TCRAP_Public/110707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, July 7, 2011, Vol. 14, No. 133

                            Headlines


A U S T R A L I A

GRIFFIN COAL: Supply Threat Hits AUD1.2-Bil. Griffin Power Sale
RAPTIS GROUP: Creditors Seeks to Liquidate Construction Unit
SEIZA AUGUSTUS: S&P Affirms 'CCC-' Rating on Class E Notes
* AUSTRALIA: U.S.-Style Bankruptcy Protection Needed, Says Adler


C H I N A

INTIME DEPARTMENT: S&P Gives 'BB-' Long-term Corp. Credit Rating


H O N G  K O N G

APOLLO SHINE: Court Enters Wind-Up Order
CHEONG FAT: Court Enters Wind-Up Order
CHUN MAN: Court Enters Wind-Up Order
CITICHEM INTERNATIONAL: Court Enters Wind-Up Order
DRAGON FORM: Court Enters Wind-Up Order

EZCOM HOLDINGS: Jones and Oxley Appointed as Liquidators
EZCOM TECHNOLOGY: Jones and Oxley Appointed as Liquidators
FAR EAST: Creditors' Proofs of Debt Due July 14
FULLWIN LOGISTICS: Court Enters Wind-Up Order
HOI TUNG: Creditors' Proofs of Debt Due July 15

LUCKY EVER: Sutton and Fok Appointed as Liquidators
MATSUNICHI DIRECT: Court Enters Wind-Up Order
METZLER INT'L: John Howard Batchelor Appointed as Liquidator
MINTEL (H.K): Court Enters Wind-Up Order
MOTOR RESTAURANT: Court to Hear Wind-Up Petition on Aug. 10

N.G.A. OPTICAL: John Howard Batchelor Appointed as Liquidator
NU-WEST NATURAL: Creditors' Proofs of Debt Due July 11
STAR MATRIX: Court to Hear Wind-Up Petition on July 13
SULZER PUMPS: Creditors' Proofs of Debt Due July 22
SUPERB DRAGON: Tom and Lo Appointed as Liquidator

SUPPLY CHAIN: Members' Final Meeting Set for August 1
SYMBOL TECHNOLOGIES: Creditors' Proofs of Debt Due August 2
TAKE ONE: Creditors' Meeting Set for July 15
TCHIBO QUALITY: Creditors' Proofs of Debt Due August 2
Y & H ENGINEERING: Creditors' Proofs of Debt Due July 15


I N D I A

AANUJ INFRAPROJECTS: CRISIL Raises Rating on INR60MM Loan to 'BB-'
ADHYA HIMALAYAN: CRISIL Reaffirms 'BB-' Rating on INR40MM LT Loan
AGRASEN SHIPBREAKERS: CRISIL Assigns 'BB' Rating to INR2.4MM Loan
AGRAWAL POWER: CRISIL Assigns 'BB-' Rating to INR60MM Cash Credit
AGRINI EXPORT: CRISIL Reaffirms 'D' Rating on INR24MM LT Loan

ASIATIC COLOUR-CHEM: CARE Rates INR37cr LT Loan at 'CARE BB+'
BANK OF INDIA: Fitch Withdraws 'C/D' Individual Rating
DHAN STEELS: ICRA Rates INR2cr Long Term Loan at '[ICRA]BB'
ETA TECHNOPARK: ICRA Assigns '[ICRA]BB' Rating to INR305cr Loan
GODAVARI PLASTO: CRISIL Assigns 'D' Rating to INR25.5MM Term Loan

INDIAN OVERSEAS: Fitch Withdraws 'C/D' Individual Rating
JAGANNATH SPONGE: CARE Rates INR36.2cr LT Loan at 'CARE BB-'
JAI MATA: CRISIL Assigns 'C' Rating to INR50 Million Term Loan
JPB FIBERS: ICRA Assigns '[ICRA]BB' Rating to INR5cr Cash Credit
LEELA SHIP: ICRA Assigns '[ICRA]BB' Rating to INR4cr Cash Credit

MAGNOLIA MARTINIQUE: ICRA Rates INR1cr Term Loan at 'LBB'
NAKODA PRODUCTS: CARE Assigns 'CARE B+' Rating to INR5cr LT Loan
ORBIT ARTISANS: CARE Assigns 'CARE BB' Rating to INR5.25cr LT Loan
ORIENTAL BANK: Fitch Withdraws 'C/D' Individual Rating
P. K. & CO: ICRA Reaffirms '[ICRA]B+' Rating on INR5cr Bank Loan

SENTHUR SPINNERS: CARE Assigns 'CARE BB-' Rating to INR8.51cr Loan
STELLAR PARKS: CARE Assigns 'CARE B' Rating to INR27.55cr LT Loan
TILE GRES: CARE Rates INR6cr Long-Term Loan at 'CARE BB'


J A P A N

* JAPAN: Credit Union Sees Rise in Disaster-Related Insolvencies


K O R E A

HYNIX SEMICONDUCTOR: Hyundai Heavy Won't Bid For Hynix Stake


M A L A Y S I A

AYER MOLEK: Systems & Securities Serves Writ of Summons
HAISAN RESOURCES: Tenaga Nasional Demands MYR4.79 Million Payment
SATANG HOLDINGS: Publicly Reprimanded For Breaching Listing Rules


N E W  Z E A L A N D

BRIDGECORP LTD: FMA Welcomes Court Ruling on Director's Appeal
KINGSTON ACQUISITIONS: Kingston Flyer Sale Still Being Negotiated
PIKE RIVER: Contractors Need Funding to For Legal Costs
STONEY RANGE: Placed Into Voluntary Receivership
* NEW ZEALAND: Turner Hopkins Seeks Funding For Class Action

* NEW ZEALAND: Court-Appointed Liquidations to Continue to Rise


                            - - - - -


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


GRIFFIN COAL: Supply Threat Hits AUD1.2-Bil. Griffin Power Sale
---------------------------------------------------------------
Brisbane Times reports that the Griffin Coal administrators have
confirmed that the AUD1.2 billion sale of the company's power
business, due for completion last May, has been derailed by its
new owner, which has threatened to withhold supply for the Griffin
Power coal-fired plants.

Brisbane Times relates that in an update to investors,
KordaMentha's Brian McMaster said the sale completion date had
been extended to September 30 "although finalizing the sale is
contingent on implementing an appropriate resolution to the coal
supply threat."

The administrators, according to Brisbane Times, admitted supply
"also has the potential to impact the underlying value of the
Griffin Power business," which was sold to the Japanese utility
Kansai Electric Power and Sumitomo Corp in April.

In May, Brisbane Times recalls, Lanco Infratech, the new owner of
Griffin Coal, threatened to suspend the coalminer's long-term
supply agreements, saying the operations "may not be financially
sustainable in their present form."

According to Brisbane Times, the administrators have revealed in
their latest report to creditors that the company generated a
trading loss of AUD74.2 million during the administration, but
Lanco critics have said the company's actions are all about
maximizing earnings from its new asset by extracting higher prices
for its coal.

Brisbane Times says Griffin Coal's other big customer, the coal-
to-urea operator Perdaman, is suing Lanco in the Supreme Court of
Western Australia for AUD3.5 billion in damages on the basis that
financing for its plant fell through after Lanco threatened to
suspend supply in May.

The news, notes Brisbane Times, only gets worse for Griffin's
creditors, who are being warned of further losses.

Brisbane Times says notices have been issued for another meeting
of creditors on July 21, 2011, in Perth, to consider the news and
appoint a committee to assist the administrators on threats to the
coal supply.

Griffin's administrators also said they have received proof of
debts "significantly in excess of the corresponding liabilities
recorded in the books and records of [Griffin Coal] and where the
creditors' rights to make the claim are uncertain."

The administrators, as cited by Brisbane Times, said this included
about AUD500 million in claims that had not been anticipated.  A
creditors report published in February said creditors owed AUD742
million might be repaid in full if they accept the Deed of Company
Arrangement that sold Griffin Coal to Lanco for AUD750 million.

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2011, Reuters said the administrators for Griffin Coal
Mining are close to finalizing the sale of the company's
Bluewaters power project in Western Australia to a Japanese
consortium for an enterprise value of around AUD1.2 billion.
Sumitomo Corp. and Kansai Electric Power Co. are acquiring the
project from Griffin, after the AUD800 million-plus sale of the
company's coal mines to Indian sponsor Lanco Infratech completed
at the end of February.  The mines supply the coal to run the
power project.

                        About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2010, Bloomberg News said Griffin Coal Mining Co.
appointed Kordamentha as administrator with total debts amounting
to AUD700 million.  The coal supplier defaulted on an interest
payment in December 2009 to bondholders owed US$475 million and
also missed a payment to Australia's tax authority.


RAPTIS GROUP: Creditors Seeks to Liquidate Construction Unit
------------------------------------------------------------
Nick Nichols at The Gold Coast Bulletin reports that a dividend
sweetener may not be enough to quell unrest among Raptis Group
creditors who, after a two-year wait, are taking their grievances
to the corporate watchdog.

The Gold Coast Bulletin relates that unsecured creditors to
Rapcivic Contractors, the Raptis Group's construction arm, were
given a clearer picture on Monday of their recovery prospects,
including a possible lift in their promised payout if a claim by
the Australian Taxation Office can be beaten in court.

According to The Gold Coast Bulletin, voluntary administrator
Brian Silvia of BRI Ferrier said the payout to unsecured
creditors, who are owed about AUD12 million, could rise to between
14 cents and 16 cents in the dollar from 10 cents to 14 cents
previously expected.

The increase, says the Gold Coast Bulletin, would only be achieved
if the ATO's existing AUD11 million claim against Raptis Group can
be extinguished and a surprise tax refund of AUD2 million is
secured.

"There is real prospect the debt due to the ATO could potentially
be eliminated," Mr. Silvia said in the long-awaited creditors'
report, the Gold Coast Bulletin relates.

Despite the court wins so far, the Gold Coast Bulletin says, the
ATO continued to pile on the interest penalties for its original
claim of AUD26 million, lifting its bill against the Raptis Group
to AUD31.2 million.

Mr. Silvia on Monday described the Raptis administration process
as "frustrating", but the frustration also has been building for
creditors, the Bulletin says.

A letter obtained by the Bulletin and yet to be filed with the
Australian Securities and Investments Commission has alleged an
abuse of process occurred in relation to Raptis Group's voluntary
administration and the execution of the deed of company
arrangement (DOCA).

"Even if this is not technically the case, we believe the
interests of unsecured creditors has been deliberately and
intentionally subordinated to those of the principal and director
of the company, Jim Raptis," the letter noted.

The planned appeal to ASIC is seeking liquidation of Rapcivic and
an independent investigation into its affairs, the Bulletin adds.

                        About Raptis Group

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

                           *     *     *

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

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

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

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


SEIZA AUGUSTUS: S&P Affirms 'CCC-' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on all
classes of notes issued by the trustee of Seiza Augustus Series
2007-1 Trust.  The notes are backed by a portfolio of residential
and small-ticket commercial mortgage loans.  "The rating
affirmations reflect our view that the rated notes are able to
withstand stresses that are commensurate with their current rating
levels," S&P stated.

"Based on our latest performance review of the transaction, the
notes are performing within our current rating expectations. The
rated notes have benefited from the increase in credit enhancement
as a proportion of the outstanding balance as the portfolio
amortizes. Nevertheless, the pool faces rising adverse selection
risk at the tail-end of the transaction, whereby borrowers that
are susceptible to financial difficulties may remain in the pool.
Consequently, we expect further defaults and losses to emerge,"
S&P stated.

"The portfolio has a significant concentration of interest-only
loans (nearly 60% of the current portfolio balance) that will
revert to principal-amortizing loans in 2011 and 2012, which we
believe may require significant payment adjustments for some
borrowers. The concentration of borrowers with large loans is
high, as the top-6 borrowers (with loan balances of at least
AUD1.7 million) account for about 20% of the portfolio at
March 31, 2011. The top-20 borrowers form 49% of the portfolio,
each with a loan size of at least AUD1 million. Furthermore, the
portfolio has a large concentration to properties in troubled
areas with poor recoverability. Nevertheless, the current credit
enhancements as a percentage of the outstanding balance have risen
as the portfolio amortized, and are commensurate with the current
ratings on the notes," S&P added.

Ratings Affirmed

Seiza Augustus Series 2007-1 Trust
Class     Rating
B         AA (sf)
C         BBB+ (sf)
D         B- (sf)
E         CCC- (sf)

The class F note is in default and rated 'D'.


* AUSTRALIA: U.S.-Style Bankruptcy Protection Needed, Says Adler
----------------------------------------------------------------
Sarah-Jane Tasker at The Australian reports that the near collapse
of property group Centro Properties Group highlights the need for
Australia to follow the U.S. style of bankruptcy protection and
protect companies from creditors while they try to trade out of a
crisis, according to Rodney Adler.

The controversial executive, who was jailed in 2005 for share
trading related to the 2001 collapse of insurance giant HIH, said
U.S. companies can seek protection from creditors by applying to
the courts to enter the so-called Chapter 11, The Australian
points out.

In an exclusive article in The Australian on July 3, 2011,
Mr. Adler said Chapter 11 provides time for companies to
reorganize its debt and equity positions and hopefully emerge as a
going concern again.

"It prevents lenders calling in their loans, which the company may
not be able to repay at that point, or appointing an administrator
to preside over the sale of the business inevitably at fire-sale
prices, or its break-up and demise," The Australian quotes
Mr. Adler as saying.

Mr. Adler's intervention will be criticized, The Australian notes.
Mr. Adler's views come after some harsh personal lessons -- he was
jailed for 2 1/2 years for his actions as an HIH director.
Mr. Adler, who previously operated a string of venture capital
funds, was banned from managing corporations for 20 years in 2002,
The Australian discloses.

Mr. Adler's comments, says The Australian, follow Federal Court
judge John Middleton's ruling that executives and directors of
property group Centro breached the Corporations Act by signing off
on financial reports that failed to disclose billions of dollars
of short-term debt.

The Australian relates that Justice Middleton said that eight
former and current directors failed to exercise due care and
diligence in the lead-up to the company's near collapse in 2007.

According to The Australian, Mr. Adler argues that the directors
of Centro did what they did, "not with malice in their hearts" but
rather a desire to keep the company going for the benefit of all
stakeholders.  "This is why a form of Chapter 11 is a good idea
for Australia," Mr. Adler said, the report cites.  "Everyone knows
what is happening."


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


INTIME DEPARTMENT: S&P Gives 'BB-' Long-term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to China-based department-store operator
Intime Department Store (Group) Co. Ltd.  The outlook is stable.
"At the same time, we assigned our 'BB-' issue rating to the
company's proposed renminbi-denominated fixed-rate senior
unsecured bonds. We also assigned our 'cnBB+' Greater China scale
rating to Intime and its bonds. The ratings are subject to our
review of the final issuance documentation. The company intends to
use the issue proceeds for future expansion, debt refinancing and
general corporate purposes," S&P related.

"The rating on Intime reflects the company's aggressive growth
strategy and financial risk profile, and business concentration in
its home market of Zhejiang," said Standard & Poor's credit
analyst Bei Fu. "Intime's leadership in its home market, and
healthy growth in same-store sales temper these weaknesses. The
company's favorable concessionaire business model and the good
long-term growth prospects for the Chinese retail sector also
support the rating."

"In our view, Intime's growth strategy has been aggressive. It
expanded from three stores at the end of 2006 to 23 stores at the
end of 2010. The company opened fewer new stores in 2010, but was
active in acquiring new projects. We expect the growth rate to
moderate somewhat in the next three years, with the company
opening five to six new stores, including acquisitions, per year,"
S&P noted.

In comparison to rated peers, Intime's business is more
concentrated in its home market. This is despite the company
rapidly increasing its number of stores and geographic reach. It
had 16 stores in Zhejiang at the end of 2010. Although Zhejiang is
a wealthy province, any economic or developmental shock to the
region might reduce Intime's cash flow substantially.

Intime has a mixed execution record outside its home market. After
three years in the new markets, a couple of Intime's stores
outside Zhejiang are yet to break-even, highlighting the
competitiveness and fragmentation of the Chinese retail market.

"In our opinion, Intime's increasing exposure to property
development increases the business risk," said Ms. Bei. "We
estimate that property sales will contribute about 10% of total
revenue in the next three years. We may re-assess Intime's
business model and the rating on the company if its property sales
are materially higher than our expectation. In our view, the large
exposure to property development may heighten execution risk and
burden Intime's balance sheet and credit profile."

Intime's growth in same-store sales in the past three years has
been strong and compares favorably with that of peers such as
Parkson Retail Group Ltd. (BB+/Stable/--; cnBBB+). Intime's growth
averaged 15% from 2008 to 2010, and was 27% for the first quarter
of 2011 based on 22 comparable stores. The younger age-profile of
its stores, many of which opened in 2008-2009 and had low sales in
the previous year, helped Intime's sales growth rate. Parkson's
scale is much larger and its stores are more mature.

"In our view, Intime's financial metrics, particularly its
leverage ratio (measured by lease adjusted total debt to EBITDA)
is aggressive. Despite a strong 46% growth in revenue in 2010, the
company's operating lease adjusted total debt rose 85% to Chinese
renminbi (RMB) 5.74 billion. As a result, the leverage ratio was
5.2x, higher than that of similar rated peers. Excluding the
operating lease, total debt would have been RMB2.83 billion. In
our analysis, we have classified Intime's RMB1.62 billion of
convertible bonds as debt," S&P said.


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


APOLLO SHINE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 10, 2011, to
wind up the operations of Apollo Shine Limited.

The company's liquidator is Yuen Tsz Chun Frank.


CHEONG FAT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Cheong Fat Electrical Company Limited.

The official receiver is Teresa S W Wong.


CHUN MAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Chun Man China Hong Kong Espress
Limited.

The official receiver is Teresa S W Wong.


CITICHEM INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Citichem International Limited.

The official receiver is Teresa S W Wong.


DRAGON FORM: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 11, 2011, to
wind up the operations of Dragon Form Holdings Limited.

The company's liquidator is Yuen Tsz Chun Frank.


EZCOM HOLDINGS: Jones and Oxley Appointed as Liquidators
--------------------------------------------------------
Thomas L Jones and Lauren Claire Oxley on May 24, 2011, were
appointed as liquidators of Ezcom Holdings Limited.

The liquidators may be reached at:

         Thomas L Jones
         Lauren Claire Oxley
         Rooms 1101-03, 11/F
         MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


EZCOM TECHNOLOGY: Jones and Oxley Appointed as Liquidators
----------------------------------------------------------
Thomas L Jones and Lauren Claire Oxley on May 24, 2011, were
appointed as liquidators of Ezcom Technology Limited.

The liquidators may be reached at:

         Thomas L Jones
         Lauren Claire Oxley
         Rooms 1101-03, 11/F
         MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


FAR EAST: Creditors' Proofs of Debt Due July 14
-----------------------------------------------
Creditors of Far East Wagner Construction Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Stephen Liu Yiu Keung
          62nd Floor, One Island East
          18 Westlands Road
          Island East, Hong Kong


FULLWIN LOGISTICS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 2, 2011, to
wind up the operations of Fullwin Logistics (H.K.) Co., Limited.

The company's liquidator is Yuen Tsz Chun Frank.


HOI TUNG: Creditors' Proofs of Debt Due July 15
-----------------------------------------------
Creditors of Hoi Tung Computer Label Industrial Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 15, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

          Teresa S W Wong
          10th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


LUCKY EVER: Sutton and Fok Appointed as Liquidators
---------------------------------------------------
Roderick John Sutton and Fok Hei Yu on May 5, 2011, were appointed
as liquidators of Lucky Ever Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         14th Floor
         The Hong Kong Club Building 3A
         Chater Road
         Central, Hong Kong


MATSUNICHI DIRECT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of Matsunichi Direct H.K. Limited.

The official receiver is E T O'Connell.


METZLER INT'L: John Howard Batchelor Appointed as Liquidator
------------------------------------------------------------
John Howard Batchelor of FTI Consulting (Hong Kong) Limited on
June 10, 2011, was appointed as liquidator of Metzler
International (Asia) Limited.

Roderick John Sutton and Desmond Chung Seng Chiong resigned as
joint and several liquidators of the company on June 10, 2011.


MINTEL (H.K): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Feb. 3, 2010, to
wind up the operations of Mintel (H.K) Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


MOTOR RESTAURANT: Court to Hear Wind-Up Petition on Aug. 10
-----------------------------------------------------------
A petition to wind up the operations of Motor Restaurant Limited
will be heard before the High Court of Hong Kong on Aug. 10, 2011,
at 9:30 a.m.

The Petitioner's solicitors are:

          Lui Wai-lan
          30/F, Revenue Tower
          5 Gloucester Road
          Wan Chai, Hong Kong


N.G.A. OPTICAL: John Howard Batchelor Appointed as Liquidator
-------------------------------------------------------------
John Howard Batchelor of FTI Consulting (Hong Kong) Limited on
June 10, 2011, was appointed as liquidator of N.G.A. Optical
Manufactory Co. Limited.

Roderick John Sutton and Desmond Chung Seng Chiong resigned as
joint and several liquidators of the company on June 10, 2011.


NU-WEST NATURAL: Creditors' Proofs of Debt Due July 11
------------------------------------------------------
Creditors of Nu-West Natural Products Corp. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


STAR MATRIX: Court to Hear Wind-Up Petition on July 13
------------------------------------------------------
A petition to wind up the operations of Star Matrix Limited will
be heard before the High Court of Hong Kong on July 13, 2011, at
9:30 a.m.

Grace Ace Limited filed the petition against the company on
June 10, 2011.

The Petitioner's solicitors are:

          Ince & Co
          Room 3801-06, 38th Floor
          ICBC Tower, Citibank Plaza
          3 Garden Road, Hong Kong


SULZER PUMPS: Creditors' Proofs of Debt Due July 22
---------------------------------------------------
Creditors of Sulzer Pumps (China) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 22, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 22, 2011.

The company's liquidator is:

         Wong Man Chung Francis
         19/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


SUPERB DRAGON: Tom and Lo Appointed as Liquidator
-------------------------------------------------
Tom Cheuk Kuen and Lo Shui San Zue on June 10, 2011, were
appointed as liquidators of Superb Dragon Limited.

The liquidator may be reached at:

         Tom Cheuk Kuen
         Flat A, 15/F
         Ka Wing Building
         No. 27-27A Granville Road
         Tsim Sha Tsui, Kowloon
         Hong Kong

         Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


SUPPLY CHAIN: Members' Final Meeting Set for August 1
-----------------------------------------------------
Members of Supply Chain Solutions (Hong Kong) Limited will hold
their final meeting on Aug. 1, 2011, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SYMBOL TECHNOLOGIES: Creditors' Proofs of Debt Due August 2
-----------------------------------------------------------
Creditors of Symbol Technologies Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 2, 2011, to be included in the company's dividend
distribution.

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


TAKE ONE: Creditors' Meeting Set for July 15
--------------------------------------------
Creditors of Take One Limited will hold their meeting on July 15,
2011, at 11:00 a.m., for the purposes provided for in Sections
241, 242, 243, 244 255A and 283 of the Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.


TCHIBO QUALITY: Creditors' Proofs of Debt Due August 2
------------------------------------------------------
Creditors of Tchibo Quality Services Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 2, 2011, to be included in the company's
dividend distribution.

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


Y & H ENGINEERING: Creditors' Proofs of Debt Due July 15
--------------------------------------------------------
Creditors of Y & H Engineering Co. Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Francis Wong Mang Chung
         Cliff Wong Wai Man
         c/o AC & FW Consultants Limited
         19/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


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


AANUJ INFRAPROJECTS: CRISIL Raises Rating on INR60MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Aanuj
Infraprojects Pvt Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      BB-/Stable (Upgraded from
                                                'B+/Stable')

   INR40.0 Million Bank Guarantee   P4+ (Upgraded from 'P4')

The rating upgrade reflects improvement in AIPL's financial risk
profile in 2010-11 (refers to financial year, April 1 to
March 31), driven by a significant increase in its topline over
that in the previous year and stable profitability. Revenues
increased to over INR420 million in 2010-11 from INR143 million in
2009-10; revenues are expected to continue to increase over the
medium term, as the company has orders of about INR480 million to
execute.  The upgrade also factors in CRISIL's belief that AIPL
will not undertake any major capital expenditure (capex) programme
over the medium term, as its execution capacities are sufficient
to cater to the outstanding orders.

The ratings reflect AIPL's large working capital requirements,
susceptibility to intense competition in the construction
industry, and below-average financial risk profile marked by small
net worth and weak liquidity.  These rating weaknesses are
partially offset by AIPL's moderate revenue visibility, supported
by its outstanding healthy order book, promoter's experience of
over a decade in the construction business, and strong growth
prospects for the construction industry.

Outlook: Stable

CRISIL believes that AIPL will maintain its stable business risk
profile over the medium term, supported by the healthy growth
prospects for the infrastructure and construction industry. The
outlook may be revised to 'Positive' if AIPL's net worth
increases, most likely because of sizeable equity infusion, or if
the company increases its scale of operations significantly while
maintaining its profitability.  Conversely, the outlook may be
revised to 'Negative' in case AIPL faces delays in the execution
of orders, or if its working capital cycle deteriorates, thereby
adversely affecting its liquidity.

                       About Aanuj Infraprojects

AIPL was set up in 1999 as the partnership firm, Aanuj
Constructions, by Mr. Aanuj Banka and his mother, Mrs. Lata Banka,
and was incorporated in April 2009.  It commenced commercial
operations in 2007-08.  AIPL undertakes construction of roads,
including rehabilitation, factories, administrative buildings,
staff quarters, hospitals, and industrial sheds. The company is a
classified 'Class 1A' contractor by the Public Works Department,
Government of Maharashtra.

AIPL reported a profit after tax (PAT) of INR19.4 million on net
sales of INR427.6 million for 2010-11, against a PAT of INR6.3
million on net sales of INR143.3 million for 2009-10.


ADHYA HIMALAYAN: CRISIL Reaffirms 'BB-' Rating on INR40MM LT Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable' rating to the bank
facilities of Adhya Himalayan Water.

   Facilities                       Ratings
   ----------                       -------
   INR40.0 Million Long-Term Loan   BB-/Stable (Reaffirmed)
   INR15.0 Million Cash Credit      BB-/Stable (Reaffirmed)
   INR10.0 Million Proposed LT      BB-/Stable (Reaffirmed)
            Bank Loan Facility  

The rating reflects Adhya's small scale of operations and weak
financial risk profile, marked by small net worth and high
gearing.  These rating weaknesses are partially offset by the
extensive experience of Adhya's partners in the plastic bottles
and caps industry and healthy operating margin.

Outlook: Stable

CRISIL believes that Adhya Himalayan Water's business risk profile
will remain constrained over the medium term by the firm's small
scale of operations, though the accruals are expected to remain
steady backed by the supply agreement with NBPL. The outlook may
be revised to 'Positive' if Adhya's financial risk profile
improves significantly through retention of profits or infusion of
fresh equity by the partners. Conversely, the outlook may be
revised to 'Negative' if the partners withdraw more-than-expected
accruals or if the firm's profitability declines substantially.

                        About Adhya Himalayan

Set up as a partnership firm in 2004 by Mr. Pramit Sanghavi and
Mr. Dewang Sanghavi, Adhya sells packaged mineral water under
third-party branding to Narang Beverages Pvt Ltd in Mumbai
(Maharashtra) under the brand, Qua. The firm also manufactures and
sells preforms to local bottle manufacturers and plastic bottles
and caps to Bajaj Corp Ltd and to local fast moving consumer goods
and pharmaceutical manufacturers, with the excess capacity. The
firm plans to restrict its preform and bottle sales over the
medium term and focus on selling packaged mineral water. The
firm's plant in Baddi (Himachal Pradesh) enjoys fiscal benefits,
such as income tax and excise duty exemptions.

Adhya reported a profit after tax (PAT) of INR13.6 million on net
sales of INR94.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR16.8 million on net
sales of INR103.7 million for 2008-09.


AGRASEN SHIPBREAKERS: CRISIL Assigns 'BB' Rating to INR2.4MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Agrasen Shipbreakers Pvt Ltd (ASPL, part of the
Bansal group).

   Facilities                         Ratings
   ----------                         -------
   INR2.4 Million Term Loan           BB/Stable (Assigned)
   INR21 Million Cash Credit          BB/Stable (Assigned)
   INR0.6 Million Proposed LT Bank    BB/Stable (Assigned)
                     Loan Facility
   INR171 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the Bansal group's modest financial risk
profile marked by a low net worth and risks associated with
susceptibility of its operating performance to volatility in iron
and steel prices coupled with the risks emanating from the
regulatory framework for the ship breaking industry. These rating
weaknesses are partially offset by the extensive industry
experience of Bansal group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Bansal Marine (SB) and ASPL.  This is
because the two entities, together referred to as the Bansal
group, are under a common management and have significant
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Bansal group will continue to benefit
over the medium term from the extensive experience of the
promoters in the ship breaking industry. The outlook may be
revised to 'Positive' if the group reports higher-than-expected
growth in revenues and earnings while maintaining its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if it suffers a significant deterioration in its
profitability margins or working capital cycle thereby weakening
its financial risk profile and liquidity.

                          About the Group

The Bansal group undertakes ship-breaking activity and supplies
reconditioning equipment through its entities, ASPL and BMSB. It
owns two ship-breaking plots -- one in Alang (Gujarat) measuring
1350 square metres (sq m), and the other in Sachana (Gujarat)
measuring 2250 sq m. The group recycled ships totalling around
around 24,000 tonnes of steel in 2010-11.

Apart from ship-breaking, the group also supplies centrifuges used
for separation of fuels in ships and other places. The Bansal
group refurbishes old equipment obtained during recycling and
sells them to reconditioning companies based in Europe and the
USA. The management have now hived off this division into a
separate company, Bansal Separators and Spares Pvt Ltd.

ASPL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR328.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.9 million on net
sales of INR141.6 million for 2009-10.


AGRAWAL POWER: CRISIL Assigns 'BB-' Rating to INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Agrawal Power Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        BB-/Stable (Assigned)
   INR10 Million Letter of Credit   P4+ (Assigned)
   INR110 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect APPL's weak financial risk profile, marked by
a small net worth, a high gearing, and average debt protection
metrics, driven by the company's large, debt-funded working
capital requirements, small scale of operations, geographical
concentration, and limited track record in the engineering,
procurement, and construction (EPC) contract business. These
rating weaknesses are partially offset by the quick turnaround of
APPL's power distribution franchisee business.

Outlook: Stable

CRISIL believes that APPL will continue to benefit from its
established power distribution franchisee operations, over the
medium term. The outlook may be revised to 'Positive' if APPL
scales up its operations significantly because of new EPC
contracts or gets new franchisees for power distribution, or there
is better-than-expected profitability or significant equity
infusion by promoters, leading to improved capital structure.
Conversely, the outlook may be revised to 'Negative' if APPL's
liquidity comes under pressure because of large incremental
working capital requirements or if the company undertakes a large,
debt-funded capital expenditure programme.

                       About Agrawal Power

Incorporated in 2007 by Mr. Sanjeev Agrawal, APPL is engaged in
three business activities: power distribution franchisee business,
turnkey EPC contracts for the power sector, and manufacturing of
pre-stressed cement concrete (PCC) poles. APPL, in October 2007,
was awarded the 'Kandor' zone franchisee for power distribution in
Bhopal circle in Madhya Pradesh (MP). In 2009-10 (refers to
financial year, April 1 to March 31), APPL signed EPC contracts
and undertook a small sub-station renovation project worth INR260
million in Bhopal. In 2010-11, APPL leased out land from the
utility board and set up PCC pole manufacturing factories at
Raisen and Bhopal (both in MP), with a combined capacity of around
5000 poles per month.

APPL reported a profit after tax (PAT) of INR5.6 million on net
sales of INR154.9 million for 2009-10, against a PAT of INR10.4
million on net sales of INR144.8 million for 2008-09.


AGRINI EXPORT: CRISIL Reaffirms 'D' Rating on INR24MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Agrini Export Pvt Ltd
continues to reflect the delay by AEPL in repayment of term loan
obligations owing to weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR24 Million Long Term Loan          D (Reaffirmed)
   INR40 Million Export Packing Credit   P5 (Reaffirmed)

The rating also reflects the company's exposure to risk related to
low entry barriers and fragmented nature of industry resulting in
high competition. However, the company benefits from its
promoters' long experience in the cashew industry.

Set up in 2006 by the Kar and Panda families, with a stake of 80
per cent and 20 per cent, respectively, AEPL has recently set up
cashew grading and packing unit in Orissa. The unit commenced
commercial production in December 2010.


ASIATIC COLOUR-CHEM: CARE Rates INR37cr LT Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Asiatic Colour-Chem Industries Ltd.

                                  Amount
   Facilities                  (INR Crore)   Ratings
   ----------                  -----------   -------
   Long-term/Short-term Bank     37.00       'CARE BB+'/'CARE A4+'
                  Facilities                  Assigned

   Short-term Bank Facilities    22.00       'CARE A4+' Assigned

Rating Rationale

The ratings of Asiatic Colour-Chem Industries Ltd. are constrained
due to the susceptibility of its operating margins to volatility
in input costs being closely linked to movements in crude oil
prices, foreign exchange fluctuation risk on its exports and
significant derivative losses incurred by it in the past three
years. The ratings are further constrained by the working capital
intensive nature of its operations, its low product diversity with
high dependency on the leather industry and stiff competition
from Chinese as well as domestic dye manufacturers.

These constraints far outweigh the benefits derived from the
promoters' vast experience in the dyes industry, ACCIL's long and
established relations with its international clientele and
favorable location due to cluster presence.

ACCIL's ability to manage foreign exchange fluctuation risk,
volatile input cost and improve profitability in the light of high
competition along with efficient working capital management would
remain the key rating sensitivities.

Ahmedabad-based ACCIL, promoted by Mr. Mahesh Agrawal, was
incorporated in January 1995.  ACCIL is a closely-held public
limited company and is engaged in manufacturing and exports of
Synthetic Organic (SO) Dyes (mainly Acid Dyes) which are used
primarily in the leather industry. Being an Export Oriented Unit
(EOU), exports comprise a significant portion of its total income.
Mr. Mahesh Agrawal, who has vast experience in the dyestuff
industry, is actively involved in the day-to-day operations of
ACCIL.  ACCIL also has other group concerns which operate in the
same industry.


BANK OF INDIA: Fitch Withdraws 'C/D' Individual Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of India-based Bank of
India (BOI), Indian Overseas Bank (IOB), Oriental Bank of Commerce
Ltd. (OBC) 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
these issuers.

The rating actions are:

BOI:

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

   -- Support Rating affirmed at '2'; withdrawn

IOB:

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

   -- Support Rating affirmed at '3'; withdrawn

OBC:

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

   -- Support Rating affirmed at '3'; withdrawn

   -- Long-term Foreign Currency Issuer Default Rating affirmed at


      'BB+'; Outlook Stable; withdrawn

   -- Support Rating floor affirmed at 'BB+'; withdrawn


DHAN STEELS: ICRA Rates INR2cr Long Term Loan at '[ICRA]BB'
-----------------------------------------------------------
An '[ICRA]BB' rating has been assigned to the INR2.00 crore long
term facilities of Dhan Steels Private Limited. The outlook on the
long term rating is stable.  ICRA has also assigned an
'[ICRA]A4' rating to the INR18.00 crore non fund based bank limits
of DSPL.

The assigned ratings however, positively consider the extensive
experience of the promoters in the ship recycling business and
positive outlook for ship breaking industry in the near term on
account of increasing trend in the metal prices. The ratings are
constrained by the company's modest scale of operations with
limited track record and thin profitability which also remains
exposed to currency fluctuation risk and volatility in steel
prices. The ratings also take into account the inherent volatility
in the ship breaking business as the prospects are linked to
international shipping business fundamentals on the one hand and
prevailing steel / scrap prices on the other.

Dhan Steels Pvt Ltd was incorporated in 1990, when it started ship
breaking operations. The company has its office at Bhavnagar and
ship breaking yard at Alang in Gujarat. The company demolished 13
vessels for the period until 2003.  From 2003 to 2008, the company
had stopped its operations on account of uneconomic market
conditions, but resumed operations in 2009.  DSPL currently leases
Plot No. 112 at Sosiya Ship breaking Yard, Bhavnagar. The size of
the plot is 30m x 45m (1350sq. mts).

Recent Results

For the year ended March 31, 2010, the company reported an
operating income of INR18.33 crore and profit after tax of
INR0.33 crore.


ETA TECHNOPARK: ICRA Assigns '[ICRA]BB' Rating to INR305cr Loan
---------------------------------------------------------------
[ICRA]BB long term rating has been assigned to the INR305 crore
term loans of ETA Technopark Limited.  ICRA has assigned a stable
outlook on the long term rating.

The rating factors in the favorable demand prospects for IT/ITES
office space in Chennai in the medium term; the low regulatory and
execution risks for ETL, with operations having already commenced
for first phase and the second phase of the project nearing
completion, and the revenue visibility arising from leasing
arrangements being in place for the office space already
constructed/under construction. ICRA notes that following
restructuring of loan facilities in 2010, the cash flows from
these leasing arrangements should be adequate to cover the
existing debt obligations.  The project had earlier witnessed
demand slowdown and execution delays due to the recessionary
environment, which necessitated restructuring of loan facilities
as the company was unable to close additional lease agreements.
ICRA also draws comfort from the management's stated policy of
undertaking further capital expansion only on firm lease
agreements with customers. The rating is, however, constrained by
the sluggish recovery in the commercial real estate market coupled
with continuing supply additions, which has depressed the lease
rentals; ETL's exposure to significant customer concentration
risk, with HCL as the sole lessee; the expiry of lock-in period
for the Phase I lease with HCL in the current financial year,
following which HCL has the option to terminate the leases with
six months notice; the vulnerability of ETL's debt servicing
capability to any sustained delays in receipt of rental income
from lessee; and the limited financial support available to ETL
from the Dubai based ETA-ASCON group given its stretched financial
profile.

                        About ETA Technopark

ETA Technopark Limited part of the ETA-ASCON group, was
incorporated in 2006 to set up an Information Technology/
Information Technology enabled Services Special Economic Zone on
the Old Mahabalipuram Road in Chennai. Spread over an area of
26.26 acres, the SEZ was initially planned to have a built-up area
of 4.16 million square feet (sq ft). It was formally notified as
an SEZ on 7th September, 2007.  The scope of the project was
subsequently scaled down, with 0.62 million sq ft (Phase I)
completed in February 2008 and an additional 0.58 million sq ft
(Phase II) to be completed by September 2011. The company plans to
undertake further expansion in a phased manner depending upon the
demand for office space in the SEZ. The Phase I area has been
leased to HCL Technologies Limited (HCL) with a letter of
agreement signed with HCL for Phase II also


GODAVARI PLASTO: CRISIL Assigns 'D' Rating to INR25.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Godavari Plasto Containers Pvt Ltd.  The ratings reflect instances
of delay by GPCPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR25.5 Million Term Loan        D (Assigned)
   INR30 Million Cash Credit        D (Assigned)
   INR5.9 Million Proposed LT       D (Assigned)
           Bank Loan Facility
   INR20 Million Letter of Credit   P5 (Assigned)

GPCPL also has large working capital requirements, a small scale
of operations, and is exposed to volatility in raw material prices
and in foreign exchange rates. These rating weaknesses are
partially offset by the extensive experience of GPCPL's promoters
in high density polyethlene (HDPE) containers manufacturing.

GPCPL, incorporated in 1998, manufactures HDPE containers used by
pharmaceutical companies for packaging bulk drugs. The company has
a base of over 80 customers including Dr. Reddy's Laboratories
Ltd, Matrix Laboratories Ltd, and Lupin Pharmaceuticals. However,
around 50 per cent of its revenues come from top five customers.
GPCPL, currently, imports around 70 per cent of its total
requirement of HDPE granules, the raw material for the company,
from gulf countries, on usance letters of credit of 60/90 days.
The rest is sourced domestically from Reliance Industries Ltd and
Indian Oil Corporation Ltd.


INDIAN OVERSEAS: Fitch Withdraws 'C/D' Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of India-based Bank of
India (BOI), Indian Overseas Bank (IOB), Oriental Bank of Commerce
Ltd. (OBC) 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
these issuers.

The rating actions are:

BOI:

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

   -- Support Rating affirmed at '2'; withdrawn

IOB:

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

   -- Support Rating affirmed at '3'; withdrawn

OBC:

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

   -- Support Rating affirmed at '3'; withdrawn

   -- Long-term Foreign Currency Issuer Default Rating affirmed at


      'BB+'; Outlook Stable; withdrawn

   -- Support Rating floor affirmed at 'BB+'; withdrawn


JAGANNATH SPONGE: CARE Rates INR36.2cr LT Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns CARE BB-/CARE A4 ratings to the bank facilities of
Jagannath Sponge Pvt Ltd.

                                     Amount
   Facilities                     (INR Crore)  Ratings
   ----------                     -----------  -------
   Long-term (LT) bank facilities     36.2     'CARE BB-' Assigned
   Short-term (ST) bank facilities     2.0     'CARE A4' Assigned

Rating rationale

The aforesaid ratings are constrained by the closely held nature
of the company, small size of operations, low capacity
utilization, tight liquidity position, lack of backward
integration exposing the company to input price volatility risk,
volatile finished goods prices and cyclical nature of steel
industry.  The ratings, however, draw support from long years of
experience of the promoters, successful implementation of projects
in the past and substantial improvement in financials and
profitability in FY11.  Ability of the company to operate on
enhanced capacity utilization with simultaneous improvement in
profitability shall remain the key rating sensitivity.

Jagannath Sponge Private Limited, incorporated in April 2003,
initially commenced with a sponge iron plant (capacity - 15,000
mtpa) located at Kuarmunda near Rourkela.  The ingot plant having
a capacity of 45,000 mtpa was commissioned in January, 2010 after
acquisition of the company by the present, Shri S. K. Kapoor, in
the year 2007.

In FY10, JSPL earned a PBILDT and PAT (after deferred taxation) of
INR3.1 crore and INR1.3 crore on net sales of INR22.8 crore.


JAI MATA: CRISIL Assigns 'C' Rating to INR50 Million Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of Jai
Mata Di Plastics Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR50 Million Term Loan       C (Assigned)
   INR20 Million Cash Credit     C (Assigned)

The rating reflects JMD's weak financial risk profile,
particularly its weak liquidity, marked by high bank limit
utilization and tightly matched term loan obligations vis--vis
cash accruals. The rating also reflect JMD's modest scale, due to
the start-up nature of its, operations, high working capital
intensity, and exposure to intense competition in the high density
polyethylene (HDPE) and polypropylene (PP) woven sacks segment.
These rating weaknesses are partially offset by the sufficient
demand in the local market and the financial support that JMD
receives from its promoters.

Incorporated in 2007, JMD manufactures HDPE and PP woven sacks
that are mainly used by cement, fertilizer, chemical, sugar, and
petrochemicals companies. The company has one plant, based in
Kaluga (Orissa), with a production capacity of 2400 tonnes per
annum for the tape plants, and has 30 looms. JMD commenced
commercial production in September 2010.

JMD's net loss is estimated at INR2.5 million on net sales of
INR17 million for 2010-11 (refers to financial year, April 1 to
March 31).


JPB FIBERS: ICRA Assigns '[ICRA]BB' Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned the '[ICRA]BB' rating for INR5.00 crore cash
credit facility and INR5.74 crore term loan of JPB Fibers.  The
outlook on the rating is stable.

The assigned ratings are constrained by JPBF's relatively modest
scale of operations; vulnerability of profitability to adverse
fluctuation in raw material prices as well as to changes in
government regulations related to import of nylon yarn. The
ratings also take into account the moderate customer concentration
risk as the company derives nearly two-third of its revenue from
its top 8 to 9 customers.  The ratings are further constrained by
the company's weak financial profile reflected by low
profitability and return indicators as well as moderately high
gearing levels.  ICRA also notes that JPBF is a partnership firm
and any significant withdrawals from the capital account would
affect its capital structure.  The ratings however, favorably
factor in JPBF's experienced management with long track record in
the textile fibers industry and healthy revenue growth in the last
three years. The ratings also take into account the low
competitive intensity in the nylon industry in India at present as
well as favorable demand outlook for nylon yarn, both for textiles
as well as industrial purposes

JPB Fibers was established in the year 2005 as a partnership firm
and was later acquired by the Eagle group in the year 2009. The
firm is involved in the business of nylon yarns, mainly nylon
Fully Drawn Yarn (FDY) with the plant located at Surat.  The Eagle
group consists of about five companies apart from JPBF based in
Gujarat and Dadra Nagar Haveli and is engaged in various textile
related businesses like Polyester FDY, Nylon FDY, texturizing,
metallix coated yarn, sizing, weaving as well as in roof tiling.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR35.76 crores and profit after tax of INR0.42 crores
(provisional unaudited results).


LEELA SHIP: ICRA Assigns '[ICRA]BB' Rating to INR4cr Cash Credit
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR4.00 crore cash
credit facility and a short term rating of '[ICRA]A4' to
INR46.00 crore non-fund based facility of Leela Ship Recycling
Pvt Ltd.  The outlook on long term rating is stable.

The ratings are constrained by the company's modest scale of
operations and thin profitability which remains exposed to
volatility in steel prices. The ratings also consider the
susceptibility to the environmental regulatory risks; however
company's green ship recycling practices mitigates the same to
some extent. ICRA also takes note of the exposure to the
regulatory risk in obtaining approvals which can result in higher
working capital requirements. The assigned ratings positively
considers the extensive experience of the promoters and
established presence of the company in the ship recycling business
and positive outlook for ship breaking industry in the near term
on account of increasing trend in the metal prices.

Leela Ship Recycling Pvt. Ltd. was incorporated in 2003, when it
started ship recycling operations. The company is a part of Leela
Group of companies, which has diversified operations in ship
recycling, real estate, logistics and media & entertainment. The
company has its office at Bhavnagar and ship recycling facility at
Plot No. 2, Alang ship-breaking yard, Gujarat. The size of the
plot is around 4050 sq.mtrs. (90m x 45m).

Recent Results

For the year ended March 31, 2011, LSRPL reported an operating
income of INR86.48 crore and profit after tax of INR0.92 crore
(provisional unaudited financials) as against the operating income
of INR56.03 crore and profit after tax of INR1.02 crore during
FY2010.


MAGNOLIA MARTINIQUE: ICRA Rates INR1cr Term Loan at 'LBB'
---------------------------------------------------------
ICRA has assigned 'LBB' rating to INR1.00 crore term loan of
Magnolia Martinique Clothing Pvt. Ltd.  The outlook on the
long-term rating is Stable.  ICRA has also assigned an A4 rating
to INR11.00 crore fund based facilities of MMC.

The assigned ratings are constrained by MMC's stretched cash flows
which are on account of low profitability and high working capital
intensity, and the weak demand conditions in its key export market
of the European Union. ICRA notes that a significant portion of
the net worth of the company is currently accounted by share
application money which if withdrawn can adversely impact the
financial profile of the company; however this concern is
partially mitigated to a certain extent given that the promoters
had been supporting the company by subscribing to additional share
application money in the past.  The ratings are also constrained
by vulnerability of garment exporters in the country to the
fluctuations in exchange rates, raw material prices and intense
competition in export markets from other domestic and
international suppliers. The relatively modest scale of operations
also limits the benefits arising out of economies of scale;
bargaining power with the customers and suppliers, thereby
resulting in limited financial flexibility The ratings however,
favorably take into account the steady growth in sales and
profitability in the past despite the pricing pressures and demand
slowdown in the export markets; the established relationship with
the customers which has resulted in repeat orders and the
satisfactory order book position as on May 2011 which is
equivalent to -41% of 2010-11 revenues.  The promoters, who are
supported by a professional management team, have around two
decades of experience in this line of business and the focus on
high fashion segment coupled with strong in-house design and
merchandise expertise has resulted in higher realizations for the
company.

Going forward, ICRA expects that MMC's ability to secure fresh
orders and improve its revenues in backdrop of competitive
pressures, its ability to improve the cash flows by improving the
operating profitability and reducing the high working intensity;
and the level of share application money retained in the company
will remain key rating sensitivities.

                      About Magnolia Martinique

Magnolia Martinique Clothing Pvt. Ltd was originally incorporated
as Rakesh Mohan Electricals Pvt. Ltd. in July 2005 and was not
operational till it was taken over by the present promoters,
Mr. Siddharth Mohan and Ms. Neelam Mohan, in 2007-08.  The name of
the company was subsequently changed to MMC in February 2008. MMC
commenced operations from May 2008 from a leased premise owned by
another promoter company, Magnolia Clothing Pvt. Ltd. in Okhla
(Delhi).  The operations were later shifted to another leased
premise in Noida (Uttar Pradesh) and presently the company has two
manufacturing units (both leased) in Noida, Uttar Pradesh with a
total installed capacity of manufacturing 9.45 lac garment pieces
per annum.

MMC is engaged in the manufacturing and export of woven and
knitted garments for women and girls. The operations were earlier
carried out in other promoter companies namely Magnolia Blossom
and Magnolia Clothing Pvt. Ltd. To consolidate and streamline the
operations, all the operations were moved to a new company, MMC.


NAKODA PRODUCTS: CARE Assigns 'CARE B+' Rating to INR5cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Nakoda Products.

                                  Amount
   Facilities                  (INR Crore)   Ratings
   ----------                  -----------   -------
   Long term bank facilities      5.00       'CARE B+' Assigned
   Short term bank facilities     5.16       'CARE A4' Assigned

Rating Rationale

The ratings of Nakoda Products are constrained by its weak
financial risk profile marked by small scale of operations, low
profitability margins, small capital base and high leverage and
its constitution as a partnership firm leading to possibility of
withdrawal of capital and restricted financial flexibility.
Working capital intensive nature of operations and intense
competition due to fragmented and tender driven nature of industry
further constrain the ratings.  These constraints far offset the
benefits derived from the partners' experience and positive demand
outlook for transformer industry.  NAKODA's ability to increase
its scale of operations with improvement in profitability margins
amidst intense competition along with efficient management of
working capital are the key rating sensitivities.

NAKODA was established as a partnership firm by Mr. Govind Raj
Mehta and family. The main partner, Mr. Govind Raj Mehta has more
than 20 years of experience in steel trading business.
Initially, in 1988, the promoter set up Nakoda Steel in Vadodara
(Gujarat) which is engaged in trading of mild steel and stainless
steel.  During 2003, Mr. Mehta commenced manufacturing of power
and distribution transformers.

During FY10 (as per audited results), NAKODA reported a total
operating income of INR17.38 crore (FY09: INR8.24 crore) and
profit after tax (PAT) of INR0.07 crore (FY09: INR0.07 crore).
As per provisional results for FY11, NAKODA reported a total
operating income of INR15.20 crore and PAT of INR0.14 crore.


ORBIT ARTISANS: CARE Assigns 'CARE BB' Rating to INR5.25cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Orbit Artisans Private Ltd.

                                  Amount
   Facilities                  (INR Crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities       5.25      'CARE BB' Assigned
   Short-term Bank Facilities      4.50      'CARE A4' Assigned

Rating Rationale

The ratings of Orbit Artisans Private Limited are constrained by
the small size of operations, capitalization and limited revenue
visibility as on March 31, 2011.  Absence of price-escalation
clause, low bargaining power with customers and fragmented nature
of the construction industry resulting into intense competition
further constrain the ratings. The above weaknesses are partially
offset by its experienced and technocrat promoters, status as a
'AA' class approved government contractor and long-standing
relationship with its key clients. Timely execution of the
existing orders coupled with ability to grow its order book
position through widening customer base and improving
profitability margin in the face of growing competition in the
construction industry are key rating sensitivities.

Orbit Artisans Pvt. Ltd. incorporated on Aug. 11, 1997, took the
running partnership firm of the promoters, which was in existence
since 1993. OAPL is engaged into industrial civil and mechanical
work and construction activities. OAPL is registered 'AA' class
(highest in the scale of AA to E) contractor from Road and
Building Department, with Government of Gujarat and is also an
accredited member of Construction Industrial Development Council,
Delhi for execution of civil and mechanical works.


ORIENTAL BANK: Fitch Withdraws 'C/D' Individual Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of India-based Bank of
India (BOI), Indian Overseas Bank (IOB), Oriental Bank of Commerce
Ltd. (OBC) 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
these issuers.

The rating actions are:

BOI:

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

   -- Support Rating affirmed at '2'; withdrawn

IOB:

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

   -- Support Rating affirmed at '3'; withdrawn

OBC:

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

   -- Support Rating affirmed at '3'; withdrawn

   -- Long-term Foreign Currency Issuer Default Rating affirmed at


      'BB+'; Outlook Stable; withdrawn

   -- Support Rating floor affirmed at 'BB+'; withdrawn


P. K. & CO: ICRA Reaffirms '[ICRA]B+' Rating on INR5cr Bank Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR5.00 crore fund based bank facilities and INR30.00 crore non
fund based bank facilities of P. K. & Co.

The rating reaffirmation takes into consideration the highly
competitive nature of the construction industry wherein business
is procured on an L1 based contract awarding system, which results
in low profitability, the modest size of PKC's operation, high
client and geographical concentration risks and the risk
associated with the entity's status as a partnership firm,
including the risk of capital withdrawals by the partners.
Moreover, the rating is further affected by the high working
capital intensity of its operations which is primarily due to high
level of debtors and inventory which has affected the liquidity of
the firm.  This apart, the rating also takes into account the
decrease in tender participation by the firm during the last two
years, which resulted in a weak order book position and a decline
in turnover of PKC. The rating however, continues to derive
comfort from the long track record of the partners in the
construction business, PKC's moderate gearing and its established
position in the North East.

P. K. & Co, incorporated in 1992 as a partnership firm, is
promoted by the Agarwala family based out of Guwahati.  PKC is a
government registered road and bridge contractors and has executed
various small and medium scale construction projects in the north
eastern part of India.

Recent Results

The firm reported a profit of INR1.28 crore in FY11 on an
operating income of INR33.31 crore (provisional), as compared to a
profit of INR3.10 crore on an operating income of INR40.56 crore
during FY10.


SENTHUR SPINNERS: CARE Assigns 'CARE BB-' Rating to INR8.51cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB-' and CARE A4' bank facilities of Senthur
Spinners India Pvt Ltd.

                                   Amount
   Facilities                   (INR Crore)     Ratings
   ----------                    -----------    -------
   Long-term Bank Facilities        8.51        CARE BB- Assigned
   Long/Short-term Bank Facilities  6.90        CARE BB-/CARE A4
                                                Assigned

Rating Rationale

The ratings are constrained by the limited operational track
record and the small size of operations of SSI, volatility in
income and profits in the past, tight liquidity position, client
concentration risk and vulnerability to exchange risk due to high
reliance on exports.  The ratings also consider the risks
associated with volatility in raw material prices and highly
concentrated supplier market.  However, the ratings derive
strength from the promoter's experience in the textile business,
the favorable industry scenario evidenced by good growth in demand
and improved financial performance in FY10.

Going forward, ability of SSI to scale up its operations, manage
its operating cycle efficiently amid volatile raw material prices,
to optimally utilize its production capacity and ability to pass
on raw material price increase to its customers would be key
rating sensitivities.

Senthur Spinners India Limited is a small-sized company engaged in
the manufacture of yarn mainly producing Polyester and Viscose
(P/V) blended yarn, 100% polyester yarn and 100% viscose
yarn in the counts of 28's, 30's and 40's.  The company was
promoted in 2004 by Dr. V. Ramaswamy, who is currently the
Managing Director of the company.  Dr. Ramasamy along with
Mr. Arun Kumar (a relative of Dr. Ramaswamy) holds the majority
stake in the company.


STELLAR PARKS: CARE Assigns 'CARE B' Rating to INR27.55cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to the bank facilities of
Stellar Parks Pvt Ltd.

                                  Amount
   Facilities                  (INR Crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities      27.55      'CARE B' Assigned
   Short-term Bank Facilities      5.00      'CARE A4' Assigned

Rating Rationale

The ratings are constrained by SPPL's elevated financial risk
profile characterized by high gearing level & debt servicing
obligations as well as execution risks associated with the ongoing
real estate project. Further, the rating also factors in the small
scale and cyclical nature of SPPL's club operations and the
expected stress on SPPL's cash flows on account slow off-take of
the real estate project. However, the ratings derive strength from
the experience of the promoters and established operations of the
recreation club with consistent increase in membership.

Going forward, in light of project funding being significantly
dependent on customer advances, the ability of SPPL to
successfully implement and execute the project within the
estimated time period and profitable scaling up of the existing
operations shall be the key rating sensitivities.

Stellar Parks Pvt Ltd was incorporated in 1997 and is presently,
running a club named Stellar Gymkhanna in Greater Noida. The club
having 63 residential rooms and facilities like restaurant,
gymnasium, health club, conference rooms, banquet halls, etc is
exclusive for the members. SPPL is also constructing a residential
group housing project of 110 flats in Sector Sigma IV, Greater
Noida.

During FY10, SPPL reported total operating income of INR10.1 cr
with PBILDT and PAT margin of 40.49% and 4.31% respectively.
As per provisional results for FY11, SPPL achieved total operating
income of INR11.92 cr with PBILDT and PAT margin of 36.08% and
10.60% respectively. The overall gearing stood at 1.93x as on
March 31, 2011.


TILE GRES: CARE Rates INR6cr Long-Term Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' rating to the long-term bank facilities of
M/s. Tile Gres Ceramic.

                                  Amount
   Facilities                  (INR Crore)   Ratings
   ----------                  -----------   -------
   Long-term Bank Facilities       6.00      'CARE BB' Assigned

Rating Rationale

The rating is primarily constrained on account of the risk
associated with the stabilization of the recently-commissioned
greenfield project of M/s. Tile Gres Ceramic for manufacturing of
glazed tiles. The rating is further constrained on account of
highly competitive nature of the tiles industry characterized by
low entry barriers and dependence on the real estate sector which
is cyclical in nature. Besides, TCG's constitution as a
partnership firm, leading to possibility of withdrawal of capital
and restricted financial flexibility, further constrain the
rating.

The above constraints far offset the benefits derived from the
experience of TGC's promoters in the tiles industry through
various other ceramic tiles units.  Stabilization of the recently-
commenced operations, ability to achieve envisaged sales in light
of the competitive market scenario and improvement in the
financial risk profile are the key rating sensitivities.

Established in June 2010, TGC has set up a greenfield
manufacturing facility for production of glazed tiles (single
firing roller kiln technology). TGC is managed by four main
partners namely Mr. Sunilkumar Aghara, Mr. Pravin Patel,
Mr. Narendra Aghara, and Mr. Mehul Patel.  There are ten other
partners who are mainly family members and relatives.  Mr. Sunil
Aghara has over five years of experience in the ceramic industry
through another entity 'Opera Ceramic'.  Mr. Pravin Patel has
about 12 years of experience in the ceramic tiles business through
Perfect Inorganics Pvt Ltd. and Zirconia Cera Tech Glazes wherein
he looked after the overall operations of the entities. He looks
after administration & overall operations of TGC.

TGC has set up a greenfield manufacturing facility in Morbi in
Rajkot district of Gujarat, which is considered to be the hub of
ceramic tiles production in India with more than 300 manufacturing
units in the region.  The installed capacity of the unit is 24,000
metric tonnes per annum (mtpa).


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


* JAPAN: Credit Union Sees Rise in Disaster-Related Insolvencies
----------------------------------------------------------------
The Financial Times reports that staff at the local credit union
in the seaside town of Miyako, which was devastated by Japan's
March 11 earthquake and tsunami, are struggling to contain the
latest threat hanging over its 60,000 citizens -- a surge in
disaster-related insolvencies.

More than 200 companies have either become insolvent or closed
their doors as a direct result of the disaster in the almost four
months since the waves struck, the FT reports.  From fisheries to
hotels and housebuilders, the FT relates, businesses are closing
at a rate of 13 a week -- a rate expected to quicken once a
temporary reprieve on payments by financial institutions comes to
an end.

"So far, about 10 per cent of our 5,000 or so customers are unable
to repay their debts, and the proportion has been growing bigger
each month," the FT quotes Masaharu Shinkawa, head of loan
application approvals at Miyako Credit Union, as saying.

Many financial institutions in the crisis-hit Tohoku region have
been hit by delays in payments, missing borrowers and calls for
debt forgiveness following the disaster, which left 22,810 people
dead or missing, and wiped out revenues for countless businesses.

Mr. Shinkawa said many borrowers have simply stopped paying
interest without informing the bank, the FT reports.


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


HYNIX SEMICONDUCTOR: Hyundai Heavy Won't Bid For Hynix Stake
------------------------------------------------------------
Kyong-Ae Choi at Dow Jones Newswires reports that Hyundai Heavy
Industries Co. said Wednesday it's not interested in bidding for
control of Hynix Semiconductor Inc., ending speculation that the
shipbuilder would seek to buy the roughly US$2.3 billion stake in
Hynix that's up for sale and throwing the auction process into
fresh doubt.

"Acquiring Hynix would not generate business synergies with our
existing businesses and there seems to be no win-win, or
complementary, effect between the shipbuilding industry and the
semiconductor industry," Hyundai Heavy said in an e-mailed
statement, according to Dow Jones.

Meanwhile, Dow Jones says, shares in Hynix plunged on concerns
that no other bidders may emerge as the company's creditors make
their third attempt in as many years to sell their stake.

Dow Jones relates that while no other companies have expressed
interest in the Hynix stake, STX Group's listed units fell on
market talk that the group could submit a letter of intent to bid.
The group dismissed such a possibility, and described the market
chatter as groundless, Dow Jones notes.

According to Dow Jones, creditors have been trying for years to
sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

Dow Jones relates that creditors-turned-shareholders of the chip
maker earlier said they planned to accept LOIs from interested
parties on July 8 and select a preferred bidder in August.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in the
chip maker.  Based on Hynix's current stock price, the stake is
valued at KRW2.4 trillion (US$2.3 billion), Dow Jones discloses.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


AYER MOLEK: Systems & Securities Serves Writ of Summons
-------------------------------------------------------
The Ayer Molek Rubber Company Berhad, through its solicitors, has
been served a Writ of Summon filed in the Kuala Lumpur High Court
by the solicitors acting for Systems & Securities Sdn Bhd,
claiming MYR196,970.80 together with interest and costs.  The
claims are purportedly in respect of secretarial and share
registration fees and disbursements incurred under the old
management, some of which would appear to have been outstanding
for more than ten years.

The Company's solicitors will be entering appearance and in due
course, file a defense against the claims.

                       About Ayer Molek

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party.  It operates solely in the
domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


HAISAN RESOURCES: Tenaga Nasional Demands MYR4.79 Million Payment
-----------------------------------------------------------------
Haisan Resources Berhad said that its wholly owned subsidiary Hai
San Ice Industries Sdn Bhd on June 29, 2011, received a notice
from Messrs. Azmi & Associates, who is acting on behalf of Tenaga
Nasional Berhad, demanding payment of MYR4,798,977.54 for arrears
for the period from May 2006 to May 2010.  There is no interest
claim under the notice.

TNB had alleged that the electric supply meter had been tampered
with, which is denied by HSIISB.  HSIISB is not a major subsidiary
of the Company.

The Claim will not have any operational impact on the Group.  The
Claim will incur additional losses amounting to MYR4,798,977.54,
if proven and will reduce the earnings per share of Haisan by
approximately 6 sen.  The net asset per share will reduce to 2 sen
from 8 sen based on the latest audited consolidated financial
results of Haisan for year ended Dec. 31, 2010.  These will be the
possible negative financial impact on the Group.

However, after taking legal advice from its solicitors with regard
to the Claim, the Company has instructed its solicitors to defend
the Claim.  The Company's solicitors are of the opinion that it
stands a reasonably good defense.

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


SATANG HOLDINGS: Publicly Reprimanded For Breaching Listing Rules
-----------------------------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimanded Satang
Holdings Berhad for breaches of the Main Market Listing
Requirements and publicly reprimands and fines the firm's
directors a total of MYR180,000.

Bursa Securities has reminded Satang and its Board of Directors of
their responsibility to maintain appropriate standards of
corporate responsibility and accountability to the shareholders
and the investing public.

Pursuant to paragraph 15.09(1) of the Main LR, a listed issuer
must appoint and maintain an audit committee at all material
times.

Satang had breached paragraph 15.09(1) of the Main LR arising from
the dissolution of its audit committee on Nov. 1, 2010.

Satang had during its Board of Directors' meeting on Nov. 1, 2010,
approved the dissolution of its audit committee entirely with
immediate effect.  In response to Bursa Securities' query, Satang
had clarified that the dissolution was in view of the resignation
of its audit committee member with the Malaysian Institute of
Accountants qualification.  The dissolution was undertaken despite
Satang having up to three months from the resignation to fill the
vacancy pursuant to paragraph 15.19 of the Main LR.

                        About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended Sept. 30, 2007.


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


BRIDGECORP LTD: FMA Welcomes Court Ruling on Director's Appeal
--------------------------------------------------------------
BusinessDay.co.nz reports that the Financial Markets Authority has
welcomed the Court of Appeal decision overturning former
Bridgecorp director Peter Steigrad's discharge on four out of 10
criminal charges laid against him, saying it was important to all
directors.

Mr. Steigrad, according to BusinessDay.co.nz, is considering an
appeal to the Supreme Court against the decision relating to
Securities Act charges which carry a maximum penalty of five
year's jail or a NZD300,000 fine.  It also means that four other
directors  -- Rod Petricevic, Rob Roest, Gary Urwin and Bruce
Davidson -- facing the same charges are now unlikely to have
theirs scaled back, BusinessDay.co.nz notes.

BusinessDay.co.nz says the Securities Act charges alleged the
directors lied to investors in offer documents registered in
December 2006 and later advertisements for both Bridgecorp secured
debentures and capital notes issued by Bridgecorp Investments
Limited.

According to the report, Financial Markets Authority chief
executive Sean Hughes said the decision confirmed the regulator's
view that the Securities Act holds directors responsible for the
truth of prospectuses and investment statements during their whole
lifetime, not only when they are first issued.

"The judgment makes plain that issuers and directors of issuers
must ensure that disclosure documents and other advertisements do
not mislead or deceive," BusinessDay.co.nz quotes Mr. Hughes as
saying.

Mr. Steigrad's lawyer Brian Keene QC said it would take some time
to make a decision on whether to appeal the latest decision as
that was "not a cheap course of action" and once started involved
significant work, BusinessDay.co.nz reports.

The High Court trial on the 10 charges due to start this week was
delayed pending the Court of Appeal decision, BusinessDay.co.nz
notes.  Mr. Keene, as cited by BusinessDay.co.nz, said another
pre-trial hearing on Monday is likely to decide whether the new
trial date of August 8 is now achievable given the case's
complexity.

                         About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZD500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZD27 million).


KINGSTON ACQUISITIONS: Kingston Flyer Sale Still Being Negotiated
-----------------------------------------------------------------
Otago Daily Times reports that the Kingston Flyer tourist train
may be back on the market after the pending sale reportedly
stalled because of a disagreement over land.

On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was placed
into receivership by financier Prudential Mortgage Nominees, who
is owed at least NZ$4.7 million.  The company's assets, which
include 80 hectares of development land, would be sold in an
international tender organized by Bayleys Queenstown, the
Southland Times said.

Otago Daily Times notes that Kingston Flyer Manager Russell
Glendinning said that the parties were struggling to come to an
agreement.

Mr. Glendinning, Otago Daily Times relays that negotiations
between Ashburton's Prudential finance company and Kingston
Village Development Ltd were under way but had taken a backward
step.  "I understand Kingston Development Ltd wanted to develop
land in Kingston.  It is frustrating for everybody that the issue
hasn't been resolved yet.  There is potential to employ 10 people
and it's hard enough to get jobs within the rural area as it is,"
Otago Daily Times quoted Mr. Glendinning as saying.

                    About Kingston Flyer

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.


PIKE RIVER: Contractors Need Funding to For Legal Costs
-------------------------------------------------------
New Zealand Press Association reports that Pike River contractors
said they will not give evidence to the first phase of the Royal
Commission of Inquiry into the tragedy because they cannot afford
lawyers to represent them.

According to NZPA, the contractors are owed just over NZD5 million
by the Pike River Coal company, which is in receivership, and said
they have uncovered vital evidence for the commission, which is
looking into the deaths of 29 men at the mine in November last
year.

Contractors spokesman Gerry Morris told Radio New Zealand the
evidence would not be presented to the first phase of the
commission if the contractors do not get funding for lawyers to
represent them there, NZPA reports.

The contractors, says NZPA, have been registered as interested
parties but are not among those due to give evidence at the first
of four phases, which starts in Greymouth next week.

                           About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


STONEY RANGE: Placed Into Voluntary Receivership
------------------------------------------------
The Marlborough Express reports that Christchurch-based Stoney
Range Wines was put into voluntary receivership.  The vineyard
company is a joint venture owned by former rich-listers and failed
finance directors Terry and Ann Butler, of Auckland, and Waipara
wine company Sherwood Estates.

The Marlborough Express notes that Sherwood Estate owners Dayne
and Jill Sherwood were not happy with the move.  The report
relates that Mrs. Sherwood said the Butlers put Stoney Range into
receivership without the Waipara couple's knowledge or consent.

The Marlborough Express discloses Mrs. Sherwood said that all
creditors of Stoney Range will be reimbursed by Sherwood Estate.
Mrs. Sherwood emphasized that Sherwood Estate was not in financial
trouble, according to The Marlborough Express.

The Marlborough Express relates that Mr. and Mrs. Butler are two
of six directors of the failed company Dominion Finance, who are
being taken to court by the Serious Fraud Office.  Dominion
Finance and its sister company, North South Finance, went under in
2008, owing banks and investors NZ$336 million, the report cites.

Mrs. Sherwood said the Butlers invested with them in Marlborough
vineyards as extra capital was needed, the report relates.

The Marlborough Express notes that Mrs. Sherwood said Sherwood
Estate bought fruit from Stoney Range Wines to sell under a brand
of the same name.  The report relays that the two Marlborough
vineyards are now being sold as mortgagee sales by Bayleys
Marlborough for ASB Bank.

Tenders for the vineyards close on July 13.  Two other Marlborough
vineyards have been forced into mortgagee sales, The Marlborough
Express adds.


* NEW ZEALAND: Turner Hopkins Seeks Funding For Class Action
------------------------------------------------------------
Jamie Gray at nzherald.co.nz reports that Auckland law firm Turner
Hopkins is still collecting evidence for its planned class action
against the trustee companies of some failed finance firms and
hopes to have final funding approval for the lawsuit within a
month or two.

The firm, according to nzherald.co.nz, has been seeking
expressions of interest from investors who lost about NZD8 billion
after the collapse of several New Zealand finance companies
between 2006 and 2009.

According to nzherald.co.nz, the class action claims are expected
to allege a breach of trust on the part of the corporate trustees
appointed to monitor and supervise the activities of the failed
companies and protect investors.

nzherald.co.nz relates that Turner Hopkins, which has teamed up
with Australian legal giant Slater and Gordon, is briefing experts
and lining up witnesses.

"We've got a number of things on the go at the moment before we
get the final nod for funding," nzherald.co.nz quotes Turner
Hopkins lawyer Andrew Hooker as saying.

Several investors, representing well over 2,000 investments, have
registered their interest in taking part in the litigation, the
report notes.


* NEW ZEALAND: Court-Appointed Liquidations to Continue to Rise
---------------------------------------------------------------
BusinessDay.co.nz reports that court-appointed company
liquidations in New Zealand are on the rise again after falling
last year.

BusinessDay.co.nz says the New Zealand Ministry of Economic
Development figures show there were 1,171 court-appointed
liquidations in the year to May this year, compared with 1,005 in
the comparable period last year, and 1,628 at the peak of the
global financial crisis.

Deloitte partner, forensic and recovery, Barry Jordan, whose
company along with PricewaterhouseCoopers deals with the majority
of court-appointed liquidations, said a lot of companies were
still under financial stress.  Mr. Jordan, says BusinessDay.co.nz,
suspected the decline last year was more to do with Inland Revenue
easing up on appointing liquidators to allow companies to try to
trade out of their tax debt, than to signs of a recovering
economy.

PwC partner Grant Burns, a restructuring specialist, expects
court-appointed liquidations to continue for some time.


                             *********

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

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

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


                            *********


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

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

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

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

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





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