-11. Its liquidity remained constrained
because of large working capital requirements, reflected in its
high bank line utilization of around 95 per cent on an average for
the 12 months ended April 30, 2011.

For 2010-11, Naveen Cotton reported, on provisional basis, a
profit after tax (PAT) of INR17.1 million on net sales of INR563.8
million; it reported a PAT of INR4.5 million on net sales of
INR394.9 million for the previous year.

                        About Naveen Cotton

Naveen Cotton was set up by Mr. R Anandh in 2005 in Tirupur (Tamil
Nadu). The company manufactures low-count cotton yarn of 20s, 25s,
and 30s counts. Its present installed capacity is 14,208 spindles.


SAMPRASH FOODS: Fitch Assigns National LT Rating of 'B(ind)'
------------------------------------------------------------
Fitch Ratings has assigned India-based Samprash Foods Private
Limited a National Long-Term rating of 'B(ind)' with Stable
Outlook.  The agency has also assigned ratings to SFPL's
instruments:

   -- INR300m long-term debt: 'B(ind)'; and

   -- INR179.5m fund-based working capital limits:
      'B(ind)/F4(ind)'.

The ratings reflect the experience of SFPL's management in the
field of dairy products manufacturing and its established milk
collection centers to support increased production capacity after
completion of its ongoing expansion project.

Fitch notes that SFPL stopped its operations in October 2010 to
build a new manufacturing plant at the same site after demolishing
the old one. The new plant is expected to be commissioned by
October 2011. The company manufactures ghee (clarified butter) and
butter and sell the by-product -- skimmed milk -- in the open
market. It now plans to introduce skimmed milk powder in its
product portfolio, which is a value-added product and commands
higher margins than skimmed milk.

The ratings are constrained by the company's small scale of
operations and the capex execution risk. The ratings are also
limited by the low operating margins in milk production which
coupled with high levels of debt taken for the capex may result in
high financial leverage (adjusted debt/EBITDA) and liquidity
constraints for the company. The total capex is estimated around
INR485.9 million which is being funded by a mix of debt and equity
(3:2).

Negative rating guidelines include delays in operationalisation of
SFPL's new plant and/ or lower-than-expected profitability leading
to deterioration in its net financial leverage. Positive rating
guidelines include timely commencement of operations and high
capacity utilisation with improved profitability leading to
improved net financial leverage.

SMPL is engaged in the manufacturing of milk products since
October 2004. In FY10, it had revenues of INR228.7 million with
EBITDA of INR4.99 million and profit after tax of INR1.82 million.


SHETH METAL: ICRA Assigns 'LB' Rating  to INR2cr Term Loan
----------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR2.00 crore term loan
and the INR12.00 crore fund-based bank facilities of Sheth Metal
Private Limited.

The assigned rating take into account the tight liquidity position
of SMPL as evident from delays in debt servicing in the recent
past; thin profitability due to high raw material costs and
aggressive pricing followed to strengthen market presence; its
aggressive capital structure and weak coverage indicators; working
capital intensive nature of operations due to high inventory
levels maintained and lenient credit terms offered to customers
and cyclicality inherent in the stainless steel (SS) industry
which is likely to make SMPL's profitability and cash flows
volatile. The rating, nevertheless, derives comfort from the long
standing experience of SMPL's promoters in the SS business and its
healthy revenue growth in last four years driven by growing demand
from its customers and introduction of manufacturing operations in
2009. ICRA also notes that most of the inventory procured by SMPL
is backed by firm orders, which partly mitigates the risks related
to margin volatility arising from fluctuations in SS prices.

                           About Sheth Metal

Established in 2004 as an SS trading company, SMPL commenced its
manufacturing operations in 2009 and is engaged in the manufacture
of SS ingots and SS pipes and processing of SS round bars into SS
bright bars. The manufacturing facility of the company is located
at Sarigam in the Valsad district of Gujarat and it comprises an
induction furnace with an installed capacity of 9,600 metric
tonnes per annum (MTPA), a tube mill with an installed capacity of
600 MTPA and a bright bar processing facility with an installed
capacity of about 1000 MTPA.

Recent Results

In 2009-10, SMPL reported a profit after tax (PAT) of INR0.2 crore
on the back of net sales of INR73.2 crore. As per the provisional
results for the period 2010-11, SMPL reported a profit before tax
(PBT) of INR0.3 crore on the back of net sales of INR129.8 crore.


SHIVANGI REMEDIES: ICRA Places '[ICRA]BB+' Rating on INR11cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR11.0
crore fund based limits and '[ICRA]A4+' rating to INR8.0 crore non
fund based limits of Shivangi Remedies Private Limited. The long
term rating has been assigned a stable outlook.

For arriving at the ratings, ICRA has consolidated the profiles of
three companies in the group that have common management and are
in same business- (a) Jenson Drugs Private Limited, (b) Shivangi
Remedies Private Limited, and (c) Tanya Healthcare. The combined
entity is collectively referred to as Jenson Group.

The assigned ratings take into account the relatively weak
financial profile of the group with high gearing and moderate
coverage indicators, vulnerability to delays in payments from CGHS
resulting in high working capital intensity, and company's
complete revenue dependence on CGHS' central procurement policy
which is being run on pilot basis. The ratings also take into
account the promoter's experience in same line of business and
established contacts in CGHS, exclusive distributorship contracts
with a number of leading pharmaceutical companies and healthy
share of business in the centralized purchase scheme of CGHS. ICRA
also draws comfort from the success of CGHS' central procurement
scheme with majority of the dispensaries already brought under the
purview of the scheme. Nevertheless, complete dependence on CGHS
and vulnerability to change in the procurement policy of CGHS
constrains the rating.

                        About Jenson Group

Jenson Group (Jenson Drugs Private Limited, Tanya Healthcare and
Shivangi Remedies) is promoted by Mr. Rakesh Jain. All the three
companies are involved in institutional marketing of medicines and
primarily cater to CGHS requirements. The group has exclusive
distributorship contracts with a number of well known pharma
companies for CGHS supply and derives 100% of its revenues from
CGHS supplies. The group operates five warehouses in Delhi and
branch offices in Mumbai, Kolkata and Chennai.

Recent Results

The company reported a net profit of INR2.0 crore on an operating
income on INR59.8 crore as per 2010-11 provisional financials.


TANYA HEALTHCARE: ICRA Puts '[ICRA]BB+' Rating to INR15cr LT Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR15.0
crore fund based limits and '[ICRA]A4+' rating to INR0.5 crore non
fund based limits of Tanya Healthcare.  The long term rating has
been assigned a stable outlook.

For arriving at the ratings, ICRA has consolidated the profiles of
three companies in the group that have common management and are
in same business- (a) Jenson Drugs Private Limited, (b) Shivangi
Remedies Private Limited, and (c) Tanya Healthcare. The combined
entity is collectively referred to as Jenson Group.

The assigned ratings take into account the relatively weak
financial profile of the group with high gearing and moderate
coverage indicators, vulnerability to delays in payments from CGHS
resulting in high working capital intensity, and company's
complete revenue dependence on CGHS' central procurement policy
which is being run on pilot basis. The ratings also take into
account the promoter's experience in same line of business and
established contacts in CGHS, exclusive distributorship contracts
with a number of leading pharmaceutical companies and healthy
share of business in the centralized purchase scheme of CGHS. ICRA
also draws comfort from the success of CGHS' central procurement
scheme with majority of the dispensaries already brought under the
purview of the scheme. Nevertheless, complete dependence on CGHS
and vulnerability to change in the procurement policy of CGHS
constrains the rating.

                        About Jenson Group

Jenson Group (Jenson Drugs Private Limited, Tanya Healthcare and
Shivangi Remedies) is promoted by Mr. Rakesh Jain. All the three
companies are involved in institutional marketing of medicines and
primarily cater to CGHS requirements. The group has exclusive
distributorship contracts with a number of well known pharma
companies for CGHS supply and derives 100% of its revenues from
CGHS supplies. The group operates five warehouses in Delhi and
branch offices in Mumbai, Kolkata and Chennai.

Recent Results

The company reported a net profit of INR1.9 crore on an operating
income on INR52.8 crore as per 2010-11 provisional financials.


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


ALL NIPPON: Moody's Withdraws 'Ba2' Long-term Sr. Unsecured Rating
------------------------------------------------------------------
Moody's Japan K.K. has withdrawn its Ba2 long-term senior
unsecured rating with stable outlook on All Nippon Airways Co.,
Ltd. for its own business reasons.

RATING RATIONALE

This action does not reflect a change in the company's
creditworthiness. For more information, refer to Moody's
Withdrawal Policy at www.moodys.co.jp.

The principal methodology used in rating ANA was Moody's "Global
Passenger Airlines" published on Sept. 30, 2010, and available on
www.moodys.co.jp.

Headquartered in Tokyo, All Nippon Airways Co., Ltd., is Japan's
second-largest airline by revenue, with domestic and international
passenger and cargo and mail operations, and travel services.


CSC SERIES 1: Moody's Downgrades Ratings on 3 Classes of Bonds
--------------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class A-2
through B-3 and Class X bonds issued by CSC Series 1 GK.

  Class A-2/A-3, downgraded to Ba1 (sf); previously, on May 18,
  2011 downgraded to A3 (sf) from Aa1 (sf)

  Class B-2/B-3, downgraded to Ba3 (sf); previously, on May 18,
  2011 downgraded to Baa3 (sf) from A2 (sf)

  Class X, downgraded to Ba1 (sf); previously, on May 18, 2011
  downgraded to A3 (sf) from Aa1 (sf)

Deal Name: CSC Series 1 GK

Class: Class A-2 through G-3 bonds and Class X bonds

Issue Amount (initial): JPY36.2 billion

Dividend: Floating

Issue Date (initial): Dec. 28, 2006

Final Maturity Date: November 2012

Underlying Asset (initial): 11 non-recourse loans backed by real
estate

Originator: Credit Suisse Principal Investments Limited, Tokyo
Branch (CSPI)

Arranger: Credit Suisse Securities (Japan) Limited

The bonds were issued by CSC, Series 1 GK. The 11 loans, which
were originated by CSPI, were transferred to the issuer and are
backed by 72 properties.

In this transaction, any principal payments at maturity, or
prepayments resulting from the sale of the underlying properties,
or refinancing of the loans, are allocated on a pro-rata basis to
the balance of the Senior (Class A through E) and the Subordinated
(Class F and G) Bonds first.

Sequential payments are then applied to the Senior and pro-rata
payments to the Subordinated Bonds. In the event of a loan
default, a write-down amount due to any loss from the defaulting
loan will be allocated in reverse sequential order from the Class
G to A bonds.

Two of the loans have already been paid down in full. The
principal of one loan suffered partial impairment, and six loans
were recovered in full due to special servicing.

The other two loans are under special servicing. One is backed by
a retail property outside Tokyo ("loan 1") and the other is backed
by office/retail properties in and outside Tokyo ("loan 2").

The cash flow from a retail property located outside Tokyo backing
a loan has declined as some tenants in its retail property have
not resumed occupancy due to the March 11 earthquake.

In addition, reserves in the property trust account were withdrawn
to repair the backing property. Therefore, the interest of the
loan backed by retail property will not be paid as all cash flows
from the backing property will be used to compensate for the
withdrawn reserves.

For the Class B-2 through Class G-3 and Class X, interest
shortfalls emerged. This happened for the first time on the
interest payment due date of November 2010.

After this first shortfall, the Class B-2/B-3 interest shortfall
was recovered once on the interest payment due date of February
2011. But an interest shortfall for the Class A-2 to Class G-3
(excluding Class X) occurred again on the May 2011 payment date.

RATING RATIONALE

The rating action reflects the following factors:

(1) The lower likelihood of receiving cash for bond interest
    payments from Loan 1. Interest payments on the rated bonds
    therefore rely on cash flows generated by the properties
    backing only Loan 2.

(2) In this transaction, special servicing fees/ liquidation fees
    are deducted from the interest collection account instead of
    the principal collection account at the bond level waterfall
    structure. Also, bond interest payments can be paid out from
    interest collection account only.

(3) Due to (1) and (2), the amount of unpaid accrued interest on
    the rated bonds will vary, depending on the disposition order
    of the properties, or the recovery speed of the specially
    serviced loans. For example, if property sales were
    concentrated at one time, then cash generated by the remaining
    properties may not be sufficient for bond interest payments
    and may never be recovered.

(4) As a result of re-assessing the recovery assumptions on the
    remaining two specially serviced loans, Moody's determined
    that the ratings on Class A and B should reflect the
    possibility of default due to loss on interest.

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

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


JMAC 4: Fitch Ratings Cuts Class C Trust Interests to 'Dsf'
-----------------------------------------------------------
Fitch Ratings has downgraded JMAC 4's class C trust beneficiary
interests (TBIs) due February 2013 and affirmed the remaining
classes. The transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are:

   -- JPY81m* Class B TBIs affirmed at 'AAAsf'; Outlook Stable;

   -- JPY900m* Class C TBIs downgraded to 'Bsf' from 'BBB-sf';
      Outlook Negative;

   -- JPY800m* Class D TBIs affirmed at 'Dsf'; Recovery Rating
      revised to 'RR6' from 'RR4'; and

   -- JPY500m* Class E TBIs affirmed at 'Dsf'; Recovery Rating of
      'RR6'.

*as of June 23, 2011.  The principal amounts for the purpose of
dividend calculation (Haitou Keisan Kijun Ganpongaku) for the
class D and E TBIs have been reduced to JPY371m and JPY0,
respectively, while the face values of these classes remain
unchanged.

The downgrade of the class C TBIs reflects Fitch's downward
revision of the value of the remaining property within the
portfolio. The underlying loan, backed by a multifamily
residential property in Tokyo, defaulted at its maturity date in
November 2010. The revision takes into account the recent cash
flow performance as well as the sales prospects in accordance with
the plan developed by the servicer. Following the initial stage of
workout, where the servicer had aimed for a full recovery of the
loan principal by property sales, the servicer has reduced the
expected sale price lower than the remaining loan balance. As a
result, margin of safety for the full redemption of the class C
TBIs is limited.   The affirmation of the class B TBIs reflects
Fitch's view that this class will be fully redeemed by the legal
final maturity. This class is currently around 80% collateralized
by cash held in the trustee's account, which will ultimately be
applied to repay the TBIs principal. Furthermore, part of the cash
flow from the collateral property will continue to be applied to
the repayment of the TBIs principal. Fitch believes therefore, the
class B TBIs are likely to be fully redeemed by the legal final
maturity even if the sale of the property does not take place.

At closing, the TBIs were backed by 16 loans ultimately secured by
26 commercial real estate properties. The transaction is currently
secured by two defaulted loans. One of these has previously been
determined to have effectively incurred a principal loss,
following the sale of all collateral properties.


TOKYO ELECTRIC: Shareholders Approve New Board Members
------------------------------------------------------
Tim Kelly at Reuters reports that shareholders of Tokyo Electric
Power Co. approved new board members on Tuesday amid calls on the
current leadership to step down.

Thousands flocked to Tepco's annual general shareholders' meeting
to vote on an anti-nuclear proposal and pose questions on the
still unknown amount of damages Tepco must pay to residents forced
to evacuate from around the Fukushima plant due to radiation
leaks, Reuters relates.

                           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.


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


AMI INSURANCE: Reinsurance to Expire on June 30
------------------------------------------------
Hannah Lynch at Interest.co.nz reports that AMI Insurance could be
uninsured as soon as Friday as officials scramble to put
reinsurance in place in the event of a fourth quake.

According to Interest.co.nz, AMI CEO John Balmforth restated on
Tuesday the company's position that it was confident that
reinsurance would be in place before Friday but said the company
would not publicly comment on the situation until Monday.

"There are some contractual issues that still need to be signed,"
Interest.co.nz quotes Mr. Balmforth as saying.

Mr. Balmforth, says Interest.co.nz, downplayed concerns about
policy holders being at risk in the event of another quake after
Friday.

Although, Mr. Balmforth conceded a deal had not been finalized
however said it was "almost complete," Interest.co.nz adds.

"The situation with our reinsurance is that the programme
placement has progressed well. Two components of the program are
already in place and the third component is progressing
exceedingly well and we are confident that we will be finished by
the deadline date of the 30th June."

The urgency of obtaining reinsurance has become clearer since
Civic Assurance revealed yesterday it could not get reinsurance.

AMI is the insurer most exposed to further Christchurch quakes.

If it does not find reinsurance by Friday any new quake damage
would have to be paid for out the government's credit line behind
AMI, the report adds.

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.


AMI INSURANCE: Tower Insurance Purchase Bid Progressing, GM Says
----------------------------------------------------------------
BusinessDay.co.nz reports that Tower Insurance general manager
Rob Flannagan said the NZX-listed insurer is making progress in
its bid to acquire AMI Insurance, but still does not have all the
information it needs to assess the opportunity.

Mr. Flannagan expected Tower would face competition as there was
"good value" in AMI's business outside its home town of
Christchurch, BusinessDay.co.nz says.

"It has perhaps got its risk management a little bit wrong, but
everything else about it is a pretty quality organization, quite
frankly," BusinessDay.co.nz quotes Mr. Flannagan as saying.  "The
biggest barrier is to know exactly what is going on - we need to
do a fair bit of due diligence if we can get in there."

Mr. Flannagan said the advantage of a tie-up with Tower was that
it had access to capital-raising possibilities through the NZX and
was more diversified, according BusinessDay.co.nz.

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.


NEW ZEALAND WINE: Wants Review on Finances Amid Loan Term Breach
----------------------------------------------------------------
BusinessDay.co.nz reports that The New Zealand Wine Company wants
bankers to hold an independent review of its finances and business
model, after a significant breach of its loan terms.

The company, which owns brands including Grove Mill and Sanctuary,
warned the NZX Monday that it would be in breach of its loan
agreement with ANZ, which stipulates that its underlying earnings
must be at least 1.3 times its interest costs.

According to BusinessDay.co.nz, NZWC, which had revenues of more
than $13 million last year, said it would miss the condition by a
"significant" margin.

BusinessDay.co.nz says ANZ has waived the breach on the condition
of an independent review of its forecasts and business model.
However, if the bank is not satisfied it could call in its loan
facilities.

BusinessDay.co.nz relates that Chairman Alton Jamieson said the
industry was struggling against an oversupply dampening prices,
while the kiwi dollar was trading near 30-year highs against the
US dollar and the British pound, two of its big export markets.

"The combination of those two things makes life very difficult,"
BusinessDay.co.nz quotes Mr. Jamieson as saying.

Mr. Jamieson, as cited by BusinessDay.co.nz, said he was confident
NZWC would get through the review, adding that he knew of private
wine companies in a similar position, but as a listed company it
was required to reveal the breach under continuous disclosure
rules.

The New Zealand Wine Company Limited (NZE:NWC) --
http://www.nzwineco.co.nz/-- is an integrated wine company
producing table wines operating wholly within the New Zealand wine
industry.  The Company grows grapes to use in the production of
wine.  NZWC's vineyards are located in Marlborough, New Zealand.
As of June 30, 2010, the Company held approximately 292,000 grape
vines planted on approximately 122 hectares of land owned or
leased by NZWC.  As of June 30, 2010, 112 hectares are in
commercial production.  Its brands include Grove Mill, Sanctuary
and Frog Haven.  The Company exports its products in the United
Kingdom, the United States and Australia.


PGG WRIGHTSON: Shareholders Approve Sale of Finance Unit
--------------------------------------------------------
PGG Wrightson shareholders on Tuesday voted in favor of selling
the company's finance arm to Heartland Building Society, as well
as letting Ngai Tahu Capital take a stake in a Chinese company
that holds the controlling stake in PGGW.

The meeting held in Christchurch saw lively discussion amongst
shareholders, particularly around the details of the sale of PGG
Wrightson Finance.

At the end of the meeting PGGW chairman Sir John Anderson said
that the resolution to sell the finance arm had been passed by
about 80-90 per cent of votes cast.  Final votes from shareholders
at the meeting were being finalized.

Also a resolution to approve the acquisition by South Island iwi-
based Ngai Tahu Capital of 7.24 per cent of the shares in Agria
Asia was passed by more than 50 per cent of votes cast, Anderson
said. Agria did not vote on that resolution.

                     About PGG Wrightson Finance

PGG Wrightson Finance is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson, a rural services company
based in New Zealand.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2011, Standard & Poor's Ratings Services placed its
'BB/B' issuer credit ratings on New Zealand nonbank financing
company PGG Wrightson Finance Ltd. on CreditWatch with positive
implications, following Heartland New Zealand Ltd's announcement
of a conditional acquisition of PWF.  The CreditWatch action
reflects the potential equalization of PWF's ratings with those on
Heartland Building Society Ltd. (HBS, formerly Combined Building
Society; BBB- /Stable/A-3), should the proposed acquisition of PWF
by HBS, a key operating subsidiary of HNZ, succeed (on or about
Aug. 31, 2011).

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


ST LAURENCE LIMITED: Investors to Get Lower Payout, Receivers Say
-----------------------------------------------------------------
BusinessDesk reports that the receiver of St Laurence Limited said
investors will probably get a return at the lower end of its
forecast range, and is working towards making a second repayment
in August.

BusinessDesk relates that receivers Barry Jordan and David Vance
of Deloitte expect investors will get a return at the lower end of
15% to 22% range on secured debenture holders' principal,
according to their latest report.

They said they want to make a second payment in August, with a
third and final distribution next year, BusinessDesk notes.

"Based on the realisations to date and ongoing estimated
realizations, it is now forecasted that the total distribution to
secured debenture holders will be at the lower end of the range,"
the receivers said.

Debenture holders were paid 9 cents in the dollar in January.

According to BusinessDesk, they were unsure about the future of a
limited guarantee from managing director Kevin Podmore and
associated companies, and excluded it from their assessment.

"This guarantee will be called in late July 2011 when it becomes
payable. Due to the level of realisation if any, it is very much
uncertain at this stage," they said.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.


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


METROPOLITAN BANK: Fitch Affirms, Withdraws Ratings
---------------------------------------------------
Fitch Ratings has affirmed the Philippines' Metropolitan Bank &
Trust Company's ratings and simultaneously withdrawn them.

The ratings have been withdrawn because they are no longer
considered by Fitch to be relevant to the agency's coverage. Fitch
will no longer provide ratings or analytical coverage of this
issuer.

The ratings affirmed and withdrawn are:

Metrobank:

   -- Long-Term Foreign-Currency Issuer Default Rating 'BB';
      Outlook Stable

   -- Short-Term Foreign-Currency Issuer Default Rating 'B'

   -- Individual Rating 'C/D'

   -- Support Rating '3'

   -- Support Rating Floor 'BB'

   -- Variable rate perpetual callable non cumulative tier 1
      subordinated notes 'B'


PLDT: Fitch Upgrades Issuer Default Rating to 'BBB-' from 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded Philippine Long Distance Telephone's
Long-Term Foreign Currency (LTFC) Issuer Default Rating (IDR) to
'BBB-' from 'BB+' and its Long-Term Local Currency (LTLC) IDR to
'BBB+' from 'BBB'.

The Outlook on PLDT's LTFC IDR is Stable, while the LTLC IDR
remains on Rating Watch Positive (RWP). The action follow Fitch's
upgrade of the Philippines' sovereign ratings to LTFC IDR 'BB+'
from 'BB' with a newly assigned Stable Outlook, and its LTLC IDR
and Country Ceiling to 'BBB-' from 'BB+'. For more information,
please refer to 'Fitch Upgrades Philippines to 'BB+'; Outlook
Stable' dated June 23, 2011'.

PLDT's LTFC IDR continues to be constrained by the Philippines'
Country Ceiling of 'BBB-', reflecting the country's foreign
currency transfer and convertibility risk. Any future movement in
the Country Ceiling will lead to a corresponding change in PLDT's
LTFC IDR.

PLDT's LTLC IDR is currently two notches above the sovereign LTLC
IDR. The RWP reflects the potential benefits of PLDT's proposed
acquisition of a controlling interest in the Philippines' third-
largest telco -- Digital Telecommunications Philippines, Inc.
(Digitel) -- through an all-equity deal. The acquisition, if
successful, would make the combined entity the country's
undisputed market leader by a significant margin, with around 70%
of wireless subscribers and 66% of wireless revenues (compared
with 53% and 56% currently) while maintaining PLDT's existing
financial profile. For more information, please refer to 'Fitch
Places Philippine Long Distance Telephone on Rating Watch Positive
on Acquisition dated April 1, 2011'.

The acquisition was approved by PLDT's shareholders in June 2011,
and is now subject to regulatory/anti-competitive authority's
approval, expected by end-July. The resolution of the RWP will be
predicated on the final funding mix for the payout to minority
shareholders, terms and conditions of the payout debt (for
minority shareholder payment), receipt of all necessary approvals
and Fitch's view on the financial strength of the combined entity
and its future business plans. If the acquisition meets with all
necessary approvals, then PLDT's LTLC IDR is likely to be upgraded
by one notch. In the event that the acquisition is unsuccessful,
PLDT's LTLC IDR is likely to be affirmed and assigned a Stable
Outlook. In addition, any future movement in the Philippines' LTLC
IDR will lead to a corresponding change in PLDT's LTLC IDR.

PLDT's ratings

   -- LTFC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable

   -- LTLC IDR upgraded to 'BBB+' from 'BBB'; on RWP

   -- National Long-term ratings affirmed at 'AAA(phl)'; Outlook
      Stable

   -- Senior unsecured rating upgraded to 'BBB-' from 'BB+'


* PHILIPPINES: Fitch Upgrades Foreign Currency IDR to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the Philippines' Long-Term Foreign
Currency Issuer Default Rating (IDR) to 'BB+' from 'BB'.  The
Long-Term Local Currency IDR and the Country Ceiling have been
upgraded to 'BBB-' from 'BB+'.  The Outlook is Stable.  The Short-
Term Foreign Currency IDR has been affirmed at 'B'.

"The upgrade reflects progress on fiscal consolidation against a
track record of macro stability, broadly favorable economic
prospects and strengthening external finances," said Andrew
Colquhoun, Head of Fitch's Asia-Pacific Sovereigns team.

Fitch projects the Philippines' budget deficit at 3% of GDP in
2011, down from 3.7% in 2010, testifying to broadly disciplined
fiscal management by the Aquino administration since it took
office at end-June 2010. Revenue growth of 18% in the first four
months of 2011, against Q1 nominal GDP growth of 9.3%, may point
to some early success in the authorities' efforts to improve tax
compliance, a long-standing credit weakness. Revenues were 14.2%
of GDP in 2010 (excluding privatization revenues for comparability
with other Fitch-rated sovereigns), well below the 'BB' median of
27%. Cash spending fell 12% in the first four months of the year
against the same period of 2010, but Fitch expects spending will
recover later in the year given the budgetary forecast of 12%
spending growth.

National (central) government (NG) debt was 55.4% of GDP at end-
2010, above the 'BB' range median for general government debt of
38.5%. While Fitch continues to use the headline NG debt figure
for analysis owing to its timeliness, the agency notes that the
latest available consolidated general government debt figure (end-
Q210) was just 42.8% of GDP, considerably below the corresponding
figure for NG debt of 53.6%. Debt worth 7.9% of GDP was held in
the Philippines' Bond Sinking Fund, with a further 3.7% of NG debt
held by social security institutions that are part of general
government. Moreover, the Philippines' debt ratios are expected to
decline, with central government debt/GDP projected at 50% of GDP
by end-2013, after an up-tick to 57% at end-2009 (under the
previous administration) when growth slowed amid the global
financial crisis and the deficit widened to 3.9%. However, the
gross NG debt/revenue ratio was at 391% for end-2010 ('BB' range
median: 166%), which is likely to remain a weakness over the
forecast period (to end-2013).

A run of current account surpluses since 2003 underpins steady
strengthening in the Philippines' external finances. The economy
became a net external creditor in 2009 while the sovereign's net
foreign asset position of 11% of GDP at end-2010 is another
strength, compared with a 'BB' median net debt position of about
3% of GDP.

The Philippines avoided recession, growing 1.1% in 2009 and
accelerating to 7.3% in 2010 (on the 1985-based GDP series; 7.6%
on the recently-released rebasing to 2000). Lower volatility in
the country's 10-year GDP growth rate and inflation than rated
peers points to broad macroeconomic stability as strengths for the
Philippines. Inflation picked up to 4.5% yoy by May 2011 from 3.1%
at end-2010, although it remains within the central bank's (BSP)
target range of 3%-5% despite the global run-up in commodity
prices, extending the BSP's track record of delivering effective
monetary policy management.

The five-year average growth rate of 4.9% is above the 'BB' range
median of 4%, but not enough to close the gap in average income
quickly; Philippines income per capita was around USD2,100 at
market exchange rates in 2010, against a 'BB' median of USD4,500.
The investment rate of around 16% of GDP is well below the peer
median (23% for the 'BB' range), reflecting structural weaknesses
that continue to weigh on the economy and ratings including high
reported corruption and deficiencies in physical infrastructure.
Sustained strengthening in the revenue/GDP ratio, combined with
structural reforms to boost investment and growth, including
effective implementation of the authorities' ambitious programme
of infrastructure improvement using public-private partnerships,
would boost prospects for further upgrades. Conversely, fiscal
slippage -- for example, if the authorities seek to meet
expenditure goals without first realizing revenue gains -- could
lead to negative pressure on the ratings, although this is not
Fitch's expectation.


* Fitch Upgrades Issuer Default Ratings on Two Philippine Banks
---------------------------------------------------------------
Fitch Ratings has upgraded two Philippine banks' Long-term Issuer
Default Ratings (IDRs) and revised five banks' Support Rating
Floors, following the upgrade of the country's sovereign ratings.
At the same time, all other ratings of the five banks have been
affirmed. The Outlook is Stable.

"The positive rating actions follow the upgrade of Philippines'
sovereign ratings as well as Fitch's expectations of a stable
domestic economic outlook, which will be supportive of the local
banks' performance and credit profiles," notes Alfred Chan,
Director with Fitch's Financial Institutions group.

The Long-Term IDRs of Bank of the Philippine Islands (BPI) and
Development Bank of the Philippines (DBP) have been upgraded, as
the sovereign upgrade suggests lower credit risks associated with
the banks' sizeable exposure to the Philippine government. This
exposure had been the reason why BPI's Long-Term Foreign-Currency
IDR (LT FC IDR) and Long-Term Local-Currency IDR, and DBP's LT FC
IDR were not rated higher than the Philippines' sovereign ratings
prior to the upgrade. The affirmation of BPI's and DBP's
Individual and National Ratings reflects Fitch's expectation that
the banks will maintain their fairly strong financial profiles,
including their high capitalisation, satisfactory earnings base
and prudent management records.

The Support Rating Floor revision reflects Fitch's expectation of
a higher probability of state support to the domestic banking
sector, underpinned by the government's improved ability to
provide timely support in light of the sovereign upgrade. The
agency believes that state support, in the event of need, will be
most forthcoming to the systemically important banks in the
Philippines. In Fitch's view, such banks include BPI, Banco de Oro
Unibank, Inc (BDO) and Metropolitan Bank & Trust Company (Metro)
-- with each accounting for 12%-15% of banking system assets --
and the wholly government-owned banks like DBP and Land Bank of
the Philippines (LBP).

The Support Rating Floor indicates the minimum Long-Term IDR that
would be assigned to these banks, even if their standalone
financial condition were to hypothetically deteriorate.
Nonetheless, the IDRs of these banks are at present driven by
their standalone financial strengths as reflected in their
Individual Ratings.

Philippines' LT FC IDR was upgraded to 'BB+' from 'BB' while its
LT LC IDR was upgraded to 'BBB-' from 'BB+'. (see 'Fitch Upgrades
Philippines to 'BB+'; Outlook Stable' dated 23 June 2011)

The rating actions are:

BPI

   -- LT FC IDR upgraded to 'BB+' from 'BB'; Outlook Stable

   -- LT LC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable

   -- National Long-Term Rating affirmed at 'AAA(phl)'; Outlook
      Stable

   -- Individual Rating affirmed at 'C'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB' from 'BB-'

   -- Step up callable lower tier 2 subordinated notes affirmed at
      'AA+(phl)'

DBP:

   -- LT FC IDR upgraded to 'BB+' from 'BB'; Outlook Stable

   -- LT LC IDR affirmed at 'BB+'; Outlook Stable

   -- National Long-term rating affirmed at 'AA+(phl)'; Outlook
      Stable

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB' from 'BB-'

   -- Senior notes upgraded to 'BB+' from 'BB'

   -- Perpetual callable subordinated hybrid notes affirmed at
      'B+'

BDO:

   -- LT FC and LC IDRs affirmed at 'BB'; Outlook Stable

   -- National Long-Term Rating affirmed at 'AA(phl)'; Outlook
      Stable

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB' from 'BB-'

   -- Senior notes affirmed at 'BB'

Metro:

   -- LT FC IDR affirmed at 'BB'; Outlook Stable

   -- Short-Term FC IDR affirmed at 'B'

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB' from 'BB-'

   -- Variable rate perpetual callable non cumulative tier 1
      subordinated notes affirmed at 'B'

LBP:

   -- LT FC and LC IDRs affirmed at 'BB'; Outlook Stable

   -- National Long-Term Rating affirmed at 'AA(phl)'; Outlook
      Stable

   -- Individual Rating affirmed at 'C/D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB' from 'BB-'

   -- Variable rate callable subordinated notes affirmed at 'BB-'


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


5 FINGERS: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to wind up the operations of 5 Fingers Investments Pte
Ltd will be heard before the High Court of Singapore on July 8,
2011, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
June 15, 2011.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


AALBORG INDUSTRIES: Court to Hear Wind-Up Petition on July 8
------------------------------------------------------------
A petition to wind up the operations of Aalborg Industries Water
Treatment Pte Ltd will be heard before the High Court of Singapore
on July 8, 2011, at 10:00 a.m.

Aalborg Industries A/S (now known as "Alfa Laval Aalborg A/S")
filed the petition against the company on June 10, 2011.

The Petitioner's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


BELL & ORDER: Creditors' Proofs of Debt Due July 8
--------------------------------------------------
Creditors of Bell & Order Engineering Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 8, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


COMFORT RESOURCES: Creditors' Meeting Set for July 4
----------------------------------------------------
Creditors of Comfort Resources Pte Ltd will hold a meeting on
July 4, 2011, at 10:00 a.m., at 5 Shenton Way #16-00 UIC Building,
in Singapore 068808.

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


DIAMOND CITY: Court to Hear Wind-Up Petition on July 8
------------------------------------------------------
A petition to wind up the operations of Diamond City Construction
Pte Ltd will be heard before the High Court of Singapore on
July 8, 2011, at 10:00 a.m.

Hock Hin Leong Timber Trading (Pte.) Ltd filed the petition
against the company on June 15, 2011.

The Petitioner's solicitors are:

          M/s David Ong & Co, Advocates & Solicitors
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


GREAT WORLD: Court to Hear Wind-Up Petition on July 8
-----------------------------------------------------
A petition to wind up the operations of Great World Pte Ltd will
be heard before the High Court of Singapore on July 8, 2011, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on June 10,
2011.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


INFINITEA ILUMA: Court to Hear Wind-Up Petition on July 8
---------------------------------------------------------
A petition to wind up the operations of Infinitea Iluma Pte Ltd
will be heard before the High Court of Singapore on July 8, 2011,
at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
June 15, 2011.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


MECH-TECH MARINE: Meeting Slated for July 4
-------------------------------------------
Creditors and Contributories of Mech-Tech Marine Pte Ltd will hold
a meeting on July 4, 2011, at 4:30 p.m., at 138 Cecil Street
#05-03, Singapore 069538.

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


PACIFIC SOURCE: Creditors' Meetings Set for June 30
---------------------------------------------------
Pacific Source Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on June 30,
2011, at 2:00 p.m., at 15 Beach Road, #03-10 Beach Centre,
Singapore 189677.

Agenda of the meeting include:

   a. to update the status of the liquidation;

   b. to approve Liquidator's remuneration and disbursements;

   c. to approve a first & final dividend to preferential and
      ordinary creditors; and

   d. discuss other business.

The company's liquidator is Victor Goh.


PROSPERITY INTERNATIONAL: Contributories' Meeting Set for July 1
----------------------------------------------------------------
Contributories of Prosperity International Logistics (S) Pte Ltd
will hold a meeting on July 1, 2011, at 2:00 p.m., at 336 Smith
Street #05-310, New Bridge Centre, in Singapore 050336.

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


PROCENTEC PTE: Creditors' Proofs of Debt Due July 8
----------------------------------------------------
Creditors of Procentec Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 8,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


SL SHIPPING: Court to Hear Wind-Up Petition on July 8
-----------------------------------------------------
A petition to wind up the operations of SL Shipping Pte Ltd will
be heard before the High Court of Singapore on July 8, 2011, at
10:00 a.m.

Marklink Shipping Co Ltd filed the petition against the company on
June 16, 2011.

The Petitioner's solicitors are:

          Pan Asia Law Corporation
          6 Raffles Quay
          #10-05/06
          Singapore 048580


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***