TCRAP_Public/110722.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

            Friday, July 22, 2011, Vol. 14, No. 144



BELLA TRUST: Fitch Affirms Rating on AUD8MM Class E Notes at 'Bsf'
BILL EXPRESS: Administrators to Take Recovery Actions Against APN
ENVIRONINVEST: Judge Strikes Out Some of Liquidator's Pleadings
GO GECKO: Calls In Administrators Amid Property Market Slump
IMPALA TRUST: S&P Gives 'BB' Rating on Class E Floating Rate Notes

LIVEWIRE GROUP: Placed in Voluntary Liquidation


CITIC PACIFIC: Moody's Comments on Delay in Iron Ore Project
DONGGUAN SUYI: Chinese Police Look for Managers, Xinhua Says
EVERGRANDE REAL: Fitch Affirms 'BB' Issuer Default Rating
SINO-FOREST CORP: Moody's Downgrades CFR to 'B1' from 'Ba2'

H O N G  K O N G

MORE HEALTH: Court to Hear Wind-Up Petition on August 17
NU-WEST NATURAL: Creditors Get 100% Recovery on Claims
PARALLEL PROMOTION: Court to Hear Wind-Up Petition on August 17
SELPRO TACTICAL: Court Enters Wind-Up Order
SIM HA: Court Enters Wind-Up Order

TOMEI SHOJI: Court Enters Wind-Up Order
VALUE TRUST: Court to Hear Wind-Up Petition on July 27
WAH KOON: Court Enters Wind-Up Order
WIDE WISE: Court Enters Wind-Up Order
WINKO METAL: Court Enters Wind-Up Order

WINTAX COMPANY: Creditors Get 100% Recovery on Claims


ADHUNIK POWER: Fitch Affirms Nat'l. Long-Term Rating at 'B+(ind)'
AIR INDIA: To Seek US$832 Million Loan For Boeing 787 Purchases
ARJUNA SOLVENT: ICRA Rates INR13cr Long-Term Loan at '[ICRA]C'
AVAYA INDUSTRIES: Fitch Rates National LT Rating at 'B-(ind)'
BANSAL IRON: ICRA Assigns 'LBB-' Rating to INR7.1cr Bank Loan

MANGALAGIRI TEXTILE: ICRA Reaffirms '[ICRA]BB-' Long-Term Rating

NAV BHARAT: CRISIL Assigns 'CRISIL D' Rating to INR4.2MM Term Loan
NEO METALIK: Fitch Rates INR436.6 Million LT Loans at 'BB+(ind)'
PRECISION AUTO: ICRA Assigns '[ICRA]B+' Rating to INR8cr Bank Loan
PRG INT'L: CRISIL Reaffirms 'CRISIL BB' Rating on INR20MM Loan

SAIDA COLD: ICRA Assigns '[ICRA]D' Rating to INR6cr Term Loans
SEATRANS FREIGHT: ICRA Cuts Rating on INR1.55cr Loan to '[ICRA]BB'
SRI VINAYAKHA: ICRA Assigns '[ICRA]BB-' Rating to INR10.71cr Loan
TELU RAM: CRISIL Raises Rating on INR150MM Loan to 'CRISIL BB+'


MINATO BANK: Moody's Reviews Shelf Registration Programme Rating
TAKEFUJI CORP: A&P Financial to Buy Firm For JPY28 Billion


HYNIX SEMICONDUCTOR: Q2 Profit Drops 34% as Chip Prices Slump

N E W  Z E A L A N D

NATIONAL FINANCE: Former Director Pleads Guilty of Theft


SAN MIGUEL: Moody's Withdraws 'Ba3' Corporate Family Rating


E. SUN BANK: Fitch Cuts Rating on Class C Notes to 'Dsf(twn)'


* Large Companies with Insolvent Balance Sheets

                            - - - - -


BELLA TRUST: Fitch Affirms Rating on AUD8MM Class E Notes at 'Bsf'
Fitch Ratings has affirmed all ratings of Bella Trust Series
20101-1 and Bella Trust Series 2010-2.  The two transactions are
securitizations of automotive loan receivables originated by
Capital Finance Australia Limited.

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

"The Bella Trust Series transactions continue to perform in line
with Fitch's expectations and have had sufficient excess spread to
cover the minimal losses incurred to date. This is expected to
continue with additional support provided by liquidity reserves,"
said Ben Newey, Director in Fitch's Structured Finance team.

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

Bella Trust Series 2010-1:

As of the payment date in June 2011, the notes had amortized by
30% and credit enhancement available to noteholders had increased
by 1.4x since closing in July 2010. The collateral characteristics
have not changed materially since closing and cumulative net
losses amounted to AUD1.1 million (0.19% of the initial collateral
balance) as at May 31, 2011, less than Fitch's base case estimate.

   -- AUD316.2m Class A affirmed at 'AAAsf'; Outlook Stable: Loss
      Severity Rating 'LS1'

   -- AUD72m Class B affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS2'

   -- AUD14m Class C affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating 'LS4'

   -- AUD4m Class D affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS5'

   -- AUD8m Class E affirmed at 'Bsf'; Outlook Stable; Loss
      Severity Rating 'LS4'

Bella Trust Series 2010-2:

As of the payment date in June 2011, the notes had amortized by
16% and credit enhancement available to noteholders had increased
by 1.2x since closing in December 2010. The collateral
characteristics have not changed materially since closing and
cumulative net losses amounted to AUD250,200 (0.05% of the initial
collateral balance) as at May 31, 2011, less than Fitch's base
case estimate.

   -- AUD6.9m Class A1 affirmed at 'F1+sf';

   -- AUD321m Class A2 affirmed at 'AAAsf'; Outlook Stable, Loss
      Severity Rating 'LS1'

   -- AUD58.5m Class B affirmed at 'Asf'; Outlook Stable, Loss
      Severity Rating 'LS2'

   -- AUD11m Class C affirmed at 'BBBsf'; Outlook Stable, Loss
      Severity Rating 'LS4'

   -- AUD4m Class D affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS5'

   -- AUD7m Class E affirmed at 'Bsf'; Outlook Stable; Loss
      Severity Rating 'LS4'

BILL EXPRESS: Administrators to Take Recovery Actions Against APN
The Australian reports that regional satellite retailer Australian
Private Networks, which trades as Activ8me, could become a target
for recovery actions by administrators of the Bill Express group
of companies.

According to The Australian, Bill Express administrator PPB said
it was trying to generate funds that could ultimately be used to
investigate whether creditors could have claims on the assets of
APN and its owner, Sandro Di Donato.

Mr. Di Donato was a director of what the administrator calls the
Technology Business Group, The Australia discloses.  He was also a
director of APN until January, when the securities regulator
disqualified him from managing a company for four years, The
Australian relates.

The Australian says the TB Group consisted of five companies
entwined with Bill Express in a complicated set of financial and
contractual relationships that administrators are still struggling
to unravel.

According to The Australian, PPB administrator Craig Crosbie said
that after extensive public examination of Bill Express
executives, the administrator planned to use some newly recovered
money to help stalled liquidators of the TB Group investigate the
company's activities.

                          About Bill Express

Bill Express Ltd. -- was engaged
in the management and development of an electronic distribution
system for pre-paid products and services across in excess of
14,000 locations around Australia, automated ordering, delivery
and inventory control for pre-paid services including mobile,
landline and Internet services.  It also processed payments for
bills and services, including bills that are presented for payment
to its outlets across Australia.  The company had an in-store
media, which is a network that promotes Bill Express Limited's and
other products at the point of sale and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.

ENVIRONINVEST: Judge Strikes Out Some of Liquidator's Pleadings
Leonie Wood at The Sydney Morning Herald reports that a case
initiated by the liquidator of Environinvest Ltd seeking millions
of dollars from two directors of the failed tree plantations group
has been dealt a hefty blow after the Victorian Supreme Court
struck out large sections of the pleadings.

The Herald relates that Justice James Judd said Tuesday the
liquidator, Jim Downey, should not be permitted to bring an action
against the directors, Grant Robertson and Clive Dossetor,
alleging certain breaches of the Corporations Act, "unless and
until he can demonstrate that he has a proper basis to make such

According to the Herald, Justice Judd described the allegations
against the directors as "confusing, often circular and sometimes
inconsistent" and said the pleadings did not form "a coherent

Mr. Downey, the Herald notes, has accused the directors of
breaching their fiduciary duties because they allowed
Environinvest, a company founded by Roger Pescott, to enter into
certain transactions involving various members of the Pescott
family, allegedly causing loss and damage to the company.

Mr. Pescott, a former Liberal state minister, was bankrupted in
September 2010 over a debt owed to St George Bank, the Herald
says.  A separate case against him has been stayed.

Justice Judd, as cited by the Herald, said the pleadings implied
certain things but did not specifically plead them, contained
unstated assumptions and had structural and conceptual problems
that made it "virtually impossible" for someone without background
knowledge to gain "a clear understanding -- or at times any
understanding at all -- of the essential elements of each cause."

"Pleadings are not, however, intended as a puzzle," the Herald
quotes Judge Judd as saying.

The case is due to return to court on October 7, the Herald adds.

                        About Environinvest

Headquartered in Melbourne, Victoria in Australia, Environinvest
Limited -- which trades as
Primary Yield, holds a financial services licence to run several
forestry and agricultural investment schemes.  Since its
inception in 1997, the company is currently responsible under
ownership, lease, and agistment for 370,000 acres (148,857
hectares) of agricultural land in Victoria, Tasmania, South
Australia, New South Wales, and Queensland.  The company also
offers Eucalyptus industry investment opportunities, cattle
industry investment opportunities and blue gum investment
information for Australian national markets and international
clients.  As at June 30, 2004, Environinvest and its
subsidiaries had net assets of approximately AU$36 million.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2008, the directors of Environinvest Ltd appointed
James Downey as administrator of the company.  On Sept. 22, 2008,
Commonwealth Bank of Australia appointed Craig Shepard and Mark
Mentha of KordaMentha as joint and several receivers and managers
of Environinvest.

The creditors of Environinvest Ltd met on October 24, 2008, and
resolved that the company be wound up voluntarily, the TCR-AP
reported on Feb. 18, 2009.

GO GECKO: Calls In Administrators Amid Property Market Slump
Mitch Gaynor at The Courier-Mail reports that Go Gecko Pty Ltd has
called in administrators after falling victim to the property
market slump.

Geoff Doyle, the founder of Go Gecko, was also asked to resign by
the board of directors, The Courier-Mail says.

Incoming chief executive Noel Scully told The Courier-Mail that
there were a number of reasons for Mr. Doyle's resignation.

More than 40 franchisees were called to a meeting on Tuesday where
they were told that about eight company-owned agencies were now
under review, The Courier-Mail reports.

According to The Courier-Mail, Mr. Scully said the administration
was regrettable and difficult conditions were behind the decision.
He said as few as two outlets would close and franchisees would be
unaffected, The Courier-Mail relates.

A spokesman for the administrator, Vincents Chartered Accountants,
said there would now be "a review to work out what happens from
here," The Courier-Mail adds.

Founded in 2006, Go Gecko -- were
the "pioneers of capped commission real estate" in Australia. It
have more than 50 outlets across Australia.

IMPALA TRUST: S&P Gives 'BB' Rating on Class E Floating Rate Notes
Standard & Poor's Ratings Services assigned its ratings to the
five classes of auto, equipment and practice loan-backed,
floating-rate, pass-through notes issued by Perpetual Trustee Co.
Ltd. as trustee of IMPALA Trust No. 1 - Sub Series 2011-1. The
transaction is a securitization of fully and partially amortizing
Australian-dollar, fixed-rate auto and equipment-backed finance
leases, commercial hire purchase agreements, goods mortgages, as
well as practice loans offered to health and accounting industry

The ratings reflect S&P's view of:

    The creation of a new special-purpose sub-series, coupled with
    the transaction's legal structure. The entity, IMPALA Trust
    No. 1 - Sub Series 2011-1, meets Standard & Poor's special-
    purpose entity criteria.

    The credit support for each class of notes, which is provided
    in the form of subordination comprising 8.71% provided at 'AAA
    (sf)', 6.66% provided at 'AA (sf)', 5.17% provided at 'A
    (sf)', 4.00% provided at 'BBB (sf)', and 2.70% provided at 'BB

    Liquidity support equal to AUD2.3 million, which is 1.08% of
    the initial amount of the receivables. Subject to a floor
    amount of AUD1.15 million, liquidity has been funded
    externally and from note issuance at closing, and is held in
    the liquidity account. Principal collections may also be used
    to meet short-term liquidity demands. A class of notes cannot
    draw down liquidity or principal if there is a charge-off
    against that class of notes.

    The condition that all contractual payments, including the
    residual or balloon payments, are an obligation of the
    borrower. As a result, the issuer is not exposed to any market
    value risk associated with the sale of the autos and equipment
    (on performing loans), which is a risk that may be associated
    with other products such as operating leases.

    The benefit of a fixed-to-floating interest rate swap provided
    by Australia and New Zealand Banking Group Ltd. (AA/Stable/A-
    1+), to hedge the mismatch between the fixed-rate interest and
    rental payments on the receivables, and the floating-rate
    coupon payable on the notes.

The class D and class E noteholders are entitled to fully
subordinated supplemental payment amounts, in addition to their
senior rated interest payments. These payment amounts are only
payable if there are available funds remaining after all items
senior to them under the interest waterfall have been made. As
such, there could be insufficient funds available to meet these
payment amounts. Standard & Poor's 'BBB (sf)' rating on the class
D notes and 'BB (sf)' rating on the class E notes only address the
senior rated interest payments.

The issuer has not informed Standard & Poor's (Australia) Pty Ltd.
whether the issuer is publicly disclosing all relevant information
about the structured finance instruments the subject of this
rating report or whether relevant information remains non-public.

Ratings Assigned

Class     Rating      Amount (mil. AUD)
A         AAA (sf)      196.1
B         AA (sf)         4.4
C         A (sf)          3.2
D         BBB (sf)        2.5
E         BB (sf)         2.8
Seller    N.R.            5.8

N.R.--Not rated

LIVEWIRE GROUP: Placed in Voluntary Liquidation
The Star Observer reports that Gay Ski Week NZ has been placed
under voluntary liquidation.

"It is with deep regret and sadness that I have to announce that
effective July 20, 2011, Livewire Group Ltd, the company that runs
Gay Ski Week NZ, has been placed into Voluntary Liquidation," The
Star Observer quotes Mike Sanford, founder of Gay Ski Week NZ, as
saying in an e-mail statement.

"Over the past few months, I have been actively seeking funding
and support to ensure that it did not come to this.

"I did manage to secure a financially solid investor but
unfortunately two weeks ago the deal fell through when they failed
to provide the agreed funds.  Since then I have been searching for
an alternative investor to refinance the business unfortunately
the last attempt failed earlier today.  Upon legal advice, I have
no other option but to liquidate the company and event . . .
unless a white knight comes forward now."

The Star Observer says this year's event has attracted less than
20 bookings due to a number of issues including earthquake
activity in New Zealand and the rescheduling of the ski event due
to Rugby World Cup date conflicts.

"As with many other events, the funds from pre-bookings are used
to operate and promote the event in the form of marketing
materials, prize giveaways as well as securing entertainment and
venues.  Every other year everything falls into place
unfortunately this has not been the case this year," Mr.
Sandford's e-mail stated, according to The Star Observer.

Mr. Sandford, as cited by The Star Observer, stated he had
unsuccessfully sought urgent assistance from Tourism New Zealand,
Destination Queenstown, Air New Zealand and the New Zealand
Tourism Minister to save the event.

But those who have pre-paid for their trip are unlikely to see a
refund, The Star Observer adds.


CITIC PACIFIC: Moody's Comments on Delay in Iron Ore Project
Moody's Investors Service sees no immediate impact on CITIC
Pacific's Ba1 corporate family and senior unsecured debt ratings
following its announcement of a further delay in the commercial
start-up of its iron ore project in Australia and a potential cost
overrun of up to US$900 million.

At the same time, CITIC Pacific has announced the sale of its 50%
non-controlling interest in CITIC Guoan to CITIC Guoan Group, a
wholly-owned subsidiary of its parent, the CITIC Group

The transaction, which is subject to regulatory approval, will
bring in some HK$4.2 billion in cash for CITIC Pacific.

CITIC Pacific now expects the production and export of ore from
its Western Australian mine to begin in 1H 2012, a delay from end-
2011, and despite the fact that significant progress was made
during 1H 2011. Most of the ore will be exported to steel mills in

In addition, the project's engineering, procurement and
construction contractor, China Metallurgical Group Corporation
("MCC", Baa2/stable) has proposed an additional payment of US$900
million to complete the project.

"The negative credit implications of the project's delay and
potential cost overrun will be partially offset by the cash raised
from CITIC Pacific's disposal of its CITIC Guoan interest. The
estimated HK$ 2.5 billion book gain will provide more cushion for
covenant compliance -- under its credit facilities -- in relation
to its consolidated net borrowings and net worth," says Kai Hu, a
VP of Moody's and lead analyst for CITIC Pacific.

Moody's draws further comfort from the company's reasonably good
liquidity profile and back-up liquidity arrangements, as well as
expected strong support from its parent, the CITIC Group. Such
support translates into 2-notch rating uplift from its standalone
Ba3 rating.

Moody's will continue to monitor the progress of the project
closely, including negotiations with MCC regarding the exact
amount of the additional cost and the payment terms.

Any further significant delays, or cost overruns, or other
material adverse events will pressure the Ba1 rating downwards.

The methodological approach applied in rating CITIC Pacific is
found in "Analytical Consideration in Assessing Conglomerates",
published in September 2007, which can be found at
in the Credit Policy & Methodologies directory, in the Rating
Methodologies subdirectory. Other methodologies and factors that
may have been considered in the process of rating CITIC Pacific
can also be found in the Credit Policy & Methodologies directory.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.6% owned by CITIC Group.  It was one of the first Chinese
companies to list and invest outside of China.  It is engaged in a
range of businesses, including special steel manufacturing, iron
ore mining, property development and investment, power generation,
aviation, infrastructure, communications and distribution.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.

DONGGUAN SUYI: Chinese Police Look for Managers, Xinhua Says
Xinhua News Agency reports that Chinese police have started
looking for the boss of Dongguan Suyi Toy Co. after the company
defaulted on workers' wages.

The company, a South Korean-funded firm in the city of Dongguan,
closed down on July 14 and the workers have been unable to
communicate with company management, the news agency says.

According to Xinhua, more than 200 workers gathered on July 19 in
front of a local government building in Dongguan in China's
Guangdong province to demand their unpaid wages from June 1 to
July 13.

Suyi is headquartered in the Republic of Korea.  In its prime in
2000, Suyi had one plant in Suzhou City and two in Dongguan, with
more than 3,000 employees in total.

However, in March, the company's factory in Suzhou went bankrupt
and many suppliers began to demand that Suyi pay back the money,
the news agency reports, citing Qi Yonghe, an official with the
Lichuan Hongsheng Industrial Zone where the company was located.

Established in April 1, 1992, The Dongguan SuYi Toy Co., Ltd. is a
Korean-owned enterprise specializing in producing plush toys.  The
company's products are exported to Japan, the United States and

EVERGRANDE REAL: Fitch Affirms 'BB' Issuer Default Rating
Fitch Ratings has affirmed Hong Kong-based Evergrande Real Estate
Group Limited's Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BB' with Stable Outlook.  Fitch has also affirmed
Evergrande's foreign currency senior unsecured rating at 'BB'.

The affirmation reflects Evergrande's position as one of China's
largest property developers with geographical diversification. It
also reflects its ability to continue to deliver and meet its
sales targets in 2nd and 3rd tier cities, backed by a flexible
pricing strategy and low-cost land bank.  Their liquidity and
funding capabilities remain satisfactory. These strengths are
countered by its aggressive expansion and by the fact that it is
being controlled by a single shareholder.

Evergrande's strategy of targeting third-tier cities has allowed
it to avoid the full impact of the government's residential
property tightening measures; including home purchase restrictions
in over 35 main Chinese cities, and underpinned its strong sales
performance to date.  Contracted sales increased to CNY8.5 billion
in June 2011 from CNY4.5 billion in February 2011.  As more
projects are being launched in third-tier cities, average selling
prices (ASP) have weakened to CNY6,849 per sqm in June 2011 from
CNY7,212 per sqm in March 2011. Nevertheless, for H111 ASP grew
10% yoy to CNY6,918 per sqm.

Fitch believes the company's focus on driving sales volumes
through modest price discounting is a prudent strategy to protect
itself against the risk of liquidity shortfall in a credit-
tightening environment. Fitch expects Evergrande to maintain
financial prudence and to slow down land bank acquisition in H211
given the current weakening environment, leaving it with adequate
liquidity over the next 18 months.  Evergrande had CNY12.4 billion
in unrestricted cash and CNY33.25bn in unutilized bank credit
facilities at end-2010. Based on the operating cash flow stemming
from Evergrande's current contracted sales performance, Fitch
expects Evergrande to maintain sufficient liquidity to fund its
development costs, land premiums, and debt obligations from 2011
to 2013.

The Stable Outlook reflects Fitch's expectations that the company
will continue to deliver contracted sales growth in H211 and meet
its full-year contracted sales target of CNY70 billion and,
possibly, the unofficial CNY100 billion target for 2011 (as
mentioned on the company's website). Although the recent home
purchase restrictions have affected sales volume and overall
prices, Fitch does not expect any material impact on Evergrande's
cash flows and liquidity position in 2011.

Negative rating action may result from unfavorable changes in
China's regulation or economy leading to a decline in contracted
sales and EBITDA margin erosion to below 15%.  Downward pressure
may also arise from aggressive debt-funded expansion leading to
the net debt-to-inventory ratio exceeding 25%, from a significant
shift in management's risk appetite or financial policies, or from
tightening liquidity due to a sustained fall in free cash flows or
weakened access to financing channels.

Positive rating action is not expected over the next 12-18 months
due to the highly cyclical and inherently volatile cash flow of
the industry, high regulatory risks in the Chinese property sector
and a lack of significant contribution from rental income.

SINO-FOREST CORP: Moody's Downgrades CFR to 'B1' from 'Ba2'
Moody's Investors Service has downgraded to B1 from Ba2 the
corporate family and senior unsecured debt ratings of Sino-Forest

At the same time, Moody's continues its review for further
possible downgrade.

Ratings Rationale

"The rating action reflects Moody's expectation that Sino-Forest's
operations have been adversely impacted by the current
investigations conducted by its independent commission on its
sales, plantation assets and authorized intermediaries," says Ken
Chan, a Moody's Vice President and Senior Analyst, adding, "Its
financial performances are expected to weaken and therefore be
more appropriately positioned in the single-B level."

"The company's ability to access external funding from the bank
and capital markets is also significantly and adversely affected
in the interim," adds Mr. Chan.

"While Sino Forest has taken measures to slow its capital
expenditure to conserve cash, Moody's expects balance sheet
liquidity to decline from its Q1 2011 level. The longer it takes
for the investigation to complete, the greater will be the
pressure on Sino-Forest's liquidity position," says Mr. Chan.

In its review, Moody's will focus on:

  1) Ownership and valuation of its timber plantation assets;

  2) Relationships with the authorized institutions which buy
     timber from the company, and which are the primary source of
     outstanding receivables;

  4) Compliance of the company's business model with regulations
     in China, particularly around the sales arrangements for
     standing timber and logs;

  5) The potential for the company's business model to be impacted
     in the next 2-3 years, even if the allegations prove to be

Sino-Forest's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  Moody's compared these attributes against
other issuers both within and outside Sino-Forest's core industry
and believes Sino-Forest's ratings are comparable to those of
other issuers with similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in China,
as well as in the sale of timber, wood logs and other wood
products in China.

H O N G  K O N G

MORE HEALTH: Court to Hear Wind-Up Petition on August 17
A petition to wind up the operations of More Health Massage And
Beauty Limited will be heard before the High Court of Hong Kong on
Aug. 17, 2011, at 9:30 a.m.

Lo Chor Yin filed the petition against the company on June 13,

NU-WEST NATURAL: Creditors Get 100% Recovery on Claims
Nu-West Natural Products Corp. Limited, which is in liquidation,
declared the first and final dividend to its creditors on July 15,

The company paid 100% for ordinary claims.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         32nd Floor, One Pacific Place
         88 Queensway, Hong Kong

PARALLEL PROMOTION: Court to Hear Wind-Up Petition on August 17
A petition to wind up the operations of Parallel Promotion Limited
will be heard before the High Court of Hong Kong on Aug. 17, 2011,
at 9:30 a.m.

Artman Creation (Hong Kong) Limited filed the petition against the
company on June 14, 2011.

The Petitioner's solicitors are:

          Cheung, Chan & Chung
          5505, 55th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong

SELPRO TACTICAL: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on May 20, 2011, to
wind up the operations of Selpro Tactical Limited.

The company's liquidator is Lau Siu Hung.

SIM HA: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on May 27, 2011, to
wind up the operations of Sim Ha International Limited.

The company's liquidator is Lau Siu Hung.

TOMEI SHOJI: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Tomei Shoji (Hong Kong) Limited.

The company's liquidator is Lau Siu Hung.

VALUE TRUST: Court to Hear Wind-Up Petition on July 27
A petition to wind up the operations of Value Trust International
Co. Limited will be heard before the High Court of Hong Kong on
July 27, 2011, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on May 24, 2011.

The Petitioner's solicitors are:

          Allen & Overy
          9th Floor
          Three Exchange Square
          Central, Hong Kong

WAH KOON: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on July 6, 2011, to
wind up the operations of Wah Koon Interior Design Limited.

The official receiver is Teresa S W Wong.

WIDE WISE: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on June 21, 2011, to
wind up the operations of Wide Wise Hong Kong Limited.

The official receiver is Teresa S W Wong.

WINKO METAL: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on July 4, 2011, to
wind up the operations of Winko Metal Limited.

The official receiver is Teresa S W Wong.

WINTAX COMPANY: Creditors Get 100% Recovery on Claims
Wintax Company Limited, which is in liquidation, will declare the
dividend to its creditors on August 1, 2011.

The company will pay 100% for ordinary claims.


ADHUNIK POWER: Fitch Affirms Nat'l. Long-Term Rating at 'B+(ind)'
---------------------------------------------- ------------------
Fitch Ratings has affirmed India-based Adhunik Power Transmission
Limited's National Long-Term rating at 'B+(ind)' with a Stable
Outlook. The agency has also affirmed APTL's bank loans:

   -- INR9.8m long-term loans (reduced from INR65.3m): 'B+(ind)';

   -- INR140m fund-based limits: 'B+(ind)'; and

   -- INR100m non-fund based limits: 'F4(ind)'.

The affirmation reflects wide variations in APTL's revenues and
margins over the last two years. In the financial year ended
March 31, 2011 (FY11), the company's revenues fell by 32% yoy to
INR209 million due to delays in executing an order of
INR125 million from Uttar Pradesh state electricity board, which
has since been booked in Q1FY12.  The company's interest coverage
also declined to 1x in FY11 from 1.3x in FY10.  However, its
EBITDA margin increased to 19.83% (FY10: 17.47%).

However, APTL's business continues to be strong as reflected in
its order book position of INR377.3 million at end-March 2011.
Fitch notes that PGCIL accounts for 85% of the company's order
book; however, it reduces counter-party credit risks as PGCIL has
a strong credit profile.  Also, PGCIL's inclusion of a price-
variation clause under which it has since FY11 allowed raw
material cost pass-through may bring stability in APTL's margins.
The company has met all its debt service commitments and its
financial leverage continues to be below 4x.

A positive rating action may result from stability in APTL's
revenues and EBITDA margin with interest coverage of above 1.5x.
Conversely, a negative rating action may result from a sustained
decline in its interest coverage to below 1.25x.

APTL (formerly known as Unistar Galvanisers & Fabricators Pvt Ltd)
is into the manufacture and galvanization of telecommunications
and power transmission towers. In FY11, the company had total debt
of INR161.5 million (FY10: INR202.9 million), which comprised term
loans of INR20.5 million and working capital debt of INR141
million.  Its free cash flow improved to INR45.4 million in FY11
(FY10: negative INR24.9 million) due to a decline in its working
capital requirements.

AIR INDIA: To Seek US$832 Million Loan For Boeing 787 Purchases
Business Standard reports that Air India will raise a fresh loan
of US$832 million (INR3,745 crore) to fund the purchase of Boeing
787 planes, even as it is struggling to meet its current debt

Business Standard relates that Air India has invited bids for the
delivery financing and hopes to secure US Exim Bank guarantee for
the funding.  The carrier has placed an order of 27 Boeing 787
Dreamliners and expects to receive seven planes of this type by
March 2012, Business Standard notes.

"We have approached the US Exim Bank for its approval.  The loan
will have a government guarantee.  We hope to secure an interest
rate of 50-70 basis points over Libor.  This amounts to little
over one percent," Business Standard quotes a senior Air India
executive as saying.

The loan, according to Business Standard, will cover 85% of
plane's purchase cost and will be for tenure of 12 or more years.
Air India will deploy the 787 on European and Asian routes and
hope to regain market share, Business Standard says.

Along with the debt route, Business Standard reports, the carrier
is also examining other options such as sale and lease back for
the Boeing 787 planes.

                         About Air India

Air India -- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.

ARJUNA SOLVENT: ICRA Rates INR13cr Long-Term Loan at '[ICRA]C'
An '[ICRA]C' rating has been assigned to the INR13.00 crore, long-
term loan and the INR10.00 long term, fund-based bank facilities
of Arjuna Solvent Extraction Private Limited.  A short term rating
of '[ICRA]A4' rating has been assigned to the INR2.00 crore short
term non-fund based bank facilities of ASEPL.

The rating incorporates the highly leveraged capital structure of
ASEPL arising mainly on account of the debt undertaken to fund the
initial capital expenditure undertaken by the company, coupled
with the low equity base attributed to the loss incurred by the
company in the first 10 months of its operations. However, support
from promoters in the form of the interest free subordinated
unsecured loan provides comfort to an extent.

The ratings also reflect the intensely competitive nature of the
industry limiting the bargaining power available with ASEPL with
both its suppliers and customers and exposing the company to price
parity risk. The lack of refining facility further constrains the
bargaining power. Further, cyclicality in agro-climatic conditions
and dependence on a single seed exposes the company to raw
material procurement and pricing risks.  However, favorable demand
conditions for various by-products produced from scientific
processing of cottonseed partially mitigates the risk of
dependence on a single product.  ICRA favorably factors in the
experience of the promoters, in the edible oil industry and in
similar lines through group companies.

Arjuna Solvent Extraction Private Limited is a family run
organization incorporated in 2008 with the commercial production
of the company commencing from June 2009. The company is engaged
in the scientific processing of cottonseed to manufacture
cottonseed oil through solvent extraction, used primarily for
human consumption. The byproducts/ waste formed in the process
also find use in various commercial operations, thereby increasing
the product portfolio of the company.

Recent Results

For the twelve months period ending March 31, 2011, ASEPL reported
a provisional profit after tax (PAT) of INR1.9 crore on revenues
of INR52.1 crore as against a PAT of INR-0.6 crore on revenues of
INR34.5 crore for the 12 months ending March 31, 2010

AVAYA INDUSTRIES: Fitch Rates National LT Rating at 'B-(ind)'
Fitch Ratings has assigned India's Avaya Industries Ltd a National
Long-Term rating of 'B-(ind)' with Stable Outlook.  Fitch has also
assigned ratings to Avaya's bank loans:

   -- INR150 million fund-based cash credit limits: 'B-(ind)'; and

   -- INR250 million non-fund based limits: 'F4(ind)'.

The ratings are constrained by Avaya's limited track record in PVC
pipes and compound manufacturing as well as in chemical trading.
The ratings also reflect the company's low operating margins and
its stretched credit profile. In the financial year ended
March 31, 2011 (FY11), the company's revenues were INR1,030
million, operating EBITDA was INR5.5m and interest coverage
(operating EBITDA/interest expense) was 1.4x. It earned a net
profit of INR7.5 million in FY11 and 80% of its revenues came from
the trading of different chemicals and active pharmaceutical
ingredients. The agency notes that a significant portion of the
company's FY11 revenues came from a single customer, which poses
significant concentration and counterparty risks.

The ratings are further constrained by Avaya's significantly high
financial leverage (total adjusted debt/operating EBITDA) levels
as it began operations only in 2010. However, Fitch expects the
company's financial leverage to improve in the near-term with an
improvement in its profitability.

A positive rating action may result from a sustained and
substantial improvement in Avaya's EBITDA margins and financial
leverage. Interest coverage of below 1x would lead to a negative
rating action.

Avaya was formed in 2010 after the conversion of a partnership
firm, M/s Ganesh Pipes, into a public limited company and the
acquisition of M/s Reliance Pipes Pvt Ltd. It is engaged in the
manufacturing of PVC rigid pipes and PVC compounds. Currently, the
company has a total capacity of 12,200MT/annum for PVC pipes and

BANSAL IRON: ICRA Assigns 'LBB-' Rating to INR7.1cr Bank Loan
ICRA has assigned long-term rating of 'LBB-' to the INR7.10 crore
fund based limits, INR2.90 crore proposed fund based and
INR0.07 crore term loan of Bansal Iron & Sheet Traders.  The
outlook for the long term rating is stable.  ICRA has also
assigned a short term rating of 'A4' to INR5.60 crore non-fund
based facilities of BIST.

The assigned ratings take into consideration BIST's moderate scale
of operations , low profitability and low value add nature of
firm's operations given its presence in trading business , limited
bargaining power vis-a-vis customers which are relatively larger
entities . Low profitability coupled with relatively high gearing
(3.39 times as on March 31, 2011) has translated into low debt
protection indicators (Net Cash Accruals/Debt of 10% and interest
coverage of 1.50 times in FY2011) for the firm. The ratings
however draw comfort from firm's long track record of operations
and the experience of the management in automobile scrap trading
business; association with various reputed automobile players and
limited price risk since more than two third of the volumes are
sold under back to back arrangements with both suppliers and

Bansal Iron & Sheet Traders is a partnership firm engaged in
trading of metal scrap in the automobile sector. The firm was
started in 1971's with the partners belonging to Bansal & Aggarwal
family. In 1984 the business was taken over by Aggarwal family and
in year 2000 Mr. Sunil Kumar Aggarwal retired from the firm &
Mr. Anil Kumar Aggarwal's two sons i.e Mr. Amit Aggarwal and
Mr. Vikal Aggarwal were introduced as partners.

Recent Results

In 2010-11, the company has reported an operating income (OI) of
INR59.01 crore with a profit after tax of INR0.85 crore (as per
provisional results) compared to an OI of INR59.04 crore and
profit after tax INR0.51 crore in 2009-10.

CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the long-term bank facilities of Kaashvi Industries, part of the
Kaashvi group.

   Facilities                        Ratings
   ----------                        -------
   INR140 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR95.2 Million Rupee Term Loan   CRISIL BB/Stable (Assigned)
   INR40 Million Letter of credit    CRISIL A4+ (Assigned)
                 & Bank Guarantee

The rating reflects the Kaashvi group's strong revenue growth and
promoters' extensive industry experience. These rating strengths
are partially offset by the group's weak financial risk profile,
marked by average net worth, high gearing, weak debt protection
metrics, and weak liquidity, large working capital requirements,
and susceptibility to implementation-related risks associated with
its ongoing project.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KI and its group company, Jay Ace
Technologies Ltd, collectively referred to as the Kaashvi group.
This is because the two entities are in the same line of business
(manufacturing lead-acid batteries).  Moreover, KI's management is
planning to merge KI with JATL over the medium term.

Outlook: Stable

CRISIL believes that the Kaashvi group's financial risk profile,
particularly liquidity, will remain weak, over the medium term,
because of its large incremental working capital requirements.
The outlook may be revised to 'Positive' if the Kaashvi group
significantly improves its capital structure and liquidity, most
likely through equity infusion by the promoters or increase in
cash accruals, while efficiently managing its incremental working
capital requirements.  Conversely, the outlook may be revised to
'Negative' in case of further pressure on the group's liquidity
because of time and cost overruns in its ongoing project, or
pressure on its revenues and profitability.

                           About the Group

KI was set up in 2006 by Mr. Amit Goyal and his brother, Mr. Anil
Goyal, as a partnership firm. In 2007, KI set up a conventional
lead-acid battery manufacturing plant at Roorkee (Uttarakhand). In
2008, JP Minda joined the firm as partner, and now owns 95 per
cent stake in the firm along with his family members; the rest is
owned by Mr. Amit Goyal. JP Minda is also promoter of Jay Ushin
Ltd (JUL) and JNS Instruments Ltd, companies that are engaged in
manufacturing automotive components.  The Kaashvi group's
operations and management are managed by the Goyal brothers;
Mr. Amit Goyal handles marketing and Mr. Anil Goyal looks after
procurement and production side.

JATL was established in July 2009 for setting up a lead-acid
battery manufacturing plant at Roorkee.  The management is
planning to merge KI with JATL, with effect from April 1, 2012, as
the two entities are in the same business.

CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Kundlas Loh Udyog.

   Facilities                      Ratings
   ----------                      -------
   INR120 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects KLU's weak financial risk profile, marked by
high gearing and low net worth, small scale of operation in a
fragmented industry and vulnerability of operating margin to
fluctuations in input prices.  These rating weaknesses are
partially offset by the extensive experience of KLU's promoters in
the steel industry.

Outlook: Stable

CRISIL believes that KLU's financial risk profile will remain weak
and its scale of operations will remain small over the medium
term. The outlook may be revised to 'Positive' if the firm's
financial risk profile improves significantly, driven by
significant improvement in cash accruals. Conversely, the outlook
may be revised to 'Negative' in case of any large debt-funded
capital expenditure (capex) or pressure in profitability.

                         About Kundlas Loh

KLU was promoted by the Punjab-based Dhillon family in 2006.  The
firm manufactures steel structural such as angles, channels and
sells its products under the Kaptan brand. It has a semi-
integrated plant for the manufacturing of angles and channels
along with ingots, which is used for the captive consumption with
an installed capacity of 33000 tonnes per annum (tpa) in Nalagarh
District (Himachal Pradesh).

CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Lilly Whites Garments Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR6.9 Million Long-Term Loan    CRISIL BB-/Stable (Assigned)
   INR23.1 Million Proposed LT      CRISIL BB-/Stable (Assigned)
            Bank Loan Facility

The rating reflects LWGPL's established relationship with Raymond
Ltd and the extensive experience of LWGPL's promoters in retailing
apparel.  These rating strengths are partially mitigated by
LWGPL's below-average financial risk profile, marked by a small
net worth and high total outside liabilities to tangible net
worth, and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that LWGPL will continue to benefit over the
medium term from the Indian retail industry's strong growth
prospects. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and capital
structure while increasing its profitability. Conversely, the
outlook may be revised to 'Negative' if LWGPL undertakes a large
debt-funded capital expenditure programme, or if its profitability
declines significantly, thereby weakening its financial risk

                        About Lilly Whites

Established in 1992 as a partnership firm, Lilly Whites, LWGPL was
reconstituted as a private limited company in 2010-11 (refers to
financial year, April 1 to March 31). Currently, the company
operates eight retail shops of Raymond under franchisee agreement
across Kerala and Tamil Nadu. LWGPL retails Raymond's brands, such
as Raymond, Parx, Park Avenue, and Color Plus. The company is
managed by Mr. S Gauthaman and his brothers.

LWGPL profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR5 million
and INR220 million respectively.  SBAPPL reported a PAT of INR6
million on net sales of INR212 million for 2009-10, as against a
PAT of INR5 million on net sales of INR193 million for 2008-09.

MANGALAGIRI TEXTILE: ICRA Reaffirms '[ICRA]BB-' Long-Term Rating
ICRA has reaffirmed the long term rating of '[ICRA]BB-' to
INR24.50 crore fund based facilities of Mangalagiri Textile Mills
Private Limited.  The outlook on the long term rating is stable.

The rating favorably factors in the promoters' significant
experience in yarn trading, location advantage on account of
proximity to a major cotton hub in the country, low power tariffs
in the state and fiscal incentives offered by the state government
which can result in improved operating margins and provide
competitive advantage to the spinning mills in the state.

The rating also takes into account the operational efficiencies
that could be achieved as a result of modern plant and machinery
installed by MTMPL.  However, MTMPL's rating is constrained by the
high gearing of the company leading to high interest charges and
stretched coverage indicators.  The rating takes into account the
impact of volatility in cotton yarn and raw material prices on the
profitability and cash flows of the spinning mills in a highly
competitive and fragmented business environment. The current small
scale of operations restricts the economies of scale and financial
flexibility further constraining the rating.

Mangalagiri Textile Mills Private Limited was incorporated in the
year 2006 in the Guntur district of Andhra Pradesh to manufacture
cotton yarn.  The company has setup a 15600 spindles capacity mill
and the plant has started operations in October 2010.  MTMPL is
planning to increase the spindleage by 21216 in its phase II
expansion which will increase the overall spindleage to 36816
spindles. The phase II of the plant is expected to commence
commercial operations in the first quarter of FY2013.

In FY2011, for the six month period of operations, MTMPL reported
an operating income of INR9.61 crore, operating profit of INR2.40
crore and net profit of INR0.04 crore as per the provisional

CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Metallic Bellows India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR12.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR10 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR50 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect MBIPL's established market position in the
metallic bellows industry, comfortable order book, and average
financial risk profile, marked by moderate gearing and above-
average debt protection metrics.  These rating strengths are
partially offset by MBIPL's small scale of operations and exposure
to high customer concentration risk.

Outlook: Stable

CRISIL believes that MBIPL will maintain its credit risk profile
over the medium term, backed by its established track record in
metallic bellows industry. The outlook may be revised to
'Positive' in case MBIPL diversifies its clientele or reports
more-than-expected growth in topline along with sustaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of significant decline in its operating margin
or deterioration in its working capital management.

                        About Metallic Bellows

MBIPL was incorporated in 1980 and is promoted by Mr.
Gopalakrishnan and family.  The company manufactures various types
of bellows expansion joints at its facility in Chennai (Tamil
Nadu). MBIPL undertakes design, manufacture and testing of the
complete range of bellows expansion joints including universal,
hinged, gimbal, pressure balanced, reinforced, rectangular,
jacketed and specialized high pressure hoses.

MBIPL is estimated to report a profit after tax (PAT) of INR2.8
million on net sales of INR68.4 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR5.0
million on net sales of INR99.4 million for 2009-10.

NAV BHARAT: CRISIL Assigns 'CRISIL D' Rating to INR4.2MM Term Loan
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Nav Bharat Duplex Ltd.  The rating reflects instances of delay
by NBDL in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR51.1 Million Cash Credit         CRISIL D (Assigned)
   INR4.2 Million Term Loan            CRISIL D (Assigned)
   INR20.0 Million Letter of Credit    CRISIL D (Assigned)

Also, NBDL has small scale of operations, and is susceptible to
cyclicality in the paper industry and volatility in waste paper
prices. However, the company benefits from the extensive industry
experience of its promoters and moderate financial risk profile,
marked by moderate gearing and debt protection metrics.

                      About Nav Bharat

NBDL was set up in 1987 by the Gupta family of Meerut (Uttar
Pradesh), with the Mittal family becoming co-promoters later. NBDL
manufactures newsprint, and kraft paper. These products are used
in industries such as publishing, stationary, and lamination. The
company's manufacturing unit in Hapur (Uttar Pradesh) has an
installed capacity of over 10,000 tonnes per annum (tpa). NBDL
sells newsprint to publishers and kraft paper through a network of
dealers across India.

NBDL reported, on provisional basis, a profit after tax (PAT) of
INR2.5 million on net sales of INR217 million for 2010-11 (refers
to financial year, April 1 to March 31), as against PAT of INR2.4
million on net sales of INR213 million for 2009-10.

NEO METALIK: Fitch Rates INR436.6 Million LT Loans at 'BB+(ind)'
Fitch Ratings has assigned India's Neo Metaliks Limited a National
Long-Term rating of 'BB+(ind)' with Stable Outlook.  The agency
has also assigned ratings to NML's bank loans:

   -- INR436.6 million long term loans: 'BB+(ind)'

   -- INR412 million fund-based loans: 'BB+(ind)'; and

   -- INR700.9 million non-fund based loans: 'F4(ind)'.

The ratings reflect NML's moderate credit profile with interest
coverage of below 2x and net financial leverage (net adjusted
debt/EBITDA) of over 4x as per the provisional figures for the
financial year ended March 31, 2011 (FY11). The ratings also
reflect NML's single product portfolio (pig iron) and consistently
low capacity utilization (below 61%) over FY07-FY10. The ratings
are also constrained by the company's ongoing debt-led capex
program for setting up a INR780 million sintering project, which
is being funded through INR500 million of debt and INR280m of
equity. Timely completion of the capex would determine the
expected improvement in NML's EBIDTA margins.

A negative rating action may result from a sustained increase in
NML's net adjusted debt/EBITDA to over 5x. Conversely, a net
adjusted debt/EBITDA of below 3.0x on a sustained basis may lead
to a positive rating action.

Incorporated in 2003, NML is a closely held limited company and
belongs to the Rupa group of Kolkata. Its has an INR146,200 MTPA
pig iron manufacturing facility in Durgapur, West Bengal. The
company started pig iron production in 2007 and has an in-house
power generation capacity of 4.5 Mega Watt through the waste heat
recovery mechanism. In FY11, its net annual sales were INR2973.4
million (FY10: INR2841.6 million) and EBIDTA margins were 9.6%
(FY10: 9%) as per the provisional figures.

ICRA has assigned the '[ICRA]B+' rating for INR11.00 crores
proposed cash credit facility and INR33.00 crores term loan of
Nirman Industries Ltd.  ICRA has also assigned the '[ICRA]A4'
rating for INR0.65 crores short-term bank Guarantee facility and
INR0.66 crores CEL facility of NIL.

The ratings assigned are constrained by the absence of track
record of operations in POY manufacturing, since the company is
still in the project phase; the sensitivity of project metrics and
future cash flows to the establishment of the company's products
and its pricing power as compared to yarns imported from Indonesia
and Korea.  ICRA also notes the risk of delay in commencement of
operations with project already behind schedule by more than three
months which could adversely impact the debt servicing capability
of the company. The timely completion of the project along with
scaling up of operations will be critical to business risk profile
of the company going forward.  The ratings however take comfort
from the long experience of NIL's promoters in polyester textile
industry through the group concern, Nirman Industries, already
involved in manufacturing of polyester fabrics from polyester
yarn; and the favorable location of the company's manufacturing
facility in proximity to raw material sources as well as
downstream processing units.

Incorporated in 2009, Nirman Industries Limited is promoted by
Mr. Dhamesh Kumar P. Ukani, Mr. Parsottambhai N. Ukani,
Mrs. Vidhyaben D. Ukani and Mrs. Manjulaben P. Ukani.  The company
has been set up to manufacture polyester F.D.Y. with an installed
capacity of 16750 MTPA. NIL's manufacturing facility is planned to
be located at Gujarat Eco Textiles Park (GETPL) at Palsana near
Surat.  NIL commenced construction work in October 2010 and
expects to commence commercial production from October 2011.

PRECISION AUTO: ICRA Assigns '[ICRA]B+' Rating to INR8cr Bank Loan
ICRA has assigned the long term rating of '[ICRA]B+' to INR8.0
crore bank facilities of Precision Auto Engineers and the short
term rating of '[ICRA]A4' to INR2.0 crore bank facilities of the

The assigned ratings is supported by the experience of the
promoters in same line of business, sales to reputed client base
on back of vendor approvals from the same, diversified client base
and moderate return on capital.  The ratings are however
constrained by the company's weak operating performance in the
past, high competition on account of the fragmented nature of the
industry, weak financial profile with aggressive capital structure
and stretched coverage indicators as well as raw material price
fluctuation risk with high inventory requirements of the business.

PAE, incorporated in 1982, is a partnership firm involved in the
business of manufacturing and marketing fasteners.  The firm is
run by the Gupta family and operates manufacturing facility with
an installed capacity of 95 lakh pieces per annum. PAE is an
approved vendor for a number of companies including Bharat Heavy
Electricals Limited, Bharat Petroleum Corporation Limited, and
Indian Oil Corporation India Limited.  The firm derives majority
of its revenues from supplies to oil and gas refineries.

Recent Results

As per the provisional financials, the company reported profit
after tax of 0.2 crore on an operating income of INR33.3 crore
during 2010-11.

PRG INT'L: CRISIL Reaffirms 'CRISIL BB' Rating on INR20MM Loan
CRISIL's ratings on the bank facilities of PRG International
Electricals Pvt Ltd continue to reflect the benefits that PRG
International derives from its promoters' experience in the
electrical stamping and ceiling fan businesses, and its
diversified customer base.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Term Loan          CRISIL BB/Stable (Reaffirmed)
   INR120 Million Cash Credit       CRISIL BB/Stable (Reaffirmed)
   INR50 Million Letter of credit   CRISIL A4+ (Reaffirmed)
                 & Bank Guarantee

These rating strengths are partially offset by PRG International's
moderate financial risk profile, marked by moderate gearing and
debt protection metrics, low operating margin, and exposure to
intense competition in the electrical stamping and household
electrical appliances industries.

For arriving at its ratings, CRISIL has assessed the business and
financial risk profiles of PRG International on a standalone
basis.  The initial ratings were arrived at by combining the
business and financial risk profile of PRG International and
Raghav Appliances, as both the entities, were in the same line of
business, and had strong business and financial linkages with each
other. However, the business and financial linkages between the
entities have reduced considerably and also the scale of Raghav's
operations is small compared to PRG International. Hence the
credit risk profile of PRG International has been assessed on a
standalone basis.

Outlook: Stable

CRISIL believes that the PRG International's financial risk
profile is likely to remain weak over the medium term because of
its large working capital requirements; however, it will continue
to benefit during this period from its established market position
in the electrical stamping business, and its extensive
relationships with its vendors.  The outlook may be revised to
'Positive' in case of significant improvement in its liquidity
because of higher cash accruals or fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
any significant decline in the company's liquidity because of
larger-than-expected, debt-funded capital expenditure or
additional debt because of large working capital requirements.


For 2010-11 (refers to financial year, April 1 to March 31), PRG
International's operating performance was in line with CRISIL's
expectation, with an operating income of INR739.6 million and
operating margin of 8.5 per cent.

PRG International's financial risk profile deteriorated marginally
because of debt-funded capex. The company has undertaken expansion
with total fixed asset addition of about INR133.6 million, which
is being funded by term loans of INR100 million and the rest from
internal accruals.  Of the total capex, the company expended a
capital of about INR83.6 million in 2009-10 and 2010-11. Debt-
funded capex and incremental working capital requirement led to
deterioration in PRG's financial risk profile, particularly its
liquidity; however, the same has remained moderate for the current

PRG International reported (on a provisional basis) a profit after
tax (PAT) of INR14.9 million on net sales of INR726.5 million for
2010-11, against a PAT of INR10.6 million on net sales of INR605.3
million for 2009-10.

                      About PRG International

Set up in 1989, and promoted by the Goel family, PRG International
manufactures electrical stamping and household electrical
appliances, such as ceiling fans.  The electrical stampings are
primarily sold in the domestic market and are used in turbines,
windmills, fans, motors, and pumps, and account for roughly 80 per
cent of the total revenues of the company. The ceiling fans and
household electrical appliances, which account for about 20 per
cent of the total revenues, are exported to countries in the
Middle East.

SAIDA COLD: ICRA Assigns '[ICRA]D' Rating to INR6cr Term Loans
ICRA has assigned an '[ICRA]D' rating to the INR6.00 crore terms
loans and INR0.25 crore cash credit facilities of Saida Cold
Storage Private Limited.

The rating reflects the delays made by the company in paying
interest to its lenders.  The rating also factors in the company's
weak financial profile characterized by nominal levels of turnover
and profits, an adverse capital structure, weak coverage
indicators and a highly working capital intensive nature of
business that affects its liquidity. ICRA takes note of the
substantial debt service obligations of SCSPL, which may have an
adverse impact on its liquidity position going forward. The
rating, however, favorably considers the experience of the
promoters in the business of trading in potato.

Incorporated in 2006, Saida Cold Storage Private Limited is
engaged in the trading business of potatoes. The company also
provides a cold storage facility to farmers and traders on rental
basis.  The facility is located at Hooghly, West Bengal, with a
storage capacity of 20,000 tonnes per annum.

The company has reported a net profit of INR0.01 crore on an
operating income of INR1.62 crore during 2009-10.

SEATRANS FREIGHT: ICRA Cuts Rating on INR1.55cr Loan to '[ICRA]BB'
ICRA has revised the long term rating assigned to the INR1.55
crore (amount reduced from INR2.32 crore) term loan and INR4.5
crore (limits enhanced from INR3.0 crore) fund-based facilities of
Seatrans Freight Carriers to '[ICRA] BB' from 'LBB+'.  The rating
outlook is stable.

The rating revision factors in the deterioration in capital
structure of SFC due to debt-funded capacity expansion and
stretched liquidity position owing to increase in working capital
intensity. The rating also factors in SFC's relatively small scale
of operations and highly competitive business environment on
account of a fragmented industry structure, which result in price-
based competition. ICRA notes that timely delivery of cargo within
designated budgeted time is critical to maintain high operational
utilization of the fleet and allocation of fixed costs over larger
number of trips.

The rating also takes into account high proportion of vehicles
hired from the market for transportation of project cargo, which
exposes the firm to the fluctuation in hire charges,
notwithstanding the flexibility in reducing costs during economic
downturns.  The expansion plan towards building up of the heavy
vehicle fleet that would be largely debt funded is likely to limit
improvement in debt metrics and coverage indicators.  The rating
however, favorably factors in long operational track record of the
promoters in the transportation business and the reputed client
base.  The ratings also factor in the healthy demand prospects for
project cargo business in the medium term driven by large scale
investment planned by industries across sectors.

Founded in April 2004, Seatrans Freight Carriers was set up as a
partnership firm in April 2004 with Mr. RS Agarwal and Mr. Sumer
Verma having stake of 50% each. The firm is engaged in the
business of providing logistics services with special focus on
movement of project and over-dimensional cargo.  The firm started
building its own fleet of heavy vehicles in August 2008 for
carrying project and over-dimensional cargo and presently, has 10
volvo pullers, 69 hydraulic axles and one low bed mechanical

Recent Results

Based on the provisional results for the period FY 20010-11, the
company reported net profit before tax of INR1.4 crore on a
turnover of INR28.5 crore.

SRI VINAYAKHA: ICRA Assigns '[ICRA]BB-' Rating to INR10.71cr Loan
ICRA has assigned long-term rating of '[ICRA]BB-' to the INR10.71
crore term loan facilities and the INR4.00 crore fund based
facilities of Sri Vinayakha Spinning Mills Private Limited.  The
outlook on the long-term rating is stable. ICRA has also assigned
a short-term rating of '[ICRA]A4' to the INR1.96 crore non-fund
based facilities of SVSMPL.

The ratings consider the experience of promoters of more than
three decades in the spinning industry and the Company's low
working capital intensity.  The ratings factor in SVSMPL's small
scale of operations which is likely to restrict scale economies
and financial flexibility, its stretched capital structure due to
significant debt-funded capital expenditure incurred in the past
and the high competition in a fragmented industry structure which
is likely to restrict pricing flexibility.

SVSMPL, promoted by Mr. K Kumaraswamy in 2005, is primarily
engaged in manufacture and sale of viscose yarn in the domestic
market. SVSM commenced operations in October 2006 with 8,064
spindles and gradually increased its capacity to 19,152 spindles.
The Company's manufacturing facility is located in Erode, Tamil
Nadu. SVSMPL markets its products through consignment agents and
brokers. The Company is closely held by the promoters and their

Recent Results

SVSMPL reported net profit of INR2.0 crore on operating income of
INR52.7 crore during 2010-11 (according to unaudited results),
against net profit of INR0.7 crore on operating income of INR33.3
crore during 2009-10.

TELU RAM: CRISIL Raises Rating on INR150MM Loan to 'CRISIL BB+'
CRISIL has upgraded its rating on the bank facilities of Telu Ram
Amar Chand and Company, part of the SBB group, to 'CRISIL
BB+/Stable' from 'CRISIL BB-/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      CRISIL BB+/Stable
                                   (Upgraded from
                                   'CRISIL BB-/Stable')

The upgrade reflects improvement in the SBB group's business risk
profile and liquidity during 2010-11 (refers to financial year,
April 1 to March 31). The group's consolidated revenue doubled to
around INR25 billion in 2010-11 from around INR12 billion in
2009-10, making it one of the largest traders of agro products.
Moreover, with the promoters infusing just under INR1.1 billion in
2010-11 by way of equity and unsecured loans, the group's
liquidity has improved further.  Additionally the SBB group's bank
limits have increased by INR1.5 billion during the past 10 months
ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry.  These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd
(SBBEL), Deluxe Cold Storage and Food Processors Ltd (DCSPL),
proprietorship firm TRAC, Sargodha Oil Mills Pvt Ltd (Sargodha
Oil), Gagan Pulses Pvt Ltd (GPPL), Mangal Pulses Pvt Ltd (MPPL),
Shree Nathjee Roller Flour Mills Ltd (Shree Nathjee), and Shree
Bankey Behari Food Processors Ltd (SBB Food), hereby referred to
as the SBB group. All the eight entities are engaged in the agro
business and there is operational and financial linkage among
them. Also, the entities are under a common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                          About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons -- Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


MINATO BANK: Moody's Reviews Shelf Registration Programme Rating
Moody's Japan K.K. has assigned (P)Aa3 rating to The Minato Bank,
Ltd.'s JPY50 billion domestic shelf registration programme. At the
same time, the rating has been placed under review for possible

Rating Rationale

The rating on Minato Bank's senior subordinated (domestic
currency) debt is Aa3, derived from the bank's D BFSR (baseline
risk assessment of Ba2) and Moody's assessment of the "very high"
likelihood of support from Minato Bank's parent bank, SMBC (Aa2
local currency deposit rating).

The D bank financial rating takes into account the bank's stable
earnings through lending and sales of investment trusts and
insurance, including a solid retail and SME market franchise in
its home market, Hyogo Prefecture.

In addition, Moody's expects a high level of support from the
parent bank in the event of stress, based on the following: (1)
support within the same group is highly expected historically, and
(2) the involvement of SMBC's management in Minato Bank.

The principal methodologies used in this rating were Moody's Bank
Financial Strength Ratings: Global Methodology, Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology, and Moody's Guidelines for Rating Bank Hybrid
Securities and Subordinated Debt published on September 30, 2010,
and available on

The Minato Bank, Ltd., headquartered in Kobe, is a consolidated
subsidiary of the Sumitomo Mitsui Banking Corporation.

TAKEFUJI CORP: A&P Financial to Buy Firm For JPY28 Billion
Takako Taniguchi at Bloomberg News reports that South Korea's
A&P Financial Co. offered to buy Takefuji Corp. for JPY28 billion
(US$355 million), two people with knowledge of the matter said.

In April this year, Takefuji agreed to be acquired by A&P
Financial Co.  The company had earlier decided to give A&P
preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.

According to Bloomberg, A&P Financial's offer is lower than the
JPY31 billion that J Trust Co., a Japanese financial services
firm, withdrew earlier in April.  J Trust said at the time that
there was a "very high possibility that the financial receivers
haven't played a proper role in the bidding process in terms of
fairness and transparency."

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on July 19, 2011, that Takefuji's court-
appointed administrator said the company submitted its
rehabilitation plan to the Tokyo District Court on July 15.  Under
the plan, Takefuji will be rebuilt through a spin-off, with one
entity being run by A&P Financial Co. under the Takefuji brand and
the other entity to be used for repaying the claims of Takefuji's
borrowers and then liquidated.  Takefuji's administrator hopes to
have the rehabilitation plan approved between late October and
early November.

Based on current cash in hand, Dow Jones disclosed, the failed
consumer lender plans to pay at least 3.3% (or approximately
JPY50 billion) of claims from customers demanding refunds on
excessive loan interest charges.  Dow Jones noted that the
percentage for distribution to creditors may be boosted if
Takefuji can claw back some of the billions of dollars it paid out
in taxes, dividends and other payments before its bankruptcy or
sell some of its real estate.

The repayments are to be made within a year of the rehabilitation
plan's approval by the court, Dow Jones added.

                          About Takefuji

Takefuji Corporation (TYO:8564) --
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.

Takefuji filed a bankruptcy petition with the Tokyo District Court
on Sept. 28, 2010, with debts of JPY433.6 billion.  Bloomberg News
has said the company has become the biggest casualty of Japan's
four-year crackdown on coercive lending practices by consumer
finance companies.  The lender is seeking to restructure as
borrower claims of overpaid interest are estimated to exceed
JPY1 trillion.


HYNIX SEMICONDUCTOR: Q2 Profit Drops 34% as Chip Prices Slump
Bloomberg News reports that Hynix Semiconductor Inc. reported
34% drop in second-quarter profit after slowing personal-computer
sales drove down chip prices.

Hynix said net income fell to KRW473 billion (US$448 million) from
KRW718.7 billion a year earlier.  This compares with the KRW417.8
billion average of 21 analyst estimates compiled by Bloomberg.

According to Bloomberg, operating profit, or sales minus the cost
of goods sold and administrative costs, declined 56% to KRW446.9
billion, missing the KRW466 billion average analyst estimate.
Sales fell 16% to KRW2.76 trillion.

Bloomberg says Hynix, on sale by its creditors, joins Micron
Technology Inc. in reporting a slump in profit as demand for
consumer electronics products slows.  Bloomberg relates that the
South Korean chipmaker is counting on sales of semiconductors used
in smartphones and tablet computers, such as NAND flash, to revive

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

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

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

                         *     *     *

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

N E W  Z E A L A N D

NATIONAL FINANCE: Former Director Pleads Guilty of Theft
Susie Nordqvist at reports that Allan Ludlow, the
former managing director of National Finance 2000, has pleaded
guilty one charge of theft in the Auckland District Court.

Mr. Ludlow faces seven charges laid by the Serious Fraud Office
relating to the misuse of investor funds during his time as
director, says.

According to, Mr. Ludlow admitted breaching the
company's trust deed by making a related party loan of NZ$125,000
to Universal Marketing, which was incorrectly recorded as a dealer
loan, breaching the company's trust deed.

SFO lawyer Nick Williams said the advance, made to Mike Pearce
who, was at the time in a relationship with Ludlow's step-
daughter, was not disclosed in the quarterly Directors'
Certificate to the Trustee, relates.

"Mr. Ludlow intentionally used investor funds for his own purposes
and to fund other unauthorized business and personal ventures.
His use of the funds was not authorized by the Trustee and amounts
to theft in law," quotes Mr. Williams as saying. notes that Mr. Ludlow and fellow directors Carol
Braithwaite, Anthony Banbrook are also due to face trial in August
on Financial Markets Authority charges for alleged financial
reporting breaches.

His co-accused former National Finance accountant John Gray
pleaded guilty to theft and false accounting charges in the
Auckland District Court last year.  He was later sentenced to nine
months' home detention, adds.

National Finance, whose core business was car finance, was placed
in receivership in May 2006, owing 2,000 investors NZ$24 million.


SAN MIGUEL: Moody's Withdraws 'Ba3' Corporate Family Rating
Moody's Investors Service has withdrawn its Ba3 corporate family
rating with a stable outlook on San Miguel Corporation due to
business reasons and at the company's request.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons and
at the company's request.

San Miguel Corp, based in the Philippines, is one of the largest
food and beverages companies in Southeast Asia.


E. SUN BANK: Fitch Cuts Rating on Class C Notes to 'Dsf(twn)'
Fitch Ratings has affirmed E. Sun Bank 2007-2 CBO Securitisation
Special Purpose Trust's class B and downgraded class C notes,
while maintaining class A2 on Rating Watch Negative (RWN).  This
transaction is a static cash flow securitization of a NTD-
denominated bond and a USD-denominated principal protected note.

The rating actions are:

   -- NTD5.64bn Class A2 zero coupon bond due February 2016,
      'AAAsf(twn)' remains on RWN; Loss Severity Rating 'LS1'

   -- NTD1.72bn Class B interest deferrable coupon bond February
      2016 affirmed at 'BBB+sf(twn)'; Outlook Stable; Loss
      Severity Rating 'LS1'

   -- NTD0.87bn Class C interest deferrable coupon bond February
      2016 downgraded to 'Dsf(twn)' from 'Csf(twn)'; Recovery
      Rating of 'RR6'

The RWN on class A2, in place since October 26, 2010, has been
maintained as the RWN on Citigroup Funding Inc. (Citigroup, 'A+'/
RWN), has not yet been resolved. Citigroup has been on RWN since
October 22, 2010, pending a decision on additional proposals to
the Dodd-Frank rule regarding certain orderly liquidation
authority provisions. Fitch will resolve the RWN on class A2 once
the RWN on Citigroup has been resolved. The principal repayment of
class A2 will largely rely on the proceeds from the redemption of
the zero coupon bond issued by Citigroup.

The current portfolio has the same credit quality as that at the
time of the previous rating action in April 2011. There are two
bonds in the current asset pool, presenting high obligor
concentration risk, with Citigroup accounting for 97.4% of the
portfolio notional balance as at the latest payment date in May
2011. The other obligor in the portfolio is Taipei Fubon Bank.

The rating of class B reflects its first-to-default risk of the
portfolio; even if Citigroup's standalone rating was stressed to
'A-', the first-to-default risk will still be commensurate with

The downgrade and Recovery Rating of class C reflect that the
proceeds from the redemption of all remaining underlying assets in
the portfolio will not be enough to repay class C's ultimate
interest and principal in 2016. Fitch estimates that the ultimate
loss will be over 90% of principal and capitalized interest of
class C.


* Large Companies with Insolvent Balance Sheets

                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


ARASOR INTERNATI           ARR          19.21           -26.51
ARTURUS CAPITAL            AKW          12.27            -0.43
ARTURUS CAPITA-N           AKWN         12.27            -0.43
ASTON RESOURCES            AZT         469.54            -7.49
AUSTAR UNITED              AUN         679.40          -250.96
AUSTRALIAN ZI-PP           AZCCA        77.74            -2.57
AUSTRALIAN ZIRC            AZC          77.74            -2.57
AUTRON CORP LTD            AAT          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
MACQUARIE ATLAS            MQA       1,894.75          -230.50
MAVERICK DRILLIN           MAD          24.66            -1.30
MISSION NEWENER            MBT          20.38           -44.05
NATURAL FUEL LTD           NFL          19.38          -121.51
NEXTDC LTD                 NXT          17.46            -0.14
ORION GOLD NL              ORN          11.60           -10.91
POWERLAN LTD               PWR          28.30            -3.64
REDBANK ENERGY L           AEJ       3,564.36          -383.39
RIVERCITY MOTORW           RCY         386.88          -809.14
SCIGEN LTD-CUFS            SIE          65.56           -38.80
SHELL VILLAGES A           SVC          13.47            -1.66
STIRLING RESOURC           SRE          31.19            -0.62
TAKORADI LTD               TKG          13.99            -0.41
VERTICON GROUP             VGP          10.08           -29.12
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
TAIYUAN TIANLO-A           600234       52.85           -27.82
TIANJIN MARINE             600751      114.38           -61.31
TIANJIN MARINE-B           900938      114.38           -61.31
TOPSUN SCIENCE-A           600771      171.85          -115.05
WUHAN BOILER-B             200770      272.46          -141.76
WUHAN GUOYAO-A             600421       11.05           -27.01
WUHAN LINUO SOLA           600885      107.30            -0.72
XIAMEN OVERSEA-A           600870      225.63          -137.22
YANBIAN SHIXIA-A           600462      204.34           -11.55
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
YUNNAN MALONG-A            600792      133.04           -61.60
ZHANGJIAJIE TO-A           430          31.65            -3.43


ASIA TELEMEDIA L           376          16.62            -5.37
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
COSMO INTL 1000            120          83.56           -37.93
DORE HOLDINGS LT           628          25.44            -5.34
EGANAGOLDPFEIL             48          557.89          -132.86
FULBOND HLDGS              1041        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
NGAI LIK INDL              332          22.70            -9.69
PALADIN LTD                495         149.78           -11.62
PCCW LTD                   8         6,192.51           -78.22
PROVIEW INTL HLD           334         314.87          -294.85
SINO RESOURCES G           223          10.01           -41.90
SMART UNION GP             2700         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
ATV PROJECTS               ATV          60.46           -55.04
BALAJI DISTILLER           BLD          66.32           -25.40
BELLARY STEELS             BSAL        451.68          -108.50
BHAGHEERATHA ENG           BGEL         22.65           -28.20
CAMBRIDGE SOLUTI           CAMB        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
CFL CAPITAL FIN            CEATF        15.35           -46.89
COMPUTERSKILL              CPS          14.90            -7.56
CORE HEALTHCARE            CPAR        185.36          -241.91
DCM FINANCIAL SE           DCMFS        17.10            -9.46
DFL INFRASTRUCTU           DLFI         42.74            -6.49
DIGJAM LTD                 DGJM         99.41           -22.59
DUNCANS INDUS              DAI         133.65          -205.38
FIBERWEB INDIA             FWB          12.23           -16.21
GANESH BENZOPLST           GBP          48.95           -22.44
GEM SPINNERS LTD           GEMS         16.44            -1.53
GLOBAL BOARDS              GLB          14.98            -7.51
GSL INDIA LTD              GSL          29.86           -42.42
HARYANA STEEL              HYSA         10.83            -5.91
HENKEL INDIA LTD           HNKL        102.05           -10.24
HIMACHAL FUTURIS           HMFC        406.63          -210.98
HINDUSTAN PHOTO            HPHT         74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN         15.20            -3.81
HMT LTD                    HMT         142.67          -386.80
ICDS                       ICDS         13.30            -6.17
INTEGRAT FINANCE           IFC          49.83           -51.32
JAYKAY ENTERPRIS           JEL          13.51            -3.03
JCT ELECTRONICS            JCTE        122.54           -50.00
JD ORGOCHEM LTD            JDO          10.46            -1.60
JENSON & NIC LTD           JN           17.91           -84.78
JIK INDUS LTD              KFS          20.63            -5.62
JOG ENGINEERING            VMJ          50.08           -10.08
KALYANPUR CEMENT           KCEM         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
LML LTD                    LML          65.26           -56.77
MAHA RASHTRA APE           MHAC         24.13           -14.27
MILLENNIUM BEER            MLB          52.23            -5.22
MILTON PLASTICS            MILT         18.65           -52.29
MTZ POLYFILMS LT           TBE          31.94            -2.57
NICCO CORP LTD             NICC         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
ORIENT PRESS LTD           OP           16.70            -0.09
PANCHMAHAL STEEL           PMS          51.02            -0.33
PARASRAMPUR SYN            PPS          99.06          -307.14
PAREKH PLATINUM            PKPL         61.08           -88.85
PEACOCK INDS LTD           PCOK         11.40           -14.40
PIRAMAL LIFE SC            PLSL         45.82           -32.69
QUADRANT TELEVEN           QDTV        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
RATHI ISPAT LTD            RTIS         44.56            -3.93
REMI METALS GUJA           RMM         102.64            -5.29
RENOWNED AUTO PR           RAP          14.12            -1.25
ROLLATAINERS LTD           RLT          22.97           -22.24
ROYAL CUSHION              RCVP         20.62           -75.53
SCOOTERS INDIA             SCTR         18.63            -6.88
SEN PET INDIA LT           SPEN         12.99           -25.24
SHAH ALLOYS LTD            SA          212.81            -9.74
SHALIMAR WIRES             SWRI         24.87           -51.77
SHAMKEN COTSYN             SHC          23.13            -6.17
SHAMKEN MULTIFAB           SHM          60.55           -13.26
SHAMKEN SPINNERS           SSP          42.18           -16.76
SHREE GANESH FOR           SGFO         44.50            -2.89
SHREE RAMA MULTI           SRMT         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
SQL STAR INTL              SQL          11.69            -1.14
STI INDIA LTD              STIB         30.87           -10.59
TAMILNADU TELE             TNT          12.82            -5.15
TATA TELESERVICE           TTLS      1,311.30          -138.25
TATA TELE-SLB              TTLS/S    1,311.30          -138.25
TRIUMPH INTL               OXIF         58.46           -14.18
TRIVENI GLASS              TRSG         24.55            -8.57
TUTICORIN ALKALI           TACF         14.15           -11.20
UNIFLEX CABLES             UFC          45.05            -0.90
UNIFLEX CABLES             UFCZ         45.05            -0.90
UNIMERS INDIA LT           HDU          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41


AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
KUMHO INDUS-PFD            2995      5,837.32          -967.28
KUMHO INDUSTRIAL           2990      5,837.32          -967.28
ORICOM INC                 10470        82.65           -40.04
SAMT CO LTD                31330       200.83          -152.09
SEOUL MUTL SAVIN           16560       874.79           -34.13
SUNGJEE CONSTRUC           5980        114.91           -83.19
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


BANENG HOLDINGS            BANE         50.30            -3.48
HAISAN RESOURCES           HRB          64.66            -0.15
HO HUP CONSTR CO           HO           67.48            -8.90
JPK HOLDINGS BHD           JPK          20.34            -0.50
LUSTER INDUSTRIE           LSTI         22.93            -3.18
MITHRIL BHD                MITH         29.69            -0.27
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
FIL ESTATE CORP            FC           40.29           -14.05
FILSYN CORP A              FYN          23.37           -11.33
FILSYN CORP. B             FYNB         23.37           -11.33
GOTESCO LAND-A             GO           21.76           -19.21
GOTESCO LAND-B             GOB          21.76           -19.21
PICOP RESOURCES            PCP         105.66           -23.33
STENIEL MFG                STN          20.43           -15.89
UNIWIDE HOLDINGS           UW           50.36           -57.19
VICTORIAS MILL             VMC         164.26           -18.20


ADV SYSTEMS AUTO           ASA          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
TT INTERNATIONAL           TTI         266.39           -59.41


ABICO HLDGS-F              ABICO/F      15.28            -4.40
ABICO HOLDINGS             ABICO        15.28            -4.40
ABICO HOLD-NVDR            ABICO-R      15.28            -4.40
ASCON CONSTR-NVD           ASCON-R      59.78            -3.37
ASCON CONSTRUCT            ASCON        59.78            -3.37
ASCON CONSTRU-FO           ASCON/F      59.78            -3.37
BANGKOK RUBBER             BRC          97.98           -81.80
BANGKOK RUBBER-F           BRC/F        97.98           -81.80
BANGKOK RUB-NVDR           BRC-R        97.98           -81.80
CALIFORNIA W-NVD           CAWOW-R      36.95            -7.36
CALIFORNIA WO-FO           CAWOW/F      36.95            -7.36
CALIFORNIA WOW X           CAWOW        36.95            -7.36
CIRCUIT ELEC PCL           CIRKIT       16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT/F     16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT-R     16.79           -96.30
DATAMAT PCL                DTM          12.69            -6.13
DATAMAT PCL-NVDR           DTM-R        12.69            -6.13
DATAMAT PLC-F              DTM/F        12.69            -6.13
ITV PCL                    ITV          37.14          -110.85
ITV PCL-FOREIGN            ITV/F        37.14          -110.85
ITV PCL-NVDR               ITV-R        37.14          -110.85
K-TECH CONSTRUCT           KTECH        38.87           -46.47
K-TECH CONSTRUCT           KTECH/F      38.87           -46.47
K-TECH CONTRU-R            KTECH-R      38.87           -46.47
KUANG PEI SAN              POMPUI       17.70           -12.74
KUANG PEI SAN-F            POMPUI/F     17.70           -12.74
KUANG PEI-NVDR             POMPUI-R     17.70           -12.74
PATKOL PCL                 PATKL        52.89           -30.64
PATKOL PCL-FORGN           PATKL/F      52.89           -30.64
PATKOL PCL-NVDR            PATKL-R      52.89           -30.64
PICNIC CORP-NVDR           PICNI-R     101.18          -175.61
PICNIC CORPORATI           PICNI       101.18          -175.61
PICNIC CORPORATI           PICNI/F     101.18          -175.61
PONGSAAP PCL               PSAAP/F      24.61           -10.99
PONGSAAP PCL               PSAAP        24.61           -10.99
PONGSAAP PCL-NVD           PSAAP-R      24.61           -10.99
SAHAMITR PRESS-F           SMPC/F       21.99            -4.01
SAHAMITR PRESSUR           SMPC         21.99            -4.01
SAHAMITR PR-NVDR           SMPC-R       21.99            -4.01
SUNWOOD INDS PCL           SUN          19.86           -13.03
SUNWOOD INDS-F             SUN/F        19.86           -13.03
SUNWOOD INDS-NVD           SUN-R        19.86           -13.03
THAI-DENMARK PCL           DMARK        15.72           -10.10
THAI-DENMARK-F             DMARK/F      15.72           -10.10
THAI-DENMARK-NVD           DMARK-R      15.72           -10.10
THAI-GERMAN PR-F           TGPRO/F      55.31            -8.54
THAI-GERMAN PRO            TGPRO        55.31            -8.54
THAI-GERMAN-NVDR           TGPRO-R      55.31            -8.54
TRANG SEAFOOD              TRS          13.90            -3.59
TRANG SEAFOOD-F            TRS/F        13.90            -3.59
TRANG SFD-NVDR             TRS-R        13.90            -3.59
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


CHIEN TAI CEMENT           1107        214.12           -49.02
HELIX TECH-EC              2479T        23.39           -24.12
HELIX TECH-EC IS           2479U        23.39           -24.12
HELIX TECHNOL-EC           2479S        23.39           -24.12
TAIWAN KOL-E CRT           1606U       507.21          -147.14
TAIWAN KOLIN-EN            1606V       507.21          -147.14
TAIWAN KOLIN-ENT           1606W       507.21          -147.14
VERTEX PREC-ENTL           5318T        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


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

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.

                 *** End of Transmission ***