TCRAP_Public/110711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Monday, July 11, 2011, Vol. 14, No. 135

                            Headlines



A U S T R A L I A

RESIMAC BASTILLE: Moody's Gives to AUD4.8MM E Notes (P)Ba2 Rating
TIGER AIRWAYS: Flight Ban Extended Until August 1; CEO Steps Down
* AUSTRALIA: Corporate Insolvencies on the Rise, ASIC Says


H O N G  K O N G

ENTIE COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
LA CASCINA: Court Enters Wind-Up Order
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
LI YUEN: Lo and Leung Appointed as Liquidators
LUCKY DRAGON: Court Enters Wind-Up Order

MASTER MOTOR: Court to Hear Wind-Up Petition on July 20
MB INVEST: Court to Hear Wind-Up Petition on August 10
NARITA ELECTRONIC: Court to Hear Wind-Up Petition on August 3
PRINCE SAUNA: Arboit and Blade Appointed as Liquidators
PROFITABLE PLOTS: Court Enters Wind-Up Order

SANFORD DEVELOPMENT: First Meetings Set for July 12
SERENA ELECTRICAL: Court Enters Wind-Up Order
SINO STATES: Hung and Yau Step Down as Liquidators
SUCCESS TOP: Court Enters Wind-Up Order
WELTA LIMITED: Court Enters Wind-Up Order


I N D I A

ARPIT PROJECTS: CRISIL Reaffirms 'B' Rating on INR1.54BB Term Loan
BEEKAY PLAZA: CRISIL Assigns 'BB' Rating to INR80MM Term Loan
BOHRA EXPORTS: CRISIL Reaffirms 'BB' Rating on INR110M Cash Credit
CHETAN WOOD: Fitch Affirms National L-T Rating at 'D(ind)'
GANDHAR COALS: CRISIL Reassigns 'B+' Rating on INR125MM Bank Loan

HALDIA PETROCHEMICALS: Incurs INR247cr Loss in Q1, Mulls Shutdown
KINGFISHER AIRLINES: Founders Pledge Entire Kingfisher Shares
KOTARKI CONSTRUCTIONS: CRISIL Assigns 'B+' Rating to INR65MM Loan
LUCID GEMS: ICRA Reaffirms '[ICRA]BB' Rating on INR8.5cr Loan
MAGPPIE EXPORT: ICRA Raises Rating on INR20cr Loans to '[ICRA]B+'

NRK OVERSEAS: ICRA Assigns '[ICRA]BB' Rating to INR4cr Bank Loan
SHREE GOPAL: ICRA Places '[ICRA]BB-' Rating on INR18cr Cash Credit
SHREE STEEL: CRISIL Reaffirms 'B+' Rating on INR25MM Cash Credit
SHREE VENKATESH: CRISIL Rates INR375 Million Cash Credit at 'BB+'
SWAPNA MOTORS: CRISIL Assigns 'BB' Rating to INR90MM Cash Credit

SUNRISE NATURALS: CRISIL Assigns 'P4+' Rating to INR5MM ST Loan
TRIDENT METAL: CRISIL Assigns 'D' Rating to INR61.2MM Term Loan
VISHWAKRIYA HOUSING: ICRA Rates INR50cr LT Loan at '[ICRA] BB+'


J A P A N

CSFS GODO: Moody's Reviews Bonds Due 2013 for Possible Downgrade
KENEDIX REALTY: Moody's Reviews 'Ba1' Rating for Possible Upgrade
ORSO FUNDING: Moody's Cuts Ratings on Class D Notes to 'Ba3 (sf)'
ORSO FUNDING: Moody's Changes Ratings of Class D - F Certificates
PIONEER CORP: S&P Hikes Long-Term Corporate Credit Rating to 'BB-'


M A L A Y S I A

HONG LEONG BANK: Fitch Affirms Individual Rating at 'C'


N E W  Z E A L A N D

NATHANS FINANCE: Directors Found Guilty of Securities Act Breach
NEW ZEALAND WINE: Chief Executive Officer Steps Down
SOUTH CANTERBURY: Helicopters NZ Sale Completed
WINDFLOW TECHNOLOGY: Mulls Licensing IP to Overseas Manufacturers


T A I W A N

BANK OF TAIPEI: Fitch Affirms Individual Rating at 'C/D'
PROMOS TECHNOLOGIES: Lenders Pessimistic on Debt Conversion Plan


                            - - - - -


=================
A U S T R A L I A
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RESIMAC BASTILLE: Moody's Gives to AUD4.8MM E Notes (P)Ba2 Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional long-term
rating to notes issued by Perpetual Trustee Company Limited in its
capacity as trustee of RESIMAC Bastille Series Trust 2011-1NC.
The transaction is a securitization of a portfolio of Australian
non-conforming and limited documentation housing loans originated
by RESIMAC Limited.

Issuer: RESIMAC Bastille Series Trust 2011-1NC

   -- AUD40.0 million Class A-1 Notes, Assigned (P)Aaa (sf)

   -- AUD72.0 million Class A-2 Notes, Assigned (P)Aaa (sf)

   -- AUD52.0 million Class A-3 Notes, Assigned (P)Aaa (sf)

   -- AUD12.0 million Class B Notes, Assigned (P)Aa1 (sf)

   -- AUD8.0 million Class C Notes, Assigned (P)A2 (sf)

   -- AUD6.0 million Class D Notes, Assigned (P)Baa2 (sf)

   -- AUD4.8 million Class E Notes, Assigned (P)Ba2 (sf)

The subordinated AUD5.2 million Class F Notes are not rated by
Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A-1, A-2, A-3, B, C, D and E Notes by the legal final
maturity.

"RESIMAC Bastille Series Trust 2011-1NC is the first non-
conforming RMBS transaction issued by RESIMAC Limited and marks
the second Australian non-conforming RMBS deal since the advent of
the global financial crisis", says Jennifer Wu, Moody's analyst
for the transaction. "The return of non-conforming RMBS
demonstrates the continued strong credit conditions of the
Australian market exhibited through the first half of 2011." she
adds

The mortgage loan portfolio backing RESIMAC Bastille Series Trust
2011-1NC is comprised of non-conforming loans extended to
borrowers with clean credit history (64.1%) and prior credit
impairment (35.9%). A large proportion of the pool (71.4%)
represents loans extended on a limited documentation basis.  The
issuer will issue eight classes of notes with the senior
Class A-1, Class A-2 and Class A-3 notes representing the senior
Aaa-rated portion of the transaction.

Ratings Rationale

The provisional ratings take account of, among other factors:

- The subordination provided to the Class A Notes by the mezzanine
  and junior notes, which is in excess of the credit enhancement
  of 15.5% consistent with Moody's Aaa (sf) credit enhancement.
  Moody's expected loss for this transaction is 1.6%. The
  subordination strengthens ratings stability, should the pool
  experience losses above expectations.

- A liquidity facility -- equal to 2.5% of the outstanding amount
  of the notes, and which will be funded from the initial note
  issuance proceeds -- will provide liquidity support to the
  transaction. The reserve will amortize in line with the overall
  note balance, to a floor of AUD1.25 million.

- The experience of RESIMAC Limited in servicing residential
  mortgage portfolios. While this is RESIMAC's first non-
  conforming RMBS transaction, RESIMAC is a relatively routine
  issuer of prime RMBS completing 18 term transactions. This
  highlights RESIMAC's experience as a manager and servicer of
  securitized transactions.

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis.
  Following the satisfaction of a number of conditions, including
  subordination to all classes of notes has doubled, and absence
  of un-reimbursed charge offs, the Class B, Class C, Class D and
  Class E notes will be repaid on a pari passu basis. The Class F
  notes will not step down.

- The weighted average scheduled loan to value ratio of the pool
  is 71.5%.

- The pool is over 20 months seasoned, which mitigates the risk of
  early payment default

The principal methodology used in this rating was "Moody's MILAN
Methodology for Rating Australian RMBS", published in December
2009.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium/High, which is in line
with the Medium/High score assigned for the Australian non-
conforming RMBS sector. Compared to the sector, RESIMAC Bastille
Series Trust 2011-1NC exhibits a greater potential for rating
changes with regards to Quality of Historical Data for Issuer and
Issuer Historical Performance Variability. This can be explained
by RESIMAC's relatively limited experience in the non-conforming
RMBS market, with RESIMAC first originating non-conforming loans
in 2008. However due to RESIMAC's experience in servicing
residential mortgage portfolios, arrears for the non-conforming
portfolio consistently outperform Moody's market average arrears.

The sector attracts higher volatility scores than Australian prime
RMBS (Low/Medium). This can be primarily attributed to limited
historical data available with the non-conforming sector first
appearing only in the late 1990's and early 2000's. Similarly,
while the performance of Australian non-conforming RMBS
transaction has been to stable to date, the relatively small
number of transactions issued to date heightens the degree of
uncertainty with regard to future performance.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned according to the report "V
Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of RESIMAC Bastille Series Trust 2011-1NC, the levels
of enhancement relative to those derived by Moody's, serve to
insulate the Class A-1 and Class A-2 notes from rating
variability. However, if the computed Aaa (sf) loss increases 1.3
times (i.e. to 20%), the class A-3 notes will face a one notch
downgrade to (P)Aa1 (sf). Additionally, the Class B Notes face
rating variability. If the computed Aaa (sf) loss increases by 1.3
and 1.6 times (i.e. to 20% and 25%), the (P)Aa1 (sf) ratings will
be downgraded to (P)Aa2 (sf) and (P)Aa3 (sf) respectively.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign definitive
ratings to the transaction. A definitive rating may differ from a
provisional rating.


TIGER AIRWAYS: Flight Ban Extended Until August 1; CEO Steps Down
-----------------------------------------------------------------
SmartCompany reports that the future of Tiger Airways Australia
remains in doubt as the aviation safety regulator grounded the
troubled company for another three weeks and the airline's
Australian chief executive prepared to leave.

The move, SmartCompany relates, came after the airline stopped
selling tickets on July 6 following Australian Competition and
Consumer Commission chairman Graeme Samuel saying that allowing
sales to continue without a disclaimer on the airline's trading
position could possibly constitute misleading behavior.

According to SmartCompany, the Civil Aviation Safety Authority
said it would extend the grounding of Tiger Airways until August 1
pending the approval of an application in the Federal Court.

"If CASA completes its investigations and determinations before
Aug. 1, 2011, and is satisfied Tiger Airways Australia no longer
poses a serious and imminent risk to air safety it may be possible
for it to resume operations earlier," CASA said July 6.

"The suspension of Tiger Airways Australia's operations remains in
place until either the Federal Court refuses CASA's application or
CASA withdraws it."

CASA explained that the grounding is being extended because its
investigations will not be able to be completed during the initial
five-day ban, SmartCompany says.

Following the announcement Tiger Airways said refunds would be
given to passengers holding reservations between July 6 and
July 31, the report notes.

The carrier also said chief executive Crawford Rix would leave the
company at the end of July and he will be replaced by Tony Davis,
group president and chief executive of parent company Tiger
Airways Holdings, SmartCompany adds.

Tiger Airway, as cited by SmartCompany, said it is continuing
discussions with officials and that it was never obligated to stop
selling tickets in the first place, but analysts point out that
the cost of the grounding will exceed $1 million a day and will
prove a substantial financial hurdle.

Nevertheless, Tiger said it "remains committed to resuming
services as quickly as possible".

Based in Melbourne, Victoria, Tiger Airways Australia is an ultra-
low cost airline.  It is a subsidiary of Tiger Airways Holdings, a
Singapore-based company.  As of April 2011, the Tiger Airways
Australia fleet consists of 11 Airbus A320.


* AUSTRALIA: Corporate Insolvencies on the Rise, ASIC Says
-----------------------------------------------------------
Official figures released by the Australian Securities &
Investments Commission on Friday reveal corporate insolvencies in
Australia have risen 4.4% in the 2010-11 financial year to date.

ASIC's Senior Executive Leader of the Insolvency Practitioners
team, Adrian Brown, said that despite a decrease in external
administration appointments in May compared to the same time last
year, these latest figures show the number of court liquidations
and director initiated creditors voluntary liquidations have
risen.

"Statistics collated by ASIC up to and including May 2011, show
court liquidations in Australia rose 8.6% and director initiated
creditors voluntary liquidations rose 7.6%.  Western Australia is
also seeing its fair share of corporate insolvencies, despite
suggestions that it's in the fast lane of a two speed economy,"
Mr. Brown said.

"Interestingly, receivership and voluntary administration
appointments, Australia-wide, have fallen," Mr. Brown added.


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


ENTIE COMMERCIAL: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has affirmed EnTie Commercial Bank's National Long-
term rating at 'A-(twn)' with Stable Outlook.  At the same time,
Fitch has affirmed EnTie's Individual Rating at 'C/D' and Support
Rating at '5' and simultaneously withdrawn them.

The Individual and Support Ratings have been withdrawn as these
ratings are no longer considered by Fitch to be relevant to its
coverage.

The ratings reflect EnTie's adequate capitalization relative to
its risk profile, and its reasonably sound asset quality and
profitability. However, the ratings also consider the bank's small
franchise and rather concentrated property-related exposure.

A significant and sustainable improvement in core profitability
and prudent asset quality control will benefit the bank's National
Long-term rating. On the other hand, the bank's rather
concentrated property-related exposures may pressure its rating if
Taiwan's property market were to see a sharp correction.

EnTie delivered a record-high bottom line in 2010 with a return of
equity of 13.4% compared with 2.7% in 2009 (Q111: 7%; annualized
and unaudited figure), underpinned by its improved fee income,
subdued provision expense and favorable trading performance.
Despite likely modest pressure on fee income due to a volatile
capital market, Fitch expects the bank to deliver moderate
profitability in 2011, backed by stable net interest margin and an
adequately sound asset quality profile.

The bank reported a low non-performing loan (NPL) ratio of 0.3%
and sufficient coverage ratio of 130.2% at end-Q111, compared with
0.8% and 99.8% at end-2009.  At end-Q111, EnTie's impaired loans
(include 90-day NPL and restructured loans) were 2.3% of total
loans. Because the bank's retail restructured loans -- which
account for most of its impaired loans -- have seasoned and
stabilized in their repeat default rate, provisioning risk should
be manageable.

EnTie maintained adequate capitalization, with a Tier 1 ratio of
9.53% and a capital adequacy ratio of 13.85% at end-Q111. The
bank's liquidity profile is satisfactory, with a liquidity reserve
ratio of 31.5% at end-Q111, much higher than the sector average of
27.7%.

Formed in 1992, EnTie is a small private bank with a deposit
market share of 1% at end-March 2011. Longreach Group, a
Hong-Kong-based private equity firm, is its largest shareholder,
with an equity stake of around 60%.

EnTie's Ratings:

   -- National Long-term Rating affirmed at 'A-(twn)'; Outlook
      Stable

   -- National Short-term Rating affirmed at 'F2(twn)'

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

   -- Support Rating affirmed at '5'; rating withdrawn

   -- Senior unsecured debt affirmed at 'A-(twn)'

   -- Subordinated debt affirmed at 'BBB+(twn)'


LA CASCINA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of La Cascina Company Limited.

The official receiver is Teresa S W Wong.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced June 24 that
investigation of over 99% of a total of 21,804 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,591 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,712 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases), which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 461 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 126 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7655

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LI YUEN: Lo and Leung Appointed as Liquidators
----------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated July 1, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Li Yuen Watch Case Manufacturing Company Limited on
June 12, 2009.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


LUCKY DRAGON: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 2, 2011, to
wind up the operations of Lucky Dragon Boat (Chaiwan) Restaurant
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


MASTER MOTOR: Court to Hear Wind-Up Petition on July 20
-------------------------------------------------------
A petition to wind up the operations of Master Motor Company
Limited will be heard before the High Court of Hong Kong on
July 20, 2011, at 9:30 a.m.

Lee Man Kit Tony filed the petition against the company on
June 3, 2011.

The Petitioner's solicitors are:

          Simon Ho & Co
          Room 1502, 15th Floor
          Hong Kong Trade Centre
          161 Des Vouex Road
          Central, Hong Kong


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

Koh Kee Huat John filed the petition against the company on
June 3, 2011.

The Petitioner's solicitors are:

          Lily Fenn & Partners
          Room D, 32nd Floor
          Lippo Centre, Tower 1
          89 Queensway, Hong Kong


NARITA ELECTRONIC: Court to Hear Wind-Up Petition on August 3
-------------------------------------------------------------
A petition to wind up the operations of Narita Electronic Company
Limited will be heard before the High Court of Hong Kong on
Aug. 3, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 27, 2011.

The Petitioner's solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


PRINCE SAUNA: Arboit and Blade Appointed as Liquidators
-------------------------------------------------------
Bruno Arboit and Simon Richard Blade on March 3, 2011, were
appointed as liquidators of Prince Sauna Limited.

The liquidators may be reached at:

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


PROFITABLE PLOTS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Profitable Plots Limited.

The official receiver is Teresa S W Wong.


SANFORD DEVELOPMENT: First Meetings Set for July 12
---------------------------------------------------
Contributories and creditors of Sanford Development China Limited
will hold their first meetings on July 12, 2011, at 10:00 a.m.,
and 11:00 a.m., respectively at John Lees Associates 20/F Henly
Building 5 Queen's Road Central, in Hong Kong.

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


SERENA ELECTRICAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Serena Electrical MFG. (China) Company
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


SINO STATES: Hung and Yau Step Down as Liquidators
--------------------------------------------------
Andrew George Hung and Yau Sun Yu Sonia stepped down as
liquidators of Sino States Development Limited on June 7, 2011.


SUCCESS TOP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Success Top Enterprises Limited.

The official receiver is Teresa S W Wong.


WELTA LIMITED: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Welta Limited.

The official receiver is Teresa S W Wong.


=========
I N D I A
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ARPIT PROJECTS: CRISIL Reaffirms 'B' Rating on INR1.54BB Term Loan
------------------------------------------------------------------
CRISIL's rating on the term loan facility of Arpit Projects Ltd
continues to reflect APL's exposure to intensifying competition in
the hotel industry, which may exert pressure on its cash accruals,
and its promoters' limited industry experience.  These rating
weaknesses are partially offset by the company's management tie-up
with Country Development & Management Services, thereby ensuring
operational and brand support.

   Facilities                          Ratings
   ----------                          -------
   INR1.54 Billion Rupee Term Loan     B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that APL will benefit from the locational
advantage offered by the hotel.  The outlook may be revised to
'Positive' if APL's debt protection metrics are better than
expected. Conversely, the outlook may be revised to 'Negative' if
APL contracts more-than-expected debt to fund its project, or if
there is delay in commencement of commercial operations.

APL was incorporated in 1995 in Rajasthan. It has entered into a
memorandum of understanding with Gurgaon Recreation Park Ltd
(GRPL) to purchase a four-star hotel in Gurgaon (Haryana), for
which land was allotted by Haryana State Industrial Development
Corporation.  The purchase of the property has been delayed,
because of delay in its completion by GRPL.  The total cost of the
project is expected to be INR2.32 billion, which will be funded
with equity of INR0.78 billion and debt of INR 1.54 billion. APL
has paid an advance of INR200 million to GRPL.


BEEKAY PLAZA: CRISIL Assigns 'BB' Rating to INR80MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Beekay Plaza Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Term Loan        BB/Stable (Assigned)
   INR5 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect BPPL's exposure to risks related to completion
of its ongoing projects, Barsana Garden Apartments and Hotel
Beekay Residency, and to cyclicality inherent in the Indian real
estate industry.  These weaknesses are partially offset by the
experience of BPPL's promoters in real estate development and
proven project execution capabilities.

Outlook: Stable

CRISIL believes that BPPL will continue to benefit over the medium
term from its promoters' industry experience and the steady demand
for residential real estate projects in Siliguri (West Bengal).
The outlook may be revised to 'Positive' if the company generates
more-than-expected cash flows, on account of earlier-than-expected
completion of its projects, and more-than-expected sales
realizations from phase two of its Barsana Garden Apartments
project. Conversely, the outlook may be revised to 'Negative' in
case of delay in project completion or receipt of payments from
customers, if the company is unable to completely sell phase two
of Barsana Garden Apartments, which it is currently developing, at
profitable rates, or if the company's financial risk profile
deteriorates because of a larger-than-expected, debt-funded
capital expenditure programme.

                         About Beekay Plaza

BPPL, promoted by Mr. Narendra Garg and Mr. Nirmal Garg, was
incorporated in 2002 to undertake real estate development and
property management in Siliguri. The promoters have a land bank of
around 40 acres in West Bengal and plan to develop the land for
the hospitality, residential, and health care sectors.

BPPL reported a profit after tax (PAT) of INR6 million on sales of
INR10 million for 2009-10 (refers to financial year, April 1 to
March 31), against a PAT of INR5 million on sales of INR10 for
2009-10.


BOHRA EXPORTS: CRISIL Reaffirms 'BB' Rating on INR110M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bohra Exports Pvt Ltd
continue to reflect the company's small scale of operations,
exposure to risks related to cyclicality and to intense
competition in the shipbreaking industry, and vulnerability to
adverse regulatory changes.  These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the shipbreaking industry and from the
healthy growth prospects of the shipbreaking industry.

   Facilities                            Ratings
   ----------                            -------
   INR110.0 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR390.0 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that BEPL will continue to benefit over the medium
term from its promoter's extensive experience in the shipbreaking
industry, aided by current buoyancy in the industry. The outlook
may be revised to 'Positive' if BEPL significantly improves its
revenues and profitability, without adversely impacting its
capital structure. Conversely, the outlook may be revised to
'Negative' if significant volatility in the prices of steel scrap
leads to decline in BEPL's overall profitability.

                        About Bohra Exports

Set up in 1986, BEPL undertakes shipbreaking activities. It has
capacity to break ships ranging from 800 tonnes to 50,000 tonnes
at its 3015 square metre facility at Alang (Gujarat).  The company
also breaks ships at Mumbai port, by renting plots.  BEPL
initially traded in commodities and chemicals, and has been in the
shipbreaking business since 1992. BEPL imports ships, breaks them
into steel plates, and sells the same, directly or through a
network of brokers, to the steel companies.

BEPL, on a provisional basis, reported a profit after tax (PAT) of
INR9.8 million on net sales of INR600.3 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR10.3 million on net sales of INR447.8 million for 2009-10.


CHETAN WOOD: Fitch Affirms National L-T Rating at 'D(ind)'
---------------------------------------------------------
Fitch Ratings has affirmed India's-based Chetan Wood Processing
Private Limited's National Long-Term rating at 'D(ind)'.  The
agency has also affirmed CWPL's INR208 million long-term loans
(reduced from INR250m) at 'D(ind)'.

The ratings reflect CWPL's continuous delays in the repayment of
its term loan obligations. The term loans have been taken by the
company to extend long-term advances to the coffee estate owners
for growing silver oak trees and supply of wood.

Positive rating guidelines include regularity in the repayment of
CWPL's bank facilities and an improvement in its revenues and
profitability.

Incorporated in 1990, CWPL is a Bangalore-based furniture
manufacturer. In FY10 (financial year ended March 31, 2010), the
company reported revenues of INR23.9 million (FY09: INR17.5
million) and EBITDA of negative INR4.5m (FY09: negative INR3.6
million).  In FY11, it had revenue of INR66.2 million and a net
loss of INR36.2 million as per the provisional figures.


GANDHAR COALS: CRISIL Reassigns 'B+' Rating on INR125MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Gandhar Coals and Mines; the facility was earlier short-term in
nature and was rated 'P4' by CRISIL.

   Facilities                            Ratings
   ----------                            -------
   INR125.0 Million Letter of Credit*    B+/Stable (Reassigned)

   *Includes a cash credit sublimit of INR25.0 Million

The rating continues to reflect GCM's weak financial risk profile
and exposure to risks related to fluctuations in foreign exchange
(forex) rates. These rating weaknesses are partially offset by the
benefits that GCM derives from robust growth in the imported coal
trading business, supported by healthy demand.

Outlook: Stable

CRISIL believes that GCM will register reasonable sales turnover
levels on the back of strong demand for imported coal in India,
over the medium term. The outlook may be revised to 'Positive' in
case the firm successfully stabilises its operations (supplier
base and buyers) resulting in stability in its profitability and
cash flows. Conversely, the outlook may be revised to 'Negative'
if GCM's financial risk profile deteriorates compared to the
expected levels or if the firm takes large unsold positions
thereby increasing its risks to forex volatility.

                        About Gandhar Coals

Set up as a partnership firm in June 2009, GCM trades in imported
thermal coal in India. The firm is managed by Mr. Saurabh Parekh
and his brother, Mr. Kunal Parekh. GCM belongs to the Gandhar
group of companies, which also includes Gandhar Oils and
Refineries Pvt Ltd (rated 'BBB+/Stable/P2' by CRISIL). Apart from
India's western coast, the firm has also started operating through
ports on the eastern coast of the country.


HALDIA PETROCHEMICALS: Incurs INR247cr Loss in Q1, Mulls Shutdown
-----------------------------------------------------------------
Haldia Petrochemicals Ltd has planned a shutdown, starting the
third week of July, after incurring a hefty INR247-crore loss in
the first quarter.

The decision is part of HPL's bid to distance itself from the
market for a while since polypropylene and ethylene prices have
nosedived, the report says.

HPL managing director Partha S Bhattacharya told ET, "Polymer
prices have crashed over the past few months, which is impacting
the company's margins. Accordingly, to tide over the situation,
we've taken the decision to go in for a 12-18 day shutdown,
beginning third week of July. This will help us stay away from
creating an inventory in a falling market and also to carry out
annual maintenance and repair work."

Mr. Bhattacharya said increase in interest rates in China was
largely affecting polymer markets.  Small and medium enterprises
in China are the life-blood of chemicals and polymer demand in
China as most buyers belong to this category. Polyolefin exports
that would have gone to China are now being diverted to Europe.
This surplus availability in the global market is pushing down
prices further, according to the report.

"We hope the polymer market will recover from August. By the time
the market sees some recovery we will be ready with our plant
after repairs and maintenance work. We have suffered huge losses
in Q1. We will have to recover from Q2 so that we can achieve a
positive EBIDTA in the current fiscal," Mr. Bhattacharya told ET.

Based in Kolkata, India, Haldia Petrochemicals Limited operates as
a naphtha based petrochemical company.  It offers low and high
density polyethylene and polypropylene.  The company also provides
energy chemicals, such as motor-spirit, liquefied petroleum gas,
pyrolysis gasoline, and carbon black feed stock/fuel oil; and
industrial products, including benzene, butadiene, carbon black
feed stock, and cyclo-pentane.  It exports its products to Europe,
the Middle East, and the South East.


KINGFISHER AIRLINES: Founders Pledge Entire Kingfisher Shares
-------------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that Kingfisher
Airlines Ltd. said Wednesday two of its founder companies have
together pledged or used as collateral 115.5 million more shares,
of India's second-biggest airline by market share.

According to Dow Jones, United Breweries (Holdings) Ltd. on
June 16 pledged 113.2 million shares while Kingfisher Finvest
India Ltd. pledged an additional 2.3 million shares.  With this,
both companies have now pledged their entire shareholding in the
airline, Dow Jones says.

Kingfisher said the pledging of shares is part of the company's
debt recast plan, Dow Jones notes.

Earlier this year, Dow Jones recalls, Kingfisher implemented a
debt recast plan that entailed conversion of 30% of its debt into
shares and issuing those to lenders and founder companies, and
restructuring the rest to a longer tenure.

The recast helped the airline to cut the debt on its books to
INR60.07 billion (US$1.35 billion) in January from INR76.51
billion last year, Dow Jones adds.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.


KOTARKI CONSTRUCTIONS: CRISIL Assigns 'B+' Rating to INR65MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Kotarki Constructions Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR65 Million Cash Credit          B+/Stable (Assigned)
   INR10 Million Letter of Credit     P4 (Assigned)
   Rs .75 Million Bank Guarantee      P4 (Assigned)

The ratings reflect KCPL's working-capital-intensive operations
and limited pricing power and bidding ability. These rating
weaknesses are partially offset by KCPL's established presence in
Karnataka region supported by the extensive experience of its
promoter in the infrastructure industry.

Outlook: Stable

CRISIL believes that KCPL will benefit over the medium term from
its promoter's extensive industry experience and its strong order
book. However, its liquidity profile is expected to remain tight
due to high working capital intensity. The outlook may be revised
to 'Positive' if KCPL reports higher-than-expected revenue growth
and maintains its profitability while efficiently managing its
working capital. Conversely, the outlook may be revised to
'Negative' if KCPL faces significant delays in delivering orders
or its liquidity weakens further because of large, incremental
working capital requirements or build-up of debtors.

                      About Kotarki Constructions

Set up in 1989 as a proprietorship firm, KCPL was reconstituted as
a private limited company in 2004. Mr. Kotarki Shankar is the
company's managing director. KCPL undertakes road, civil
construction, and construction of irrigation canals in Karnataka.
The road works primarily include widening, operation, and
maintenance of existing roads.

KCPL reported a profit after tax (PAT) of INR10.0 million on net
sales of INR264.22 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.81 million on net
sales of INR230.63 million for 2008-09.

KCPL is estimated to report revenues of INR280 million for
2010-11.


LUCID GEMS: ICRA Reaffirms '[ICRA]BB' Rating on INR8.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to INR8.50 Crore fund
based bank facility of M/s Lucid Gems.  The outlook for the long
term rating remains 'Stable'.

The rating favorably factors in the experience of the promoters in
the cut and polished diamond (CPD) business along with the
operational backing from the group concern engaged in similar line
of business and company's conservative capital structure at
present.  The rating is, however, constrained by LG's weak
performance characterized by stagnant operating income in the last
two fiscals, losses at the net level in 2008-09 and 2009-10,
though turned positive in 2010-11, and sizeable funds locked in
receivables leading to high working capital requirements. The
rating also takes into account the intense competitive pressure in
the highly fragmented cut and polished diamond business and
vulnerability of margins to volatility in foreign exchange
fluctuations and prices of rough diamonds. ICRA has also factored
in the legal status of LG as a partnership firm, and the risk
inherent in such firms like withdrawal of capital by the partners.

                       About Lucid Gems

Promoted by Kamal Bhansali closely held by the promoters' family,
Lucid Gems commenced business as a partnership firm in 1997.  LG
is engaged in manufacture and export of cut and polished diamonds.
The firm has its office in Mumbai but does not have a
manufacturing facility of its own. LG has backing from a related
concern Core Jewellery Pvt Ltd engaged in the gold jewellery
business with a factory in Andheri, Seepz. LG deals in diamonds of
size from 0.001 to 1.5 carats. It markets the diamonds directly to
the customers.

Recent Results:

LG recorded a net loss of INR0.78 Crore on an operating income of
INR32.11 Crore for the year ending March 31, 2010 as per audited
financials, and profit before tax of INR1.11 Crore on an operating
income of INR33.19 Crore for the year ending March 31, 2011, as
per provisional financials.


MAGPPIE EXPORT: ICRA Raises Rating on INR20cr Loans to '[ICRA]B+'
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR20.00 crore
bank facilities of Magppie Export Private Limited from 'LB' to
'[ICRA] B+'.

The revision of the rating favorably takes into account relative
improvement in financial profile of the company as evidenced by
improvement in profitability and consequently debt coverage
indicators. ICRA notes that owing to severe economic slowdown and
extreme volatility in exchange rates MEPL's operating
profitability recuperated from negative levels in FY2009 to ~8% in
subsequent periods, which was also aided by appreciation of the
rupee in FY2010 and later due to increased offtake on the back of
resurgence in consumption sectors..Being an importer of stainless
steel sheets and coils from China, MEPL had an adverse impact on
its purchase costs due to the anti-dumping duties imposed on the
imports from China during FY 10; nevertheless the impact on MEPL's
profitability was partially mitigated by its effort to increase
high sea sales against advance license and increase procurement
from domestic sources.  As against 1% of purchases from domestic
sources in FY 2009, MEPL's sourcing stood at 20% from domestic
sources in FY 2010; thereby making the impact of anti-dumping
duties less pronounced. The rating also factors in the fact that
the company's reliance for offtake on group entities like Magppie
International Limited remained moderate in the previous fiscal
(FY2011). While this provides low visibility of potentially
captive stream of revenues offered by group entity, it also
alleviates client concentration risk of the company.

Nevertheless, ICRA's rating continues to remain constrained by
intensely competitive nature of industry, its modest scale of
operations, its susceptibility to adverse movements in traded good
prices, and its vulnerability to foreign exchange fluctuations.
The rating also remains inhibited by weak capital structure (as
reflected by an unadjusted gearing of -12x as on Feb. 28, 2011)
despite an improvement in profitability and equity infusion in
FY2010. MEPL's debt primarily comprised of working capital
borrowings, the reliance on which remained high on account of high
working capital intensity primarily driven by high receivable days
and limited credit period from its suppliers. The rating however
continues to draws comfort from established track record of the
promoters in the stainless steel industry and strong relationships
with the suppliers in the overseas market. Going forward,
company's ability to sustain offtake in the backdrop of adverse
regulatory environment, maintain healthy profitability and
effectively prune its working capital cycle will remain the key
rating sensitivities.

                       About Magppie Exports

Incorporated in 1994, Magppie Exports Private Limited was promoted
by the Jain family having more than a decade of experience in the
stainless steel industry. MEPL belongs to the Magppie group and is
engaged in import of stainless steel sheets and coils used for
consumption by kitchenware and bar accessories industries.

For financial year ending Feb. 28, 2011, the company reported an
operating income of INR62.54 crore and a net profit of INR2.20
crore as against a topline of INR52.70 crore and a net profit of
INR.0.77 crore in the previous fiscal (FY2010).


NRK OVERSEAS: ICRA Assigns '[ICRA]BB' Rating to INR4cr Bank Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to INR4.00 Crore fund based
bank facility of NRK Overseas (India).  ICRA has also assigned an
'[ICRA]A4' rating to the INR1.50 Crore non-fund based bank
facility of NRK.  The outlook assigned to the long term rating is
'Stable'.

The ratings derive comfort from the promoter's established track
record in the garment manufacturing industry, sustained growth in
the operating income over the last few years and its moderately
diversified product portfolio. The ratings are, however,
constrained by the company's modest scale of operations and weak
profitability and coverage indicators.  The liquidity position is
also tight as reflected in consistently full utilization of
limits. Moreover, competitive nature of the industry and
competition from low-cost countries exert pressure on the margins.

                        About NRK Overseas

NRK Overseas (India) was incorporated in the year 1994 as a
proprietary concern by Mr. Rakesh Kabra who is actively involved
in the business of the company. It is engaged in the manufacture
of formals, casuals and jeans wear for men, women and children.
The manufacturing facility has an installed capacity to produce
800 pieces per month. NRK has a registered office in Mumbai and a
manufacturing unit at MIDC, Nabale in district Thane.

Recent Results:

NRK recorded a net profit after tax of INR0.27 Cr on an operating
income of INR35.98 Cr for the year ending March 31, 2011, and a
net profit after tax of INR0.23 Cr on an operating income of
INR24.66 Cr for the year ending March 31, 2010.


SHREE GOPAL: ICRA Places '[ICRA]BB-' Rating on INR18cr Cash Credit
------------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR18.00 crore Cash Credit facility of Shree Gopal Tradex Private
Limited.  ICRA has also assigned '[ICRA]A4' rating to INR11.00
crore Letter of Credit facility of SGTPL.  The outlook on the
long-term rating is stable.

The ratings are constrained by SGTPL's limited track record of
operations, intensely competitive nature of the business
characterized by low margins and vulnerability of its profits to
fluctuations in product prices.  The ratings also take into
account SGTPL's modest scale of operations and its exposure to
adverse movement in foreign exchange movement.  However, the
ratings draws comfort from SGTPL's experienced promoters with long
track record in trading of agricultural commodities, strong
revenue growth in the last two years and its established relations
with key customers which have enabled it to secure repeat orders
from them in the past.  Further, the company plans to expand its
dry fruit processing activities which is expected to improve its
profitability going forward.

Incorporated in June 2008, Shree Gopal Tradex Private Limited is
engaged in trading of dry fruit including Pistachios, Almonds,
Cashew Nuts, Pulses, Spices, Herbs and Kiryana Goods. In addition,
the company is also presently involved in processing of dry
fruits.  The company commenced its commercial operations from the
third quarter of 2008. SGTPL is a closely held company promoted by
Mr. Anurag Garg and his family members.  The group also has two
retail outlets in Khari Baoli, the largest dry fruit and spices
market in North India.

In FY2011, the company reported operating income (provisional) of
INR172.07 crore and profit after tax (provisional) of INR1.54
crore.


SHREE STEEL: CRISIL Reaffirms 'B+' Rating on INR25MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Steel Impex
continue to reflect SSI's below-average financial risk profile,
marked by a small net worth and a moderately leveraged capital
structure, small scale of operations, and exposure to intense
competition and cyclicality in the steel industry. These rating
weaknesses are partially offset by the business experience of
SSI's promoters and the firm's established relationships with its
customers and suppliers.

   Facilities                            Ratings
   ----------                            -------
   INR25 Million Cash Credit-Book Debt   B+/Stable (Reaffirmed)
   INR32.5 Million Letter of Credit      P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SSI will continue to benefit over the medium
term from its promoters' experience in the steel trading business.
The company's financial risk profile, however, is expected to
remain below-average, on account of a highly leveraged capital
structure. The outlook may be revised to 'Positive' if SSI
significantly increases its scale of operations and profitability,
while strengthening its capital structure. Conversely, the outlook
may be revised to 'Negative' if SSI's working capital management
weakens, leading to additional pressures on its liquidity.

Update

SSI's revenues and net profit for 2010-11 (refers to financial
year, April 1 to March 31) have been lower than those in 2009-10.
For 2010-11, the firm's revenues are estimated at INR219.6 million
(34 per cent lower than the previous year) and net profit at
INR0.60 million (40 per cent lower than the previous year). SSI
extends a credit of around 80 days to its customers. Outstanding
debtor levels have reduced in 2010-11; however, the decrease has
been because of lower sales in that year. The debtor levels are
expected to increase in case of increase in sales in the future;
debtors outstanding as on March 31, 2011 were estimated at around
INR38.3 million (60 days' sales). SSI maintains an inventory of
around 30 days to meet its market demand. The working capital
requirements of the firm have been moderate; however, they might
increase in the future because of increase in revenues. SSI's
capital structure has improved compared to the previous year,
because of lower debt exposures resulting from decrease in
revenues; the ratio of total outside liabilities to tangible net
worth was around 2.3 times as on March 31, 2011. The ratio might
increase in the future, along with an increase in revenues.

                          About Shree Steel

Based in Mumbai (Maharashtra), SSI was set up as a partnership
firm in 2003 by Mr. Pukharaj Shah and his family. Mr. Shah has
been in the steel trading business for more than two decades. SSI
trades in steel products, such as steel rods, bars, sheets, and
pipes, both stainless steel and mild steel; most of these products
find application in the automobile industry.


SHREE VENKATESH: CRISIL Rates INR375 Million Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Shree Venkatesh Buildcon Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR375 Million Cash Credit       BB+/Stable (Assigned)

The rating reflects SVBPL's exposure to risks related to demand,
funding, and implementation of its ongoing residential projects,
geographical concentration in its revenue profile, small scale of
operations, and cyclicality inherent in the real estate industry.
These rating weaknesses are partially offset by the extensive
industry experience of, and equity infusion by, SVBPL's promoter
and the positive initial response to the company's projects.

Outlook: Stable

CRISIL believes that SVBPL's business and financial risk profiles
will remain sensitive to the timely completion of the ongoing
projects and inflow of customer advances. The outlook may be
revised to 'Positive' in case of better-than-expected booking of
units and receipt of customer advances, and substantial progress
of construction as per the proposed schedule. Conversely, the
outlook may be revised to 'Negative' in case the company's
liquidity weakens either due to delays in receipt of customer
advances, time or cost overruns, or due to other large projects
undertaken by SVBPL.

                        About Shree Venkatesh

Incorporated in 2010, SVBPL is promoted by Mr. Ankush Asbe. The
company is part of the Venkatesh group based in Pune (Maharashtra)
and is engaged in residential real estate development in the city.
The group started undertaking real estate development in 2000-01
(refers to financial year, April 1 to March 31) and has completed
around nine residential real estate projects. The group has booked
revenues of around INR1.7 billion over the past four years. The
group has three other ongoing projects that are being executed in
other group entities. Currently, SVBPL is developing two
residential projects - Lake Vista and Venkatesh Sharvil - with 653
flats and 186 flats, respectively. Construction of both the
projects started in December 2010 and is expected to be completed
by December 2013.


SWAPNA MOTORS: CRISIL Assigns 'BB' Rating to INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Swapna Motors Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR90 Million Cash Credit       BB/Stable (Assigned)
   INR3.9 Million Long-Term Loan   BB/Stable (Assigned)

The rating reflects SMPL's low bargaining power with its principal
and stiff competition in the automotive dealership market, and
average financial risk profile, marked by moderate capital
structure and below-average debt protection metrics. These
weaknesses are partially offset by the extensive experience of
SMPL's promoters and its established position in the selected
automobile dealership market.

Outlook: Stable

CRISIL believes that SMPL will maintain its business risk profile
over the medium term, backed by its established market position in
Orissa. The outlook may be revised to 'Positive' in case of
improvement in capital structure and debt protection metrics on
account of infusion of equity or significant improvement in
operating margin and cash accruals. Conversely, the outlook may be
revised to 'Negative' if SMPL's financial risk profile
deteriorates due to a larger-than-expected, debt-funded capital
expenditure programme or less-than-expected cash accruals.

                           About Swapna Motors

Incorporated in 2000, SMPL is an authorized dealer of the
passenger cars and utility vehicles of Tata Motors Ltd (TML; rated
'AA-/Stable/P1+' by CRISIL) in Orissa, with an integrated facility
in Bhubaneswar. The company deals in all the model variants of TML
and two variants of Fiat EXPAND cars. Besides the Bhubaneswar
facility, the company has showrooms in Puri, Jajpur, and Brahmapur
(all in Orissa). The company is managed by its promoter, Mr. Badri
Narayan Saha.

SMPL reported a profit after tax (PAT) of INR5.9 million on net
sales of INR1006.0 million for 2009-10, as against a PAT of INR0.3
million on net sales of INR670.9 million for 2008-09.


SUNRISE NATURALS: CRISIL Assigns 'P4+' Rating to INR5MM ST Loan
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Sunrise Naturals Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR20 Million Standby Line of Credit    P4+ (Assigned)
   INR100 Million Packing Credit           P4+ (Assigned)
   INR5 Million Proposed Short-Term Bank   P4+ (Assigned)
                           Loan Facility

The rating reflects the susceptibility of Sunrise's operating
margin to availability of tropical fruits and to fluctuations in
foreign exchange rates, and its average financial risk profile,
marked by a small net worth, high gearing, and moderate debt
protection metrics. These weaknesses are partially offset by the
industry experience of Sunrise's management, the company's
established customer relationships, and its moderate operating
efficiencies.

                      About Sunrise Naturals

Sunrise was initially set up as a proprietorship concern by Mr.
Hetal Joshi in 1998; the concern was reconstituted as a private
limited company in April 2009. The business is managed by Mr.
Joshi and his father, Mr. Mukund Joshi. Sunrise undertakes the
processing of mango and guava into pulp. Mango pulp contributes a
major chunk of the company's revenue (80%) with the balance coming
from sale of guava pulp; these fruit pulp is further processed for
making juices by the juice manufacturers. Sunrise exports its
products to countries in the Middle East. The company sells the
mango and guava pulp under its own brand name, Sunrise.

Sunrise is estimated to have reported a profit after tax (PAT) of
INR3.8 million on net sales of INR192.8 million for 2010-11
(refers to financial year, April 1 to March 31), as against a
reported PAT of INR7.9 million on net sales of INR206.6 million
for 2009-10.


TRIDENT METAL: CRISIL Assigns 'D' Rating to INR61.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Trident Metal Energy Pvt Ltd.  The rating reflects instances of
delay by Trident in servicing its debt; the delays have been
caused by Trident's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR24.8 Million Cash Credit        D (Assigned)
   INR61.2 Million Rupee Term Loan    D (Assigned)

Trident has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, large
working capital requirements, and its scale of operations is
small. These weaknesses are partially offset by the extensive
experience of Trident's promoters in the battery industry and its
strong distribution network.

Established in 2008, Trident, promoted by the Agarwal family, is
based in Ranchi (Jharkhand). It set up a refined-lead-cum-battery
plant with an annual capacity of 3,600 tonnes of refined lead and
48,000 batteries. The battery manufacturing activity commenced in
July 2009 and the lead manufacturing unit became operational in
May 2011.

The company is utilizing around 50% of its battery manufacturing
capacity, catering mainly to the replacement market. Its product
finds application in automobiles and invertors. These batteries
are sold in a few states through a network of distributors,
dealers, and consignment agents.

Trident reported a net loss of INR1.5 million on net sales of
INR9.0 million for 2009-10 (refers to financial year, April 1 to
March 31), its first year of operations.


VISHWAKRIYA HOUSING: ICRA Rates INR50cr LT Loan at '[ICRA] BB+'
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA] BB+' rating with a 'stable'
outlook to INR50 crore long term bank loans of Vishwakriya Housing
Finance Limited.

The rating factors in experienced management of VHFL, good
knowledge of the target customer segment and huge growth
opportunities in large un-tapped affordable housing market.  The
ratings are however constrained by the company's small size of
operations; large expansion plans in relation to current size of
operations, average risk profile of its target borrowers,
relatively high operating expenses and geographical concentration
of portfolio in NCR region which exposes the company to regional
risks. Operational efficiencies would be achieved only after the
company achieves a certain reasonable size of operations which
along with its plans to expand the portfolio geographically would
reduce the concentration risk to some extent.

Earlier, the company was not covered under SARFAESI Act and did
not have access to NHB refinance as it was not meeting pre-
condition for minimum net worth of INR10 cr.  In January 2011, the
promoters infused INR5 crore in VHFL through Compulsorily
Convertible Preference Shares (CCPS) which increased the company's
net worth from INR4.6 crore as on March 2010 to INR10.07 crore as
on March 2011; thus become eligible for SARFEAESI license and NHB
refinance. Obtaining access to SARFAESI Act and NHB refinance
lines would be critical for the company to scale-up operations.
VHFL's focus on first-time home buyers, good underwriting norms
(focus on Low LTV, low IIR), origination of loan through in-house
sales team and good portfolio tracking systems remain the credit
positives. Centralized operations and sanctioning authority and
good underwriting norms resulted in good asset quality indicators
(Gross NPA% at 0.59% on March 2011), although average seasoning of
the portfolio is limited; going forward it would be important for
the company to maintain adequate control over the larger portfolio
base.  ICRA has taken note of the on-going initiatives taken by
the company to improve its internal control systems; however going
forward, the ability of the company to manage the projected growth
in portfolio, raise equity and debt to support the growth plans
and protect its interest spreads would have an important bearing
on the rating.  Liquidity profile of the company is adequate owing
to well-matched maturity of advances and borrowings; it would be
important for VHFL to continue to arrange for longer-tenor debt to
support its liquidity profile.

                      About Vishwakriya Housing

Vishwakriya Housing Finance Limited incorporated in the year 2000
and got registered with NHB in the year 2002, subsequently issued
with permission to raise public deposits. VHFL has its corporate
office and branch in Delhi and one service center at Faridabad.
The target segment for the company is home loans to lower income
borrowers with average ticket size of around INR7 lakhs.

The company reported PAT of INR0.47 cr. on an asset base of
INR20.78 crore in FY2011 vis-a-vis PAT of INR0.21 crore on an
asset base of INR12.57 crore in FY2010.


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


CSFS GODO: Moody's Reviews Bonds Due 2013 for Possible Downgrade
----------------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings on the Class A through F and Class X bonds issued by CSFS
Godo Kaisha.

The final maturity of the bonds occurs in November 2013.

Class A-2-a / A-2-b / A-3

  * Aa2 (sf) placed under review for possible downgrade;
    previously on July 29, 2010, downgraded to Aa2 (sf) from
    Aaa (sf)

Class B-2 / B-3

   * A3 (sf) placed under review for possible downgrade;
     previously on July 29, 2010 ,  downgraded to A3 (sf) from
     Aa2 (sf)

Class C-2-a / C-2-b

   * Ba1 (sf) placed under review for possible downgrade;
     previously on July 29, 2010, downgraded to Ba1 (sf) from
     A3 (sf)

Class D-2-a / D-2-b / D-3

   * B1 (sf) placed under review for possible downgrade;
     previously on July 29, 2010 downgraded to B1 (sf) from
     Ba1 (sf)

Class E-1 / E-3

   * B3 (sf) placed under review for possible downgrade;
     previously on July 29, 2010, downgraded to B3 (sf) from
     B1 (sf)

Class F-1/F-3

   * B3 (sf) placed under review for possible downgrade;
     previously on July 29, 2010, confirmed at B3 (sf)

Class X

   * Aa2 (sf) placed under review for possible downgrade;
     previously on July 29, 2010, downgraded to Aa2 (sf) from
     Aaa (sf)

CSFS Godo Kaisha, effected in December 2006, represents the
securitization of two non-recourse loans (senior and mezzanine
loans) backed by seven single-tenant retail properties in Kanto,
Chubu and Kinki areas.

The two loans are backed by the same property pool. The scheduled
amortization and the prepayment due to the sale of the properties
will be allocated pro rata between the two loans. In case of
default (the two loans cross-default), sequential payment will be
applied according to the order of the collateral priority.

The rating actions reflect Moody's growing concerns about the
performance of the properties. Although the main tenant pays fixed
rents on the underlying properties, Moody's needs to re-assess the
rent levels and property cash flows, in light of the significant
deterioration in the revenue and profitability on some of
underlying stores. Moody's will therefore reconsider the
stabilized property values.

Moody's will assess the refinancing and disposal activities of the
asset manager on the upcoming maturities, in addition to checking
the performance of the properties.

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


KENEDIX REALTY: Moody's Reviews 'Ba1' Rating for Possible Upgrade
-----------------------------------------------------------------
Moody's Japan K.K. has placed the Ba1 unsecured long-term debt
ratings of Kenedix Realty Investment Corporation on review for
possible upgrade.

Rating Rationale

The rating action is based on Moody's expectation that KRI's
financial profile will improve significantly due its acquisition
of properties with the proceeds of a public offering and
conclusion of its de-collateralization process with a secured
party, subject to the capital paid-in, as announced on July 5,
2011.

According to the announcement, KRI concluded a memorandum
concerning the de-collateralization with the secured party.
Currently, 47 of its 70 properties, or JPY169.2 billion of
JPY216.8 billion (based on an appraisal value as of the end of
April 2011, approximately 78% of the value of its portfolio), and
approximately JPY100.7 billion of loans out of approximately
JPY112.7 billion in debt (approximately 89% of its total debt) are
collateralized.

And if the de-collateralization is implemented, the subordination
of KRI's bonds will be therefore ended.

On the same day, KRI announced it would raise approximately JPY15
billion through a public offering (which includes a third-party
allotment).

The proceeds will be used to purchase four properties totaling
about JPY15 billion and this paid-in confirmation is one of the
conditions precedent of de-collateralization.

Furthermore, as the NOI yield of the four new properties is higher
than KRI's current portfolio, this may help enhance KRI's
profitability.

Moody's review will focus on (1) the implementation of the public
offering and de-collateralization process, (2) the extent of
improvement in KRI's leverage, (3) the company's financial
management plan after this public offering, and (4) the
portfolio's profitability.

The principal methodology used in this rating was Moody's Global
Rating Methodology for REITs and Other Commercial Property Firms
published on October 1, 2010, and available on www.moodys.co.jp.

Please see ratings tab on the issuer/entity page on the Moody's
website for the last rating action and the rating history.

Kenedix Realty Investment Corporation, headquartered in Tokyo, is
a listed J-REIT that invests in and manages mainly mid-level
office properties. Its revenues totaled approximately JPY 8.1
billion for the fiscal half-year ended April 2011.


ORSO FUNDING: Moody's Cuts Ratings on Class D Notes to 'Ba3 (sf)'
-----------------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class B
through E Notes issued by Orso Funding CMBS 8 Limited. The notes
will mature in June 2022.

  Class B, downgraded to Aa3 (sf); previously on May 26, 2011 Aa2
  (sf) Placed Under Review for Possible Downgrade

  Class C, downgraded to Baa1 (sf); previously on May 26, 2011 A2
  (sf) Placed Under Review for Possible Downgrade

  Class D, downgraded to Ba3 (sf); previously on May 26, 2011 Baa2
  (sf) Placed Under Review for Possible Downgrade

  Class E, downgraded to B2 (sf); previously on May 26, 2011 Ba1
  (sf) Placed Under Review for Possible Downgrade

  Deal Name: Orso Funding CMBS 8 Limited

  Class: Class A-1 through E notes and Class X notes

  Issue Amount (initial): JPY151.6 billion

  Dividend: Floating

  Issue Date (initial): Nov. 27, 2007

  Final Maturity Date*: June 2022

  Underlying Asset (initial): A non-recourse loan and a specified
   bond

  Originator: Bear Stearns (Japan), Ltd., Tokyo Branch(as of issue
   date)

  Arranger: Bear Stearns (Japan), Ltd., Tokyo Branch(as of issue
   date)

*If the Notes will not be paid in full by June 2022, Legal Final
Maturity will be extended to June 2024.

Orso Funding CMBS 8 Limited, effected in November 2007, represents
the securitization of a bond and a loan backed by real estate.
Orso Funding CMBS 8 Limited receives the interest/principal
payments of the Bond and Loan, and subsequently uses the cash to
pay the interest/principal of the rated Notes. The underlying
assets were initially 184 properties leased to a single tenant.

Rating Rationale

The rating action reflects:

1) The recovery from a backing loan and a bond may fall below
   Moody's initial assumptions in November 2007, in light of the
   types of property and locations. Moody's has thus lowered its
   recovery assumptions by approximately 19% from its initial
   assumptions.

2) This rating action mainly reflects Moody's concern about the
   likelihood of collateral recovery in light of the re-assessed
   value. However Moody's has also taken into consideration the
   stable cash flow from the properties -- because of the credible
   tenant and the non-cancellable/fixed rent lease agreement.

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

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


ORSO FUNDING: Moody's Changes Ratings of Class D - F Certificates
-----------------------------------------------------------------
Moody's Japan K.K has changed the ratings for the Class D through
F Trust Certificates issued by Orso Funding CMBS 5 Trust.

The final maturity of the Trust Certificates will take place in
February 2013.

  Deal Name: Orso Funding CMBS 5 Trust

  Class D, Downgraded to B2 (sf); previously on June 10, 2011 Ba2
  (sf) Placed Under Review for Possible Downgrade

  Class E, Downgraded to Ca (sf); previously on June 10, 2011 Caa1
  (sf) Placed Under Review for Possible Downgrade

  Class F, Downgraded to C (sf); previously on June 10, 2011 Caa2
  (sf) Placed Under Review for Possible Downgrade

  Class: Class A through F and Class X Trust Certificates

  Issue Amount (initial): JPY33.25 billion

  Dividend: Floating

  Transfer Date of Trust Certificates: August 21, 2006

  Final Maturity Date: February 2013

  Underlying Asset (initial): Seven non-recourse loans backed by
  commercial properties

  Originator/ Arranger: Bear Stearns Japan, Ltd. Tokyo Branch
  ("Seller", As of issued date)

  Asset Trustee: DB Trust Company Limited, Japan

Orso Funding CMBS 5 Trust, effected in August 2006, represents the
securitization of seven non-recourse loans.

The Seller entrusted 7 non-recourse loans to the Asset Trustee
and, in turn, received the Class A through F and X Trust
Certificates.  The Seller sold those Trust Certificates to
investors. Those Trust Certificates are rated by Moody's.

In this transaction, payment of the Trust Certificates will be
made on a sequential basis in the event the collateral is
liquidated if the loans default.

Two of the loans were paid in full by their loan maturity dates.
Additionally, special servicing for two of the loans -- which have
defaulted -- has been completed.

The transaction is currently secured by the three loans, which are
under special servicing.

Rating Rationale

The current rating action reflects:

(1) Given that the recovery from and the performance of the
    properties for the specially serviced loans remain lower than
    Moody's previous assumptions, the new estimate for disposal
    prices is approximately 26% lower than Moody's initial value.

(2) After recovery activities, losses on the remaining loan are
    highly likely and could negatively affect the Class E and F
    Trust Certificates.

(3) The resulting losses could lead to a reduction in the
    subordinated portion of the Class D Trust Certificates, and
    credit support for this class would decline.

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

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


PIONEER CORP: S&P Hikes Long-Term Corporate Credit Rating to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
long-term corporate credit rating on Pioneer Corp. "The upgrade
reflects our opinion that structural reforms the company has
undertaken have steadily strengthened its mainstay car electronics
business and will increase the stability of its business
performance and cash flow for the next few years. The outlook on
the long-term corporate credit rating is stable," S&P stated.

Pioneer has reduced its fixed costs over the past few years,
streamlining domestic and overseas production, sales structures,
and its workforce. In its mainstay car electronics business, the
company is now geared more toward developing and manufacturing
products that better reflect the regional needs of both developed
and emerging markets than it was several years ago, and it has
drastically cut costs for materials. As a result, Pioneer has
enhanced the competitiveness of products it offers in popular
price ranges as well as the competitiveness of its high-end
products, which are its strongest product line. Therefore,
Standard & Poor's believes Pioneer may increase earnings in its
original-equipment manufacturing business, which supplies
equipment to major domestic automakers, as well as its consumer
market business. "Also, it is our opinion that Pioneer's
structural reforms reduce the risk that the company will post
further operating losses in its home electronics business
over the next few years. Therefore, we believe the company is
likely to continue to improve its business performance and cash
flow in the next few years," S&P related.

"The stable outlook reflects our view that Pioneer's strengthening
of the foundation of its business is highly likely to underpin its
credit quality for the time being, even under harsh business
conditions. However, for a further rating upgrade, Standard &
Poor's is of the opinion that the company would need to recover
its net worth, which has declined substantially over the past four
to five years due to repeated losses, prompting uncertainties
about the company's liquidity. We may consider raising the rating
on Pioneer if we see better prospects for the company to stage an
early recovery in its capital structure and debt profile as
earnings in its car electronics business steadily improve and it
maintains its conservative financial policy. Conversely, we may
lower the rating if the company's business performance falls
substantially short of its plans for fiscal 2011 (ending March 31,
2012), thus reducing prospects for a recovery in its capital
structure and debt profile, or if uncertainties over the company's
liquidity resurface," S&P added.


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


HONG LEONG BANK: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Fitch Ratings has upgraded Hong Leong Bank Berhad's Support Rating
to '2' from '3' and revised its Support Rating Floor to 'BBB-'
from 'BB+', while removing them from Rating Watch Positive (RWP)
At the same time, all of EON Bank's ratings have been upgraded,
removed from RWP, and withdrawn.

The rating actions follow HLBB's announcement that on July 1,
2011, EON Bank's business, including all assets and liabilities,
has been vested to HLBB, and that EON Bank has surrendered its
banking license to the central bank. These developments follow
HLBB's acquisition of EON Bank completed on May 6, 2011. The
takeover transaction, originally announced in early 2010, had led
to the above ratings being placed on RWP.

The actions on the Support Rating and Support Rating Floor reflect
Fitch's view of the bank's increased systemic importance as a
result of the acquisition, which makes it the fourth-largest
Malaysian bank by asset size and also increases its branch
network. On a pro-forma basis, HLBB's combined market share of
loans and deposits is respectively at 9% and 10%, up from 5% and
6% at end-March 2011 prior to the acquisition.

The affirmation of HLBB's other ratings, including the 'BBB+'
Long-Term Foreign-Currency Issuer Default Rating (IDR), reflects
the bank's satisfactory financial fundamentals, after factoring in
the capital-raising exercise put in place for the takeover of EON
Bank. In particular, the agency expects HLBB to maintain sound
core capitalization, and notes that the bank has increased the
rights issue amount to MYR2.6 billion from MYR1.6 billion to
accommodate major developments, including EON Bank's balance sheet
growth and one-time dividend payment. Post acquisition, Fitch
estimates HLBB's consolidated common-equity Tier 1 capital
adequacy ratio (excluding Tier 1 hybrid securities) to be 8%-9%, a
level comparable with those of large Malaysian banks. Although
transitioning to and integrating within an enlarged banking entity
may present challenges in the near to medium term, Fitch takes
comfort from HLBB's conservative management record. This is
reflected in the IDR's Stable Outlook.

EON Bank's ratings have been upgraded to reflect the higher-rated
acquiring bank HLBB. Its ratings have been withdrawn as EON Bank
ceased to exist as a deposit-taking commercial bank on July 1,
2011.

The senior notes are rated at the same level as HLBB's Long-term
IDR as they constitute the bank's direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.

HLBB's ratings:

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

   -- Short-Term Foreign-Currency IDR affirmed at 'F2'

   -- Individual Rating affirmed at 'C'

   -- Support Rating upgraded to '2' from '3'; RWP removed

   -- Support Rating Floor revised to 'BBB-' from 'BB+'; RWP
      removed

   -- Long-term deposits affirmed at 'A-'

   -- Senior debt affirmed at 'BBB+'

EON Bank's ratings:

   -- Long-Term Foreign-Currency IDR upgraded to 'BBB+' from
      'BBB-'; Outlook Stable; RWP removed; rating withdrawn

   -- Short-Term Foreign-Currency IDR upgraded to 'F2' from 'F3';
      RWP removed; rating withdrawn

   -- Individual Rating upgraded to 'C' from 'C/D'; RWP removed;
      rating withdrawn

   -- Support Rating upgraded to '2' from '3'; RWP removed; Rating
      withdrawn

   -- Support Rating Floor revised to 'BBB-' from 'BB'; RWP
      removed; rating withdrawn

   -- Long-term deposits upgraded from 'A-' from 'BBB'; RWP
      removed; rating withdrawn


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


NATHANS FINANCE: Directors Found Guilty of Securities Act Breach
----------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that former Nathans Finance
directors Mervyn Doolan, Donald Young and Kenneth Moses have been
found guilty on five charges of breaching the Securities Act.

The men were on trial in the High Court at Auckland for a marathon
12 week stretch, from March 22 to June 16, nzherald.co.nz says.
While found guilty on five charges, they have been acquitted on
one other, the report relates.

nzherald.co.nz says the former directors have been remanded on
bail and will be sentenced on September 2, 2011.

The convicted directors were to surrender their passports Friday,
the report notes.

According to the report, the Crown claimed the financial
statements the directors -- including fourth director John Hotchin
-- issued concerning related party lending to VTL, the quality of
its loan book, its loan management practices and its management of
liquidity were untrue.

The Crown also said the directors made untrue statements in the
company's offer documents of Dec. 13, 2006, and in a signed
extension certificate on March 30, 2007, nzherald.co.nz relates.

A fourth director, John Hotchin, was excused from the trial after
pleading guilty to breaching the Securities Act in February, the
report adds.  Mr. Hotchin, according to nzherald.co.nz, avoided a
jail term, in part for agreeing to testify against his former
colleagues.  He was sentenced to 11 months' home detention,
ordered to do 200 hours of community service, and to pay the
receivers NZ$200,000.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


NEW ZEALAND WINE: Chief Executive Officer Steps Down
----------------------------------------------------
The National Business Review reports that The New Zealand Wine
Company said chief executive Rob White has elected to resign after
eight years with the company.

Peter Scutts stepped in for Mr. White as chief executive,
effective immediately, after working for NZWC for the last year to
improve wine sales in Australia, NBR relates.   Mr. White, says
NBR, will remain on for another two months to assist the new chief
executive and the restructuring process of the company in general.

According to NBR, Maurice McQuillan also retired from the company
as director after 17 years.  No replacement director will be
appointed and the board will operate with five directors.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2011, BusinessDay.co.nz said The New Zealand Wine Company
wants bankers to hold an independent review of its finances and
business model, after a significant breach of its loan terms.  The
company, which owns brands including Grove Mill and Sanctuary,
warned the NZX on June 27 that it would be in breach of its loan
agreement with ANZ, which stipulates that its underlying earnings
must be at least 1.3 times its interest costs.  NZWC, which had
revenues of more than NZ$13 million last year, said it would miss
the condition by a "significant" margin.  BusinessDay.co.nz said
ANZ has waived the breach on the condition of an independent
review of its forecasts and business model.  However, if the bank
is not satisfied it could call in its loan facilities.

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


SOUTH CANTERBURY: Helicopters NZ Sale Completed
-----------------------------------------------
Canadian Helicopters Group Inc. said it has completed its
previously announced acquisition of the assets of Helicopters
(N.Z.) Limited, including the shares of Helicopters (Australia)
Pty Ltd and other wholly owned active subsidiary companies, as
well as the assets of Helicopter Nominees Limited.

The Transaction purchase price at closing was NZ$154 million.  The
reduction of the previously announced Transaction purchase price
of NZ$160 million resulted primarily from a downward price
adjustment due to the exercise by Totally Tourism Limited of its
pre-emptive right to acquire HNZ's 50% interest in Glacier
Helicopters Holdings Limited.  The financial impact of HNZ's
interest in Glacier was not material in the twelve months ended
Dec. 31, 2010.

In connection with the closing of the Transaction, CHL entered
into a new revolving credit facility totaling C$125 million with
National Bank of Canada, Caisse centrale Desjardins and Canadian
Western Bank as lenders.  The new credit facility replaces CHL's
previous revolving credit facility.  The Transaction was funded
with a combination of cash on hand and a C$93 million drawdown on
the new credit facility.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2011, The National Business Review said Helicopters
(NZ), owned by South Canterbury Finance, has entered into a sale
and purchase agreement to sell the assets to Canadian Helicopters
Group for $160 million on a debt free basis.

HNZ is New Zealand's biggest helicopter company.  HNZ's head
office is in Nelson and the company has 11 bases to support
operations across New Zealand, Australia, Laos and Cambodia.  HNZ
also has a corporate office in Perth to support its Australian
operations.

Canadian Helicopters, listed on the Toronto Stock Exchange, is the
largest helicopter transportation services company operating in
Canada and is also one of the largest in the world based on the
size of its fleet.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


WINDFLOW TECHNOLOGY: Mulls Licensing IP to Overseas Manufacturers
-----------------------------------------------------------------
BusinessDay.co.nz reports that Windflow Technology is looking to
license its intellectual property to overseas manufacturers which
will cost jobs in New Zealand.

BusinessDay.co.nz relates that the company is also looking at
renting out its Riccarton manufacturing space, saying the wind
turbine market in New Zealand has "stalled".

The British market had also failed to deliver the orders
Windflow's British distributor had expected, the report says.

According to the report, the company had been hoping to take
advantage of a market created by a British government feed-in
tariff scheme offering incentives for small scale, low-carbon
electricity generation but in February, the British government
announced a review.

"The consequent immediate gap in our sales and production pipeline
has resulted in staff cutbacks and a fundamental uncertainty which
the directors signalled in early June," BusinessDay.co.nz quotes
Windflow chief executive officer Geoff Henderson as saying.

The company, according to BusinessDay.co.nz, intended to license
its intellectual property and design which would mean
manufacturing of the Windflow turbines for some markets would take
place overseas.

"While not necessarily the best economic option for New Zealand as
jobs would disappear offshore, it will likely be one of the best
ways to realize shareholder value going forward," Mr. Henderson
said.

                     About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                           *     *     *

Windflow Technology incurred a net loss of NZ$7.95 million in the
financial year ended June 30, 2010, compared with the NZ1.23
million loss booked in the prior financial year.  The company
posted a net loss of NZ$1.45 million for the year ended June 30,
2008.


===========
T A I W A N
===========


BANK OF TAIPEI: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Bank of Taipei's National Long-term
rating at 'A-(twn)' with Stable Outlook and its National Short-
term rating at 'F1(twn)'.  At the same time, Fitch has affirmed
BOTP's Individual Rating at 'C/D' and Support Rating at '5' and
simultaneously withdrawn them.

The Support and Individual Ratings have been withdrawn as these
ratings are no longer considered by Fitch to be relevant to its
coverage.

The affirmation of BOTP's ratings reflects its strong capital
buffer and sound asset quality. The strengths are tempered by the
bank's small franchise, its weak core banking earnings and high
credit exposure in property-related loans relative to its domestic
peers.

The Stable Outlook reflects Fitch's expectation that the bank will
maintain its sound asset quality and adequate liquidity and
capitalization under its more commercially-oriented business
model.  Any serious deterioration in asset quality and/or capital
position due to BOTP's pursuit of aggressive loan expansion would
lead to negative rating action.

BOTP reported strong profits in 2010, benefiting from substantial
gains on property disposal, higher fee income and bad debt
recoveries. Fitch notes that absent these one-off items the
profitability from the bank's core businesses was weak and, if
sustained, may lead to negative rating action. Nonetheless, asset
quality is robust, with non performing loans (NPLs) at a low 0.16%
of gross loans and strong reserves at 536% of NPLs at end-Q111.

Fitch notes that BOTP's property-related lending increased rapidly
in 2010. Given the substantial increase in property prices since
2003, the asset quality of these new loans may be exposed to a
sharp correction of the property market.

BOTP has been well-capitalized with reasonably sound quality of
capital. Its Tier 1 capital stood at 11.6% at end-Q111 (industry
average: 9.4%). BOTP has maintained a satisfactory liquidity
profile with a loan-to-deposits ratio of around 80% at end-Q111.

BOTP is the smallest bank in Taiwan in terms of asset size. It was
founded as a mutual credit organization in 1917 before it was
upgraded to a small regional commercial bank in mid-2007. Shinkong
Synthetic Fibers Corporation is BOTP's largest shareholder with a
24.8% interest.


PROMOS TECHNOLOGIES: Lenders Pessimistic on Debt Conversion Plan
----------------------------------------------------------------
Crystal Hsu at The Taipei Times reports that creditor banks for
ProMOS Technologies Inc. on Thursday frowned on the memory
chipmaker's offer of new shares to pay down loans, saying the
arrangement could not rescue the loss-making firm in the absence
of fresh capital.

According to the report, the company announced plans on Wednesday
to cut its capital by 85%, seek out a strategic partner and offer
1.5 billion new shares to creditor banks to ease its financial
woes.

The Taipei Times says the attempt to convert its debts into shares
would allow creditor banks to own a nearly 40% stake in ProMOS
after the firm proposed reducing its capital to NT$3.82 billion
(US$132.19 million) from the current NT$25.43 billion.

"That would be the worst-case scenario for creditor banks," said
York Lai, executive vice president of Hua Nan Commercial Bank, the
banking arm of Hua Nan Financial Holding Co, according to Taipei
Times.

ProMOS owes NT$57 billion in a syndicated loan to more than 20
domestic state-run and private -lenders, Taipei Times discloses.

"The debt conversion would serve only to delay a loan default
unless ProMOS can come up with a successful business strategy,"
Taipei Times quotes Mr. Lai as saying.

Hua Nan Bank, which has set aside a 30% provision of a NT$4.87
billion loan to ProMOS, prefers not to take any stake in the firm,
given the bleak outlook for the DRAM sector, Mr. Lai said.

First Commercial Bank, the flagship unit of state-run First
Financial Holding Co, echoed the pessimism, Taipei Times adds.

Taipei Times relates that First Bank executive vice president
Lin Hann-chyi said the debt conversion plan would require the
removal of legal obstacles because existing rules prohibit banks
from acquiring more than 5% of shares in non-financial firms.

"We would rather absorb the default and pull out of the mess,"
Taipei Times quotes Mr. Lin as saying.  First Bank, which last
month raised the provision to 75% of a NT$1.8 billion loan to
ProMOS, is braced for the default and will survive unscathed
now that the risk looms larger, Mr. Lin added.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES reported.

Taipei Times says the company risks being delisted from the over-
the-counter GRETAI Securities Market if it fails to reverse net
losses for the first half.  The data is due out next month.

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.


                             *********

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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